Milky Mist Dairy Food: A Leader in the Dairy Industry

Headquartered in Erode, Tamil Nadu, India, Milky Mist Dairy Food has established itself as a significant entity in the global dairy market. Strategically positioned in one of the world's most dynamic dairy regions, the company is poised for continued growth and expansion.

Financial Indicators

The company has demonstrated substantial financial growth. Milky Mist Dairy Food filed a draft red herring prospectus with SEBI for an Initial Public Offering (IPO) valued at $235.9 million. The company reported an increase in revenues from 1,394 crore rupees ($161.6 million) in FY23 to 2,349 crore rupees ($272.2 million) in FY25, achieving a compound annual growth rate (CAGR) of nearly 30%.

Important Events

A pivotal moment for Milky Mist Dairy Food is its IPO initiative, featuring a ₹2,035 crore issue. The IPO, worth ₹1,553 crore, is set to open on August 11, 2026, and close two days later. It consists of a fresh issue of 10.20 crore shares valued at ₹1,428 crore and an offer for sale of 0.89 crore shares worth ₹125 crore. The company plans to use ₹496.86 crore for the repayment of selected borrowings and ₹469.24 crore for capital expenditure to expand and modernize its manufacturing plant at Perundurai.

Company Plans

Milky Mist Dairy Food aims to diversify and enhance its product offerings using the capital raised from its financial activities. The company focuses on increasing its market share in the dairy and ice cream segments by investing in advanced facilities and enhancing its distribution network. Its product line includes paneer, cheese, curd, yogurt, ice cream, ghee, and butter, supporting its ambitions in the value-added dairy sector.

In the first quarter of FY2026-27, Milky Mist reported a significant increase in profit, revenue, and EBITDA, with net profit reaching ₹65 crore compared to ₹7 crore a year earlier. Revenue from operations rose by 43.6% to ₹973.45 crore from ₹678.1 crore, and EBITDA increased to ₹143.8 crore from ₹81.3 crore, marking a 77% annual increase. This improvement is attributed to higher volumes, a different product mix, and operational efficiencies.

Expansion and Market Presence

The company is expanding its operations across India, particularly in the paneer segment. With approximately 20% of the organized paneer market in India, Milky Mist boasts the largest paneer-making capacity at a single site in the country and is extending its geographic reach and distribution network. Known for its value-added dairy portfolio, the company continues to build on its reputation with products like cheese, curd, ice cream, yogurt, paneer, ghee, sweets, and condensed milk.

Milky Mist Dairy Food has commissioned a cheddar-cheese plant with an installed capacity of 120 metric tonnes per day. The company produces around 1 million litres of cheese whey each day and currently sells whey powder mainly to business customers. Milky Mist plans to build a whey-protein-concentrate plant, with construction expected to take about 15–18 months.

Milky Mist distributes products across 22 states and five Union Territories through more than 4,200 distributors and nearly 400,000 daily retail touchpoints.

Milky Mist Dairy Food has commissioned a Skyr and Greek yogurt plant at its Perundurai facility in Tamil Nadu. The investment in the dedicated facility was approximately ₹40 crore, equivalent to €3.6 million. Milky Mist financed the project through a combination of internal accruals and proceeds from its initial public offering. The new unit can process as much as 150 tonnes a day. Before the expansion, the company’s capacity for the category was 20 tonnes per day, a level it had maintained since introducing ultrafiltration-based production in 2022. Milky Mist says it was the first company in India to introduce ultrafiltration technology for making Skyr and Greek yogurt.

Milky Mist Dairy Food is focused on expanding production at its Tamil Nadu site to meet the growing demand for high-protein yogurt, such as Skyr and Greek yogurt.