Milky Mist Dairy Food Ltd, an Indian value-added dairy and packaged food company, reported a 174.5% year-on-year increase in consolidated net profit to ₹77.94 crore for the second quarter of FY27, compared with ₹28.39 crore in the corresponding quarter last year, supported by strong revenue growth, improved operating margins and lower interest costs.
Revenue from operations rose 41.58% to ₹1,089.40 crore in Q2 FY27 from ₹769.47 crore a year earlier. The company said revenue, gross profit and EBITDA reached record quarterly highs during the September quarter, reflecting higher volumes, operational efficiencies and a favourable product mix.
The sharp increase in profitability outpaced revenue growth, indicating an improvement in earnings conversion as the company expanded sales and strengthened its operating performance.
Value-added dairy products drive growth
Milky Mist attributed its revenue growth to steady demand across its product portfolio, both in value and volume terms, increasing consumption of value-added dairy products and expansion into new markets. Its protein-focused product range emerged as the fastest-growing segment.
The company also benefited from calibrated price increases, improved capacity utilisation and operational efficiencies, which contributed to higher EBITDA and EBITDA margins compared with the year-ago quarter.
The increase in net profit was additionally supported by loan repayments and the recognition of a deferred tax asset in accordance with applicable accounting standards.
Milky Mist Dairy Food Ltd Whole-time Director and Chief Executive Officer K Rathnam said the company delivered higher revenue growth and improved margins despite agricultural inflation, the impact of El Niño and geopolitical uncertainties.
He attributed the performance to its broad range of value-added products, calibrated pricing, capacity utilisation, operational efficiencies and a focused approach to operations.
First-half profit rises 308%
Milky Mist sustained its growth momentum during the first half of FY27. Revenue from operations increased 42.5% year on year, while EBITDA grew 62.9%. Net profit surged 308.4% during the six-month period, according to the company.
The stronger growth in EBITDA compared with revenue indicates that operating profitability improved during the period. The sharp rise in net profit also reflects the additional benefits of lower borrowing costs and deferred tax asset recognition.
The company did not disclose the absolute first-half EBITDA and net profit figures in the information provided.
Protein portfolio gets a boost
Yogurt remained the company’s fastest-growing category during Q2 FY27, prompting capacity expansion to address rising demand.
Milky Mist strengthened its protein-focused portfolio during the quarter with the launch of Skyr and Greek Yogurt in four-pack formats, following the introduction of High-Protein Paneer Cubes in the first quarter.
More recently, it expanded the range with high-protein lactose-free milk manufactured at its existing facilities.
The expansion reflects the company’s strategy of increasing its presence in higher-value dairy categories as consumer demand shifts towards protein-rich and convenient food products.
Rathnam said the company’s priorities include scaling up its value-added portfolio, expanding distribution and improving capacity utilisation to meet changing consumer demand.
Milky Mist also plans to invest in milk procurement, manufacturing capacity and market expansion while maintaining its focus on profitable growth and long-term value creation.
Expanding presence in packaged dairy
As of September 30, 2026, Milky Mist offered 22 product categories across more than 640 stock-keeping units (SKUs), spanning paneer, cheese, curd, butter, ghee, yogurt, ice cream and ultra-high-temperature (UHT) products, besides frozen foods, ready-to-eat and ready-to-cook products and chocolates.
The company operates under the flagship Milky Mist brand and other brands, including SmartChef, Capella, Briyas and Asal. Its integrated supply chain covers milk procurement, processing, manufacturing, packaging and distribution, supported by technology-led and automated manufacturing capabilities at its Perundurai facility in Erode, Tamil Nadu.
Milky Mist’s revenue grew at a compound annual growth rate of 31.26% between FY24 and FY26, reaching ₹3,138.36 crore in FY26.
The company said it was the largest private packaged paneer brand in India’s organised market and the largest private packaged cheese brand in South India in FY26. It was also among the two largest private packaged yogurt brands in India.
The September-quarter performance reinforces the company’s growth strategy centred on value-added dairy products, particularly protein-rich offerings. Sustaining this momentum will depend on its ability to maintain margins amid raw material inflation while expanding distribution and utilising additional production capacity efficiently.