Milky Mist Dairy Food IPO

About the company

Milky Mist Dairy Food is one of the fastest-growing packaged food companies in India. The company markets its products under the flagship Milky Mist brand along with sub-brands SmartChef, Capella, and Misty Lite. It has also acquired the Briyas and Asal brands. During FY26, the Milky Mist brand generated revenue of ₹3,054.57 crore, contributing 97.3% of the company's total revenue. Milky Mist was among the first private dairy companies in India to introduce branded packaged paneer. Over the years, it has expanded its portfolio to include curd, ghee, butter, cheese, yoghurt, ice cream, UHT products, chocolates and sweetened condensed milk. The company started paneer production in 1998. It entered ghee, khova, butter and curd in 2009, cheese in 2010 and yogurt in 2011. Whey powder was added in 2017, followed by the commissioning of the Milky Mist Mega Plant at Perundurai, Erode in 2018. In 2020, the company launched the SmartChef brand, offering dairy whitener, cream cheese, probiotic curd and frozen foods. It further expanded into UHT products, Greek yogurt and Skyr yogurt in 2022, while ice cream, chocolates and sweetened condensed milk were launched in 2023. During 2025, the company acquired Asal Food Products Pvt Ltd and the tofu business of Briyas Foods Pvt Ltd. As per an industry report, Milky Mist was the largest private packaged paneer brand in India's organised market with a market share of approximately 19.0% by value in FY26. It was also the largest private packaged cheese brand in South India with an approximate 12.0% market share and ranked as the third-largest private packaged cheese player in the organised market across India with an approximate 5% share. In South India, the company held approximately a 7% share in the organised packaged curd market. It was also among the top two private packaged yogurt brands in India with an approximate 13% market share and commanded a 35-40% share in the organised Greek yogurt segment. As of March 31, 2026, the company sourced milk from 74,654 farmers spread across 25 districts in Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra. The procurement network included 3,907 automated milk collection units (AMCUs) and 29 chilling centres. Raw milk procurement increased to 39.62 crore litres in FY26 from 30.72 crore litres in FY25. Direct procurement from farmers accounted for 74.3% in FY26, 85.1% in FY25 and 96.6% in FY24. The company operates a single integrated manufacturing facility at Perundurai in Erode District, Tamil Nadu. As of March 31, 2026, the plant had an installed milk processing capacity of 25 lakh litres per day. Product-wise installed capacities stood at 70,080 MT per annum for paneer, 5,694 MT for cheddar cheese, 17,520 MT each for mozzarella cheese and processed cheese, 87,600 MT per annum for pouch curd, 1,75,200 MT per annum for set curd and 8,760 MT per annum for yogurt. The company had a distribution network of 4,001 distributors across 22 states and 5 union territories, supplying products to more than 3,75,000 retail outlets. It also operated 57 clearing and forwarding depots across 15 states. It manages its own logistics network comprising 63 milk vans, 282 reefer trucks and 34 ambient trucks as of March 31, 2026. As of the RHP date, Milky Mist had 144 exclusive parlours across 8 states and 1 union territory, including six company-owned outlets and the remaining franchise-operated. General trade remained the largest sales channel, contributing 37.69% of revenue from operations. Modern trade accounted for 23.07%, followed by HoReCa at 16.70%, e-commerce at 13.70%, B2B sales at 8.07% and B2C sales, including exclusive parlours and the online platform, at 0.77% in FY26. Southern India contributed 69.2% of total revenue from operations during FY26, compared with 73.6% in FY24. The company also exported products to more than 15 countries. Export revenue, excluding freight and incentives, contributed 3.72% of revenue from operations during FY26. As of March 31, 2026, Milky Mist offered 22 product categories across 640 SKUs. Paneer remained the largest category, contributing 29.42% of revenue from operations during FY26, followed by cheese at 16.37% and curd at 13.26%. The Indian value-added dairy products market is estimated at around ₹5.6 lakh crore in FY26 and is expected to grow to around ₹10.0 lakh crore by FY31, at a CAGR of around 12.1%. This growth is being spurred by increasing incomes, rising health consciousness and growing demand for premium, high-protein dairy products. Paneer is expected to be the fastest-growing category. The organised paneer market is expected to grow at a CAGR of around 20.2% in FY26-31. New categories such as cheese, yoghurt and whey products are also seeing strong growth, while neighbouring markets such as RTE/RTC meals and chocolates provide additional growth opportunities. The organised dairy industry is still predominantly focused on liquid milk, but value-added dairy products are gaining share due to better margins, premiumisation and changing consumer preferences. Milky Mist is well positioned to benefit from the structural shift towards value-added dairy products. The company is the largest private packaged paneer brand in India with an approximate 19.0% market share. It also has a strong presence in other fast-growing categories, including yogurt, where it is among the top two private brands nationally with an approximate 13% market share and commands a 35-40% share in the organised Greek yogurt segment. Backed by an integrated milk procurement network, a manufacturing capacity of 25 lakh litres per day, over 3,75,000 retail touchpoints and plans to deploy 30,000 ice cream freezers, 24,000 visi coolers and 12,000 chocolate coolers by FY27-FY29, the company is well placed to capture the growing demand for premium branded dairy products. Now, Milky Mist Dairy Food is launching its initial public offering (IPO), which consists of a fresh issue of ₹ 1,428 crore and an offer for sale of ₹125 crore. The total issue size of the IPO is ₹1,553 crore. Its shares will be listed on the NSE and BSE. ## **How to pre-apply for Milky Mist IPO?** You can pre-apply for the Milky Mist IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Milky Mist IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ## How to apply for the Milky Mist IPO? If you are interested in this investment opportunity but unsure how to apply for Milky Mist IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Milky Mist IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Milky Mist IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ## How to check the Milky Mist IPO allotment status? When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Milky Mist IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Milky Mist IPO allotment status will be mentioned

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   11 Aug 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   13 Aug 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   14 Aug 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   17 Aug 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   17 Aug 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   18 Aug 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.