Milky Mist Q2 FY27 Revenue Jumps 42% YoY

MILKYMIST

Revenue from operations: ₹1,089.40 Cr (vs. Q2 FY26: ₹769.47 Cr), a YoY growth of 41.58%.
Gross Profit: ₹368.83 Cr (vs. ₹251.92 Cr), a YoY growth of 46.41%.
Gross Profit Margin: 33.86% (vs. 32.74% in Q2 FY26).
EBITDA: ₹165.21 Cr (vs. ₹107.35 Cr), a YoY growth of 53.90%.
EBITDA Margin: 15.17% (vs. 13.95% in Q2 FY26).
Profit Before Tax (PBT): ₹90.35 Cr (vs. ₹47.49 Cr), a YoY growth of 90.25%.
Profit After Tax (PAT): ₹77.94 Cr (vs. ₹28.39 Cr), a YoY growth of 174.50%.
PAT Margin: 7.15% (vs. 3.69% in Q2 FY26).

Revenue from operations: ₹2,062.85 Cr (vs. H1 FY26: ₹1,447.57 Cr), a YoY growth of 42.50%.
Gross Profit: ₹701.85 Cr (vs. ₹465.26 Cr), a YoY growth of 50.85%.
Gross Profit Margin: 34.02% (vs. 32.14% in H1 FY26).
EBITDA: ₹310.10 Cr (vs. ₹190.36 Cr), a YoY growth of 62.90%.
EBITDA Margin: 15.03% (vs. 13.15% in H1 FY26).
Profit Before Tax (PBT): ₹163.85 Cr (vs. ₹57.90 Cr), a YoY growth of 183.00%.
Profit After Tax (PAT): ₹142.62 Cr (vs. ₹34.92 Cr), a YoY growth of 308.44%.
PAT Margin: 6.91% (vs. 2.41% in H1 FY26).

Revenue growth was driven by steady demand across the product portfolio, both by value and volume, with the protein range being the fastest-growing segment. Growth was also attributed to increasing consumption of value-added dairy products (VADP) and market expansion.
The increase in EBITDA and EBITDA margin YoY is primarily due to volume growth, operational efficiencies, and a favorable product mix.
The YoY growth in PAT is primarily due to EBITDA expansion, repayment of loans, and the creation of a deferred tax asset in accordance with the accounting standard.

Total Assets: ₹3,888.60 Cr (vs. ₹2,676.46 Cr).
Non-Current Assets: ₹2,231.49 Cr (vs. ₹2,084.21 Cr).
Property, plant and equipment: ₹1,974.12 Cr (vs. ₹1,605.69 Cr).
Capital work-in-progress: ₹73.46 Cr (vs. ₹371.31 Cr).
Current Assets: ₹1,657.10 Cr (vs. ₹592.26 Cr).
Inventories: ₹433.97 Cr (vs. ₹344.18 Cr).
Trade receivables: ₹284.17 Cr (vs. ₹176.51 Cr).
Cash and cash equivalents: ₹75.20 Cr (vs. ₹10.54 Cr).
Other bank balances: ₹802.44 Cr (vs. ₹3.05 Cr).
Total Equity: ₹2,370.97 Cr (vs. ₹463.02 Cr).
Equity share capital: ₹153.97 Cr (vs. ₹128.46 Cr).
Other equity: ₹2,217.00 Cr (vs. ₹334.56 Cr).
Total Liabilities: ₹1,517.63 Cr (vs. ₹2,213.44 Cr).
Non-current borrowings: ₹819.53 Cr (vs. ₹1,240.67 Cr).
Current borrowings: ₹86.09 Cr (vs. ₹431.18 Cr).

Cash generated from operations: ₹250.65 Cr (vs. ₹134.42 Cr).
Net cash from operating activities: ₹229.42 Cr (vs. ₹123.85 Cr).
Net cash used in investing activities: (₹301.78) Cr (vs. (₹354.58) Cr).
Net cash from financing activities: ₹137.02 Cr (vs. ₹225.67 Cr).
Net change in cash and cash equivalents: ₹64.66 Cr (vs. (₹5.06) Cr).

New Product Launches: In Q2 FY27, the company strengthened its protein-focused portfolio with the launch of Skyr and Greek Yogurt in a pack of four format. This follows the introduction of High-Protein Paneer Cubes in Q1. The portfolio was recently expanded with high-protein lactose-free milk.
Capacity Utilization: The presentation includes charts showing category-level capacity utilization for the Perundurai manufacturing facility, though specific percentage figures are not provided in the text.
Sales Mix: Net sales contribution by product category and sales mix by region and channel are detailed in charts, but specific numerical breakdowns are not provided in the text.
Market Position: The company cites a 1Lattice report stating it holds an ~19% market share in the organized packaged paneer market, ~12% in the South Indian organized cheese segment, and ~13% in the organized yogurt market in India.
Product Portfolio: The company has 640+ products across 22 categories.

Sathishkumar T (Chairman and MD): Cited industry challenges from elevated input costs and margin pressures. Highlighted focus on operational efficiencies, cost management, and technology (robotic manufacturing). Noted achievement of ~95% energy self-sufficiency through renewables. Expressed optimism for the upcoming festive season.
Dr. K Rathnam (Whole-time Director & CEO): Attributed growth to a wide range of value-added products, calibrated price increases, capacity utilization, and operational efficiencies. Stated forward priorities include scaling the value-added portfolio, expanding distribution, improving capacity utilization, and investing in manufacturing while focusing on profitable growth.

Energy: Achieved ~95% energy self-sufficiency through renewable sources, including 39 MW from solar plants and 2 MW from a wind plant.
Water: ~70% of water is upcycled. A water-upcycling plant converts 3 million litres of wastewater per day into reusable water.