We recommend SUBSCRIBE to Milky Mist's IPO, given its differentiated valueadded dairy products (VADP) model, category leadership and brand-led pricing power. Unlike traditional dairy players with meaningful exposure to lowermargin liquid milk, Milky Mist is exclusively focused on VADPs, supporting superior realisation and margins. It is India's largest private packaged paneer player with ~19% market share, the largest private packaged cheese player in South India and among the top two private packaged yogurt players nationally. Revenue grew at a strong 31.3% CAGR over FY24-26, while EBITDA margin expanded from 11.9% to 13.7%. FY26 ROCE is modest at 11.7% and net debt/EBITDA at 3.8x. At the upper band of Rs 140, the issue implies a post-issue...