Milky Mist Dairy Food
- Issue price
- ₹ 140
- Issue size
- ₹ 1,553 Cr.
- Min. investment
- ₹ 14,980
- Listing price
- ₹ 165
- Subscribed
- 56.12x
- Lot size
- 107 shares
- P/E
- 84.85
- RoNW
- 33.60%
- RoCE
- 11.73%
- Debt / Equity
- 3.61
- PAT margin
- 4.05%
- EBITDA margin
- 13.87%
- RoE
- 32.12%
- EPS
- ₹ 1.65
- NAV
- ₹ 5.87
- Promoter stake
- 79.52%
About
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.
Timeline
- doneOpens11 Aug
- doneCloses13 Aug
- doneAllotment14 Aug
- doneRefunds17 Aug
- doneDemat credit17 Aug
- doneListing18 Aug
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 27 on 8 Aug 2026
- Lowest
- ₹ 0 on 5 Aug 2026
- First quoted
- ₹ 0 on 5 Aug 2026
Subscription
How many times each investor group bid for its share, as of 18 Aug 2026, 06:31 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 107 | ₹ 14,980 |
| Retail (Max) | 13 | 1,391 | ₹ 1,94,740 |
| S-HNI (Min) | 14 | 1,498 | ₹ 2,09,720 |
| B-HNI (Min) | 67 | 7,169 | ₹ 10,03,660 |
Company overview
Financials
| 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 | 242.77 | 197.05 |
| Reserves and Surplus | 333.55 | 199.23 | 278.04 |
| Total Borrowing | 1,671.85 | 1,376.38 | 1,036.72 |
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.
What the money is for
| Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by Company | 496.86 |
| Financing the capital expenditure requirements in relation to the expansion and modernisation of Perundurai Manufacturing Facility | 469.24 |
| Deployment of visi coolers, ice cream freezers and chocolate coolers | 155.31 |
| General corporate purposes | — |
Promoters
- Sathishkumar T
- Anitha S
Anchor investors
19 anchors put in ₹ 465.29 Cr., including 13 mutual funds.
| ZULIA INVESTMENTS PTE.LTD. | 1,14,28,670 | 160 | 34.39% |
| NIPPON INDIA SMALL CAP FUND | 42,23,627 | 59.13 | 12.71% |
| HDFC BALANCED ADVANTAGE FUND | 30,23,499 | 42.33 | 9.1% |
| ICICI PRUDENTIAL BHARAT CONSUMPTION FUND | 24,38,316 | 34.14 | 7.34% |
| ICICI PRUDENTIAL FMCG FUND | 5,85,183 | 8.19 | 1.76% |
| PUBLIC SECTOR PENSION INVESTMENT BOARD-IIFL ASSET MANAGEMENT LTD. | 17,85,829 | 25 | 5.37% |
| INDIA ACORN FUND LTD. | 17,85,830 | 25 | 5.37% |
| INTERNATIONAL FINANCE CORPORATION | 14,28,664 | 20 | 4.3% |
| INVESCO INDIA CONSUMPTION FUND | 7,14,332 | 10 | 2.15% |
| INVESCO INDIA AGGRESSIVE HYBRID FUND | 4,28,642 | 6 | 1.29% |
| INVESCO INDIA BALANCED ADVANTAGE FUND | 2,85,690 | 4 | 0.86% |
| MOTILAL OSWAL CONSUMPTION FUND | 8,21,439 | 11.5 | 2.47% |
| ADITYA BIRLA SUN LIFE INSURANCE CO.LTD. | 7,14,332 | 10 | 2.15% |
| EDELWEISS LARGE CAP FUND | 5,35,749 | 7.5 | 1.61% |
| EDELWEISS RECENTLY LISTED IPO FUND | 1,78,583 | 2.5 | 0.54% |
| HSBC CONSUMPTION FUND | 7,14,332 | 10 | 2.15% |
| UNION SMALL CAP FUND | 7,14,332 | 10 | 2.15% |
| TRUST MF FLEXI CAP FUND | 7,14,332 | 10 | 2.15% |
| ANICUT EQUITY CONTINUUM FUND 2 | 7,14,332 | 10 | 2.15% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 2 a share
- Registrar
- KFin Technologies Limited
- Lead managers
- JM Financial Ltd., Axis Capital, IIFL Capital Services Limited
- Red herring prospectus (RHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.