Milky Mist Dairy Food LimitedQ2 FY27 Results & Financial Update
Milky Mist Dairy Food Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,089.40 Cr, PAT ₹77.94 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Milky Mist Dairy Food Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Milky Mist Dairy Food Limited delivered a consolidated revenue from operations of INR 1,089.40 crore for the quarter ended September 30, 2026 (Q2 FY27), accompanied by a total income of INR 1,097.12 crore. The company posted a profit before tax (PBT) of INR 90.35 crore and a profit after tax (PAT) of INR 77.94 crore, resulting in a basic earnings per share (EPS) of INR 1.10.
According to the company's investor presentation, revenue from operations grew by 41.58% year-on-year compared to Q2 FY26, driven by steady consumer demand across value and volume segments, expanding distribution footprints, and rising consumption of value-added dairy products.
Gross profit for Q2 FY27 stood at INR 368.83 crore, representing a gross profit margin of 33.86%, which management attributed to calibrated pricing actions, product mix optimization, and disciplined operational efficiencies amidst agricultural inflation and El Nino impacts.
EBITDA (inclusive of other income of INR 7.72 crore) reached INR 165.21 crore, translating to an EBITDA margin of 15.17%, supported by volume expansion and robust performance in high-growth categories such as yogurt, paneer, and cheese.
Profit after tax surged 174.50% year-on-year in Q2 FY27 compared to the corresponding previous-year period, supported by EBITDA expansion, ongoing loan repayments that lowered finance costs to INR 19.91 crore, and deferred tax asset creation.
The company strengthened its balance sheet and equity structure during the period, with total equity standing at INR 2,370.97 crore as of September 30, 2026, up from INR 463.02 crore as of March 31, 2026, while non-current borrowings reduced to INR 819.53 crore.
01 · Business model
What does Milky Mist Dairy Food do?
Milky Mist Dairy Food Limited operates as a packaged food company specializing in value-added dairy products (VADP), maintaining a portfolio spanning basic needs, indulgence items, on-the-go refreshments, after-meal treats, and healthy protein-focused options.
The company's manufacturing infrastructure is anchored by a fully automated facility spread across 73 acres in Perundurai, Erode District, Tamil Nadu, equipped with robotic processing and packaging systems designed to drive product consistency and extended shelf life.
Milky Mist manages an integrated farm-to-retail supply chain, procuring raw milk directly from approximately 92,000 farmers via automated collection units without intermediaries, and distributing through an in-house fleet of reefer and ambient vehicles to reach over 394,000 retail touchpoints across 22 states and 5 union territories.
02 · Historical context
What shaped the business before this quarter
Milky Mist transitioned into a 100% value-added dairy products (VADP) company, scaling its processing capabilities and distribution network from its core manufacturing base in Perundurai.
Previously, the company expanded its product scope by acquiring Briyas and Asal Food Products, integrating ready-to-eat and ready-to-cook offerings into its FMCG portfolio.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹1,089.40 Cr |
| Total income | ₹1,097.12 Cr |
| Profit before tax | ₹90.35 Cr |
| Profit after tax | ₹77.94 Cr |
| EPS | ₹1.10 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was propelled by broad-based volume and value growth across key categories, led by protein ranges, paneer, cheese, curd, and yogurt.
Management noted that calibrated price increases implemented across select product lines alongside favourable shifts in product mix helped sustain topline momentum despite broader inflationary pressures.
What drove margins
Gross profit reached INR 368.83 crore in Q2 FY27 (33.86% margin), benefiting from automation-driven operational efficiencies and higher realization per litre of milk.
Operating margins were sustained through disciplined cost containment, high-capacity utilization in established categories, and renewable energy adoption covering approximately 95% of internal power needs.
05 · Demand, customers & order book
Where demand is coming from
H1 FY27 net sales across channels comprised General Trade at 31%, Modern Trade at 22%, E-commerce platforms at 20%, HoReCa at 15%, B2B at 8%, and Exports & B2C at 4%.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In Q2 FY27, Paneer contributed INR 303.92 crore (up 44% YoY from INR 210.47 crore), Cheese contributed INR 150.22 crore (up 31% YoY from INR 115.04 crore), Curd reached INR 115.76 crore (up 22% YoY from INR 94.88 crore), Ice Cream grew to INR 55.66 crore (up 43% YoY from INR 38.96 crore), and Yogurt surged by 168% YoY to INR 103.11 crore from INR 38.51 crore.
Yogurt remained the fastest-growing category, supported by the Q2 launch of Skyr and Greek Yogurt in pack-of-four formats, building on the Q1 introduction of High-Protein Paneer Cubes and subsequent introduction of high-protein lactose-free milk.
Geography and market mix
For H1 FY27, regional net sales mix was led by Tamil Nadu at 26% and Karnataka at 23%, followed by West India at 17%, North, Central India and Exports at 11%, Kerala at 11%, Andhra Pradesh & Telangana at 10%, and East India at 2%.
The company's distribution network spanned 22 states and 5 union territories, supported by over 4,200 distributors and more than 394,000 retail touchpoints equipped with over 45,000 visi coolers and freezers as of September 30, 2026.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
As of September 2026, category-level capacity utilization at the Perundurai facility stood at 63% for Paneer, 26% for Cheddar Cheese, 67% for Fruit Yogurt, 19% for Greek Yogurt and Skyr, 58% for Ghee, 64% for Mozzarella Cheese, 56% for Processed Cheese, 64% for Whey Powder, 29% for Butter, 26% for Ice Cream, and 21% for Sweetened Condensed Milk.
Projects, capex and execution
Property, plant, and equipment increased to INR 1,974.12 crore as of September 30, 2026, from INR 1,605.69 crore as of March 31, 2026, while capital work-in-progress stood at INR 73.46 crore, reflecting ongoing capacity expansions in value-added lines.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company integrated IoT-led automation across milk procurement and delivery, while advancing environmental sustainability by achieving approximately 95% energy self-sufficiency through 39 MW of solar power and 2 MW of wind power installations.
09 · Reported developments
What changed operationally
Consolidated profit after tax grew 174.50% year-on-year to INR 77.94 crore in Q2 FY27, driven by robust top-line expansion, gross margin improvement, and lower finance charges.
10 · Pressure points & risks
What is not going smoothly
Management noted that the dairy industry faced elevated input costs driven by agricultural inflation and El Nino impacts, necessitating disciplined cost management.
11 · Items worth noticing
The line items that can distort a quick read
Q2 FY27 results included other income of INR 7.72 crore and provisions of INR 1.48 crore, alongside deferred tax asset creation contributing to net profit growth.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the half year ended September 30, 2026, net cash generated from operating activities was INR 229.42 crore (compared to INR 123.85 crore in H1 FY25), net cash used in investing activities was INR 301.78 crore, and net cash from financing activities was INR 137.02 crore, resulting in a net cash and cash equivalents increase of INR 64.66 crore.
Capital allocation & funding
Total non-current borrowings stood at INR 819.53 crore and current borrowings at INR 86.09 crore as of September 30, 2026, reflecting debt repayments made during the period.
13 · Management guidance & targets
What management is targeting from here
Management stated that the upcoming festive season is expected to create favorable demand conditions across categories, positioning the company to build on existing sales momentum.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Water Sustainability Initiatives
The company operated a 3 million litres per day water-upcycling plant at its Perundurai facility, converting approximately 70% of wastewater from milk handling into reusable processed water.
15 · Key Q&A
The quarter, answered directly
What does Milky Mist Dairy Food do?
Milky Mist Dairy Food Limited operates as a packaged food company specializing in value-added dairy products (VADP), maintaining a portfolio spanning basic needs, indulgence items, on-the-go refreshments, after-meal treats, and healthy protein-focused options.
What is the clearest takeaway from Q2 FY27?
Milky Mist Dairy Food Limited delivered a consolidated revenue from operations of INR 1,089.40 crore for the quarter ended September 30, 2026 (Q2 FY27), accompanied by a total income of INR 1,097.12 crore. The company posted a profit before tax (PBT) of INR 90.35 crore and a profit after tax (PAT) of INR 77.94 crore, resulting in a basic earnings per share (EPS) of INR 1.10.
What drove revenue or demand?
Revenue expansion was propelled by broad-based volume and value growth across key categories, led by protein ranges, paneer, cheese, curd, and yogurt.
What mattered most for margins or profitability?
Gross profit reached INR 368.83 crore in Q2 FY27 (33.86% margin), benefiting from automation-driven operational efficiencies and higher realization per litre of milk.
What changed operationally beyond the headline numbers?
As of September 2026, category-level capacity utilization at the Perundurai facility stood at 63% for Paneer, 26% for Cheddar Cheese, 67% for Fruit Yogurt, 19% for Greek Yogurt and Skyr, 58% for Ghee, 64% for Mozzarella Cheese, 56% for Processed Cheese, 64% for Whey Powder, 29% for Butter, 26% for Ice Cream, and 21% for Sweetened Condensed Milk.
What is management guiding or targeting from here?
Management stated that the upcoming festive season is expected to create favorable demand conditions across categories, positioning the company to build on existing sales momentum.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capacity Utilization Ramp-up: Monitor the pace of capacity utilization improvement in newly introduced protein and yogurt categories at the Perundurai facility.
- 02
Margin Resilience: Track gross and EBITDA margin trends against ongoing agricultural input cost fluctuations and festive demand scaling.
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