- **Milkfood Ltd is a dairy company built on a single, enduring asset - the “MILKFOOD” brand, which it spent over a decade fighting to bring back onto its own balance sheet. Incorporated in Punjab and listed on the Bombay Stock Exchange, the company makes its living by turning raw milk into Pure Ghee and Milk Powders for the Indian market, where dairy is the dominant source of animal protein for a vast vegetarian population. The recurring approach is a deliberate pivot from heavy manufacturing to a leaner, brand-led model - a shift made visible by the sale of one of its two plants in January 2026 and the proposed re-acquisition of its brand through a complex amalgamation.** # Business segments A single engine - branded dairy products - run through two plants, now being streamlined to one, with the company also trading raw milk and selling conversion services on the side. ## 1. Branded dairy: ghee and milk powders under a name it finally owns **The company makes Pure Ghee and a range of Milk Powders, and its most valuable asset is the “MILKFOOD” brand it re-acquired in 2024 after years of operating it under a royalty-free arrangement with a promoter entity.** - **The brand was bought, not just built** - the “MILKFOOD” brand, valued at Rs. 33.6 crore, was brought onto the company’s books through the amalgamation of Triputi Infrastructure Pvt Ltd in April 2024, ending an arrangement where the promoter-owned entity held the brand and charged no royalty while bank loans were outstanding. - **Two plants, soon to be one** - manufacturing happens at Patiala, Punjab and Moradabad, Uttar Pradesh, but the Moradabad unit (which contributed roughly 17% of turnover) is being sold for Rs. 130 crore, with proceeds earmarked to cut debt and fund business development. - **Milk in, ghee and powder out** - the core process is straightforward: the company buys raw milk, processes it to its own quality standards, and produces Pure Ghee, Skimmed Milk Powder, Whole Milk Powder, Whey Powder, and Dairy Whitener. - **Not just its own production** - alongside manufacturing, the company trades chilled raw milk sold to customer specifications and earns conversion charges by processing milk into ghee, butter, and powder for other parties on a job-work basis. - **Energy self-help keeps costs down** - the plants run on purchased electricity but also self-generate power via a steam turbine (4.8 lakh units in FY25) and a diesel generator, and burn rice husk, petroleum coke, charcoal, bagasse, and firewood as fuel - part of a wider effort that includes a fuel-efficient boiler and low-power refrigeration. # Group structure and partners **The company is a standalone operating entity with a single, now-dissolved shell subsidiary, and its defining structural event was the long-running amalgamation that returned the “MILKFOOD” brand to its balance sheet.** - **A subsidiary that never traded** - MFL Trading Pvt Ltd, the wholly owned subsidiary, had no business operations, no assets, and no revenue since incorporation; it was struck off from the Register of Companies in January 2026. - **The amalgamation that brought the brand home** - Triputi Infrastructure Pvt Ltd, a promoter entity holding the “MILKFOOD” brand as an intangible asset worth Rs. 14 crore, was merged into Milkfood Ltd through an NCLT-approved scheme, with Milkfood issuing 9.67 lakh new shares to Triputi’s shareholders at a ratio of 69 shares for every 1,000 held. - **Management is buying in** - in June 2026, the board approved a preferential issue of 22 lakh convertible warrants to the Managing Director and the President (both non-promoter/public), which on full conversion would give each a stake of nearly 4% in the expanded equity, with the Rs. 6.6 crore proceeds flowing into the company.