Altman Z″
Needs current assets and current liabilities, reserves, EBIT, net worth and total liabilities.
MILKYMIST · Consumer Food · INE00IT01020
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Originally established as a partnership firm in 1998, Milky Mist Dairy Food Limited has scaled into one of India’s fastest-growing packaged food companies, with a total income of ₹31,450.09 million in Fiscal 2026. The company operates a massive, highly automated, single manufacturing facility spanning 100,001 square meters in Perundurai, Tamil Nadu. It maintains a robust integrated farm-to-retail model, sourcing raw milk directly from 74,654 farmers across Tamil Nadu, Andhra Pradesh, and Karnataka, and distributing its products through 4,001 distributors to over 375,000 retail outlets. Its core product offering consists of traditional and emerging value-added dairy products (VADPs), with its established portfolio of paneer, cheese, curd, ghee, and butter acting as the primary revenue drivers. Distinct from conventional liquid milk processors, Milky Mist commands premium FMCG-style gross margins (32.97% in FY26) by focusing entirely on value-added formats and utilizing its proprietary logistics fleet of 316 reefer and non-reefer vehicles to preserve product quality across its supply chain.
The company's competitive advantage is anchored in its dominant market position as the largest private packaged paneer brand in India (19% market share in FY26) and its fully integrated farm-to-retail infrastructure. This control is supported by in-house cold chain logistics (one of the lowest transportation costs among peers) and direct sourcing relationships with 74,654 farmers, creating a high-barrier supply network that allows the company to capture FMCG-like gross margins of 32.97%.
Milky Mist Dairy Food Limited is a leading Indian dairy brand exclusively focused on premium value-added dairy products (VADPs) such as paneer, cheese, yogurt, and curd. The company operates a fully integrated farm-to-retail cold chain model, generating revenue primarily from the sale of these branded packaged foods to a wide distributor and retail network.
Source: RHP p. 216, 222, 242
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Paneer | 29.42 | RHP p. 540 |
| Cheese | 16.37 | RHP p. 540 |
| Curd | 13.26 | RHP p. 540 |
| Ghee | 9.82 | RHP p. 540 |
| Ice cream | 6.73 | RHP p. 540 |
| Butter | 6.08 | RHP p. 540 |
| Others | 18.32 | RHP p. 540 |
The Indian value-added dairy products (VADP), ready-to-eat (RTE) / ready-to-cook (RTC) meals, and chocolates & confectionery market is experiencing robust structural growth, expanding from ₹3.7 trillion in Fiscal 2020 to ₹6.7 trillion in Fiscal 2026. This combined market is projected to reach ₹11.9 trillion by Fiscal 2031. Within this, the value-added dairy products segment represents the largest component, valued at ₹6.1 trillion in Fiscal 2026 and expected to reach ₹11.0 trillion by Fiscal 2031. This growth is driven by rising disposable incomes, rapid urbanization, premiumization, and a strong consumer shift from unorganized local formats to trusted, hygienic organized brands.
Growth rate: 12.2% CAGR (FY26-FY31P) for total key markets
Market size: ₹6.7 trillion (FY26) (total key markets including VADP, RTE/RTC and chocolates)
Sector slug: value-added-dairy-products
Source: RHP p. 169, 384
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Bikaji Foods International Limited | 62.33 | 16.07 | RHP p. 149 | ||
| Britannia Industries Limited | 51.98 | 49.61 | RHP p. 149 | ||
| Dodla Dairy Limited | 24.26 | 15.95 | RHP p. 149 | ||
| Hatsun Agro Product Limited | 58.2 | 18.32 | RHP p. 149 | ||
| Nestle India Limited | 79.76 | 67.85 | RHP p. 149 | ||
| Parag Milk Foods Limited | 21.28 | 10.73 | RHP p. 149 | ||
| Tata Consumer Products Limited | 70.08 | 7.08 | RHP p. 149 |
As presented in the offer document. Post-listing figures are in the statements above.
| Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| FY26 | 127.009 | 435.219 | 4.05% | 3138.364 | yes | 164.479 | |
| FY25 | 46.074 | 310.346 | 1.96% | 2349.503 | yes | 233.134 | |
| FY24 | 19.444 | 222.33 | 1.07% | 1821.609 | yes | 151.977 |
Written before listing, answered from the document itself.
Where is the money going?
Net proceeds from the ₹142.80 crore Fresh Issue are deployed as follows: ₹496.86 million for repayment of outstanding bank borrowings, ₹469.24 million for the expansion and modernization of the Perundurai facility, and ₹155.31 million for purchase and deployment of downstream retail cooling assets (30,000 ice cream freezers, 24,000 visi coolers, and 12,000 chocolate coolers).
RHP p. 125, 126, 359, 382
How concentrated is the customer base?
The customer base is highly diversified, with products sold through 4,001 distributors reaching over 375,000 retail outlets. However, the raw material base is extremely concentrated, with 94.51% of all raw milk sourced exclusively from farmers in Tamil Nadu.
RHP p. 138, 216, 409
Is it profitable and growing?
Yes. Revenue from operations increased from ₹18,216.09 million in FY24 to ₹31,383.64 million in FY26. PAT expanded at a CAGR of 155.6% from ₹194.44 million in FY24 to ₹1,270.09 million in FY26, with EBITDA margin improving to 13.87% in FY26.
RHP p. 407, 408
What sits in the footnotes / contingent liabilities?
Contingent liabilities as of March 31, 2026 total ₹2,290.09 million, dominated by ₹1,948.71 million in export obligations under EPCG licenses (duty saved) and ₹254.68 million in disputed statutory tax liabilities (primarily GST disputes under appeal before GSTAT or Madras High Court). Footnotes also reveal recurring CARO stock statement discrepancies of ₹264.50 million in FY26 and multi-year internal control audit trail implementation delays.
RHP p. 33-36, 132-135, 545-546
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2026-04-30 | Jongsong Investments Pte. Ltd. | 543789 | 139.76 | financial investor | RHP p. 100 |
| 2026-07-22 | Jongsong Investments Pte. Ltd. | 25000000 | 139.76 | financial investor | RHP p. 100 |
| 2025-07-15 | Anicut Equity Continuum Fund | 5861520 | 15.87 | financial investor | RHP p. 100 |
| 2025-07-15 | Pratithi Growth Fund I | 1070460 | 15.87 | financial investor | RHP p. 100 |
Ceo: Dr. K Rathnam (Whole-time Director and Chief Executive Officer)
Outstanding criminal complaints against the company total 3 cases, along with 3 disputed tax proceedings, and 5 actions by statutory/regulatory authorities, involving an aggregate quantified amount of ₹313.91 million. No litigations exist against Promoters, Directors, or Subsidiary.
Promoters Sathishkumar T and Anitha S hold 262,976,353 and 330,464,954 Equity Shares respectively, which together represent 92.39% of the pre-Offer paid-up Equity Share capital. None of the promoter shares are pledged or encumbered.
Statutory auditors VKS Aiyer & Co. issued multiple negative observations under CARO 2020 and Rule 11(g), highlighting pending physical verification reconciliations for 3% of parent PPE gross block (and 21% of subsidiary gross block), recurring material inventory stock discrepancies filed with banks (₹264.50 million in FY26 and ₹225.02 million in FY25), and consecutive periods of unenabled database-level audit trails or missing edit logs in non-accounting modules. Significant related party transactions include an ₹88.60 million trademark assignment from Promoter Sathishkumar T in FY26 and a ₹71.25 million subsidiary cash buyout.
Source: RHP p. 28, 33-36, 51, 83-86, 121, 290, 414, 521, 545
A change between the two filings is a disclosure in itself.
| Field | Rhp value | Drhp value | Note | Source |
|---|---|---|---|---|
| Financial Information Period | Restated consolidated financial statements covering Fiscals 2026, 2025, and 2024 | Restated consolidated financial statements covering Fiscals 2025, 2024, and 2023 | The reporting period was rolled forward to cover full Fiscal 2026 financial statements, dropping the oldest reporting period (Fiscal 2023). | DRHP p. 17, 284; RHP p. 18, 301 |
| Total Issue Size | Up to ₹15,530.00 million | Up to ₹20,350.00 million | The overall issue size was cut by ₹4,820.00 million (approx. 23.69%) between the draft and final prospectus. | DRHP p. 11, 103; RHP p. 11, 97 |
| Fresh Issue Size | Up to ₹14,280.00 million | Up to ₹17,850.00 million | The fresh issue size was reduced by ₹3,570.00 million because the company completed a Pre-IPO Placement of that exact amount prior to filing the RHP. | DRHP p. 23, 103; RHP p. 11, 97 |
| Offer for Sale (OFS) Size | Up to ₹1,250.00 million | Up to ₹2,500.00 million | The offer for sale by promoter selling shareholders (Sathishkumar T and Anitha S) was halved from up to ₹2,500.00 million to up to ₹1,250.00 million. | DRHP p. 23, 89; RHP p. 11, 76 |
| Pre-IPO Placement Status | Completed (₹3,570.00 million) | Proposed/Contemplated (Up to ₹3,570.00 million) | The company completed a private placement of 543,789 Equity Shares and 25,000,000 CCPS at a price of ₹139.76 per share/CCPS to Jongsong Investments Pte. Ltd. prior to filing the RHP. | DRHP p. 23, 103; RHP p. 11, 97 |
| Designated Stock Exchange | National Stock Exchange of India Limited (NSE) | [●] | NSE was formally designated as the stock exchange for coordinate allocation and other offer processes. | DRHP p. 6; RHP p. 11, 95 |
| Use of Proceeds (Outstanding Debt Repayment) | ₹4,968.61 million | ₹7,500.00 million | Proceeds allocated for repayment/prepayment of certain outstanding borrowings were reduced by ₹2,531.39 million (approx. 33.75%). | DRHP p. 125; RHP p. 125 |
| Use of Proceeds (Modernisation of Perundurai Facility) | ₹4,692.40 million | ₹4,147.15 million | Proceeds allocated for modernisation and expansion of the main Perundurai facility were increased by ₹545.25 million (approx. 13.15%). | DRHP p. 125; RHP p. 125 |
| Use of Proceeds (Downstream cooling equipment deployment) | ₹1,553.13 million | ₹1,294.28 million | Proceeds allocated for procurement and deployment of retail coolers and freezers were increased by ₹258.85 million (approx. 20.00%). | DRHP p. 222; RHP p. 125 |
| Weighted Average Cost of Acquisition (WACA) preceding 1 Year | ₹110.84 per share | ₹1.75 per share | The WACA for shares transacted in the preceding 1 year jumped from ₹1.75 to ₹110.84, reflecting the secondary transfers and Pre-IPO Placement priced at ₹139.76 per share. | DRHP p. 32; RHP p. 97 |
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
Borrowings rose 71% over two years while the company also carries ₹7 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹1,375 cr from ₹804 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Capital work-in-progress has stayed high (18% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
CWIP ₹241 cr vs ₹149 cr two years earlier, against fixed assets ₹1,328 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Debt rose over 3 years, and most of it (113%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹830 cr largely matched by an asset build of ₹939 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Net margin improved from 1.9% to 6.6% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 6.6% vs 1.9% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Free cash flow swings between positive and negative across the cycle.
Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.
Latest ₹309 cr, negative in 2 of 5 years.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities, reserves, EBIT, net worth and total liabilities.
Needs more balance-sheet detail (only 2 of 9 signals testable).
Needs trade receivables, total assets, current assets, net block, other expenses, borrowings, operating cash flow.
Free cash flow negative in 2 of 5 years.
cumulative operating cash flow ÷ cumulative net profit
₹903 cr ÷ ₹145 cr, over 5 years
6.23×
Above 1.0 means cash exceeds reported profit — the healthier reading.EBIT ÷ finance cost
₹262 cr ÷ ₹106 cr
2.47×
How many times operating profit covers the interest bill.Needs more balance-sheet detail (only 0 of 6 flags testable).
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 79.51% to 79.51% across these quarters.
FII held steady from 3.16% to 3.16% across these quarters.
MF held steady from 2.35% to 2.35% across these quarters.
Other held steady from 14.98% to 14.98% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 15 | 24 | 19 | 16 | 16 |
| Inventory days
How long stock sits before it sells | 47 | 38 | 41 | 61 | 62 |
| Payable days
How long the company takes to pay suppliers | 12 | 12 | 11 | 14 | 23 |
| Cash conversion cycle
Debtor + inventory − payable days | 51 | 50 | 48 | 63 | 55 |
| Working capital days | -25 | -29 | -30 | -35 | -40 |
| ROCE %
Return on capital employed | — | 15.0% | 15.0% | 10.0% | 11.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 928 | 1,012 | 1,432 | 1,803 | 2,328 | 3,137 |
| Other income | -3 | -2 | 5 | 5 | 5 | 6 |
| Depreciation | 54 | 61 | 79 | 107 | 136 | 169 |
| Finance cost | 47 | 41 | 58 | 72 | 86 | 106 |
| Profit before tax | 39 | 50 | 64 | 41 | 84 | 156 |
| Net profit (owners) | 23 | 32 | 28 | 18 | 44 | 125 |
| EPS (₹) | 66.09 | 90.71 | 80.06 | 51.91 | 0.69 | 1.95 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 673 | 854 | 973 |
| Other Income | 2 | 1 | 1 |
| Expenses | 593 | 719 | 831 |
| Depreciation | 39 | 42 | 47 |
| Finance cost | 34 | 27 | 24 |
| Profit before tax | 9 | 68 | 73 |
| Net Profit | 6 | 94 | 64 |
| EPS | 0.09 | 1.46 | 1.00 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 126 |
| Reserves | 100 | 150 | 178 | 282 | 201 |
| Borrowings | 464 | 545 | 804 | 1,035 | 1,375 |
| Net block | 528 | 561 | 803 | 1,136 | 1,328 |
| CWIP | 8 | 69 | 149 | 95 | 241 |
| Investments | 0 | 0 | 0 | 7 | 7 |
| Total Assets | 688 | 823 | 1,193 | 1,606 | 2,147 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash from operations | 135 | 120 | 199 | 140 | 309 |
| Cash from investing | -107 | -175 | -396 | -289 | -542 |
| Cash from financing | -42 | 60 | 202 | 152 | 236 |
| Free cash flow | 28 | -35 | -202 | 140 | 309 |
| Net change in cash | -14 | 5 | 5 | 2 | 3 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.