Milky Mist Dairy Food Limited is a leading Indian value-added dairy products company offering paneer, cheese, curd, butter, ghee, yogurt, ice cream, UHT products, frozen foods, and RTE/RTC products under the Milky Mist brand. It was among the first private companies to introduce branded packaged paneer in India.
The company operates a fully integrated farm-to-retail model with an advanced manufacturing facility at Perundurai, Tamil Nadu. As of March 31, 2026, it procured milk from 74,654 farmers across 25 districts and operated a logistics fleet of 63 milk tankers, 282 reefer trucks, and 34 ambient trucks, ensuring an efficient cold-chain distribution network.
Milky Mist markets its products through general trade, modern trade, HoReCa, e-commerce, quick commerce, and exclusive Milky Mist parlours. As of March 31, 2026, the company had 4,001 distributors covering 22 states and 5 union territories, supported by a strong cold-chain distribution network.
According to the 1Lattice Report, Milky Mist was the largest private packaged paneer brand in India with a 19% market share in Fiscal 2026. It was also the largest private cheese brand in South India, ranked third nationally among private cheese brands, and was among the top two private yogurt brands in India, with a strong leadership position in the Greek yogurt segment.
The company exports its dairy products to multiple international markets, including Asia, the Middle East, Australia, and North America, thereby expanding its global presence.
As of March 31, 2026, Milky Mist Dairy Food Limited employed over 1,500 permanent employees across manufacturing, procurement, logistics, sales, quality assurance, research & development, and corporate functions.
Milky Mist Dairy Food IPO – Details
| IPO Opening Date | 11 August 2026 |
| IPO Closing Date | 13 August 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: [] Shares Worth ₹1,553.00 Crore Fresh Issue: [] Shares Worth ₹1,428.00 Crore Offer For Sale: [] Shares Worth ₹125.00 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹[] – ₹[] per share |
| Market Lot | [] Shares |
| Min Order | [] Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Milky Mist Dairy Food IPO – Date Schedule
| IPO Open Date | 11 August 2026 |
| IPO Close Date | 13 August 2026 |
| Basis of Allotment | 14 August 2026 |
| Initiation of Refund | 17 August 2026 |
| Credit of Shares to Demat Account | 17 August 2026 |
| IPO Listing Date | 18 August 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 13, 2026 |
Milky Mist Dairy Food IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | – | – | ₹ |
| Retail (Max) | – | – | ₹ |
| S-HNI (Min) | – | – | ₹ |
| S-HNI (Max) | – | – | ₹ |
| B-HNI (Min) | – | – | ₹ |
Competitive Strength
- Fastest-growing packaged food company in India with established brand equity and leadership across various product categories.
- Diversified and expanding product categories focused on emerging consumer needs.
- Advanced manufacturing capabilities enhanced by automation and technology-driven processes.
- Direct sourcing and focussed engagement with farmers.
- Multi-channel sales with its own logistics infrastructure.
- Experienced management team delivering financial growth with a focus on sustainability.
Company Promoters
- Anitha S
- Sathishkumar T.
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹1,826.86 Cr | ₹1,784.17 Cr | ₹19.44 Cr | ₹1,036.72 Cr |
| 31 March 2025 | ₹2,354.79 Cr | ₹2,267.25 Cr | ₹46.07 Cr | ₹1,376.38 Cr |
| 31 March 2026 | ₹3,145.01 Cr | ₹2,986.52 Cr | ₹127.01 Cr | ₹1,671.85 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 32.12% |
| ROCE | 11.73% |
| Debt/Equity | 3.61 |
| RoNW | 33.60% |
| PAT Margin | 4.05% |
| EBITDA Margin | 13.87% |
| NAV | 5.87 |
| Pre IPO | Post IPO | |
| EPS (₹) | 1.98 | 1.97 |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the Company. | ₹496.86 |
| Financing the capital expenditure requirements in relation to the expansion and modernisation of the Perundurai Manufacturing Facility. | ₹469.24 |
| Deployment of visi coolers, ice cream freezers and chocolate coolers. | ₹155.31 |
| General Corporate Purposes. |
Milky Mist Dairy Food IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 1 | Bikaji Foods International Limited | 62.33 |
| 2 | 1 | Britannia Industries Limited | 51.98 |
| 3 | 10 | Dodla Dairy Limited | 24.26 |
| 4 | 1 | Hatsun Agro Product Limited | 58.20 |
| 5 | 1 | Nestle India Limited | 79.76 |
| 6 | 10 | Parag Milk Foods Limited | 21.28 |
| 7 | 1 | Tata Consumer Products Limited | 70.08 |
✅Strengths
- Strong brand in the value-added dairy products (VADP) segment, especially paneer and cheese.
- Integrated farm-to-retail model with direct milk procurement and in-house manufacturing.
- Extensive cold-chain logistics and pan-India distribution network.
- Diversified product portfolio across dairy and frozen food categories.
- Large milk procurement network ensuring consistent raw material availability.
⚠️Risks
- Business depends on continuous availability and quality of raw milk.
- Highly competitive dairy industry with organized and regional players.
- Operations require an uninterrupted cold-chain and logistics infrastructure.
- Revenue is concentrated in value-added dairy products, particularly paneer.
- Business is exposed to fluctuations in milk procurement prices and input costs.
Milky Mist Dairy Food IPO Promoter Holding
| Pre-Issue Share Holding | 93.00% |
| Post Issue Share Holding | – |
Milky Mist Dairy Food IPO Prospectus
Company Contact Information
| Milky Mist Dairy Food Limited SF No. 43/1-4, Pattakaranpalayam, Perundurai, Erode, Tamil Nadu, 638057 Phone: 91 424 2533248 Email: nvestor@milkymist.com Website: https://www.milkymist.com/ |
Milky Mist Dairy Food IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: milky.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Milky Mist Dairy Food IPO Lead Manager(s)
| 1. Axis Capital Limited 2. JM Financial Limited 3. IIFL Capital Services Limited |
Milky Mist Dairy Food IPO FAQs
| What is the Milky Mist Dairy Food IPO? Milky Mist Dairy Food IPO is a main-board IPO. The issue is priced at ₹[] to ₹[] per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Milky Mist Dairy Food IPO open? The IPO is to open on 11 August 2026 for QIB, NII, and Retail Investors. |
| What is Milky Mist Dairy Food IPO investors’ portion? The investors’ portion is QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Milky Mist Dairy Food IPO Size? Milky Mist Dairy Food IPO size is ₹1,553.00 Crore. |
| What are the Milky Mist Dairy Food IPO Minimum and maximum lot sizes for Retail? The minimum bid is [] Shares with ₹[], while the maximum bid is [] Shares with ₹[]. |
| What is the Milky Mist Dairy Food IPO Allotment Date? Milky Mist Dairy Food IPO allotment date is 14 August 2026. |
| What is the Milky Mist Dairy Food IPO Listing Date? Milky Mist Dairy Food IPO listing date is 18 August 2026. The IPO is to be listed on the BSE and the NSE. |
