Milky Mist Dairy Food stock rises 5%, up 127% since IPO
Shares of Milky Mist Dairy Food were locked at the 5% upper circuit at ₹317.30 during Wednesday’s intraday trading on the BSE. Only buy orders were visible at the counter. By 9:29am, 2.34m shares had changed hands across the NSE and BSE, while pending buy orders covered 800,000 shares.
The price moved above the company’s previous high of ₹304.70, recorded on September 15, 2026. Since its listing on August 18, the stock has risen 75% from its BSE closing price of ₹181.45. Compared with the initial public offering price of ₹140, it has advanced 127%.
Product portfolio and new capacity
Milky Mist sells packaged food under the Milky Mist brand and the SmartChef, Capella and Misty Lite sub-brands. Its portfolio includes cheese, paneer, curd, ghee, yoghurt, ice cream, chocolates, frozen food, and ready-to-eat and ready-to-cook products. The company has also acquired the Briyas and Asal brands.
The company said it had commissioned a plant for Skyr and Greek yoghurt at its integrated manufacturing facility in Perundurai, Tamil Nadu. The facility uses ultrafiltration technology. Milky Mist said it was the first company in India to introduce the technology for Skyr and Greek yoghurt production in 2022.
According to the company, the expansion will increase the availability of its Skyr and Greek yoghurt products. The business said the facility is intended to support its presence in the high-protein dairy segment.
Growth and profitability
Revenue increased at a compound annual growth rate of 31% between fiscal 2024 and fiscal 2026, according to the company’s IPO materials. Milky Mist held a 19% share of India’s organised paneer market and a 12% share of the packaged cheese market in South India, as cited in the materials. Paneer, cheese and curd together account for 60% of revenue.
The company’s earnings before interest, taxes, depreciation and amortisation margin rose to 13.7% in fiscal 2026 from 11.9% in fiscal 2024, an increase of about 200 basis points. ICICI Securities said in its IPO note that stronger operating cash flow over the preceding two years had enabled higher investment in capacity, including facilities for sweeteners and whey proteins.
Anand Rathi and Stock Brokers described Milky Mist as increasingly focused on value-added dairy products, which it said have gross-margin, distribution and pricing characteristics closer to those of fast-moving consumer-goods businesses. The brokerage also cited the company’s revenue growth, positions in value-added dairy categories and premium product focus.
Market conditions
The traditional value-added dairy market in India was valued at about ₹5.6 trillion in fiscal 2026 and is projected in the IPO note to reach ₹10 trillion by fiscal 2031, representing a 12.1% compound annual growth rate. Paneer’s market is projected to expand from roughly ₹1 trillion to ₹2.1 trillion over the same period.
The organised paneer segment is expected to grow at a 20.2% compound annual rate, while cheese, yoghurt and whey are projected to grow at 15.3%, according to the brokerage’s analysis. The report lists disposable-income growth, health awareness, demand for premium and innovative dairy products, convenience and interest in high-protein foods among the factors supporting market expansion.
Raw milk procurement prices remained elevated during the June 2026 quarter, or the first quarter of fiscal 2027, as dairy cooperatives increased payments to farmers amid higher feed, fodder, fuel and livestock costs. ICICI Securities said companies with greater exposure to value-added products such as cheese, paneer, yoghurt, butter, ice cream and dairy beverages could experience less earnings volatility than businesses focused mainly on liquid milk.
