Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>Hatsun crossed INR3,000 cr in quarterly revenue for the first time, up 19.3% YOY, but PAT slipped 1.1% as milk cost inflation compressed every margin line.</li>
<li>We view the topline strength as structurally sound. The profit stall is a cyclical input cost problem, not a demand problem.</li>
<li>At 60x TTM earnings, Hatsun already prices in a recovery it has yet to deliver.</li>
</ul>


Hatsun crossed INR3,000 cr in quarterly revenue for the first time, up 19.3% YOY, but PAT slipped 1.1% as milk cost inflation compressed every margin line.
We view the topline strength as structurally sound. The profit stall is a cyclical input cost problem, not a demand problem.
At 60x TTM earnings, Hatsun already prices in a recovery it has yet to deliver.


Hatsun Agro (HATSUN IN): Record Quarter Masks a Margin Squeeze

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Milky Mist Dairy Food / Equity Capital Markets

<ul>
<li>Milky Mist is a fast-growing value-added dairy products company. It has differentiated itself from other private dairy players by focusing on premium dairy products like Paneer and Cheese.</li>
<li>Following a single unit model and aggressive Pan-India brand build-up, Milky Mist has become the largest private dairy player based on non-milk revenues.</li>
<li>We break down the business model and compare the company with other listed peers to analyse if there is any cream left for public investors</li>
</ul>


Milky Mist is a fast-growing value-added dairy products company. It has differentiated itself from other private dairy players by focusing on premium dairy products like Paneer and Cheese.
Following a single unit model and aggressive Pan-India brand build-up, Milky Mist has become the largest private dairy player based on non-milk revenues.
We break down the business model and compare the company with other listed peers to analyse if there is any cream left for public investors


Milky Mist IPO - Any Cream Left for Investors?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Milky Mist Dairy launched India IPO to raise nearly INR 15.53B. The company is a packaged food company exclusively focused on value-added products within the dairy market.</li>
<li>Company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for expansion and modernisation of Perundurai manufacturing facility and for working capital purpose.</li>
<li>Milky Mist’s assertive aggressive growth initiatives alongside the market prospects make the valuation multiple it is seeking, seem reasonable.</li>
</ul>


Milky Mist Dairy launched India IPO to raise nearly INR 15.53B. The company is a packaged food company exclusively focused on value-added products within the dairy market.
Company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for expansion and modernisation of Perundurai manufacturing facility and for working capital purpose.
Milky Mist’s assertive aggressive growth initiatives alongside the market prospects make the valuation multiple it is seeking, seem reasonable.


Milky Mist Dairy IPO: Not Misty For Sure, Investors Can Expect A Milky Way To Growth

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>In this insight we discuss why <a href="https://www.smartkarma.com/entities/milky-mist-dairy-food-ltd" target="_blank" data-smartkarma-citation="entities:45619:1" rel="noopener">Milky Mist Dairy Food Ltd (1023949D IN)</a> is different from its peers.</li>
<li>We discuss contours of the IPO and compare its valuation with peers in the industry.</li>
<li>Finally, we conclude by sharing our view on this IPO.</li>
</ul>


In this insight we discuss why Milky Mist Dairy Food Ltd (1023949D IN) is different from its peers.
We discuss contours of the IPO and compare its valuation with peers in the industry.
Finally, we conclude by sharing our view on this IPO.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Heritage Foods crossed Rs. 4,526 crore FY26 revenue, but PAT fell 20% to Rs. 150 crore as 8% higher milk procurement costs pushed Q4 EBITDA margins to a record-low 4.5%.</li>
<li>Heritage is betting on premiumization, with Rs. 300 crore capex, Get-A-Way acquisition, and organic milk expansion in Bengaluru to offset dairy supply pressures.</li>
<li>FY27 is Heritage's key test: easing milk costs or premium products must offset margin pressure. At a Rs. 3,058 crore market cap, risk-reward appears balanced.</li>
</ul>


Heritage Foods crossed Rs. 4,526 crore FY26 revenue, but PAT fell 20% to Rs. 150 crore as 8% higher milk procurement costs pushed Q4 EBITDA margins to a record-low 4.5%.
Heritage is betting on premiumization, with Rs. 300 crore capex, Get-A-Way acquisition, and organic milk expansion in Bengaluru to offset dairy supply pressures.
FY27 is Heritage's key test: easing milk costs or premium products must offset margin pressure. At a Rs. 3,058 crore market cap, risk-reward appears balanced.


Heritage Foods Ltd: FY26 Was a Margin Reset, Not a Demand Problem

India

Dodla Dairy is a leading dairy products company that processes and sells a diverse range of products including fresh milk, UHT milk, curd, ghee, paneer, buttermilk, lassi, flavored milk, ice cream, and sweets. The company operates across 11 states in India and has also expanded internationally into Kenya and Uganda. Dodla Dairy was incorporated in 1995 and is headquartered in Hyderabad, Telangana, India.

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Dodla Dairy (DODLA IN)

Hatsun Agro (HATSUN IN): Record Quarter Masks a Margin Squeeze

Hatsun's Q1 FY27 hit a record ₹3,090 cr revenue (+19.3%) but milk cost inflation held PAT flat (−1.1%). Strong franchise facing cyclical margin...

GSBR Research

Milky Mist IPO - Any Cream Left for Investors?

Milky Mist stands out in the dairy industry with its focus on premium products, single unit model, and strong brand presence. We see strong growth...

Himanshu Dugar

Milky Mist Dairy IPO: Not Misty For Sure, Investors Can Expect A Milky Way To Growth

Milky Mist launches India IPO to raise INR 15.53B for expansion, modernization, focusing on value-added-dairy. Assertive aggressive growth...

Tina Banerjee

Milky Mist Dairy Food IPO - First Cut

Insight on Milky Mist Dairy Food Ltd's unique qualities, IPO details, valuation comparison with peers, and view on the IPO.

Sreemant Dudhoria

Heritage Foods Ltd: FY26 Was a Margin Reset, Not a Demand Problem

Heritage Foods faces margin pressure as higher milk procurement costs impact profits, betting on premiumization and expansion to offset challenges...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

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Hatsun Agro (HATSUN IN): Record Quarter Masks a Margin Squeeze

Hatsun's Q1 FY27 hit a record ₹3,090 cr revenue (+19.3%) but milk cost inflation held PAT flat (−1.1%). Strong franchise facing cyclical margin...

GSBR Research

Milky Mist IPO - Any Cream Left for Investors?

​Milky Mist stands out in the dairy industry with its focus on premium products, single unit model, and strong brand presence. We see strong growth...

Himanshu Dugar

Milky Mist Dairy IPO: Not Misty For Sure, Investors Can Expect A Milky Way To Growth

​Milky Mist launches India IPO to raise INR 15.53B for expansion, modernization, focusing on value-added-dairy. Assertive aggressive growth...

Tina Banerjee

Milky Mist Dairy Food IPO - First Cut

​Insight on Milky Mist Dairy Food Ltd's unique qualities, IPO details, valuation comparison with peers, and view on the IPO.

Sreemant Dudhoria

Heritage Foods Ltd: FY26 Was a Margin Reset, Not a Demand Problem

​Heritage Foods faces margin pressure as higher milk procurement costs impact profits, betting on premiumization and expansion to offset challenges...

Nimish Maheshwari

Milky Mist stands out in the dairy industry with its focus on premium products, single unit model, and strong brand presence. We see strong growth...

Milky Mist launches India IPO to raise INR 15.53B for expansion, modernization, focusing on value-added-dairy. Assertive aggressive growth...

Insight on Milky Mist Dairy Food Ltd's unique qualities, IPO details, valuation comparison with peers, and view on the IPO.

Heritage Foods faces margin pressure as higher milk procurement costs impact profits, betting on premiumization and expansion to offset challenges...