Milky Mist Q1 revenue rises 44% as margins expand; DAM Capital keeps Buy

Milky Mist reported Q1FY27 revenue of Rs 973.4 crore, up 43.6% year on year, while EBITDA grew 77% to Rs 143.8 crore. Growth was broad-based across paneer, cheese, curd, yogurt and ice cream, with EBITDA margin improving to 14.8%. DAM Capital set a Rs 285 target price.

— Source publishedWed, 2 Sept, 2026, 17:31 IST·First seen Wed, 2 Sept, 2026, 17:51 IST·Source Business Today · Latest

What happened

Milky Mist Dairy Food Ltd · Milky Mist reported strong Q1FY27 growth across dairy categories, led by yogurt and ice cream, with revenue up 43.6% and EBITDA up

Key facts

  • Q1FY27 revenue Rs 973.4 crore, up 43.6% YoY
  • EBITDA Rs 143.8 crore, up 77% YoY
  • EBITDA margin 14.8%, versus 12.0%
  • PAT Rs 64.7 crore, versus Rs 6.5 crore in Q1FY26
  • Paneer revenue up 34%; cheese up 38%; curd up 27%; yogurt up 153%; ice cream up 60%
  • Gross margin 34.2%, up 275 basis points
  • DAM Capital target price Rs 285; stock closed at Rs 252.04

Why this matters

Rapid growth across paneer, cheese, curd, yogurt and ice cream strengthens Milky Mist’s strategic position as a scaled, multi-category dairy platform.

What to watch

  • Milk procurement-price trend and seasonal supply conditions.
  • Whether EBITDA margin remains above 14% through the next two quarters.
  • Volume growth versus realization-led growth across paneer, cheese, curd, yogurt and ice cream.
  • Capacity utilization, commissioning timelines and capex intensity.
  • Expansion of quick-commerce and modern-trade contribution to sales.
  • Promotional intensity and pricing actions by major organized dairy competitors.
  • Inventory, receivables and operating cash-flow conversion as revenue scales.
  • Prioritize capacity additions and cold-chain investments in high-growth value-added categories, especially paneer, cheese and ice cream.
  • Expand distribution in underpenetrated cities through general trade, modern trade and quick-commerce partnerships.
  • Use improved profitability to step up brand investment while selectively taking price increases to offset milk-cost movements.
  • Increase procurement resilience through farmer networks, supplier contracts and regional sourcing diversification.
  • Rivals are likely to defend shelf space with promotions, new premium dairy launches and greater investment in refrigerated distribution.