Milky Mist Dairy Q1 FY27 Results (NSE: MILKYMIST)
Signal: Margin expansion
The read
The key inflection is operating margin expansion: consolidated EBITDA grew approximately 78.3% YoY versus revenue growth of 43.6%, with EBITDA margin rising 290bps to 14.9% as raw-material intensity fell 451bps to 67.2% and finance costs declined 28.9%; however, PAT growth of 886.6% is magnified by the ₹6.53 lakh year-ago base and tax remeasurement, while the QoQ PAT decline of 30.3% warrants monitoring.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹973.45 Cr | +43.6% | +14.6% |
| EBIT | ₹97.5 Cr | +130.0% | |
| Net profit | ₹64.45 Cr | +886.6% | |
| EPS | ₹1.01 | +910.0% | |
| EBIT margin | 14.9% |
P&L walk
Consolidated revenue of ₹973.45 lakh grew +43.6% YoY and +14.6% QoQ, gross margin expanded to 34.2% from 31.5% YoY as raw-material intensity fell to 67.2%, and EBITDA rose to ₹144.89 lakh with margin up to 14.9%; lower finance cost and operating scale supported EBIT of ₹97.5 lakh, while PAT of ₹64.45 lakh also benefited from tax-line movements.
Segments
The filing identifies milk processing and milk-related products as a single reportable operating segment; the near-zero gap between consolidated revenue of ₹973.45 lakh and standalone revenue of ₹973.39 lakh, and identical PAT of ₹64.45 lakh, indicates no material subsidiary contribution or drag.
Key positives
- Consolidated revenue reached ₹973.45 lakh, +43.6% YoY and +14.6% QoQ, sustaining rapid top-line growth into the first reported quarter after listing.
- Gross margin expanded 274bps YoY to 34.2% as raw-material cost declined to 67.2% of revenue from 71.7%.
- EBITDA grew approximately 78.3% YoY versus revenue growth of 43.6%, a +34.7pp growth gap; employee cost grew 28.9%, depreciation 22.0% and finance cost declined 28.9%, supporting a 290bps EBITDA-margin expansion to 14.9%.
- Consolidated PAT of ₹64.45 lakh was virtually identical to standalone PAT, indicating the subsidiary is not materially dilutive to current earnings.
Key concerns
- PAT fell 30.3% QoQ to ₹64.45 lakh despite revenue growing 14.6% QoQ, while EBITDA margin also declined 90bps QoQ to 14.9%; sequential momentum needs confirmation.
- The filing does not disclose volumes, so the +43.6% YoY revenue growth cannot be separated into volume, realisation or mix.
- The company issued 5,43,789 equity shares and 2,50,00,000 CCPS during the quarter, with the CCPS converted into equity shares on July 22, 2026; future per-share earnings and dilution require monitoring.
- Comparative June 2025 and March 2026 figures were derived by management and were not subject to statutory review or audit.
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