Milky Mist Dairy Food Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹23,369 Cr
- P/E
- 133.25
- ROE
- 31.92%
- PEG
- 2.00
- Price to sales
- 7.45
- Debt to equity
- 3.62
- 52W high / low
- ₹345 / ₹165
- EBITDA margin
- 13.66%
- Net profit margin
- 4.01%
- Promoter holding
- 79.51%
- Sales (last year)
- ₹3,138 Cr
Incorporated in 2014, Milky Mist Dairy Food Ltd is in the business of processing of milk and manufacturing of milk related products.[1]
Guidance scorecard · Q2 FY27 call
What Milky Mist Dairy's management guided
and where it ranks in Food Products
Food Products
RevenueQ1 FY27 call
40%+- Milky Mist entered FY 2027 with strong momentum and plans to continue rapid growth, targeting 3x to 3.5x revenue growth from FY 26 levels using current capacities.
- Broad-based growth is expected across all key product categories: paneer (+34% volume/revenue growth in Q1), cheese (+38% revenue growth), curd (+27%), ice cream (+60%), and yogurt (+153%).
- Dairy value-added products are forecasted to grow at 15-25% CAGR over next 5 years, higher than liquid milk segment.
- Market share expansion potential as the organized sector grows (currently only 5-7% of paneer market is organized).
- New capacities commissioned (e.g., 120 MT/day cheddar cheese plant) provide significant headroom to scale production to meet demand.
2 more points from Milky Mist Dairy's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Milky Mist Dairy said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Milky Mist has planned significant capex over the next 3 years amounting to approximately INR 700 crores as per the RHP/DRHP documents.
- Key capex areas include whey protein concentrate, lactose, natural cheese category expansion, processed cheese capacity addition, and yogurt category expansion.
- There is ongoing work-in-progress (WIP) capex of around INR 380 crores from the last year.
- The company is comfortable with the capex funding through IPO proceeds and bank borrowings, with no expected cash flow pressure.
- Capacity expansion is dynamic, especially considering possible regulatory changes (e.g., potential ban on analogue paneer) that could surge organized sector demand.
2 more points from Milky Mist Dairy's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Milky Mist Dairy said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The discussion primarily focuses on market share, capacity utilization, product categories, procurement, margin expansion, and growth strategies without mentioning specific order book details. If you require information on order book or pending orders, it…
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Food Products
on management's own guidance
- Strong growth2
- 1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Food Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Milky Mist DairyThis stock | 40%+ | Up 2%+ | ₹23,562 Cr | 134.3 |
| 2 | 40%+ | Up 2%+ | ₹435 Cr | 7.5 | |
| 3 | 40%+ | Up 2%+ | ₹413 Cr | 72.6 | |
| 4 | 40%+ | Flat | ₹1,012 Cr | 46.0 | |
| 5 | 40%+ | Flat | ₹148 Cr | 9.8 | |
| 6 | 20–40% | Up 2%+ | ₹670 Cr | 48.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Food Products rankingMilky Mist Dairy announcements
All announcements →- Capex / expansionNotableMilky Mist Dairy Food Limited Q1 FY27 Earnings Conference Call – September 01, 2026
Financials of Milky Mist Dairy
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Milky Mist Dairy
Shareholding breakup across reporting periods.
| Sep 2026 | |
|---|---|
| Promoters + | 79.51% |
| FIIs + | 2.89% |
| DIIs + | 6.84% |
| Public + | 10.75% |
| No. of Shareholders | 1,56,288 |
Financials of Milky Mist Dairy
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2025 | Sep 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Sales + | 673 | 770 | 854 | 973 | 1,092 |
| Expenses + | 593 | 666 | 719 | 831 | 936 |
| Operating Profit | 80 | 104 | 136 | 143 | 156 |
| OPM % | 12% | 13% | 16% | 15% | 14% |
| Other Income + | 2 | 2 | 1 | 1 | 8 |
| Interest | 34 | 16 | 27 | 24 | 20 |
| Depreciation | 39 | 43 | 42 | 47 | 54 |
| Profit before tax | 9 | 46 | 68 | 73 | 90 |
| Tax % | 39% | 40% | -38% | 12% | 13% |
| Net Profit + | 6 | 28 | 94 | 64 | 78 |
| EPS in Rs | 0.09 | 0.43 | 1.46 | 1.00 | 1.01 |
Financials of Milky Mist Dairy
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales + | 928 | 1,012 | 1,432 | 1,803 | 2,328 | 3,137 |
| Expenses + | 785 | 857 | 1,235 | 1,589 | 2,027 | 2,713 |
| Operating Profit | 143 | 154 | 196 | 214 | 301 | 424 |
| OPM % | 15% | 15% | 14% | 12% | 13% | 14% |
| Other Income + | -3 | -2 | 5 | 5 | 5 | 6 |
| Interest | 47 | 41 | 58 | 72 | 86 | 106 |
| Depreciation | 54 | 61 | 79 | 107 | 136 | 169 |
| Profit before tax | 39 | 50 | 64 | 41 | 84 | 156 |
| Tax % | 40% | 37% | 56% | 56% | 48% | 20% |
| Net Profit + | 23 | 32 | 28 | 18 | 44 | 125 |
| EPS in Rs | 0.37 | 0.50 | 0.44 | 0.29 | 0.69 | 1.95 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Milky Mist Dairy
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 126 | 128 | 154 |
| Reserves | 100 | 150 | 178 | 282 | 201 | 334 | 2,216 |
| Borrowings + | 464 | 545 | 804 | 1,035 | 1,380 | 1,671 | 905 |
| Other Liabilities + | 121 | 125 | 207 | 286 | 440 | 536 | 595 |
| Total Liabilities | 688 | 823 | 1,193 | 1,606 | 2,147 | 2,669 | 3,870 |
| Fixed Assets + | 528 | 561 | 803 | 1,136 | 1,333 | 1,663 | 2,031 |
| CWIP | 8 | 69 | 149 | 95 | 241 | 371 | 73 |
| Investments | 0 | 0 | 0 | 7 | 7 | 7 | 7 |
| Other Assets + | 152 | 193 | 241 | 368 | 567 | 627 | 1,759 |
| Total Assets | 688 | 823 | 1,193 | 1,606 | 2,147 | 2,669 | 3,870 |
Financials of Milky Mist Dairy
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 135 | 120 | 199 | 140 | 309 | 298 |
| Cash from Investing Activity + | -107 | -175 | -396 | -289 | -542 | -464 |
| Cash from Financing Activity + | -42 | 60 | 202 | 152 | 236 | 163 |
| Net Cash Flow | -14 | 5 | 5 | 2 | 3 | -3 |
| Free Cash Flow | 28 | -35 | -202 | 140 | -234 | -161 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 100% | 90% | 108% | 69% | 107% | 78% |
Financials of Milky Mist Dairy
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 15 | 24 | 19 | 16 | 16 | 21 |
| Inventory Days | 47 | 38 | 41 | 61 | 85 | 80 |
| Days Payable | 12 | 12 | 11 | 14 | 31 | 26 |
| Cash Conversion Cycle | 51 | 50 | 48 | 63 | 69 | 75 |
| Working Capital Days | -25 | -29 | -30 | -35 | -40 | -28 |
| ROCE % | 15% | 15% | 10% | 11% | 14% |
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What Milky Mist Dairy's management said in earlier quarters
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