India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

Himanshu is a SEBI registered independent equity research analyst (SEBI Reg No. INH200009944, BSE Enlistment No. 5593). He has 11+ years of experience in buy-side equity research through his stints at CRISIL and Miras investments.
At CRISIL, he has conducted deep analysis in multiple sectors ranging from consumer discretionary to pharma/ chemicals as well as consumer staples.
At Miras Investments, his role was to analyse late-stage investment opportunities in India focusing on Pre-IPO and IPOs.

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. Our bottom-up ideas range from IPO/QIPs to special situations; the underlying criteria is to identify market dislocations that can generate 20+% IRR with a reasonable safety margin.
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.

India focused: IPO, special situations

Primer: Milky Mist Dairy Food Ltd (1023949D IN) - Aug 2026

Milky Mist Dairy Food Ltd (1023949D IN): Synthetic Expert Call Transcript (09 Aug 2026)

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?