Event Type: This was a post-results Q1 FY27 earnings conference call for analysts and institutional investors.
Event Date and Time: The call was held on Tuesday, September 1, 2026. A specific time was not mentioned in the transcript.
Purpose: The purpose was to discuss the company's financial and operational performance for the quarter ended June 30, 2026 (Q1 FY27).
Earnings Context: The meeting was scheduled after the earnings announcement, as referenced by the enclosed transcript and reference to a prior intimation dated August 26, 2026.
Management Participants: The following management members were present on the call:
Mr. T. Sathishkumar – Chairman and Managing Director
Dr. K. Rathnam – Whole-Time Director and Chief Executive Officer
Mr. Biswajit Mishra – Chief Financial Officer
The call was moderated by Ms. Devika Shah from ADFACTORS PR, the company's Investor Relations consultants.
Availability of Materials: The results and a presentation were stated to have been uploaded on the stock exchange and the company website (https://www.milkymist.com/). The audio recording of the call was also uploaded to the stock exchange on September 1, 2026.
UPSI Statement: The moderator's opening remarks included a standard disclaimer that the call may contain forward-looking statements which are not guarantees of future performance and involve risks and uncertainties.
Financial and Operational Highlights from the Transcript
Financial Period Discussed: Q1 FY27 (Quarter ended June 30, 2026).
Revenue: INR 973.45 crores, representing a 44% year-on-year (YoY) growth.
Gross Profit: INR 333 crores, with a gross margin of 34.2%, an expansion of 270 basis points YoY.
EBITDA: INR 144.89 crores, with an EBITDA margin of 14.9% (compared to 12.24% in Q1 FY26).
Profit After Tax (PAT): INR 64.67 crores, with a PAT margin of 6.6%.
Category-wise Performance:
Paneer: Revenue of INR 248.29 crores (26% of total), with volume and revenue growth of 34% YoY.
Cheese: Revenue growth of 38% YoY.
Curd: Revenue growth of 27% YoY.
Ice Cream: Volume growth of 45% and revenue growth of 60% YoY.
Yogurt: Revenue growth of 153% YoY to INR 84.5 crores.
Capacity Addition: A new cheddar cheese plant was commissioned in Q1 with a capacity of 120 metric tons per day.
Geographic Mix: Sales were split 69% from South India and 31% from non-South regions (West, North, East).
Distribution: The company has a presence in 22 states and 5 union territories, supported by 4,200+ distributors, 375 primary vehicles, and ~400,000 retail touch points.
Procurement: Average daily milk procurement was 1.32 million litres per day in Q1, a 28% YoY increase. Procurement is ~85-88% direct from farmers and ~12-15% via a long-term contract with MilkLane (an Innoterra entity).
Capex Outlook: The company referenced its RHP, which outlined a capex plan of ~INR 700 crores over three years for projects including a whey protein concentrate plant, capacity expansion in yogurts and cheeses, and a potential new facility in Maharashtra.
Forward-Looking Themes: Management emphasized strategies to harness growth in the value-added dairy market, including strengthening the pan-India presence, expanding the product portfolio (especially protein-rich products), increasing brand visibility, and deploying more retail infrastructure (e.g., plan to add 50,000 visi coolers/freezers over 3 years).
Additional Notes Section
The document is a regulatory filing submitted to the BSE and NSE, enclosing the full transcript of the earnings conference call.
The transcript was extensive and included a detailed Q&A session with analysts covering topics such as procurement strategy, the impact of the analogue paneer ban, gross margin sustainability, pricing power, logistics efficiency, regional growth, and future capex plans.
The filing includes a digital signature from the Company Secretary, confirming its authenticity as a regulatory disclosure.
No new financial data beyond the reported Q1 FY27 results was disclosed in this specific filing; it serves as a record of the commentary surrounding those results.
