“Neutral on Milky Mist Dairy Food, expecting a firm listing but highlighting concerns about its valuation at 71-85x FY26 earnings, making it more expensive than peers. Also flags the company's significant debt of ₹1,672 crore against a ₹463 crore net worth as an overhang, despite ₹497 crore of IPO proceeds being used for debt reduction. The balance between growth and leverage will be a key factor beyond the initial listing.”