JM Financial Ltd.
Axis Capital Ltd.
IIFL Capital Services Ltd.

Established in July 2014, Milky Mist Dairy Food Limited is one of India’s fastest-growing packaged food businesses, specializing in value-added dairy items. The company produces and sells a diverse lineup of foods, including paneer, cheese, butter, curd, ghee, ice cream, chocolates, and convenient ready-to-cook meals. It markets these products through its main ‘Milky Mist’ brand as well as popular sub-brands like SmartChef, Capella, and Asal.

Operating on a direct farm-to-consumer model, Milky Mist sources fresh milk directly from farmers and processes it in automated facilities. Backed by its own temperature-controlled supply chain and a nationwide distribution network, the company serves consumers across India. With a workforce of over 1,300 permanent employees, Milky Mist focuses on consistent product innovation, high quality, and sustainable manufacturing practices.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

*Market cap @upper band

• One of India’s fastest-growing packaged food companies with strong brand recognition in value-added dairy products.
• Diversified portfolio of premium dairy, frozen foods, RTE, RTC products, and chocolates.
• Advanced automated manufacturing facilities supported by technology-driven processes.
• Direct milk sourcing model with strong farmer engagement and procurement network.
• Extensive multi-channel distribution backed by its own cold-chain logistics infrastructure.
• Strong focus on sustainability, operational efficiency, and experienced management driving consistent growth.

The Company MILKY MIST DAIRY FOOD LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by Company (Rs. 496.86 Cr.)
• Financing the capital expenditure requirements in relation to the expansion and modernization of Perundurai Manufacturing Facility (Rs. 469.24 Cr.)
• Deployment of visi coolers, ice cream freezers and chocolate coolers (Rs. 155.31 Cr.)
• General corporate purposes

At the upper band of IPO Rs. 140, the stock is valued at 85.85 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.