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Milky Mist IPO open for subscription: Check price band, business model, financials & more
8 min read | Updated on August 11, 2026, 09:57 IST
SUMMARY
Milky Mist IPO will open for subscription on August 11. The company markets its dairy products under the flagship Milky Mist brand. It is one of the fastest-growing packaged food companies in India, with a key focus on value-added dairy products.
India’s value-added dairy products market is growing at a CAGR of 12.1% and is expected to reach ₹10.0 lakh crore by FY31.
Milky Mist was among the first private dairy companies in India to introduce branded packaged paneer. Over the years, it has expanded its portfolio to include curd, ghee, butter, cheese, yoghurt, ice cream, UHT products, chocolates and sweetened condensed milk.
During FY26, the Milky Mist brand generated revenue of ₹3,054.57 crore, contributing 97.3% of the company's total revenue.
About the company
Milky Mist is one of the largest private packaged paneer brands in India's organised market with a market share of approximately 19.0% by value in FY26. It was also the largest private packaged cheese brand in South India, with an approximate 12% market share and ranked as the third-largest private packaged cheese player in the organised market across India with an approximate 5% share.
In South India, the company held approximately a 7% share in the organised packaged curd market. It was also among the top two private packaged yogurt brands in India with an approximate 13% market share and commanded a 35-40% share in the organised Greek yogurt segment.
The company started paneer production in 1998. It entered ghee, khova, butter and curd in 2009, cheese in 2010 and yogurt in 2011. Whey powder was added in 2017, followed by the commissioning of the Milky Mist Mega Plant at Perundurai, Erode in 2018. In 2020, the company launched the SmartChef brand, offering dairy whitener, cream cheese, probiotic curd and frozen foods. It further expanded into UHT products, Greek yogurt and Skyr yogurt in 2022, while ice cream, chocolates and sweetened condensed milk were launched in 2023. During 2025, the company acquired Asal Food Products Pvt Ltd and the tofu business of Briyas Foods Pvt Ltd.
As of March 31, 2026, the company sourced milk from 74,654 farmers spread across 25 districts in Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra. The procurement network included 3,907 automated milk collection units (AMCUs) and 29 chilling centres. Raw milk procurement increased to 39.62 crore litres in FY26 from 30.72 crore litres in FY25. Direct procurement from farmers accounted for 74.3% in FY26, 85.1% in FY25 and 96.6% in FY24.
The company operates a single integrated manufacturing facility at Perundurai in Erode District, Tamil Nadu. As of March 31, 2026, the plant had an installed milk processing capacity of 25 lakh litres per day. Product-wise installed capacities stood at 70,080 MT per annum for paneer, 5,694 MT for cheddar cheese, 17,520 MT each for mozzarella cheese and processed cheese, 87,600 MT per annum for pouch curd, 1,75,200 MT per annum for set curd and 8,760 MT per annum for yogurt.
The company had a distribution network of 4,001 distributors across 22 states and 5 union territories, supplying products to more than 3,75,000 retail outlets. It also operated 57 clearing and forwarding depots across 15 states. It manages its own logistics network comprising 63 milk vans, 282 reefer trucks and 34 ambient trucks as of March 31, 2026.
Southern India contributed 69.2% of total revenue from operations during FY26, compared with 73.6% in FY24. The company also exported products to more than 15 countries. Export revenue, excluding freight and incentives, contributed 3.7% of revenue from operations during FY26. As of March 31, 2026, Milky Mist offered 22 product categories across 640 SKUs. Paneer remained the largest category, contributing 29.4% of revenue from operations during FY26, followed by cheese at 16.3% and curd at 13.2%.
The Indian value-added dairy products market is estimated at around ₹5.6 lakh crore in FY26 and is expected to grow to around ₹10.0 lakh crore by FY31, at a CAGR of around 12.1%. This growth is being spurred by increasing incomes, rising health consciousness and growing demand for premium, high-protein dairy products.
Milky Mist is well positioned to benefit from the structural shift towards value-added dairy products. The company is the largest private packaged paneer brand in India with an approximate 19.0% market share. It also has a strong presence in other fast-growing categories, including yogurt, where it is among the top two private brands nationally with an approximate 13% market share and commands a 35-40% share in the organised Greek yogurt segment.
Milky Mist Financials
| (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,821.61 | 2,349.50 | 3,138.36 |
| Total Assets | 1,606.26 | 2,150.59 | 2,676.46 |
| Net Profit | 19.44 | 46.07 | 127.01 |
| EBITDA | 222.33 | 310.34 | 435.21 |
Milky Mist IPO objective
Milky Mist IPO details
Milky Mist IPO aims to raise ₹1,553 crore through its public issue. The issue is a combination of fresh issue and offer for sale of over 11 crore shares.
The company has fixed the price band of the issue at ₹133 to ₹140 per share. The lot size, or the minimum bid quantity to apply for the issue, is 107 shares. This equates to a minimum investment amount of ₹14,980 per lot at the upper end of the price band for retail investors.
Milky Mist IPO: Important dates
Milky Mist IPO will remain open for bidding from 11 to 13 August. After the bidding is closed, the allotment of shares is expected to be finalised on August 14.
Successful bidders can expect the shares to be credited to their demat accounts by Monday, August 17, with others receiving refunds on the same day. Milky Mist shares are scheduled to list on the BSE and NSE on August 18.
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