📌 Milky Mist IPO: Key Highlights
- IPO Size: INR 2,035 crore (Fresh Issue: INR 1,785 crore | OFS: INR 250 crore)
- Selling Shareholders:
- Sathishkumar T (Promoter): INR 150 crore
- Anitha S (Promoter): INR 100 crore
- Use of Proceeds: Debt reduction, capex at Perundurai facility, cold storage deployment
- FY25 Revenue: INR 2,349.5 crore| PAT: INR 46.1 crore| EBITDA: INR 310.3 crore
- Sector: Value-Added Dairy (Paneer, Cheese, Yogurt, Ice Cream, RTE/RTC Foods)
- Market Position: #1 in organised paneer, top 3 in cheese & yoghurt (India)
Additionally, the company has the option of a Pre-IPO placement of INR 357 crore, which, if exercised, will proportionally reduce the fresh issue.
🧭Milky Mist: Introduction
From Perundurai, the heart of Tamil Nadu’s dairy belt, to becoming one of India’s most premium value-added dairy brands, Milky Mist Dairy Food is a story of brand-focused dairy industrialisation. With over 20 years of operational history and over INR 1,000 crore in revenue by FY25, the company has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise INR 2,035 crore through an IPO.
This IPO, if successful, will help Milky Mist to move from a southern stronghold to a pan-India premium dairy FMCG player — a segment dominated by giants like Amul (GCMMF), Hatsun Agro and Britannia in fragmented verticals.
Use of Proceeds
| Objective | Amount (INR Cr) | Commentary |
|---|---|---|
| Debt repayment | 750.0 | Deleveraging will strengthen balance sheet |
| Expansion of Perundurai plant | 414.7 | Key to expanding paneer and cheese capacity |
| Visi coolers & cold storage assets | 129.4 | Will drive retail reach and brand control |
| General corporate purposes | to be announced |
Milky Mist IPO: Financial Performance
| Metric | FY23 | FY24 | FY25 | CAGR (FY23–FY25) |
|---|---|---|---|---|
| Revenue from Operation | 1,394.2 | 1,821.6 | 2,349.5 | 29.8% |
| EBITDA | 201.4 | 222.3 | 310.3 | 24.4% |
| PAT | 27.2 | 19.4 | 46.1 | 30.6% |
| ROE (%) | 10.95% | 7.14% | 15.11% | – |
| EBITDA Margin | 14.45% | 12.21% | 13.21% | – |
Despite increased capex and marketing spends, Milky Mist has demonstrated consistent EBITDA generation and improved return metrics. The FY25 ROE of 15.1% reflects efficient capital utilisation post-investment cycles.
Milky Mist Product Portfolio
Milky Mist has evolved from a paneer-focused brand to a 416-SKU FMCG house, spanning 23 categories:
| Product | FY25 Revenue (INR Cr) | % of Total |
|---|---|---|
| Paneer | 693.6 | 29.5% |
| Cheese | 407.8 | 17.4% |
| Curd | 370.1 | 15.7% |
| Ice Cream | 137.7 | 5.9% |
| Others (Ghee, Butter, Chocolates, UHT) | 740.3 | 31.5% |
Note: Ice cream was launched only in FY24, and is now an INR 100 crore+ business in FY25 — a sharp trajectory that highlights its execution strength.
It has also introduced niche, high-margin SKUs such as:
- Skyr and Greek Yoghurt
- High-protein paneer
- Lactose-free milk
- Fusion Shakes
- RTE/RTC offerings under the Asal and SmartChef brands
Manufacturing Muscle: The Perundurai Facility
Milky Mist operates two plants:
- Perundurai, TN (Owned) – Value-added dairy
- Bengaluru (Leased) – Frozen foods, RTC, RTE
With recent capex, paneer production capacity has increased to 192 MT/day, making it India’s largest among private organised players.
Other key capacities as of FY25:
- Yoghurt: 8,760 MT
- Processed Cheese: 15,768 MT
- Curd (Set + Pouch): 2.6 lakh MT
- Whey Powder: 37,843 MT
- Ice Cream: 65.7 million litres
Supply Chain & Distribution
- Milk Procurement: 261 million litres from 67,600+ farmers, of which 85% is directly sourced — a critical margin enabler and a rare strength among private players.
- Tech-driven AMCUs: Over 3,460 automated milk collection units, 21 chilling centres
- Logistics: 252 reefer trucks, 44 milk tankers, and an in-house cold chain ensure brand control and optimised return-load logistics, reducing costs.
- Retail Presence:
- 3,062 distributors across 22 states and 5 UTs
- 108 Milky Mist parlours (including franchised)
- 13,885 visi coolers | 13,804 ice cream freezers | 559 chocolate coolers
- Online Presence: D2C site + strong tie-ups with e-commerce and quick commerce platforms (Blinkit, BigBasket, Zepto)
🌍 Geographic Expansion: South-Heavy Roots, North & West in Focus
| Region | FY23 Revenue | FY25 Revenue | % of Total (FY25) | CAGR (FY23–FY25) |
|---|---|---|---|---|
| South India | 1.093.8 | 1,668.1 | 71% | 23.5% |
| Rest of India | 259.0 | 592.8 | 25.2% | 51.3% |
| Exports | 41.5 | 88.6 | 3.8% | 46.2% |
The non-South business has grown at >50% CAGR, driven by online and modern trade. Milky Mist plans to deploy 25,000 ice cream freezers, 20,000 visi coolers, and 10,000 chocolate coolers in the next three fiscal years to deepen reach.
Experienced Management
- Sathishkumar T (CMD) – 26+ years in dairy
- Anitha S (Whole-time Director) – 23+ years
- Dr. K Rathnam (CEO) – Ex-Heinz India, Ex-Amul; 33 years of industry experience
The management team has shown capital allocation discipline and long-term vision, evident from their vertical integration and product innovation history.
Final Words: A Dairy IPO That’s More FMCG Than Milk
Milky Mist IPO isn’t just a capital raise — it’s a statement of intent. From leading the paneer category in the south to building a tech-enabled, branded dairy empire, the company is now setting its sights on national expansion, export growth, and premiumization.
With a strong moat in sourcing, robust manufacturing, and a differentiated premium brand strategy, Milky Mist has the hallmarks of a modern-day FMCG challenger emerging from India’s vast and under-penetrated dairy heartland.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.