Milky Mist has filed its DRHP with SEBI for a ₹2,035 crore IPO. Strengths include leadership in packaged paneer with 17% market share, top ranks in cheese and yoghurt, and a direct milk network of 67,000 farmers. Weaknesses are rising debt at ₹1,376 crore, and heavy dependence on its Perundurai facility.