MILKY MIST DAIRY FOOD LTD – Q1 FY27 CONCALL HIGHLIGHTS
#Q1FY27
Q1FY27 PERFORMANCE
- Revenue grew 44% YoY to ₹973.45 Cr.
- EBITDA increased to ₹144.89 Cr, with EBITDA margin at 14.9%.
- PAT stood at ₹64.67 Cr, with PAT margin at 6.6%.
- Gross margin stood at 34.2%, up nearly 270 bps.
CATEGORY PERFORMANCE
- Paneer volume/sales growth stood at 34%.
- Cheese revenue grew 38%.
- Curd revenue grew 27%.
- Ice cream volume grew 45%, while revenue grew 60%.
- Yogurt revenue grew 153% QoQ to ₹84.5 Cr.
PANEER
- GST on paneer becoming 0% has narrowed the price gap between organized and unorganized players.
- FSSAI/state action against analog paneer is driving volume shift toward organized players.
- Management expects strong paneer growth ahead.
- Around 90% of India's paneer market remains unorganized, indicating significant opportunity.
PROTEIN & WHEY
- High-protein paneer, cheese and yogurt are already part of the portfolio.
- Company generates around 1 million litres of cheese whey/day.
- Whey protein extraction project will cater to B2B, B2C and internal consumption.
- Plant expected to be operational in around 15–18 months.
- Management expects meaningful margin and bottom-line contribution from whey protein.
MILK PROCUREMENT
- Daily milk procurement reached 13.2 lakh litres, up 28% YoY.
- Landed procurement cost is around ₹45/litre, with ₹41–42/litre paid to farmers.
- Third-party procurement is around 10–12% and is expected to decline gradually.
- Procurement network is expanding across Tamil Nadu, Karnataka and Maharashtra.
MARGINS
- Value-added product mix is helping offset higher milk costs.
- Company took around 10.5% price increase to offset input inflation.
- Milk represents around 50–55% of total input cost.
- EBITDA margin improved from 12.2% to 14.9% QoQ.
- Management expects around 0.5% operating leverage from scale.
- Further margin expansion expected from capacity utilization, product mix, asset sweating and market expansion.
CAPACITY & CAPEX
- New natural cheddar cheese plant commissioned with 120 MT/day capacity.
- Significant headroom remains in ice cream, yogurt, cheese and other categories.
- Current Perundurai infrastructure can potentially support revenue of around 3–3.5x FY26 at current MRP.
- Planned investments include whey protein concentrate, lactose, natural cheese, processed cheese and yogurt.
REGIONAL EXPANSION
- Current revenue mix: approximately 69% South / 31% non-South.
- South grew around 44% YoY, while non-South grew around 50% YoY.
- Long-term mix could gradually move toward 60:40.
- Maharashtra milk procurement has already started.
- Proposed Maharashtra manufacturing setup is still at the drawing-board stage.
- Procurement will be built ahead of the plant to target at least 40% utilization from day one.
DISTRIBUTION
- Presence across 22 states + 5 UTs.
- Network of 4,200+ distributors.
- More than 41,000 coolers/freezers/chocolate coolers deployed.
- Plans to add 50,000+ additional coolers/freezers over 3 years.
- Around 140 exclusive brand outlets currently operational.
KEY TAKEAWAY
- 44% growth + 14.9% EBITDA margin; paneer, protein & capacity utilization remain key growth drivers.
September 1, 2026 382
