Back in 1994, low margins and spoilage plagued the business. Sathishkumar’s radical solution: stop selling liquid milk and pivot entirely to paneer. With longer shelf life and four times the profit margins, paneer proved to be a game-changer. By 1995, Milky Mist had transformed into a value-added dairy brand.
Today, Milky Mist boasts over 2,000 distributors and 15,000 branded chillers across India. Its fully automated 55-acre plant in Perundurai processes 1.5 million litres of milk daily, sourced from 67,000 farmers who are kept loyal not through contracts, but through veterinary care, feed support, and financial assistance. A new ₹400 crore partnership with MilkLane will add premium, traceable milk from another 10,000 farmers.
The IPO includes a ₹1,785 crore fresh issue and a ₹250 crore offer for sale by promoters. Proceeds will be used to reduce debt (₹750 crore), expand production (₹414.7 crore), and invest in cold-chain infrastructure (₹129.4 crore).
In FY24, Milky Mist posted ₹2,349.5 crore in revenue (up 29%) and a ₹46 crore profit (up 137%). While challenges remain—reliance on one plant, a South India-heavy footprint, and stiff competition from Amul and Nestlé—the IPO signals a bold step forward for a brand built on innovation, loyalty, and of course, paneer.