Milky Mist Q2 Results: Revenue Up 41.6% to Rs 1,089 Cr

ByPriyaNovember 4, 20262 Mins read2 Views

Milky Mist Q2 results for the quarter ended September 2026 show revenue from operations up 41.6% year on year to Rs 1,089 crore, the dairy company’s highest-ever quarterly revenue. Net profit nearly tripled to Rs 78 crore from Rs 28 crore a year earlier, aided in part by a deferred tax impact.

Gross profit and EBITDA were also the company’s highest-ever quarterly figures, according to the company’s results as reported by Agrospectrum India on 30 October 2026. For the first half of FY27, revenue from operations rose 42.5%, EBITDA rose 62.9% and net profit grew almost fourfold year on year.

What Drove Milky Mist’s Q2 Growth?

Whole-time Director and CEO Rathnam attributed the performance to higher volumes, calibrated price increases, better capacity utilisation and operational efficiencies. He also noted that milk, fodder and feed prices have seen inflation of 10-11%. The company cited volume growth, an improved product mix and efficiencies as the main drivers.

Which Products and Regions Contribute Most to Revenue?

Paneer is the largest category at 44% of Q2 revenue, followed by cheese at 31% and curd at 22%. Yogurt is the fastest-growing category. Protein products contribute about 12-14% of top-line revenue, with recent launches including Skyr, Greek yogurt and high-protein lactose-free milk. Southern markets account for about 69% of revenue, while non-southern markets make up about 31%, a share that has risen by 2-3 percentage points in recent years.

What This Means for India’s Dairy Processing Industry

The results point to strong demand for value-added dairy such as paneer, cheese and protein-led products even as raw milk costs stay high. Milk prices are currently elevated, and the company said it does not expect a price increase in Tamil Nadu, though some regions could see marginal increases depending on weather.

Market Reaction and Industry Response

No analyst or trade-body reaction to the results was found in the sources reviewed for this report. Sathishkumar T, Chairman and Managing Director, said the upcoming festive season is expected to create favourable demand.

What Happens Next?

Milky Mist has retained its FY27 revenue growth guidance of 33-34%. Investors and the industry will watch whether protein and yogurt launches lift the mix further and how milk-cost inflation affects margins in the coming quarters.