Milky Mist Dairy Food shares hit 5% upper circuit on strong Q2 earnings show; stock up 128% from issue price

Milky Mist Dairy Food shares rallied to hit their 5% upper circuit after the opening bell on Friday, October 30, as investors focused on the dairy product maker’s strong July to September quarter financial performance, with key support from revenue and margin growth in the period.

NSE data showed that Milky Mist shares surged 5% to hit its upper circuit and intraday high of ₹319.70 apiece on Friday’s market, in comparison to ₹304.50 apiece at the previous equity market close.

As of the morning trade, the stock retracted some of its gains, hovering around 2.13% higher at ₹311.90 apiece on October 30.

Equity market investors were focusing on the healthy revenue and margin growth in the period, arising from the overall increase in sales of the company’s wide range of products, among other key factors.

Milky Mist’s stock has delivered more than 128% returns to investors as of Friday’s market session, when compared to the issue price of the company of ₹140 apiece in the IPO round in August 2026.

174% profit growth in Q2 earnings?

Milky Mist Dairy Food posted a stellar year-on-year (YoY) consolidated net profit growth of 174.5% to ₹78 crore in the September quarter of FY27, in comparison to ₹28 crore in the corresponding quarter of the previous fiscal year.

The company’s revenue from core operations advanced 41.5% YoY to ₹1,089 crore in the second quarter of FY27, in comparison to ₹769 crore in the same period a year earlier, as per the exchange filings.

Although the elevated material costs increased the overall expenses in the September quarter, the company’s margin growth remained unaffected due to the overall increases in sales.

Data showed that Milky Mist’s raw material costs increased nearly 56% to ₹757.83 crore in Q2 FY27, from ₹485.83 crore in Q2 FY26.

The company’s management also attributed the Q2 earnings growth to the calibrated price hikes, a wide range of product offerings, and capacity utilisation, among other factors.

“In Q2 FY27, in spite of prevailing inflation in agricultural sector, El Niño impact and geopolitical uncertainties, Milky Mist has achieved higher revenue growth, improved margins and profitability due to a wide range of value-added products, calibrated price increases, capacity utilisation, operational efficiencies, and a focused strategic approach towards the entire operations,” said Dr K Rathnam, CEO of Milky Mist.

Margin growth in focus

Milky Mist’s operating profit or earnings before interest, tax, depreciation, and amortisation (EBITDA), excluding other income, improved 49.8% to ₹157 crore in the period under review, from ₹105 crore a year earlier.

The EBITDA margins expanded by 80 basis points to 14.45% in the September quarter, in comparison to 13.65% in the second quarter of the previous fiscal year, as per the consolidated statements.

The data further showed that the company’s PAT margins also improved significantly by 346 basis points to 7.15%, from 3.69% a year ago, indicating healthy financial growth in the period.

How much did investors make from Milky Mist?

NSE data showed that Milky Mist shares have delivered more than 128% returns from its IPO issue price levels back on the listing date of August 18, 2026, but have declined 1.2% in the last one-month period.

In the last five sessions, the stock has delivered 15% returns on its investment, according to the exchange data.

Shares of Milky Mist have hit their record high of ₹342.40 apiece on October 8, 2026, while the record low was at ₹165 apiece on listing day, August 18, 2026.

The company’s market capitalisation (m-cap) was trading around ₹24,173 crore as of the market session on Friday, October 30.