MUMBAI : Shares of Milky Mist Dairy Food rose 5% to hit a fresh high of ₹317.30 on the BSE during Wednesday’s intraday trading, extending the stock’s sharp gains since its market debut in August.
The share price touched the 5% upper circuit, with buying interest visible at the counter. By 9:29 am, around 2.34 million shares had changed hands across the BSE and NSE, while pending buy orders stood at approximately 800,000 shares on the two exchanges.
At ₹317.30, the stock was up 127% from its IPO issue price of ₹140. Since its listing on August 18, 2026, the stock has gained about 75% from its BSE closing price of ₹181.45 on the listing day.
The stock also surpassed its previous high of ₹304.70, recorded on September 15.
Milky Mist Expands High-Protein Dairy Portfolio
Milky Mist Dairy Food operates across a broad range of packaged food and dairy categories, including paneer, cheese, curd, ghee, yoghurt, ice cream, chocolates, frozen foods and ready-to-eat and ready-to-cook products.
The company markets products under brands including Milky Mist, SmartChef, Capella and Misty Lite, along with recently acquired brands Briyas and Asal.
Also Read: BHU Team Secures Indian Patent for Milk Protein and Aloe Vera-Based Antacid Tablet
The company has also commissioned a Skyr and Greek yoghurt manufacturing facility using ultrafiltration technology at its integrated manufacturing facility in Perundurai, Tamil Nadu.
Milky Mist said the facility would increase the availability of its Skyr and Greek yoghurt products and support expansion in the high-protein dairy segment. The company had introduced ultrafiltration-based Skyr and Greek yoghurt products in India in 2022.
Revenue Growth Driven by Value-Added Dairy
According to brokerage research cited in the company’s IPO-related analysis, Milky Mist’s revenue grew at a 31% CAGR between FY24 and FY26.
Traditional paneer, cheese and curd accounted for around 60% of revenue, while the company has increasingly expanded into premium and higher-value dairy categories.
The company reported an improvement in EBITDA margin from 11.9% in FY24 to 13.7% in FY26, an expansion of about 200 basis points.
Analysts have linked the improvement to the company’s changing product mix and increasing contribution from premium value-added products.
Analysts Highlight Capacity Expansion and Premiumisation
ICICI Securities, in its IPO analysis, said improved profitability had strengthened Milky Mist’s operating cash flows and enabled the company to increase investments in manufacturing capacity.
The brokerage noted that new capacity investments are focused on products such as sweeteners and whey proteins, which could support category expansion and further alter the company’s product mix.
Anand Rathi Share and Stock Brokers has also highlighted Milky Mist’s increasing focus on premium value-added dairy products, noting that these categories have characteristics similar to FMCG businesses in areas such as margins, distribution and premium pricing.
These are analyst assessments and do not represent guarantees of future earnings or share-price performance.
Paneer and Value-Added Dairy Market Seen Expanding
According to brokerage estimates cited in the IPO research, India’s traditional value-added dairy products market was valued at approximately ₹5.6 trillion in FY26 and is projected to reach around ₹10 trillion by FY31, implying a CAGR of about 12.1%.
Within the category, the paneer market is projected to increase from approximately ₹1 trillion in FY26 to ₹2.1 trillion by FY31.
The organised paneer segment is estimated to grow at a faster 20.2% CAGR, while emerging value-added categories such as cheese, yoghurt and whey are projected to grow at around 15.3%, according to the brokerage’s analysis.
Analysts have identified rising disposable incomes, health awareness, demand for premium and convenient dairy products, and growing interest in high-protein foods as factors supporting category growth.
Value-Added Dairy Provides Some Protection Against Milk Cost Inflation
Raw milk procurement prices remained elevated during Q1 FY27, as dairy cooperatives increased farmer remuneration amid higher feed, fodder, fuel and livestock-related costs, according to the industry analysis cited.
ICICI Securities said companies with greater exposure to value-added categories such as cheese, paneer, yoghurt, butter, ice cream and dairy beverages may have comparatively greater pricing flexibility than businesses primarily dependent on liquid milk.
Higher gross margins in value-added products can potentially help companies absorb part of the impact of elevated milk procurement costs, the brokerage said.
For Milky Mist, the combination of capacity expansion, premium value-added products and growing organised dairy consumption remains central to its business strategy, while the sharp movement in its listed share price reflects market trading activity rather than a guaranteed measure of future business performance.
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