Milky Mist Dairy Food Ltd (MILKYMIST) Q2 FY27 Results Analysis: PAT Surges 174%, Revenue Hits Record High
Milky Mist Dairy Food Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,089.40 Cr (+41.58% YoY) and PAT growth of +174.52% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 1,089.40 Cr (+41.58% YoY) |
| PAT (Q2) | Rs. 77.94 Cr (+174.52% YoY) |
| EBITDA margin | 15.16% (+121 bps YoY) |
| EPS (Q2) | Rs. 1.10 (+150.00% YoY) |
| Market cap | Rs. 23,270.60 Cr |
| CMP | Rs. 304.50 |
Quarter Snapshot
Milky Mist delivered its highest-ever quarterly revenue of Rs.1,089.40 Cr (+41.58% YoY) with EBITDA margin up 121 bps YoY to 15.16% and PAT up 174.52% YoY (74.41% ex-deferred-tax). The IPO transformed the balance sheet, cutting net debt to Rs.27.97 Cr, while CFO ran at 1.61x PAT. The key watch item is milk-cost inflation (Rs.6/litre cumulative hike) compressing ex-other-income margins 31 bps QoQ ahead of the stated 2-3 month pricing pass-through.
Key Investment Insights
Key Positives
- Revenue grew 41.58% YoY to Rs.1,089.40 Cr, the highest-ever quarterly revenue, with H1 up 42.50% YoY
- EBITDA grew 53.90% YoY to Rs.165.21 Cr with margin up 121 bps YoY to 15.16%
- PAT grew 174.52% YoY to Rs.77.94 Cr; ex-deferred-tax PAT still grew 74.41%
- Gross margin expanded 112 bps YoY to 33.86%
- Employee costs fell to 5.35% of revenue from 6.15% YoY, showing operating leverage
- IPO (Rs.1,785 Cr net proceeds) cut borrowings by Rs.766.23 Cr; net debt fell to Rs.27.97 Cr from Rs.1,658.26 Cr
- H1 CFO of Rs.229.42 Cr was 1.61x PAT
- Finance costs fell 17.0% QoQ to Rs.19.91 Cr after debt repayment
Risk Factors
- Other expenses grew 53.83% YoY to 14.05% of revenue (vs 12.93%), outpacing revenue growth
- Ex-other-income EBITDA margin compressed 31 bps QoQ (14.77% to 14.46%) on milk-cost inflation
- Gross margin dipped 35 bps QoQ (34.21% to 33.86%)
- Milk procurement cost raised cumulatively Rs.6/litre in August 2026, with 2-3 month pricing gestation pending
- Reported PAT growth of 174.52% overstates momentum due to a Rs.10.34 Cr deferred tax credit
- H1 free cash flow was negative at Rs.17.64 Cr due to Rs.247.06 Cr capex
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.