New Delhi: Milky Mist is on track to launch its initial public offering (IPO) in 2026, with the company expecting to sustain around 30% annual revenue growth, according to its chief executive officer.
The Tamil Nadu–based dairy and consumer products maker received regulatory approval in October 2025 for an IPO worth ₹2,035 crore ($223.72 million). The proposed listing is part of Milky Mist’s strategy to strengthen its balance sheet and support its next phase of expansion in India’s fast-evolving dairy and nutrition market.
Milky Mist is increasingly focusing on premium and value-added offerings such as Greek yogurt and protein-enhanced cottage cheese, targeting India’s rapidly growing health-conscious and working-age population. Highlighting the opportunity in functional nutrition, CEO Rathnam said, “India is a protein-deficient country. So, protein is going to be a major, major contributing factor for anyone, not just Milky Mist,” adding that the company also plans to introduce high-protein milk products.
The company, which competes with players such as Hatsun Agro and Heritage Foods, expects to continue delivering close to 30% revenue growth in the financial year ending March 31 and beyond. As of March 2025, Milky Mist products were available across more than 350,000 retail outlets nationwide.
Alongside revenue growth, Milky Mist is targeting 15% to 20% annual expansion in store coverage. The company also expects the contribution of quick-commerce and delivery apps to rise to 12%–15% of total revenue over the next three years, up from about 10% currently, reflecting changing consumer buying patterns.
On the international front, exports accounted for around 4% of revenue in fiscal 2025. The company expects sales in the United States to increase over the next one to two years, supported by improved trade conditions following the India–U.S. trade deal.
With a strong focus on premiumisation, protein-led innovation and omnichannel distribution, Milky Mist is positioning itself for sustained growth as it moves closer to its planned public market debut.
