
Why Milky Mist is eyeing value-added dairy products to fuel growth ahead of IPO
The firm finds immense potential in value-added products like probiotic curd, sweetened condensed milk, and protein-rich paneer, as they help create differentiation and target premium consumers who value nutrition over price points, K. Rathnam, chief executive officer of Milky Mist Dairy, said in an interview.
'Protein products are our fastest-growing category, and there is great potential for further growth. The category is evolving and is contributing well to our topline." Products treated at ultra-high temperatures kill bacteria and have an extended shelf life.
'More than 70% of the population does not meet the daily requirement of protein. Post covid, there is a change in the consumption pattern where people look for a good quality product in terms of nutritional value," he noted.
The firm's revenue grew nearly 27% in the financial year ended March 2025 compared to the previous year, while profit after tax grew year-on-year, Rathnam said.
'Despite a slowdown in consumption, our topline grew 27% year-on-year and Ebitda as well as profit after tax also improved," he said.
In FY24, the Erode-based company reported revenue of ₹1,900 crore from ₹1,437 crore a year ago, while its profit declined to ₹19.46 crore from ₹28 crore in the previous fiscal year, according to filings with the ministry of corporate affairs.
Focus from the start
The firm currently has a unit near Erode in Tamil Nadu that can process 12.5 lakh litres of milk per day. The firm is working on expanding the capacity of the existing unit with an investment of ₹620 crore. According to Rathnam, the expanded unit will have a total capacity of 20 lakh litres and is expected to be completed by the end of the calendar year.
'The expansion is going on. We are setting up a cheese plant and have commissioned a newpaneer plant in the same processing unit. We have been spending a lot of money on setting up new technologies in tandem with our year-on-year growth," Rathnam added.
Founded in 1997 by Sathish Kumar, Milky Mist started by selling paneer products and eventually expanded its product line to include other dairy products such as curd, buttermilk, khoya, milkshakes, cheese, and ghee. As part of its long-term strategy, the firm avoided selling milk itself, given its low margins and higher costs. CEO Rathnam previously served as the managing director of Amul Dairy.
'From the beginning, we focused on paneer and other dairy products because processing milk requires a decentralised processing plant. It also needs scale and volume, which later becomes a matter of multiple plants and operation lines. A single processing unit helps us maintain strict control over quality," Rathnam said.
Also Read: Protein powers new launches for dairy and snacking companies
Even though the production of value-added products can be at least 5x costlier than liquid milk, the growing consumption patterns offer an opportunity for sustained business.
'In a whole life cycle, one may be consuming just 1-2 glasses of milk every day. The scope is limited. But for value-added products, there are multiple avenues for repeat consumption," according to the executive.
Also Read: Delhi draws a line in the sand over American dairy
Bright prospects
According to a June 2025 report by Crisil, value-added products are expected to bolster dairy company growth by 11-13% in FY26, thanks to higher margins and favourable user shifts.
'Overall, improved product mix, healthy volumes and rising retail prices are expected to help dairy companies see revenue growth of 11-13% in FY26," the report added.
The dairy market in India is highly competitive. According to IMARC Group estimates, it touched ₹18,975 billion in 2024 and is expected to grow to ₹57,000 billion by 2033, propelled by technological innovation and rising consumer demand for a diversified and quality-focused product range.
Milky Mist competes with Amul Dairy, Heritage Foods and Nandini in the non-milk categories.
Milky Mist converted into a public company earlier this year, according to filings available with the ministry of public affairs (MCA). It also appointed two independent directors—Radha Venkatakrishnan and Mallika S Janakiraman—to its board in April.
CEO Rathnam did not comment on the IPO timeline and size.
Also Read: Is that paneer artificial or milk-based? Govt wants to know

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
41 minutes ago
- Time of India
Over a million Americans data 'hacked': Allianz Life says majority of customers' data stolen; FBI notified
Allianz Life Insurance Company of North America has suffered a major hacker attack affecting millions of customers. A 'malicious threat actor' gained access to a third-party, cloud-based system used by Allianz and obtained personally identifiable data related to the majority of customers as well as financial professionals and some employees, Allianz Life said in an emailed statement to Bloomberg. Hackers gained access to personal data on the majority of the 1.4 million customers of Allianz Life Insurance Company of North America, the company confirmed. 'The threat actor was able to obtain personally identifiable data related to the majority of Allianz Life's customers, financial professionals, and select Allianz Life employees, using a social engineering technique,' the statement added. Allianz Life said its investigation is ongoing and that the company has begun reaching out to the impacted individuals and disclosed it in a filing with the Maine attorney general's office. The company claimed that its own systems were not accessed, just the third-party's platform. It said the incident involves only Allianz Life in the U.S., not other Allianz corporate entities. FBI notified of the hacking Allianz Life said that it has notified the Federal Bureau of Investigation (FBI) of the hacking attack. 'We took immediate action to contain and mitigate the issue and notified the FBI,' Allianz Life said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Jakarta: Unsold Sofas Prices May Surprise You (Prices May Surprise You) Sofas | Search Ads Search Now Undo Allianz Life further said that the company has reported the breach to multiple other authorities, including the Maine Attorney General's Office. A filing on the agency's website said the company discovered the breach the day after it happened, and that it will be offering those affected 24 months of identity theft protection and credit monitoring. Allianz Life Insurance Company of North America is subsidiary of German company Minneapolis-based Allianz Life Insurance Company of North America is one of five North American subsidiaries of the Munich-based global financial services group Allianz SE, which says it serves more than 125 million customers worldwide. Allianz Life was known as North American Life and Casualty until it was acquired by German conglomerate Allianz SE in 1979 and changed its name to Allianz Life Insurance Company of North America. The company has nearly 2,000 employees in the U.S., with the majority working in Minnesota, as per the information given on its website. AI Masterclass for Students. Upskill Young Ones Today!– Join Now


Mint
2 hours ago
- Mint
China strong-armed Japan over rare earths. It's a lesson for the US.
TOKYO—The U.S. found out this year that China could use its chokehold on rare-earth minerals as a coercive tool when Beijing imposed export controls. For Japan, it was déjà vu: It had been the victim 15 years earlier. Tokyo vowed in 2010 to be ready for next time and over the years put hundreds of millions of dollars into Australian supplies. Yet as of last year, it was still relying on China for some 70% of its imports of rare earths, which are widely used in electronics, cars and weapons, according to the government-owned Japan Organization for Metals and Energy Security. When China restricted rare-earth exports in April, some of Japan's automakers again got hit. Japan's experience drives home lessons for the U.S., where the Pentagon recently agreed to take a stake in Las Vegas-based MP Materials so it can mine and refine rare earths on American soil. Tokyo found that partially reducing dependence still leaves Beijing with plenty of leverage. At the same time, complete independence costs billions of dollars, not millions. After the crisis passed and China resumed exports to Japan, the urgency to diversify supplies waned. That points to the danger of complacency in the U.S. After it was hit by Chinese rare-earth export controls earlier this year, the U.S. recently got Beijing to reopen the spigot as part of a trade deal. If costs don't matter, cutting reliance on China might be feasible, but businesses can't swallow high costs, said Kazuto Suzuki, a professor at the University of Tokyo's Graduate School of Public Policy. People in Japan 'understood that there was a vulnerability, but everyone still relied on China because the conclusion was that there weren't other options," Suzuki said. Four decades ago, a Japanese scientist named Masato Sagawa invented the most powerful type of permanent magnets containing a rare-earth element called neodymium. The breakthrough underlies the magnets widely used today. By early this century, it was China, not Japan, that had come to dominate supplies of the 17 rare-earth elements as well as the refining of the metals and manufacture of magnets containing them. In 2009, 85% of Japan's rare-earth imports came from China. Beijing realized it had a diplomatic tool and used it in 2010, when a Chinese trawler collided with Japanese patrol vessels near islands controlled by Japan and claimed by China. Japan detained the captain and crew, sparking a diplomatic clash. Japanese users of rare earths reported severe delivery disruptions, although Beijing denied doing anything. The captain was released under Chinese pressure, and tensions eased after a few months. But Japan sought alternative suppliers. 'We're going to pursue a variety of risk hedges," said Japan's foreign minister at the time. 'It isn't good to lean too much on one country." Tokyo's biggest initiative from that era was a deal with Australia's Lynas Rare Earths that, in hindsight, helped somewhat but didn't go nearly far enough or contribute quickly enough to undercut China's dominance. The government body now called the Japan Organization for Metals and Energy Security, or Jogmec, as well as trading company Sojitz provided Lynas a $225 million loan to secure rare earths for Japan. The Lynas project didn't help Japan with securing a subset of rare-earth elements known as heavy rare earths, which are generally less common than the light ones. The heavy elements include dysprosium and terbium, which are commonly used alongside neodymium, a light rare-earth element, in strong permanent magnets. The rare-earth elements tend to be intermingled. Miners are reluctant to invest in specialized equipment for processing the relatively small quantities of heavy rare earths that they extract alongside the light elements. Meanwhile, in the field of rare-earth magnets that Japan had once led, it actually deepened its dependence on China after the 2010 showdown. Japan's biggest companies formed partnerships with Chinese magnet makers in the 2010s, reasoning that they could protect themselves from political blackmail if they had friends in China with secure supplies. Among the deals was a joint venture formed in 2013 by Tokyo-based TDK with China's state-backed Rising Nonferrous Metals Share. The Japanese companies had production know-how that made them attractive partners at the time in China. Afterward, China's dominance grew. In 2013, Japan's share in the global neodymium-magnet market was at 23% while China held about three-quarters. By 2021, Japan's share fell to 15% while China's rose to about 84%, according to government figures based on data from research firm Fuji Keizai. It took more than a decade for Japan to do something about the gap in its policy. In 2023, the Japanese government body, Jogmec, and Sojitz invested an additional 200 million Australian dollars, equivalent to around $130 million today, in Lynas. The company recently started to produce dysprosium and terbium, up to 65% of which is headed to Japan under the deal. Separately, Jogmec and energy firm Iwatani said in March they would invest 110 million euros, equivalent to $129 million, in a subsidiary of France's Carester to support a project that could supply a fifth of Japan's demand for dysprosium and terbium. Japan now says it wants to beef up production of neodymium magnets, develop magnets using smaller amounts of rare earths and step up recycling.


India.com
2 hours ago
- India.com
Ben Stokes' Net Worth In 2025: ECB Salary, Assets, Cars, And Investments - All You Need To Know
photoDetails english 2937533 Updated:Jul 27, 2025, 10:39 AM IST Ben Stokes Net Worth 1 / 10 Ben Stokes, the dynamic England Test captain and all-rounder, is not only celebrated for his on-field heroics but also for his significant earnings. In 2025, his net worth is estimated at $13 million (Rs 105 crore), placing him among the richest cricketers in the world. Central Contract & Match Fees 2 / 10 A major portion of Stokes' income comes from his England and Wales Cricket Board (ECB) central contract, which ensures a fixed annual salary plus match fees. He earns approximately $3.3 million (Rs 28 crore) annually from the ECB, making him one of the highest-paid English players. IPL Earnings 3 / 10 Stokes has been a consistent figure in the Indian Premier League (IPL). In the 2023 auction, Chennai Super Kings signed him for Rs 16.25 crore ($2 million). Despite injuries affecting his availability in some seasons, IPL remains one of his biggest income sources. Endorsements 4 / 10 Stokes endorses top global brands, including Adidas, Red Bull, Gunn & Moore, and several UK-based companies. These endorsements contribute a significant amount to his annual income, reportedly adding over $1 million each year. Real Estate 5 / 10 The all-rounder owns a luxurious mansion in County Durham, England, valued at approximately £1.75 million (Rs 19-20 crore). His property features modern interiors, a home gym, and an entertainment suite, showcasing his taste for premium living. Cars & Lifestyle 6 / 10 Stokes is known for his love of cars. He owns high-end models such as a Mercedes-AMG GT63, Range Rover Sport SVR, and other luxury vehicles. His lifestyle reflects a blend of elegance and practicality, often spending time with his family when off the field. Investments 7 / 10 Apart from cricket and endorsements, Stokes has invested in various businesses and real estate holdings. These investments help diversify his income streams and secure long-term financial stability. Philanthropy & Public Image 8 / 10 Ben Stokes is also involved in charitable initiatives, supporting youth cricket and community development programs in England. His public image as a leader and role model has enhanced his brand value worldwide. Summary & Future Outlook 9 / 10 In 2025, Ben Stokes' net worth stands at $13 million, driven by his cricketing career, endorsements, and assets. As he continues to lead England and play franchise cricket, his net worth is expected to grow even further in the coming years. 10 / 10