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Milky Mist Dairy Food Ltd (MILKYMIST)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544868 NSE: MILKYMIST Consumer Food | Small Cap | Milky Mist Dairy Share Price

₹184.25 -15.30 (-7.67%)

As on 20-Aug'26 16:59

Milky Mist Dairy Food Ltd (MILKYMIST)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544868 NSE: MILKYMIST Consumer Food | Small Cap | Milky Mist Dairy Share Price

₹184.25 -15.30 (-7.67%)

As on 20-Aug'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹14,184 Cr.
Current Price
₹184.3
52-Week Low / High
₹165 / 200
TTM EPS
₹1.6
TTM Sales
₹3,137 Cr.
Book Value per Share
₹29.1
P/E Ratio
113.34
In line with its 5-year historical median
Industry PE
53.3
Price to Book (P/B)
6.33
Lower than its 5-year historical median
Price to Sales (P/S)
4.52
In line with its 5-year historical median
EV/EBITDA
36.82
In line with its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
32.02%
Outperforms industry median
Return on Capital Employed (ROCE)
13.65%
Outperforms industry median
Return on Assets (ROA)
5.20%
Operating Profit Margin
13.5%
Net Profit Margin
3.99%
Gross Profit Margin
9.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
34.75%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
40.89%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
185.99%
Asset Quality
Promoter Holding
79.51%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,086 Cr.
Equity
₹154 Cr.
Face Value
₹2
All Time Low / High
₹165.00 / 199.55

Milky Mist Dairy Food stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Weak
Q.1 Is Milky Mist Dairy Food Ltd a good quality company?
Milky Mist Dairy Food Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Milky Mist Dairy Food Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Milky Mist Dairy Food Ltd vs industry peers?
Milky Mist Dairy Food Ltd revenue CAGR is 27.58%, compared to the industry median CAGR of 7.29%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Milky Mist Dairy Food Ltd?
Promoters hold 79.51% of the Milky Mist Dairy Food Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Milky Mist Dairy Food Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Milky Mist Dairy Food Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 7.3%13.6%15.4%14.4%14.5%9.8%11.3%13.7%-
Value Creation
Index
-0.500.10.10.1-0.3-0.20.0-

Growth Parameters

Sales 5067249281,0121,4321,8032,3283,1373,137
Sales YoY Gr.-43%28.3%9%41.5%26%29.1%34.8%-
Adj EPS 0.30.10.40.60.40.30.721.6
YoY Gr.--75.8%412.5%34.2%-20%-36.4%150%178.6%-
BVPS (₹) 1.21.31.62.42.94.55.27.129.1
Adj Net
Profit
20.75.325.934.927.817.744.1125125
Cash Flow from Ops. 15.858.5135118196140309298-
Debt/CF from Ops. 23.97.93.44.64.17.44.55.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA27.6%29.9%34.8%
Adj EPS NA36.6%64.3%178.6%
BVPSNA34%35%36.6%
Share Price - - - -

Key Financial Parameters

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
28.3728.427.316.67.614.331.79
Op. Profit
Mgn %
11.416.815.415.313.711.91313.6NAN
Net Profit
Mgn %
4.10.72.83.51.911.944
Debt to
Equity
5.25.84.53.64.43.64.23.7-
Working Cap
Days
0535561535364610
Cash Conv.
Cycle
0213037333534330

Valuation of Milky Mist Dairy - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales5067249281,0121,4321,8032,3283,137
Operating Expenses + 4496027858571,2361,5892,0272,713
Manufacturing Costs34463588119180231285
Material Costs3474595985948661,1481,4121,943
Employee Cost 2334405577109138185
Other Costs 4563113120175152247301
Operating Profit 58122143154196214301424
Operating Profit Margin (%) 11.4%16.8%15.4%15.3%13.7%11.9%12.9%13.5%
Other Income + 01135556
Exceptional Items 00-4-50000
Interest 16444741587286106
Depreciation 2555546179107136169
Profit Before Tax 17233950644184156
Tax -418161836234131
Profit After Tax 2162332281844125
PAT Margin (%) 4.1%0.8%2.5%3.1%2.0%1.0%1.9%4.0%
Adjusted EPS (₹)0.30.10.40.50.40.30.72.0
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 7379103153181286329455
Share Capital 444444128128
Reserves 7075100150178282201327
Debt +3554234644777188991,2481,486
Long Term Debt3283963533966267181,0301,236
Short Term Debt27271118192181218250
Minority Interest00000000
Trade Payables5102021294796110
Others Liabilities 108114101172264375475618
Total Liabilities 5416266888231,1931,6062,1472,669

Fixed Assets

Net Fixed Assets +4164675285618031,1381,3311,661
Gross Block4765967118051,1261,5681,8942,391
Accumulated Depreciation60129183244322430563729
CWIP 351786914995241371
Investments 00000777
Inventories19387867104207261342
Trade Receivables133139667381101177
Cash Equivalents 9162712162114
Others Assets 49583352516218596
Total Assets 5416266888231,1931,6062,1472,669
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 1658135118196140309298
PBT 17233950644184156
Adjustment 4099105103137191239307
Changes in Working Capital -45-600-168-85-0-134
Tax Paid 4-4-8-19-13-7-15-31
Cash Flow From Investing Activity + -167-91-107-172-393-289-542-464
Capex -167-91-107-155-401-291-590-463
Net Investments 00000000
Others 000-178248-1
Cash Flow From Financing Activity + 15539-4260202152236163
Net Proceeds from Shares 20100000
Net Proceeds from Borrowing 15883-2657249152302260
Interest Paid -15-44-47-41-58-85-101-128
Dividend Paid 00000000
Others 10-0304310843531
Net Cash Flow 47-145523-3
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)28.347.6425.4124.7716.757.7814.2932.02
ROCE (%)7.2613.5515.4314.3914.519.7811.2813.65
Asset Turnover Ratio0.941.241.411.341.421.421.361.45
PAT to CFO Conversion(x)0.769.675.873.6977.787.022.38
Working Capital Days
Receivable Days9.6011.3013.901917.7014.101314.60
Inventory Days13.9014.3022.7026.2021.8028.6033.4031.60
Payable Days5.205.909.2012.5010.401218.4019.30

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Announcements

Milky Mist Dairy Food Ltd FAQs

The current trading price of Milky Mist Dairy on 20-Aug-2026 16:59 is ₹184.2.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 19-Aug-2026 the market cap of Milky Mist Dairy stood at ₹14,184.4 Cr

The latest P/E ratio of Milky Mist Dairy as of 19-Aug-2026 is 113.3.

The latest P/B ratio of Milky Mist Dairy as of 19-Aug-2026 is 6.33.

The 52-week high of Milky Mist Dairy is ₹199.6 and the 52-week low is ₹165.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Milky Mist Dairy is ₹3,137 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Milky Mist Dairy Food Ltd is a below average quality company.

The key valuation ratios of Milky Mist Dairy Food Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Milky Mist Dairy Food Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Milky Mist Dairy Food Ltd

Milky Mist Dairy Food was initially formed as a partnership firm as ‘M.M.D. Dairy’, on February 1, 1999, pursuant to a deed of partnership dated November 30, 1998. The name of the partnership firm was changed to ‘Milky Mist Dairy Food’ on August 2, 2006. The partnership firm was subsequently converted and the company was incorporated as a private limited company under the name ‘Milky Mist Dairy Food Private Limited’ on July 10, 2014. Subsequently, the company was converted into a public limited company as approved by a resolution of the board dated May 15, 2025, and a special resolution of the shareholders dated May 16, 2025 following which the name of the company was changed to ‘Milky Mist Dairy Food Limited’ on May 26, 2025. 

The company is engaged in the business of procurement of milk, undertakes processing of milk and manufacture of various value-added products. It has diversified its product categories to include various value-added dairy products, such as cheese, paneer, butter, curd, ghee, yogurt, ice cream, ultra-high temperature (UHT) long-shelf life products, and other products, including frozen foods, ready-to-eat (RTE) and ready-to-cook (RTC) products, as well as chocolates. The company offers its products under its umbrella brand ‘Milky Mist’, and sub-brand such as ‘SmartChef’, ‘Capella’, and ‘Misty Lite’, and has acquired brands such as ‘Briyas’ and ‘Asal’.

The company has an integrated farm to retail infrastructure. It sources the majority of raw milk, its primarily raw material, directly from farmers. It manages its own logistics to ensure that its diverse product range, which requires chilled, ambient, or frozen conditions, maintains its quality from procurement of the raw materials to the point of sale of its products. Its fleet comprises milk vans for transporting milk from farmers to manufacturing facility, reefer trucks with in-built refrigeration for carrying perishable products that require specific temperature control from manufacturing facility to distributors, ambient trucks for transporting non-perishable products from manufacturing facility to distributors.

Business area of the company 

The company is engaged in the business of procurement of milk, undertakes processing of milk and manufacture of various value-added products namely paneer, cheese, curd, butter, ghee, fresh cream, milk powder, flavoured milk, lassi, etc. which are marketed under its brand name ‘Milky Mist’.

Products of the company

  • Paneer
  • Cheese
  • Curd
  • Ice-cream
  • Ghee
  • Butter
  • UHT long-shelf life products
  • Yoghurt
  • Powder
  • Khova
  • Others products (include chocolate, condensed milk, butter milk and desserts)

Awards, accreditations and recognition 

  • 2022: Award for ‘Excellence in Business Practices’ by Coimbatore Management Association.

History and milestones

  • 2009: Diversified its product portfolio to include products such as ghee, butter, khova, and curd.
  • 2010-11: Diversified its product portfolio to include products such as yogurt and cheese.
  • 2017: Diversified its product portfolio to include whey powder.
  • 2018: Set up the ‘Milky Mist Mega Plant’ Manufacturing Facility at Perundurai, Erode.
  • 2020: Expanded its product portfolio with the launch of dairy whitener, cream cheese, probiotic curd, UHT range of products, and launched frozen foods under the ‘SmartChef’ brand.
  • 2022: Started in-house manufacturing of UHT range of products.
  • 2022: Expanded its product portfolio with the launch of fat spread under the ‘Misty Lite’ brand.
  • 2022: Expanded its product portfolio with the launch of greek yogurt and ‘Skyr’ high protein yogurt.
  • 2023: Expanded its product portfolio with the launch of ice cream, chocolate and sweetened condensed milk products.
  • 2025: Acquisition of certain assets and trademarks of Briyas Foods Private Limited.
  • 2025: Acquisition of 100% shareholding of Asal Food Products Private Limited.
  • 2025: Allotment of a land parcel from Maharashtra Industrial Development Corporation for a total consideration of Rs 490.65 million, for setting up a facility of milk processing, dairy and food products.
  • 2026: Investment by Jongsong Investments Pte. Ltd. (an indirect wholly owned subsidiary of Temasek Holdings Private Limited) by way of the Pre-IPO Placement and certain secondary transactions, in the company.

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