Milky Mist revenue rises 12.14% QoQ as margin slips
Expenses grew faster than revenue, but lower interest costs and higher other income lifted net profit by 20.33% sequentially.
Filed 29 Oct 2026, 16:24 IST · after market close · Milky Mist Dairy Food Ltd (MILKYMIST)
Key takeaways
- Standalone revenue grew 12.14% QoQ to Rs 1,091.60 cr, while expenses grew faster at 12.64%.
- Operating margin narrowed 0.38 percentage points to 14.30% as costs outpaced revenue growth.
- Net profit rose 20.33% QoQ to Rs 77.55 cr, helped by a 17.09% decline in interest costs but with other income contributing 8.66% of pre-tax profit.
Price around the results
Revenue momentum continued in Q2FY27
Milky Mist reported standalone revenue growth of 12.14% QoQ, while operating profit rose 9.23%, showing that profit conversion lagged sales growth. Management said the company launched Skyr and Greek Yogurt in a four-pack format during the quarter, following the introduction of High-Protein Paneer Cubes in Q1.
Costs diluted the operating gain
Expenses increased 12.64% QoQ against 12.14% revenue growth, narrowing operating margin by 0.38 percentage points to 14.30%. Lower interest costs, down 17.09%, supported pre-tax profit, but depreciation rose 16.01% and the tax rate increased 1.50 percentage points to 13.44%. Other income accounted for 8.66% of pre-tax profit, so reported net profit also received a non-operating lift.
Margin remained above the FMCG peer median
Milky Mist's 14.30% operating margin was 2.00 percentage points above the 12.30% median for the 22 Fast Moving Consumer Goods peers that had reported the quarter. Sequentially, however, the margin moved lower even as revenue increased 12.14%, pointing to cost absorption as the key operating issue in this quarter.
Management highlighted product expansion and market positions
Management said Milky Mist has approximately 19% of India's organised packaged paneer market by value in Fiscal 2026. The company also said it held approximately 12% of the organised cheese segment by value in South India in Fiscal 2026, while the quarter's new launches broadened its yoghurt offering.
Results were filed after market close
The standalone results were filed at 16:24 IST on 29 October 2026, after market close. No post-results stock reaction is covered here.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,092 cr | ₹973 cr | +12.14% |
| Other income | ₹8 cr | ₹1 cr | +592.86% |
| Expenses | ₹936 cr | ₹831 cr | +12.64% |
| Operating profit | ₹156 cr | ₹143 cr | +9.23% |
| Operating margin (%) | 14.30% | 14.68% | — |
| Interest | ₹20 cr | ₹24 cr | -17.09% |
| Depreciation | ₹54 cr | ₹47 cr | +16.01% |
| Profit before tax | ₹90 cr | ₹73 cr | +22.41% |
| Tax | ₹12 cr | ₹9 cr | +37.76% |
| Net profit | ₹78 cr | ₹64 cr | +20.33% |
| EPS (₹) | ₹1.09 | ₹1.00 | +9.00% |
Operating margin of 14.30% compares with a Fast Moving Consumer Goods sector median of 12.30% across 22 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company launched Skyr and Greek Yogurt in a pack of four format during the quarter.
New products
- The company launched Skyr and Greek Yogurt in a pack of four format.
- The company introduced High-Protein Paneer Cubes in Q1.
Competition
- The company describes itself as the largest private packaged paneer brand, with approximately 19% share of India’s organised packaged paneer market value in Fiscal 2026.
- The company reports approximately 12% share of the organised cheese segment by market value in South India in Fiscal 2026.
What to watch
- Whether operating margin recovers from 14.30% after the 0.38 percentage-point QoQ decline.
- Whether expense growth stays below the current 12.64% QoQ pace relative to revenue growth of 12.14%.
- Whether other income's 8.66% contribution to pre-tax profit reduces in the next quarter.