- Milky Mist, the Tamil Nadu-based value-added dairy product company, reported nearly 10x growth in profit after tax for Q1FY27 at ₹64.7 crore, against ₹6.5 crore in the same quarter last year.
- Revenue from operations rose 44% to ₹973 crore (from ₹678 crore) in its maiden quarterly results after going public.
- Profitability was driven by robust summer demand, a decrease in finance costs, and favourable tax adjustments of around ₹9.7 crore.
- CEO K Rathnam attributed revenue growth to strong y-o-y growth in the summer portfolio due to an extended summer season, particularly across South India, and to adding nearly 200 additional distributors.
- Segment growth: paneer grew 34%, ice cream 60%, cheese 38%, curd 27%, and yogurt 153% y-o-y, with yogurt the standout performer.
- CFO noted no price hike in Q1FY27, with a 10.6% increase in Q4FY26 supporting margins; recent price increases in Q2FY27 due to rising input costs.
- The company expects to grow roughly at 33-35% in FY27, in line with its growth rate over the last 4-5 financial years.
- Rathnam said paneer will continue to be the star product category, especially given the recent crackdown by FSSAI on analogue and unorganised forms; if the ban catches on nationwide, the company may evaluate further capacity expansions in Q2.
- Milky Mist is India’s largest private paneer producer; with about 92-94% of the ₹1 lakh crore paneer market unorganised and the company's daily capacity of 150 tonnes, it sees prominent growth.
Milky Mist, a Tamil Nadu-based dairy company, reported a remarkable nearly tenfold increase in profit after tax to ₹64.7 crore for Q1 FY27, compared to ₹6.5 crore in the same quarter last year. This surge in profitability is attributed to a 44% increase in revenue, reaching ₹973 crore, driven by robust summer demand across various product categories.12
The company’s profitability was further supported by a decrease in finance costs and favorable tax adjustments of around ₹9.7 crore. K Rathnam, Whole-time Director and CEO, noted that the revenue growth was significantly aided by strong year-on-year growth in the summer portfolio, particularly in South India, due to an extended summer season.3456
The paneer segment, Milky Mist's largest contributor, grew 34% year-on-year, while the ice cream category saw a 60% increase. Notably, yogurt sales skyrocketed by 153%, attributed to premium offerings. Rathnam emphasized that paneer will continue to be a star product, especially with the recent crackdown on unorganised products by FSSAI.781213
The company anticipates a growth rate of 33-35% for FY27, consistent with its performance over the past few years. Biswajit Mishra, CFO, mentioned that no price hikes were taken in Q1 FY27, but recent increases in input costs have led to adjustments in Q2 FY27.11
“The company's yogurt segment led with 153% y-o-y growth, while paneer grew 34%. CFO Biswajit Mishra noted no price hike in Q1FY27, but recent increases in Q2FY27 due to rising input costs, and the company expects 33-35% growth in FY27.”
