Milky Mist Dairy Food Ltd.

• Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by our Company₹497 Cr
• Financing the capital expenditure requirements in relation to the expansion and modernisation of our Perundurai Manufacturing Facility₹469 Cr
• Deployment of visi coolers, ice cream freezers and chocolate coolers₹155 Cr
• General corporate purposes₹207 Cr

Except as stated below, as on the date of this Prospectus, there are no other outstanding (i) criminal proceedings (including matters which are at FIR stage whether cognizance has been taken or not by any court or judicial authority) involving our Company, Subsidiary, Directors or Promoters (“Relevant Parties”) and Key Managerial Personnel and Senior Management; (ii) actions taken (including any orders passed or show cause notices issued) by regulatory authorities and/or statutory authorities (including any judicial, quasi-judicial, administrative authorities or enforcement authorities) involving the Relevant Parties and Key Managerial Personnel and Senior Management; (iii) claims related to direct and indirect taxes involving the Relevant Parties, in a consolidated manner; and (iv) other litigations involving the Relevant Parties (including civil litigation / arbitration proceedings) which has been determined to be material pursuant to the Materiality Policy (as disclosed herein below) or (v) litigations involving our Group Company which may have a material impact on our Company. Further, as on the date of this Prospectus, there are no disciplinary actions (including penalties imposed) by SEBI or recognized stock exchanges, against our Promoters in the last five Fiscals immediately preceding the date of this Prospectus including any outstanding action.

• We have disclosed contingent liabilities aggregating to ₹ 2,290.09 million as of March 31, 2026, including disputed GST demands, EPCG obligations, and statutory liabilities. If these liabilities materialize, they may adversely affect our business, results of operations, financial condition and cash flows.(Financial)

• We have an aggregate outstanding export obligation under all active EPCG licences of ₹ 10,028.13 million as at March 31, 2026. If we fail to meet our EPCG obligations in full or within the prescribed timelines, we may be liable to pay an amount equivalent to the duty saved, along with applicable interest and penalties.(Regulatory)

• Our manufacturing operations are dependent on the supply of large amounts of raw milk, with 94.51%, 97.68% and 99.62% of total raw milk procurement coming from the state of Tamil Nadu in Fiscals 2026, 2025 and 2024, respectively. Any adverse development in Tamil Nadu affecting milk supply could adversely affect our business.(Operational)

• We derive a portion of our revenue from outside India (3.72%, 3.16% and 2.65% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any adverse events in the countries where we export our products or foreign exchange fluctuations could have an adverse impact on our business.(Market)

• Our ability to meet our EPCG obligations may be impacted if we are unable to manage the overall growth of our business, operations and revenue.(Operational)

• We are currently implementing a decentralized procurement model, having initiated sourcing activities from Maharashtra. Any significant social, political, or economic disruption, natural calamities, civil unrest, dairy farmers' protests, diseases affecting cattle, or changes in government policies could substantially impact our ability to procure raw milk.(Operational)

• We have received GST demands for ₹ 161.79 million (July 2017 to March 2021), ₹ 50.41 million (April 2021 to March 2022), and ₹ 42.48 million (April 2020 to March 2021) related to short payment, wrong classification, and irregular availment of input tax credit. We are in the process of filing appeals against these orders.(Regulatory)

• We have disputed statutory liabilities of ₹ 254.68 million and disputed other liabilities of ₹ 20.30 million as of March 31, 2026. If these liabilities materialize, they may adversely affect our business, results of operations, financial condition and cash flows.(Financial)

Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

• Milky Mist Dairy Food Limited - RHP04 Aug 2026