Milky Mist plans to raise ₹2,035 crore through its IPO, with ₹1,785 crore as fresh issue and ₹250 crore as an offer-for-sale by promoters.

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Proceeds will reduce ₹750 crore of debt, expand its Perundurai plant, and enhance cold chain infrastructure with ₹129 crore investment.

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FY24 revenue rose by 29% to ₹2,349.5 crore, and net profit jumped 137% to ₹46 crore, reflecting strong growth in value-added dairy products.

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The company focuses only on VADPs like paneer, curd, cheese, and yogurt, skipping liquid milk to enjoy higher pricing power and margins.

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Milky Mist earns 71% of its revenue from South India and relies entirely on a single plant in Tamil Nadu, creating geographical and operational risks.

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Key risks include raw milk price volatility, competition from giants like Amul and Nestlé, and dependence on limited distributors.

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Employee attrition improved to 34% in FY25, with lower churn among skilled staff, despite overall headcount dropping from 1,694 to 1,524.

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With expanding margins, premium product focus, and experienced leadership, the IPO offers strong fundamentals—but execution beyond the South is critical.

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