Milky Mist Dairy Food Ltd IPO

About Milky Mist Dairy Food Ltd

Our Company was initially formed as a partnership firm as M.M.D. Dairy at Erode, Tamil Nadu under the Indian Partnership Act, 1932, pursuant to a deed of partnership dated November 30, 1998, and a certificate of registration dated February 1, 1999 issued by the Registrar of Firms, Periyar (Erode). The name of the partnership firm was changed to Milky Mist Dairy Food pursuant to a certificate of registration dated August 2, 2006 issued by the Registrar of Firms, Periyar (Erode). The partnership firm was subsequently converted and our Company was incorporated as a private limited company under the Companies Act, 2013 under the name Mily Mist Dairy Food Private Limited pursuant to a certificate of incorporation dated July 10, 2014 issued by the RoC. Subsequently, our Company was converted into a public limited company as approved by a resolution of our Board dated May 15, 2025, and a special resolution of our Shareholders dated May 16, 2025 following which the name of our Company was changed to Milky Mist Dairy Food Limited and a fresh certificate of incorporation consequent upon change of name dated May 26, 2025, was issued by the RoC.

The Indian dairy market is valued at approximately Rs. 10.8 trillion in Fiscal 2025 and is growing at a CAGR of approximately 10.3% to reach approximately Rs. 17.7 trillion in Fiscal 2030. In Fiscal 2025, the Indian value-added dairy products (VADP) market contributed approximately 51% to the dairy market, with traditional VADPs (butter, ghee, paneer, khoa and dairy sweets, curd, ice-cream, buttermilk, lassi and milkshake) contributing approximately 92% and emerging VADPs (cheese, yogurt, whey and whey-based products and other products including UHT milk, dairy whiteners, probiotic dairy products, cream, condensed milk, and high protein dairybased products) contributing approximately 8%. Below is a summary of size of key markets in which we operate.

We are the fastest growing packaged food company (among companies with revenue scale of more than Rs.15,000 million) in India in terms of revenue, growing at a CAGR of 31.26% from Fiscal 2024 to Fiscal 2026. We are exclusively focused on value-added products within the dairy market, which are considered premium. We are a product-led company, dedicated to addressing the diverse and emerging consumer needs for the entire day, from breakfast to dinner. Over the years, we have diversified our product categories to include various value added dairy products, such as cheese, paneer, butter, curd, ghee, yogurt, ice cream, ultra-high temperature (UHT) long shelf life products, and other products, including frozen foods, ready-to-eat (RTE) and ready-to-cook (RTC) products, as well as chocolates. We offer our products under our umbrella brand `Milky Mist', and sub-brand such as `SmartChef', `Capella', and `Misty Lite', and have recently acquired brands such as `Briyas' and `Asal'.

Strengths

Risk

Strategy