Milky Mist Dairy Food IPO: Overview
Milky Mist Dairy Food Limited, one of India's leading dairy and frozen food products companies, is set to launch its ₹1,553 crore mainboard IPO on August 11, 2026. The issue closes on August 13, 2026, with listing on both BSE and NSE expected on August 18, 2026.
The issue combines a fresh issue of ~₹1,428 crores with an offer for sale of up to 89,28,570 equity shares by existing shareholders.
Milky Mist Dairy Food IPO: Key Dates
|
Event |
Date |
|
Anchor Bidding Date |
August 10, 2026 |
|
IPO Open Date |
August 11, 2026 |
|
IPO Close Date |
August 13, 2026 |
|
Basis of Allotment |
August 14, 2026 |
|
Refunds Initiated |
August 17, 2026 |
|
Credit to Demat Account |
August 17, 2026 |
|
Listing Date (BSE, NSE) |
August 18, 2026 |
Milky Mist Dairy Food IPO: Issue Details
|
Particular |
Detail |
|
Face Value |
₹2 per equity share |
|
Price Band |
₹133 to ₹140 per share |
|
Total Issue Size |
~₹1,553 crores |
|
Fresh Issue |
~₹1,428 crores |
|
Offer for Sale |
Up to 89,28,570 equity shares |
|
Issue Type |
Book Building Issue |
|
Listing |
BSE, NSE |
Reservation is split 35% for retail, 50% for QIB, and 15% for NII/HNI.
Milky Mist Dairy Food IPO: Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Minimum) |
1 |
107 |
₹14,980 |
|
Retail (Maximum) |
13 |
1,391 |
₹1,94,740 |
|
S-HNI (Minimum) |
14 |
1,498 |
₹2,09,720 |
|
S-HNI (Maximum) |
66 |
7,062 |
₹9,88,680 |
|
B-HNI (Minimum) |
67 |
7,169 |
₹10,03,660 |
About Milky Mist Dairy Food
Incorporated in 2014, Milky Mist Dairy Food started with packaged paneer and has since expanded into a full-fledged dairy and frozen foods company. Its product range spans curd, ghee, butter, cheese, yoghurt, ice cream, UHT long-shelf-life products, chocolates, and sweetened condensed milk.
The company operates on a farm-to-retail supply chain model, sourcing raw milk directly from 67,615 farmers across 22 districts in Tamil Nadu, Andhra Pradesh, and Karnataka. Its primary manufacturing base is in Perundurai, Erode (Tamil Nadu), with an additional facility in Bengaluru, Karnataka, used for storing frozen products such as ready-to-eat and ready-to-cook items.
Objects of the Issue
|
Purpose |
Amount |
|
Repayment/prepayment of certain outstanding borrowings |
₹496.86 crores |
|
Capital expenditure for expansion and modernisation of Perundurai Manufacturing Facility |
₹469.24 crores |
|
Deployment of visi coolers, ice cream freezers, and chocolate coolers |
₹155.31 crores |
|
General corporate purposes |
Balance amount |
Financial Performance
|
Period |
Revenue |
Expense |
PAT |
Assets |
|
FY2024 |
₹1,826.86 Cr |
₹1,784.17 Cr |
₹19.44 Cr |
₹1,606.26 Cr |
|
FY2025 |
₹2,354.79 Cr |
₹2,267.25 Cr |
₹46.07 Cr |
₹2,150.59 Cr |
|
FY2026 |
₹3,145.01 Cr |
₹2,986.52 Cr |
₹127.01 Cr |
₹2,676.46 Cr |
The growth trajectory here is striking — revenue has grown roughly 72% and PAT has jumped nearly 6.5x from FY24 to FY26, a sharp acceleration in profitability alongside strong topline growth.
Key Valuation Metrics (FY2026)
|
KPI |
Value |
|
ROE |
32.12% |
|
ROCE |
11.73% |
|
EBITDA Margin |
13.87% |
|
PAT Margin |
4.05% |
|
Debt to Equity Ratio |
3.61 |
|
Basic EPS |
₹1.98 |
|
RoNW |
33.60% |
|
Net Asset Value (NAV) |
₹5.87 |
While ROE and RoNW are notably strong, the debt-to-equity ratio of 3.61 is meaningfully elevated — worth weighing carefully given the largest single use of IPO proceeds (₹496.86 crore) is earmarked specifically for debt repayment. The relatively thin PAT margin (4.05%) is also typical of dairy/FMCG manufacturing businesses operating at scale.
Peer Comparison
|
Company |
EPS |
P/E Ratio |
RoNW |
NAV |
Income |
|
Bikaji Foods International Limited |
10.31 |
62.33 |
16.07% |
64.03 |
₹2,993.86 Cr |
|
Britannia Industries Limited |
105.18 |
51.98 |
49.61% |
212.01 |
₹19,151.59 Cr |
|
Dodla Dairy Limited |
44.26 |
24.26 |
15.95% |
277.50 |
₹4,125.20 Cr |
|
Hatsun Agro Product Limited |
15.99 |
58.20 |
18.32% |
87.30 |
₹9,959.22 Cr |
|
Nestle India Limited |
18.15 |
79.76 |
67.85% |
26.74 |
₹23,154.60 Cr |
|
Parag Milk Foods Limited |
11.06 |
|