Milky Mist Dairy Food IPO
Milky Mist Dairy Food IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹133-140 |
| Face Value | ₹2 |
| Lot Size | 107 Shares |
| Issue Size | ₹1553 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| NSE Symbol | MILKYMIST.NS |
| BSE Scrip Code | 7878 |
| Min Investment | ₹14,980 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 107 | ₹14,980 |
| Retail (Max) | 13 | 1,391 | ₹194,740 |
| S-HNI (Min) | 14 | 1,498 | ₹209,720 |
| B-HNI (Min) | 67 | 7,169 | ₹1,003,660 |
Strengths & Risks
Strengths
- Most of this issue is fresh money. Out of Rs 1,553 crore, about Rs 1,428 crore is a fresh issue that comes into the company. Only about Rs 125 crore is offer for sale.
- The company focuses on value-added dairy like cheese, paneer, curd and ice cream. These products earn better margins than plain milk.
- Profit has grown very fast. Profit after tax went up from Rs 19.44 crore in FY2024 to Rs 46.07 crore in FY2025 and then to Rs 127.01 crore in FY2026.
- Sales are also growing well. Total income rose from Rs 1,826.86 crore in FY2024 to Rs 3,145.01 crore in FY2026. EBITDA improved from Rs 222.33 crore to Rs 435.22 crore.
- It follows a farm-to-consumer model. The company buys milk directly from farmers, processes it in its own plants and moves it through its own cold chain. This gives better control on quality and cost.
- Rs 496.86 crore of the fresh money will repay loans and Rs 469.24 crore will expand and modernise the Perundurai plant. Another Rs 155.31 crore will put visi coolers, ice cream freezers and chocolate coolers in the market, which helps sales at retail counters.
Risks
- Debt is very high. Total borrowing was Rs 1,671.85 crore as on 31 March 2026 against a net worth of only Rs 378 crore. That is a debt to equity of about 4.4 times.
- Even after the IPO, debt will stay high. Only Rs 496.86 crore of the fresh issue is kept for repaying loans, so a large part of the borrowing will remain on the books.
- Profit is thin compared to sales. The company earned Rs 127.01 crore of profit on total income of Rs 3,145.01 crore in FY2026, which is about 4%.
- Return on capital is low. RoCE was only 9.54% in FY2026, which is weak for the amount of capital used in the business.
- Milk is the main raw material and its price keeps changing with season, rainfall and cattle feed cost. The company cannot always pass on a price rise to customers.
- Dairy products spoil quickly. The business depends fully on cold storage and cold transport. Any breakdown in the cold chain leads to product loss and complaints.
- The FY2026 profit jump of 176% comes off a small base. Such a high growth rate is unlikely to repeat every year.
- The dairy market is crowded. The company competes with Amul, Mother Dairy, Hatsun, Britannia and many regional players who are strong in their own areas.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 2,676.46 | 2,150.59 | 1,606.26 |
| Total Income | 3,145.01 | 2,354.79 | 1,826.86 |
| Profit After Tax | 127.01 | 46.07 | 19.44 |
| EBITDA | 435.22 | 310.35 | 222.33 |
| NET Worth | 378.00 | 242.77 | 197.05 |
| Reserves and Surplus | 333.55 | 199.23 | 278.04 |
| Total Borrowing | 1,671.85 | 1,376.38 | 1,036.72 |
About The Company
Milky Mist Dairy Food Limited was started in July 2014. It is one of India's fastest growing packaged food companies. Its focus is on premium value-added dairy products rather than plain milk.
The product range is wide. It includes cheese, paneer, butter, curd, ghee, yogurt, ice cream, UHT products, frozen foods, ready-to-eat and ready-to-cook items, and chocolates. These are sold under the main brand Milky Mist and under sub-brands such as SmartChef, Capella, Misty Lite, Briyas and Asal.
The company follows a farm-to-consumer model. It buys milk directly from farmers and processes it in its own automated plants. It runs its own cold-chain logistics network and sells through several channels across India.
The business is supported by modern plants, technology-driven processes and an experienced management team. As on the date of the offer document, it had 1,317 permanent employees working in manufacturing, sales and marketing, quality control and milk collection.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 155.83× | 23,323,308 | — |
| Non-Institutional Investors (NII) | 34.91× | 17,492,481 | — |
| Retail Individual Investors (RII) | 8.41× | 40,815,789 | — |
| Employee | 12.43× | 166,666 | — |
| Total | 56.12× | 81,798,244 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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