Milky Mist updating books with FY26 numbers, to file UDRHP for IPO, says CEO Rathnam

Tamil Nadu-based Milky Mist Dairy Meals Ltd is updating its books with the fiscal yr numbers for 2025-26 and can quickly file an up to date draft pink herring prospectus (UDRHP) to proceed with the IPO course of as deliberate, its Chief Govt Officer (CEO), Ok Rathnam, has mentioned.

“We lately raised ₹482 crore in a pre-IPO spherical from Temasek,” he advised businessline in an internet interplay.  

Milky Mist has acquired land in Baramati via the Maharashtra Industrial Improvement Company to arrange its second facility

The dairy agency, based mostly in Perundurai in Tamil Nadu’s Erode district, obtained approval from the Securities and Trade Bureau of India (SEBI) for a ₹2,035 crore preliminary public providing in October 2025. SEBI’s approval expires in October this yr. 

In April, Ratham mentioned the corporate’s IPO provide will comprise a contemporary concern of as much as ₹1,785 crore and a suggestion on the market of as much as ₹250 crore by promoter shareholders. 

Baramati Facility

As a part of its enlargement plans, the corporate has acquired land in Baramati via the Maharashtra Industrial Improvement Company to arrange its second facility. It’s a long-term challenge which can possible be prepared in 2-3 years. 

“This facility will assist us to ascertain a robust footprint within the Western and Northern markets,” he mentioned.

The corporate plans to arrange a milk processing and dairy processing manufacturing facility at an outlay of ₹1,130 crore. It signed a memorandum of understanding with the Maharashtra authorities at Davos in January this yr. 

Well being section focus

Milky Mist, which is specializing in the well being section – notably inside the protein class, has begun to supply high-protein paneer, high-protein Greek yogurt, Skyr, and high-protein cheddar. 

“Whereas the know-how for Skyr and Greek yogurt was acquired in 2022, we spent two years on advertising and seeding, and these merchandise have seen nice acceptance during the last 18 months,” the corporate’s CEO mentioned.

The corporate is witnessing important demand for protein merchandise throughout all shopper sectors. Whereas many protein merchandise, equivalent to whey protein focus (WPC), are already available in the market, Milky Mist believes that ‘style is a key differentiator’ for customers. As a dairy-first product, it’s gaining important traction on this space, he mentioned.

Milky Mist gives protein milk, whey protein, and high-protein variants of staple merchandise, which can be found throughout the nation via its community of three,100 distributors within the well being and protein class.  

TN competitors

“We attain customers by way of greater than 3,50,000 retail touchpoints throughout a number of channels, together with normal commerce, fashionable commerce, inns, eating places and cafes/catering (HoReCa), and digital platforms equivalent to e-commerce and fast commerce,” mentioned Rathnam, including that quick-commerce accounts for about 14-15 per cent of its topline.

As well as, the corporate operates over 100 unique parlours and exports its premium dairy choices to over 15 nations.

The dairy agency handles 1.5 million litres of milk each day, with milk coming from 75,000-77,000 farmers in Tamil Nadu, Karnataka and elements of Maharashtra. 

Dwelling on going through competitors in procurement in Tamil Nadu, he mentioned that whereas there are numerous gamers, equivalent to State-owned Aavin and Hatsun, there may be nonetheless a big surplus.

“Tamil Nadu produces about 3.5 crore litres each day, and organised gamers solely faucet about 80-90 lakh litres. Roughly 50 per cent of the milk continues to be obtainable to be tapped from native merchants. Since we concentrate on value-added merchandise relatively than commodities or pouch milk, now we have been capable of develop our procurement from 2.5 lakh litres in 2019 to fifteen lakh litres now,” mentioned the corporate’s CEO.

Founder’s preliminary focus

On competing in Maharashtra, Rathnam mentioned that dairy gamers in Maharashtra concentrate on pouch milk, which contributes 70-80 per cent of their enterprise. Nevertheless, Milky Mist’s focus will completely be on value-added merchandise, which current an enormous alternative for the corporate nationwide.

Relating to the upkeep of its chilly chain throughout procurement, he mentioned it takes care of the chilly chain by chilling at supply via bulk milk chillers, managed chilling centres and transportation of milk to the plant inside 6 -8 hours.

On why Milky Mist is specializing in value-added merchandise, he mentioned the corporate, based by T. Sathish Kumar within the 90s, initially centered was on paneer. Thereafter, it has constantly concentrated solely on value-added merchandise via product enlargement, catering to your entire wants of the patron from breakfast to dinner desk.

On the post-COVID influence, he mentioned there was a significant shift in the direction of health-based merchandise. “Customers are shifting away from unbranded merchandise towards branded, packaged and hygienic merchandise with clear dietary worth,” mentioned Rathnam. 

Incomes farmers’ loyalty

India is a protein-deficit nation, with common consumption being 40-45 g towards a requirement of 60-65 g. “This makes dairy merchandise, equivalent to paneer and Greek yogurt, an ideal match for evolving shopper wants,” mentioned the corporate’s CEO.

To make sure farmers’ loyalty and encourage them to promote to the corporate, he mentioned the corporate prioritises well timed funds each 7 to 10 days and gives aggressive charges. It follows a cooperative-style mannequin, offering extension companies equivalent to doctors-on-call, well being camps and synthetic insemination. 

The corporate facilitate financial institution loans for farmers by offering suggestions to nationalised banks and managing mortgage deductions from milk funds.

Milky Mist additionally helps farmers with productiveness enchancment and breeding via sex-sorted semen (which ensures a 95 per cent feminine calf charge) and by offering high-quality seeds for fodder, compounded cattle feed, being pregnant testing, calf rearing programme, and extra.

On the corporate’s method to sustainability, Rathnam mentioned it was a significant focus and at present,  the corporate is 90 per cent power impartial because it has been investing in renewable power repeatedly. “We additionally recycle 70-80 per cent of our water,” he mentioned.

Printed on June 15, 2026