Milky Mist Dairy Food Ltd has posted a remarkable 2.4× increase in net profit for FY25, soaring from ₹19.4 crore in FY24 to ₹46 crore, while its revenue climbed 29% to ₹2,349 crore—signalling robust growth as it files for a major IPO with SEBI.
🔍 FY25 Financial Highlights
- Revenue: Grew from ₹1,822 crore in FY24 to ₹2,349 crore in FY25 (29% YoY).
- Net Profit: Jumped to ₹46 crore, up from ₹19.4 crore—a 2.4× increase.
- EBITDA & Margin: ₹310 crore, with a healthy 13.2% margin.
📈 Driving Growth
- Product Portfolio: Paneer leads with ₹694 crore, followed by cheese (₹408 cr), curd (₹370 cr). The ice-cream segment exploded by 294%, reaching ₹138 crore.
- Regional Performance: Karnataka and Tamil Nadu remain core markets. West India surged 49% and North-Central India jumped 55%, while export revenues gained 43% to ₹88.5 crore.
🛠 Costs & Efficiency
- Expense growth: Raw material costs rose 24% to ₹1,553 crore.
- Investment in scalability: Distribution expenses doubled (134% increase), indicating aggressive market expansion.
- Operational efficiency: Spent ₹0.96 to earn a rupee in operating revenue
🚀 IPO Outlook
Milky Mist has submitted its Draft Red Herring Prospectus (DRHP) to SEBI to raise ₹2,035 crore (₹1,785 cr fresh issue + ₹250 cr offer-for-sale). Funds will be used for:
- Debt reduction (₹750 cr)
- Expanding the Perundurai manufacturing facility (₹414 cr)
- Deploying ice-cream and product-specific coolers (₹129 cr)
Lead managers: JM Financial, Axis Capital, and IIFL Securities.
🔍 Why This Matters
- Value-Added Focus: Unlike traditional dairy firms, Milky Mist focuses on high-margin products—paneer, cheese, curd—similar to FMCG models.
- Market leader in paneer: The company is India’s top organized paneer producer, positioning it strongly in premium dairy. IPO Central
- Robust margins & brand strength: Its 13.2% EBITDA margin reflects strong pricing and operational control.
- Geographic scale-up: Expanding beyond southern India with proven demand in other regions and growing exports.
