The company, which made a stellar debut on the bourses recently, saw its first quarter 2026-2027 revenue from operations grew nearly 44 per cent to Rs 973.45 crore from Rs 678.09 crore. Net profit surged to Rs 64.68 crore from Rs 6.53 crore. The performance was driven by healthy sales across the entire product portfolio, reflecting a broad-based growth.
The EBITDA (earnings before interest, tax, depreciation and amortization) margin expanded to 14.88 per cent from 12.24 per cent. The company attributed the improvement to higher volume growth, product mix, pricing ability and operational efficiencies.
Paneer remained the largest revenue contributor, with revenue growing 34 per cent year-on-year. Cheese revenue grew 38 per cent while that of curd increased 127 per cent. Ice cream, which the company launched about two-and-a-half years ago, recorded 60 per cent growth. Greek yoghurt and high-protein yoghurt grew more than 150 per cent during the quarter.
“Paneer would continue to be the star product for Milky Mist,” K Rathnam, Whole-time Director and Chief Executive Officer, Milky Mist Dairy Food Ltd., said during a virtual media briefing. He said that there could be some changes in the contribution of individual categories as the product mix evolved.
The company is expanding its distribution footprint alongside the product portfolio. It added 200 distributors during the quarter and is seeking deeper penetration in existing markets as well as expansion into new geographies.
Quick commerce and e-commerce are also seeing strong growth. Sales through the channels grew more than 120 per cent in Q1, while the company expects volumes through these channels to increase during the festive period.
“Our focus is on all the trade channels, be it the general trade, modern trade, quick commerce, or e-commerce,” Rathnam said. The company also has a presence in hotels and restaurants and exports.
Milky Mist commissioned a cheese plant with an installed capacity of 125 tonnes per day in Q1. It has also identified and placed orders for investments in fresh cheese, lactose and whey-protein-related capacity, which are expected to become operational in 15–20 months.
The company has capacity available in some existing categories. Paneer capacity utilisation is around 55–60 per cent, while ice cream utilisation is around 30 per cent, according to Rathnam.
On the supply side, Milky Mist’s farmer network has increased from about 75,000–76,000 a year ago to more than 82,000–85,000. Average daily milk procurement rose to 13.2 lakh litres from 10.7 lakh litres in the previous quarter. The company is targeting another 5000–7000 farmers this financial year. Higher milk prices remains a concern.
The company said it had taken an approximately 11 per cent price increase in Q1 and had taken some further price increases in Q2. Rathnam said that the company’s value-added portfolio gave it the pricing ability to pass on higher costs.
Milky Mist expects product mix, geographical expansion, deeper penetration of existing markets and available capacity to support its growth. The company continues to expect more than 30 per cent growth for the financial year.
“We will be in that range. We will be growing 30 per cent plus going forward also,” Rathnam added.