Milky Mist Dairy Food Ltd IPO
FMCG
Price Band
₹133 – ₹140
Lot Size
107
Minimum Bid Quantity
107
Minimum Investment
₹14980
Issue Size
₹1553Cr
Opens
2026-08-11
Closes
2026-08-13
Listing
18-08-2026
Subscription Status
Qualified Institutional Buyers
155.83 x
Non-Institutional Investor
34.86 x
Retail Individual Investor
8.08 x
Employees
12.13 x
Total
55.95 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE00IT01020
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Milky Mist Dairy Food Limited is a dairy and packaged food company focused on value-added dairy products. Its product portfolio includes paneer, cheese, curd, butter, ghee, yoghurt, ice cream, UHT long-shelf-life products, sweetened condensed milk and other packaged foods, including frozen, ready-to-eat and ready-to-cook products and chocolates. The company sells its products under brands including Milky Mist, SmartChef, Capella, Misty Lite, Briyas and Asal. It sources raw milk directly from farmers across Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra through automated milk collection units and chilling centres. As of March 31, 2026, it had 3,907 automated milk collection units and 29 chilling centres. The company operates one manufacturing facility in Perundurai, Erode District, Tamil Nadu, with an installed paneer capacity of 192 metric tonnes per day. Its products are sold through general trade, modern trade, HoReCa, online platforms, and exclusive parlours across 22 states and five Union Territories in India. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company — Rs 496.86 crore Financing the capital expenditure requirements in relation to the expansion and modernisation of the Perundurai manufacturing Facility — Rs 469.24 crore Deployment of visi coolers, ice cream freezers, and chocolate coolers — Rs 155.31 crore
Pros
- • The company had an approximately 19% market share in the organised packaged paneer market in India in FY26. It also held approximately 12% of the organised cheese market in South India, 7% of the organised curd market in South India and 13% of the organised yogurt market in India, according to the 1Lattice Report.
- • As of March 31, 2026, the company offered products across 22 categories and 640 SKUs, including paneer, cheese, curd, ghee, butter, yoghurt, ice cream, UHT products, chocolates and frozen, RTE and RTC products. It introduced 538 new SKUs between April 2022 and March 2026, which contributed Rs 883.67 crore of revenue in FY26.
- • The company claims to have automated manufacturing processes at its Perundurai facility, including robotic paneer production, automated cheese-making and UHT lines, and automated packing lines. As of March 31, 2026, its installed capacities included 25 lakh litres per day for milk processing, 70,080 MT per annum for paneer, 5,694 MT for cheddar cheese, 17,520 MT per annum for mozzarella cheese, 15,768 MT per annum for processed cheese, 87,600 MT per annum for pouch curd, 1,75,200 MT per annum for set curd and 8,760 MT per annum for yoghurt.
Cons
- • The company has contingent liabilities amounting to Rs 229.01 crore as of March 31, 2026. This comprises Rs 194.87 crore towards the quantum of duty saved under EPCG licenses, Rs 25.47 crore of disputed statutory liabilities, Rs 2.03 crore of disputed other liabilities, and Rs 6.64 crore in bank guarantees. Any failure to meet these obligations within the prescribed timelines or if a significant portion of these liabilities materialises could adversely affect the company’s business, results of operations, financial condition, and cash flows.
- • The company’s manufacturing operations are dependent on the availability of raw milk, with 94.51%, 97.68%, and 99.62% of its total raw milk procurement coming from Tamil Nadu in FY26, FY25, and FY24, respectively. Any adverse political, social, economic, or environmental developments in Tamil Nadu, including natural calamities, cattle diseases, changes in government policies, or disruptions affecting dairy farmers, could affect its ability to procure raw milk. Further, 74.34% of the company’s raw milk procurement in FY26 came directly from dairy farmers with whom it has no formal arrangements, while 25.66% was procured from third-party dairy operators, who may choose to sell their milk to competitors. Any inability to procure sufficient quantities of raw milk at commercially acceptable prices or pass on increases in procurement costs to customers could adversely affect the company’s production, sales, business, results of operations, and financial condition.
- • The company derives a significant portion of its revenue from South India, with revenue from Karnataka, Tamil Nadu, Kerala, Andhra Pradesh and Telangana amounting to Rs 2,172.72 crore (69.23%), Rs 1,668.07 crore (71.00%), and Rs 1,342.14 crore (73.68%) of revenue from operations in FY26, FY25, and FY24, respectively. Any adverse social, political, or economic developments, natural calamities, civil disruptions, changes in government policies, or increased competition in South India could adversely affect the company’s business, financial condition, results of operations, and cash flows.
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