Milky Mist Dairy Food
Milky Mist Dairy Food
Fast Moving Consumer GoodsKey Fundamentals
SmallcapTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has delivered good profit growth of 37.3% CAGR over last 5 years
Weaknesses
1- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoMilky Mist Dairy Food Ltd trades at a market cap of ₹22,008 Cr with a PE of 169.3x and a price-to-book of 9.29x. The company has delivered compounded sales growth of 28% over 5 years and profit growth of 37.3% CAGR over the same period, with last-year ROE surging to 38%, though the elevated valuation multiples and zero dividend yield reflect a premium pricing relative to earnings.
- Strong 5-year compounded profit growth of 37.3% CAGR indicates sustained earnings expansion in the value-added dairy segment
- TTM profit growth of 186% signals a sharp acceleration in profitability in the most recent period
- Last-year ROE of 38% is well above the 3-year and 5-year average of 22%, showing improving capital efficiency
- Compounded sales growth of 30% over 3 years and 28% over 5 years demonstrates consistent top-line momentum
- TTM sales growth of 35% shows the revenue trajectory is accelerating rather than decelerating
- Consistent 3-year and 5-year ROE of 22% reflects a structurally profitable business model even before the recent surge
- Operating in the FMCG dairy category which benefits from secular demand growth, rising urbanization, and shift from unorganized to organized players in India
- PE ratio of 169.3x is extremely elevated relative to FMCG sector median of ~50-60x, leaving little margin of safety for any earnings miss
- Price-to-book of 9.29x is steep for a dairy business, implying the market is pricing in sustained high growth that may not materialize
- Zero dividend yield (0%) means shareholders are entirely dependent on capital appreciation with no income cushion
- Concern flagged that the company might be capitalizing interest costs, which could overstate reported profitability and asset values
- Debt-to-equity ratio is undisclosed (null), limiting visibility into the company's leverage and financial risk profile
- No 10-year sales, profit, or ROE track record available, making it difficult to assess long-term consistency through full business cycles
- 52-week high and low data are unavailable (both 0), reducing transparency on recent price volatility and trading range
- A TTM profit surge of 186% off what may be a low base creates risk of mean reversion in upcoming quarters if input costs rise or demand normalizes
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Stretched valuations at ~85x P/E Aug 17
Trading at ~85x FY26 earnings versus dairy sector average of ~52.5x P/E. Swastika Investmart recommends 'Hold' with ₹150 stop-loss, noting strong listing may trigger profit-booking.
- Heavy South India revenue concentration Aug 17
South India contributed 69.23% of FY26 revenue, creating geographic concentration risk if regional demand slows or competition intensifies.
- Q1FY27 PAT surges 890% YoY Aug 31
Net profit jumped ~10x YoY to ₹64.5-64.68 crore in Q1FY27, driven by 44.7% revenue growth to ₹973.4 crore and margin expansion. A new cheddar plant was also commissioned.
- Strong IPO debut at 18% premium Aug 17
Listed at ₹165 vs IPO price of ₹140, closing at ₹181.50 with market cap of ₹13,972.66 crore. The ₹1,553 crore IPO was subscribed 56.12x overall, with QIBs at 155.83x.
- New ₹40 crore yogurt plant live Sep 10
Commissioned a ₹40 crore Skyr and Greek Yogurt plant in Tamil Nadu with 150 tonnes/day capacity, funded by internal accruals and IPO proceeds.
- 31% revenue CAGR, 30%+ growth guide Aug 17
Revenue CAGR of 31.3% during FY24-FY26 with FY26 sales of ₹3,138.36 crore. Management guides 30%+ growth sustainability, well above the 12-20% industry rate.
- DAM Capital initiates with Buy Aug 17
DAM Capital set a ₹175 target price implying 25% upside from IPO price, calling Milky Mist India's only scaled pure-play value-added dairy company with best-in-class margins.
- Temasek pre-IPO backing at ₹140 Aug 17
Temasek-backed Jongsong Investments invested ₹482 crore at ₹139.76/share for ~5.2% stake in the pre-IPO round, validating the company's growth thesis.
- Analyst meet rescheduled to Sep 10-11 Sep 8
Investor and analyst meetings revised to September 10-11, 2026 in Mumbai, citing operational exigencies.
- Articles of Association amended Aug 31
Board approved deleting Part B of Articles of Association following termination of a shareholders' agreement; requires shareholder approval via postal ballot.
- SEBI compliance filings submitted Aug 18
Submitted Code of Fair Disclosure, Insider Trading Code, appointed S Prakash as Compliance Officer (effective Jun 10, 2025), and designated KFin Technologies as R&TA.
- Q1FY27 earnings call scheduled Aug 26
Investor conference call for Q1FY27 un-audited results scheduled for September 1, 2026 at 10:30 am IST.
TL;DR: Milky Mist is executing well post-IPO with a blockbuster Q1FY27 showing 890% profit growth and 44.7% revenue growth, backed by rapid capacity expansion including new yogurt and cheddar plants. The IPO saw exceptional demand at 56x subscription and the stock debuted at an 18% premium. Key risks are elevated valuations at ~85x earnings versus sector average and heavy dependence on South India. If the company sustains its 30%+ growth trajectory and successfully expands nationally, the premium valuation could be justified, but near-term profit-booking remains a possibility.
Quarterly Results
| Particulars | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Sales | 673 | 854 | 973 |
| Expenses | 593 | 719 | 831 |
| Operating Profit | 80 | 136 | 143 |
| OPM % | 12% | 16% | 15% |
| Other Income | 2 | 1 | 1 |
| Interest | 34 | 27 | 24 |
| Depreciation | 39 | 42 | 47 |
| PBT | 9 | 68 | 73 |
| Tax % | 39% | -38% | 12% |
| Net Profit | 6 | 94 | 64 |
| EPS in Rs | 0.09 | 1.46 | 1 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 928 | 1,012 | 1,432 | 1,803 | 2,328 | 3,137 |
| Expenses | 785 | 857 | 1,235 | 1,589 | 2,027 | 2,713 |
| Operating Profit | 143 | 154 | 196 | 214 | 301 | 424 |
| OPM % | 15% | 15% | 14% | 12% | 13% | 14% |
| Other Income | -3 | -2 | 5 | 5 | 5 | 6 |
| Interest | 47 | 41 | 58 | 72 | 86 | 106 |
| Depreciation | 54 | 61 | 79 | 107 | 136 | 169 |
| PBT | 39 | 50 | 64 | 41 | 84 | 156 |
| Tax % | 40% | 37% | 56% | 56% | 48% | 20% |
| Net Profit | 23 | 32 | 28 | 18 | 44 | 125 |
| EPS in Rs | 66.09 | 90.71 | 80.06 | 51.91 | 0.69 | 1.95 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 126 | — |
| Reserves | 100 | 150 | 178 | 282 | 201 | — |
| Borrowings | 464 | 545 | 804 | 1,035 | 1,375 | — |
| Other Liabilities | 121 | 125 | 207 | 286 | 445 | — |
| Total Liabilities | 688 | 823 | 1,193 | 1,606 | 2,147 | — |
| Fixed Assets | 528 | 561 | 803 | 1,136 | 1,328 | — |
| CWIP | 8 | 69 | 149 | 95 | 241 | — |
| Investments | 0 | 0 | 0 | 7 | 7 | — |
| Other Assets | 152 | 193 | 241 | 368 | 571 | — |
| Total Assets | 688 | 823 | 1,193 | 1,606 | 2,147 | — |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 135 | 120 | 199 | 140 | 309 | — |
| Investing | -107 | -175 | -396 | -289 | -542 | — |
| Financing | -42 | 60 | 202 | 152 | 236 | — |
| Net Cash Flow | -14 | 5 | 5 | 2 | 3 | — |
| Free Cash Flow | 28 | -35 | -202 | 140 | 309 | — |
| CFO/OP | 100 | 90 | 108 | 69 | 107 | — |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 15 | 24 | 19 | 16 | 16 | — |
| Inventory Days | 47 | 38 | 41 | 61 | 62 | — |
| Days Payable | 12 | 12 | 11 | 14 | 23 | — |
| Cash Conversion Cycle | 51 | 50 | 48 | 63 | 55 | — |
| Working Capital Days | -25 | -29 | -30 | -35 | -40 | — |
| ROCE % | — | 15% | 15% | 10% | 11% | — |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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0 extracted metrics + investor summaries across FY–FY.
Documents
Frequently Asked Questions about Milky Mist Dairy Food
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Company Information
Incorporated in 2014, Milky Mist Dairy Food Ltd is in the business of processing of milk and manufacturing of milk related products.[1]
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