Milky Mist Dairy Food Ltd Q2 Revenue Rises 41.6%

Milky Mist Dairy Food Ltd reported Q2 FY27 revenue from operations of Rs 1,089.40 crore, up 41.58% year on year, while net profit rose 174.50% to Rs 77.94 crore. The quarterly performance matters because the company also recorded higher gross profit and EBITDA, supported by value-added dairy demand, volume gains and operational efficiencies.

What did Milky Mist Dairy Food Ltd report in Q2 FY27?

Milky Mist Dairy Food Ltd, referred to hereafter as Milky Mist, reported quarterly revenue from operations of Rs 1,089.40 crore for the quarter ended September 2026. This was a 41.58% increase from Rs 769.47 crore in Q2 FY26 and represented a record quarterly revenue figure for the company.

Gross profit increased to Rs 368.83 crore from Rs 251.92 crore a year earlier. EBITDA rose 53.90% to Rs 165.21 crore from Rs 107.35 crore, ahead of the revenue growth rate. The EBITDA margin stood at 15.17%, or about 15.2% when rounded.

Profit after tax rose to Rs 77.94 crore from Rs 28.39 crore, a year-on-year increase of 174.50%. The rise in profit was sharper than revenue growth, based on the figures reported in the investor presentation and earnings-call summary.

What drove Milky Mist's quarterly growth?

Milky Mist attributed its growth to volume gains, demand for value-added dairy products, market expansion, operational efficiencies and product mix. The company has identified paneer, cheese and yogurt as contributors to its value-added FMCG dairy strategy in its earlier Q1 FY27 earnings discussion.

The Q2 earnings summary also referred to protein products as part of the expansion plan. These categories are relevant to the company’s focus on higher-value dairy offerings rather than relying only on basic dairy products. However, the company did not disclose category-wise Q2 revenue or growth figures in the information provided.

Management said it was pursuing profitable growth through calibrated pricing, product mix and better utilisation. It also cited renewable energy, automation and portfolio expansion among its priorities. These measures were presented alongside the reported improvement in EBITDA and profit.

How did Milky Mist perform in the first half of FY27?

Milky Mist reported revenue from operations of Rs 2,062.85 crore in H1 FY27, up 42.50% from Rs 1,447.57 crore in the corresponding half of the previous financial year. The first-half result shows that the growth reported in Q2 followed a strong first quarter rather than being an isolated quarterly movement.

H1 gross profit increased to Rs 701.85 crore from Rs 465.26 crore. EBITDA rose 62.90% to Rs 310.10 crore from Rs 190.36 crore, while profit after tax increased 308.44% to Rs 142.62 crore from Rs 34.92 crore.

The company had previously reported 44% year-on-year revenue growth in Q1 FY27. Management had linked that performance to paneer, cheese and yogurt, as well as its owned logistics network and efforts to expand its pan-India presence.

What is Milky Mist's outlook after the Q2 FY27 results?

Milky Mist said it expects to sustain growth of about 40% or more along with EBITDA margins of around 15%. Management indicated that calibrated pricing, an improved product mix and capacity utilisation would support this objective.

The outlook comes with acknowledged constraints. Management cited elevated input costs and cautious demand conditions during the earnings discussion. The company did not provide a revenue target, profit target or a detailed timeline for capacity additions in the disclosed summary.

For investors, the stated outlook places attention on whether the company can maintain its growth rate while holding margins near the reported 15.17% Q2 level. The company’s disclosed priorities - protein products, capacity expansion, renewable energy and automation - are operational areas tied to that plan.

How does the result affect investors and the dairy industry?

The Q2 figures show that Milky Mist expanded revenue, gross profit, EBITDA and net profit at double-digit rates. EBITDA growing faster than revenue indicates that profitability improved during the quarter, while the higher profit after tax reflects the reported financial outcome.

The company operates in value-added dairy categories, where product mix, distribution and input costs can influence profitability. Its emphasis on owned logistics and broader geographic reach indicates that distribution remains central to its operating strategy, although no new regional sales figures were disclosed.

No Q2 FY27 share-price movement, valuation metric or analyst target is provided in the available material. Therefore, the reported result establishes the company’s operating and financial performance but does not by itself quantify the market’s immediate reaction.

Conclusion

Milky Mist delivered record Q2 FY27 revenue of Rs 1,089.40 crore and increased EBITDA by 53.90%, with profit after tax rising to Rs 77.94 crore. The H1 result, including 42.50% revenue growth, supports management’s view that value-added dairy demand, expansion and operational execution contributed to the period’s performance.

Investors will next watch whether growth remains at or above the company’s stated 40% level and whether EBITDA margins stay near 15% despite elevated input costs and cautious demand. Updates on protein products, capacity utilisation, automation, renewable energy and portfolio expansion will provide further context on execution.