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Milky Mist Dairy Food IPO

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Upcoming IPO. View DRHP for more details.

About the Company
Milky Mist is the fastest growing packaged food company in India (among companies with revenue scale of more than ₹15,000 million) in terms of revenue, growing at a CAGR of 29.82% from Fiscal 2023 to Fiscal 2025. The company is exclusively focused on value-added products within the dairy market, which are considered premium. The company is a product-led company, dedicated to addressing diverse and emerging consumer needs for the entire day, from breakfast to dinner. The company has diversified its product categories to include various value-added dairy products, such as cheese, paneer, butter, curd, ghee, yogurt, ice cream, ultra-high temperature (UHT) long-shelf life products, and other products, including frozen foods, ready-to-eat (RTE) and ready-to-cook (RTC) products, as well as chocolates.
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Founded In

2014

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CEO

Dr. K Rathnam

Financials of Milky Mist Dairy Food IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue1,394.181,821.612,349.50
Other Income4.785.255.29
Total Income
1,398.951,826.862,354.79
Total Expenses
1,335.481,784.172,267.25
Profit Before Tax63.4742.6987.55
Total Profit
27.2319.4446.07

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company intends to utilize proceeds towards repayment/prepayment of all or a portion of certain outstanding borrowings. This will help reduce outstanding indebtedness, debt servicing costs and improve debt-to-equity ratio.750
The company proposes to utilize proceeds for expansion and modernisation including setting up new product lines, expansion of existing product lines, warehouse for cold and dry products, and procurement of trucks for business operations.415
The company intends to deploy refrigeration units at retail touchpoints to create consistent visual identity, increase brand recall value, strengthen competitive positioning and support cold chain infrastructure at retail level.129
The company intends to deploy balance proceeds towards general corporate purposes including meeting ongoing expenses, funding growth opportunities, marketing and brand building exercises, working capital requirements, and investment in subsidiary.-
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  • Fastest growing packaged food company in India with established brand equity and leadership across various product categories: The company is the fastest growing packaged food company (among companies with revenue scale of more than ₹15,000 million) in India in terms of revenue, growing at a CAGR of 29.82% from Fiscal 2023 to Fiscal 2025. The company holds significant market share with approximately 17% in organized packaged paneer market and is nationally ranked third among private players with approximately 5% market share in organized packaged cheese market.
  • Diversified and expanding product categories focused on emerging consumer needs: The company has synergistically diversified its product categories to include 23 product categories with 416 SKUs as of March 31, 2025. Between April 1, 2022 and March 31, 2025, the company introduced 348 new SKUs contributing ₹ 5,116.40 million in Fiscal 2025, representing 21.78% of revenue from operations.
  • Advanced manufacturing capabilities enhanced by automation and technology-driven processes: The company operates manufacturing facilities equipped with advanced machinery including automated paneer manufacturing line with robotic operations and automatic cheese-making machines. The cheese slice packing line enables production of up to 1,000 cheese slices per minute. As of March 31, 2025, installed capacity for paneer stands at 72 metric tons, making it the largest in India amongst organized private peers.
  • Direct sourcing and focused engagement with farmers: The company sources raw milk directly from 67,615 farmers as of March 31, 2025, located in 22 districts across Tamil Nadu, Andhra Pradesh and Karnataka. In Fiscal 2025, the company procured 261.59 million litres directly from farmers representing 85.15% of total raw milk procurement, with payments made every 7 to 10 days ensuring farmer loyalty.
  • Multi-channel sales with own logistics infrastructure: The company has expanded presence through multiple sales channels across 22 states and 5 union territories with 3,062 distributors as of March 31, 2025. The company manages own logistics with 252 reefer trucks and 44 milk vans, achieving one of the lowest transportation costs as percentage of revenue among peers at 3.47% in Fiscal 2025.
  • Focus on sustainability: The company generates 24 MW from solar plants and 2 MW from wind plant, meeting approximately 60% of total energy requirement from renewable sources. The company has commissioned water-upcycling plant with capacity of 2.15 million litres per day and operates 20 electric vehicles as of March 31, 2025.
  • Experienced management team delivering financial growth: The company is led by experienced management with Promoter and Chairman having over 26 years of experience in dairy industry and Whole-time Director having over 33 years in food products sector. Revenue from operations increased at CAGR of 29.82% from Fiscal 2023 to Fiscal 2025, reaching ₹23,495.03 million in Fiscal 2025.

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