Milky Mist Dairy Food Ltd, a Coimbatore-based value-added dairy FMCG company, reports its second quarter as a listed entity with milk procurement inflation squarely in focus. The print will speak to how the company absorbs a cumulative Rs. 6/litre Aavin procurement price increase landed mid-quarter against a stated 2-3 month pricing gestation, and how the newly commissioned 150 tonnes/day Skyr/Greek yogurt plant and High Protein Milk launch are ramping.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 973.45 Cr |
| Previous quarter PAT | Rs. 64.68 Cr |
| Previous quarter EBITDA margin | 14.88% (includes Other Income) |
| Market cap | Rs. 20,920.49 Cr |
| CMP | Rs. 271.75 |
The board of directors is scheduled to meet on Thursday, October 29, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The trading window for designated persons remains closed until October 31, 2026.
The Q2 FY27 earnings call is scheduled for Friday, October 30, 2026, at 9:30 AM IST, following board approval of results on October 29. Speakers include Mr. T. Sathishkumar (Chairman & MD), Dr. K Rathnam (Whole-Time Director & CEO) and Mr. Biswajit Mishra (CFO); the company has stated no unpublished price-sensitive information will be shared.
The key question for this quarter is how Milky Mist's gross margin absorbs the cumulative Rs. 6/litre Aavin procurement price increase (Rs. 38 to Rs. 41 on August 19, 2026, and Rs. 41 to Rs. 44 on August 31, 2026), given the company's stated 2-3 month pricing gestation means most pass-through falls after the July-September window. Q1 FY27 set a high bar with consolidated revenue of Rs. 973.45 Cr, up 43.6% YoY, gross margin at 34.21% and EBITDA margin at 14.88%, while category momentum remained strong with paneer volumes and revenue up 34%, cheese revenue up 38%, ice cream volumes up 45% and yogurt revenue up 153% QoQ to Rs. 84.5 Cr. The South Peninsula's monsoon at 76% of LPA maps to the roughly two months of southern monsoon softness management flagged for ice cream, while the analogue-paneer restriction regime widened through the quarter with Karnataka's notification on August 17, Telangana's ban from September 10 and FSSAI's central draft notification dated September 22, 2026 — a structural tailwind for organized players in paneer, which contributes about 26-27% of the top line. Management's guided path — Rs. 650-700 Cr of capex over three years, the whey protein plant in a minimum of 15-18 months, a potential 18% EBITDA margin over 3-4 years and 50,000+ coolers over three fiscal years — remains intact on the quarter's evidence, with the near-term ~0.5% operating-leverage benefit the more testable claim in a rising-input quarter. The call should also give the first H1 read as a listed company, covering deployment of the Rs. 1,803.76 Cr net IPO and private-placement proceeds.
Guidance scorecard to track: Management's Q1 FY27 concall (September 1, 2026) laid out several tracked commitments.
Milk cost pass-through and margin walk
Yogurt ramp and High Protein Milk rollout
FSSAI/paneer status
First H1 as a listed company and governance
Third-party procurement rose to about 15% from virtually zero three-four years back via a 5-year exclusive contract with Innoterra/MilkLane, a private-equity-owned entity that collects milk directly from farmers with no aggregators and pays directly into farmer bank accounts. Management said the arrangement supplies high-quality milk for categories like yogurts and UHT milk and carries no adverse financial implications.
Management has indicated EBITDA margins could potentially reach 18% over 3-4 years with better utilization of built capacity, while declining to confirm specific figures. The CFO also guided to an open-ended ~0.5% operating-leverage benefit plus pricing ability and milk price shifts, saying the EBITDA will expand.
Management said whey protein extraction from the roughly 1 million litres of cheese whey generated daily will be operational in 12-15 months, with the plant up and running in a minimum of 15-18 months from the September 1, 2026 call. Management framed this as a strong further expansion in margins and bottom-line contribution.
Management said the extended summer helped ice cream, but yogurts, cheese and paneer also grew 30-40%, and the product mix is year-round and not affected by seasonalities. H2 typically adds an additional Rs. 150-200 crores of revenue, and Q1 FY26's slower base was primarily due to pricing challenges related to GST and milk rationalization rather than volume issues.
In an October 10, 2026 clarification, the company stated it has not received any specific notice, order or communication from FSSAI or the Tamil Nadu Food Safety Department. It said it will respond appropriately to any communication received.