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

Equity Capital Markets

Milky Mist Dairy Food / Equity Capital Markets

<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.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

<ul>
<li>Milky Mist plans an IPO with a INR 17,850 million fresh issue to reduce debt, expand manufacturing capacity, strengthen cold-chain infrastructure, and support growth in value-added dairy and RTE/RTC segments.</li>
<li>
Leadership in branded paneer, strong revenue momentum, and rising demand for value-added dairy products position the company to improve margins, strengthen its balance sheet, and scale operations efficiently.</li>
<li>Supported by favorable industry trends, a strong brand, and disciplined capital deployment, Milky Mist is well positioned for sustained growth in India’s premium dairy and convenience food market.</li>
</ul>


Milky Mist plans an IPO with a INR 17,850 million fresh issue to reduce debt, expand manufacturing capacity, strengthen cold-chain infrastructure, and support growth in value-added dairy and RTE/RTC segments.

Leadership in branded paneer, strong revenue momentum, and rising demand for value-added dairy products position the company to improve margins, strengthen its balance sheet, and scale operations efficiently.
Supported by favorable industry trends, a strong brand, and disciplined capital deployment, Milky Mist is well positioned for sustained growth in India’s premium dairy and convenience food market.


Milky Mist IPO: A Bet on New Age & Value Added Dairy Products

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China &amp; India based on bottom-up triggers in each company.</li>
<li>This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.</li>
<li>Based on these new results and guidance, we will update the list of top ideas accordingly.</li>
</ul>


We compile our selection of companies across Japan, China &amp; India based on bottom-up triggers in each company.
This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.
Based on these new results and guidance, we will update the list of top ideas accordingly.


Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

<ul>
<li>We compile our selection of companies across Japan,China &amp;India based on bottom-up triggers in each company post their recent quarterly/half yearly results and their guidance for remaining of the year.</li>
<li>In Japan its <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>,<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a> &amp; <a href="https://www.smartkarma.com/entities/mazda-motor-corp" target="_blank" data-smartkarma-citation="entities:20528:1" rel="noopener">Mazda Motor (7261 JP)</a>. In China its <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group-limited" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> &amp; <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>.</li>
<li>In India its a mix of recently listed - <a href="https://www.smartkarma.com/entities/milky-mist-dairy-food-limited" target="_blank" data-smartkarma-citation="entities:45604:1" rel="noopener">Milky Mist Dairy Food (1231D IN)</a>, <a href="https://www.smartkarma.com/entities/lalithaa-jewellery-mart-limited" target="_blank" data-smartkarma-citation="entities:56011:1" rel="noopener">Lalithaa Jewellery (LALITHAA IN)</a> , Holdco - <a href="https://www.smartkarma.com/entities/tvs-holdings-limited" target="_blank" data-smartkarma-citation="entities:16591:1" rel="noopener">TVS (TVSHLTD IN)</a> and select Auto OEs</li>
</ul>


We compile our selection of companies across Japan,China &amp;India based on bottom-up triggers in each company post their recent quarterly/half yearly results and their guidance for remaining of the year.
In Japan its ROHM Co Ltd (6963 JP),Suzuki Motor (7269 JP) &amp; Mazda Motor (7261 JP). In China its Chow Tai Fook Jewellery (1929 HK) &amp; Midea Group (300 HK).
In India its a mix of recently listed - Milky Mist Dairy Food (1231D IN), Lalithaa Jewellery (LALITHAA IN) , Holdco - TVS (TVSHLTD IN) and select Auto OEs


Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<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 looking to raise about US$237m in its upcoming India IPO.</li>
<li>Milky Mist Dairy Food Ltd (MMDFL) is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Milky Mist Dairy Food Ltd (1023949D IN) is looking to raise about US$237m in its upcoming India IPO.
Milky Mist Dairy Food Ltd (MMDFL) is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd.
In this note, we look at the company’s past performance.


Milky Mist Dairy Food Pre-IPO: Steady Topline Growth But Low Profitability

India

Milky Mist Dairy Food Limited operates as a packaged food company. The Company provides various dairy products, such as cheese, paneer, butter, curd, ghee, yogurt, and ice cream, as well as offers ready-to-eat meals, chocolates, and frozen foods. Milky Mist Dairy Food serves customers across India.

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Milky Mist Dairy Food (MILKYMIS IN)

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

Milky Mist IPO: A Bet on New Age & Value Added Dairy Products

The Milky Mist Dairy Food IPO is a book-built issue of ₹1,553 crores, featuring a price band of ₹133 to ₹140 per share. Key IPO TimelinesIPO Open...

Sudarshan Bhandari

Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

Strong Sales Volume for Maruti Suzuki in the month of September'26 - 236,013 units vs 189,665 units (24% YoY); Similarly for Ashok Leyland its 28%...

Sreemant Dudhoria

Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

Among the companies mentioned here, Milky Mist reported out of the court results for Q1. The stock is up 20% in last two days post results. Also...

Sreemant Dudhoria

Milky Mist Dairy Food Pre-IPO: Steady Topline Growth But Low Profitability

Milky Mist Dairy Food Ltd plans to raise $237m in India IPO, specializing in premium dairy and packaged food products like paneer and cheese.

Hong Jie Seow

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Milky Mist IPO: A Bet on New Age & Value Added Dairy Products

The Milky Mist Dairy Food IPO is a book-built issue of ₹1,553 crores, featuring a price band of ₹133 to ₹140 per share. Key IPO TimelinesIPO Open...

Sudarshan Bhandari

Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

Strong Sales Volume for Maruti Suzuki in the month of September'26 - 236,013 units vs 189,665 units (24% YoY); Similarly for Ashok Leyland its 28%...

Sreemant Dudhoria

Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

Among the companies mentioned here, Milky Mist reported out of the court results for Q1. The stock is up 20% in last two days post results. Also...

Sreemant Dudhoria

Milky Mist Dairy Food Pre-IPO: Steady Topline Growth But Low Profitability

​Milky Mist Dairy Food Ltd plans to raise $237m in India IPO, specializing in premium dairy and packaged food products like paneer and cheese.

Hong Jie Seow

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

Milky Mist Dairy Food Ltd plans to raise $237m in India IPO, specializing in premium dairy and packaged food products like paneer and cheese.