Fastest growing packaged food company in India with established brand equity and leadership
across various product categories.
Diversified and expanding product categories focused on emerging consumer needs.
Advanced manufacturing capabilities enhanced by automation and technology-driven processes.
Direct sourcing and focussed engagement with farmers.
Multi-channel sales with our own logistics infrastructure.
Experienced management team delivering financial growth with a focus on sustainability.
We have certain contingent liabilities that have been disclosed in the Restated Consolidated Financial Information (aggregating to Rs. 2,290.09 million as of March 31, 2026), which if they materialize, may adversely affect our business, results of operations, financial condition and cash flows.
Our manufacturing operations are dependent on the supply of large amounts of raw milk, with the majority of our raw milk procurement being from the state of Tamil Nadu (94.51%, 97.68% and 99.62% of the total raw milk procurement in Fiscals 2026, 2025 and 2024, respectively). Our inability to procure adequate amounts of good quality raw milk, at competitive prices, or any adverse development in the state of Tamil Nadu affecting the milk supply, may have an adverse effect on our business, results of operations, financial condition and cash flows.
We derive a significant portion of our revenue from the sale of our products in South India. Our aggregate revenue from the sale of products in South India accounted for 69.23%, 71.00% and 73.68% of our revenue from operations for the Fiscals 2026, 2025 and 2024, respectively. Any adverse developments affecting our operations in South India, could have an adverse impact on our business, financial condition, results of operations and cash flows.
We have substantial indebtedness which requires significant cash flows to service and limits our ability to operate freely. An inability to obtain further financing or to comply with repayment and other covenants in our financing agreements could adversely affect our business, results of operations, financial condition and cash flows. Further, one of our trademarks "Milky Mist" has been hypothecated as security for financing arrangements availed from certain lenders. Enforcement of such security by lenders in the event of default may have an adverse effect on our brand image, reputation and financial results.
We derive a significant portion of our revenue from the sale of certain products, namely, paneer, cheese and curd (which contributed 59.05%, 62.63% and 66.16% to our revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Our inability to anticipate and adapt to evolving consumer tastes, preferences and demand for such products, or ensure product quality may adversely impact demand for such products and consequently our business, results of operations, financial condition and cash flows.
We have, in the last 12 months, issued Equity Shares at a price that could be lower than the Offer Price.
Our Company is required to obtain certain statutory approvals, licenses, registrations and permits to operate our business, manufacturing facility and Milk Chilling Centres. Failure to obtain or renew such approvals in a timely manner, or at all, or comply with laws in relation to safety, health and environmental protection may adversely affect our business, financial condition, results of operations and cash flows.
We have not entered into definitive arrangements to utilize certain portions of the Net Proceeds of the Offer and the costs to be incurred in relation to such Objects are based on the quotations received from the vendors or estimates of the management. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment or services in a timely manner, or at all, it may result in time and cost over-runs and our business, prospects and results of operations may be adversely affected.
There have been certain qualifications and adverse remarks by our Company's and our Subsidiary's statutory auditors in their audit reports for Fiscal 2026, 2025 and 2024 under their reporting requirements under the Companies (Auditor's Report) Order, 2020 and Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended). We cannot assure you that our auditors' reports for any future fiscal periods will not contain such qualifications and adverse remarks.
Our ability to access capital at attractive costs depends on our credit ratings. Any downgrade of our credit ratings may restrict our access to capital and thereby adversely affect our business, reputation, cash flows and results of operations.
