Milky Mist Dairy Food (MILKYMIST) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue reached a quarterly record of ₹1,089.40 crore, up 41.58% YoY; EBITDA rose 53.90% and PAT rose 174.50%.

• Growth was supported by volume gains, value-added dairy demand, market expansion, operational efficiencies and product mix.

• H1 FY27 revenue rose 42.50% YoY to ₹2,062.85 crore; EBITDA increased 62.90% and PAT 308.44%.

• Management cited elevated input costs and cautious demand, while prioritising profitable growth, renewable energy, automation and portfolio expansion.

Financial highlights

• Q2 FY27 revenue from operations was ₹1,089.40 crore vs ₹769.47 crore; gross profit was ₹368.83 crore vs ₹251.92 crore.

• Q2 EBITDA was ₹165.21 crore vs ₹107.35 crore; PAT was ₹77.94 crore vs ₹28.39 crore.

• H1 FY27 revenue was ₹2,062.85 crore vs ₹1,447.57 crore; gross profit was ₹701.85 crore vs ₹465.26 crore.

• H1 EBITDA was ₹310.10 crore vs ₹190.36 crore; PAT was ₹142.62 crore vs ₹34.92 crore.

Outlook and guidance

• Management expects to sustain ~40%+ growth and ~15% EBITDA margins, with calibrated pricing, product mix and utilisation supporting profitability.

• High-protein products contribute 11%-12% of top line; management targets 18%-20% over the next two to three years, with margins above 50%.

• Paneer capacity could approach its 150-ton/day limit within 24-30 months; a proposed 200-ton/day addition at Perundurai would raise capacity to 350 tons/day.

• Baramati facility planning and approvals are underway; procurement will be built to 2-3 lakh liters/day before commissioning, targeted in about three years.

• Priorities include value-added product lines, expanded procurement and distribution, improved capacity utilisation, and profitable growth; planned launches include whey protein, yogurt, cream cheese and processed cheese.