Headquartered in Erode, Tamil Nadu, Milky Mist has carved out a distinct identity in the dairy sector by focusing exclusively on premium value-added dairy products (VADPs) such as paneer, cheese, curd, yogurt, ice cream, ghee, and butter.
Notably, the company does not sell liquid milk — a strategic decision that enables it to operate with higher margins and position itself more like an FMCG brand than a traditional dairy player.
The proceeds from the fresh issue are earmarked for aggressive growth and financial de-leveraging. Rs 750 crore will go toward repaying or prepaying outstanding borrowings. Another Rs 414 crore is planned for the expansion and modernisation of its Perundurai manufacturing facility, including the addition of new capacities for whey protein concentrate, yogurt, and cream cheese.
Around Rs 129 crore is set aside for the deployment of visi coolers, ice cream freezers, and chocolate coolers across its distribution network. The remaining funds will be used for general corporate purposes in compliance with SEBI norms.
Milky Mist’s financials underline healthy growth. The company’s revenue surged from Rs 1,394 crore in FY23 to Rs 2,349 crore in FY25, registering a compound annual growth rate of nearly 30%.EBITDA for FY25 stood at Rs 310 crore, translating to a healthy EBITDA margin of 13.2%.The company has built one of the largest paneer production capacities in the country, with a daily output of 150 metric tons. Its premium pricing strategy places key products like paneer and curd at a 10–25% premium over market leaders, reflecting both brand strength and consumer loyalty.
Milky Mist also prides itself on its fully automated manufacturing infrastructure and tech-driven logistics backbone. It connects directly with over 67,000 farmers, ensuring a consistent supply of high-quality milk and maintaining end-to-end traceability.
In line with growing ESG expectations, Milky Mist has integrated sustainability into its operations. The company operates water reprocessing units, converts methane into energy, and sources 70–80% of its power from solar and wind energy. It also invests in eco-friendly logistics and offers a range of health-conscious innovations including high-protein, lactose-free, and low-sugar dairy products.
The IPO marks a strategic move for Milky Mist to solidify its leadership in India’s fast-evolving dairy FMCG space. JM Financial, Axis Capital, and IIFL Capital Services are acting as the book-running lead managers for the issue.
