Milky Mist Dairy FoodIPO Review — Financials, Valuation & Peers
A data-only look at the Milky Mist Dairy Food IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,826.86 | 19.44 | 222.33 | 197.05 | 1,606.26 | 1,036.72 | — |
| FY 2025 | 2,354.79 | 46.07 | 310.35 | 242.77 | 2,150.59 | 1,376.38 | — |
| FY 2026 | 3,145.01 | 127.01 | 435.22 | 378 | 2,676.46 | 1,671.85 | 1.9 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 73.68x
- P/E (post-issue)
- 84.85x
- RoNW
- 33.6%
- RoE
- 32.12%
- RoCE
- 11.73%
- Debt / Equity
- 3.61
- EPS (pre-issue)
- ₹1.9
- EPS (post-issue)
- ₹1.65
- EBITDA Margin
- 13.87%
- PAT Margin
- 4.05%
- P/BV
- 37.04x
- NAV / share
- ₹5.87
- Market Cap
- ₹10,777.81 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Milky Mist Dairy Food | 1.98 | 5.87 | — | 33.6% | 28x | Consolidated |
| Bikaji Foods International | 10.31 | 64.03 | 62.33x | 16.07% | 10.03x | Consolidated |
| Britannia Industries | 105.18 | 212.01 | 51.98x | 49.61% | 25.79x | Consolidated |
| Dodla Dairy | 44.26 | 277.5 | 51.98x | 15.95% | 3.87x | Consolidated |
| Hatsun Agro Product | 15.99 | 87.3 | 58.2x | 18.32% | 10.69x | Consolidated |
| Nestle India | 18.15 | 26.74 | 79.76x | 67.85% | 55.65x | Consolidated |
| Parag Milk Foods | 11.06 | 93.44 | 21.28x | 10.73% | 2.41x | Consolidated |
| Tata Consumer Products | 15.59 | 220.02 | 70.08x | 7.08% | 4.96x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Sathishkumar T, Anitha S</p>
- Holding (pre-issue)
- 93%
- Holding (post-issue)
- 79.51%
- Dilution
- 13.49%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Milky Mist Dairy Food IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, Milky Mist Dairy Food placed shares with 19 anchor investors, who together put in ₹465.29 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to ZULIA INVESTMENTS PTE.LTD. (₹160 crore), NIPPON INDIA SMALL CAP FUND (₹59.13 crore) and HDFC BALANCED ADVANTAGE FUND (₹42.33 crore). Investor categories represented include Other, Insurance and MF. The lock-in on half the anchor shares ends on 12 Sept 2026, with the remainder locked until 11 Nov 2026.
Analyst view tally
1 third-party review is on record for the Milky Mist Dairy Food IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Milky Mist Dairy Food operates at an EBITDA margin of 13.87% and a net (PAT) margin of 4.05% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 11.73% and a return on equity (RoE) of 32.12%. At the upper band, the post-issue market capitalisation works out to about ₹10,777.81 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by company (₹496.86 crore), alongside financing the capital expenditure requirements in relation to the expansion and modernisation of perundurai manufacturing facility (₹469.24 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Milky Mist Dairy Food reported revenue of ₹3,145.01 crore and a net profit of ₹127.01 crore. Revenue grew from ₹1,826.86 crore in FY2024 to ₹3,145.01 crore in FY2026 (+72.0%). Net worth stood at ₹378 crore at the end of FY2026. At the upper band, that puts the issue at roughly 73.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 84.85× post-issue earnings and 37.04× book value, against a return on net worth of 33.6% and a debt-to-equity ratio of 3.61. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Bikaji Foods International and Britannia Industries, with a median peer P/E of about 58.2×. The issue's own post-issue P/E works out to 84.85×.
Promoters
The promoters of the company are <p>Sathishkumar T, Anitha S</p>. Promoter holding stands at 93% before the issue and comes down to 79.51% after listing.
Frequently asked questions
- What is the reservation split in the Milky Mist Dairy Food IPO?
- Of the total shares offered, retail investors get 34.95%, QIBs 19.97% (plus 29.96% anchor), non-institutional investors 14.98%.
- Who are the promoters of Milky Mist Dairy Food and what is their holding?
- The promoters are <p>Sathishkumar T, Anitha S</p>. Promoter holding is 93% before the issue and 79.51% after listing.
- What is the P/E ratio of the Milky Mist Dairy Food IPO?
- At the upper price band, the Milky Mist Dairy Food IPO is valued at 73.68× pre-issue earnings and 84.85× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Milky Mist Dairy Food IPO?
- The net proceeds go primarily toward repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by company, among 4 disclosed objects.