Madhusudan Masala Ltd(MADHUSUDAN)

NSE: MADHUSUDAN

₹ 254.75+0.35%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 411 crUpdated: 24 Oct 2026

About

Madhusudan Masala Ltd makes and sells branded spices, including ground, whole and blended spices, grocery products and tea, from plants in Jamnagar and Rajkot, Gujarat. Branded sales were 72% of consolidated revenue in Q1 FY27. Revenue was 291.71 in FY26, and FY26 volume was 24,604 MT. As of June 30, 2026, the company sold through 48,000+ retail grocery stores across 11 states.^[1][2]

Product mix

Branded sales were 72% of consolidated revenue in Q1 FY27, up from 70% in FY26; non-branded sales were 28% in Q1 FY27 vs 30% in FY26.^[1]
Branded revenue mix in Q1 FY27: ground spices over 50%, whole spices 27%, grocery 17%, blended spices 5%, tea about 1%.^[1]
Branded share of revenue was 70% in FY26 vs 62% in FY25.^[3]
Branded sales share rose from 56.43% in FY24 to 62.21% in FY25.^[4]

Manufacturing capacity

Consolidated manufacturing capacity was 7,800 MT in Q1 FY27: Jamnagar 7,200 MT at 99% utilisation and Rajkot 600 MT at 100% utilisation.^[1]
In Q1 FY27 Jamnagar added 1,200 MT of whole-spice cleaning and packing capacity, bringing in-house work that was previously outsourced.^[1]
In Q2 FY26, 328 MT of the 1,120 MT manufactured was outsourced to third-party millers because of capacity limits.^[5]

Key operating numbers

Total volume was 8,134 MT in Q1 FY27, of which branded volume was 4,730 MT; about 78.4 Mn packets were sold.^[1]
FY26 total volume was 24,604 MT, including 16,197 MT of branded products; about 182.1 Mn packets were sold.^[3]
Average selling price of chilli powder was INR 241/kg in Q3 FY26 vs INR 174/kg in Q2 FY26, and selling prices were raised across key categories.^[6]

Distribution and markets

As of June 30, 2026: 48,000+ retail grocery stores, 6,750+ wholesalers, 415+ distributors and 21 super stockists across 11 states.^[1]
Q1 FY27 additions: 1,500+ retailers, 50+ wholesalers and 15+ distributors.^[1]
Revenue by region in Q1 FY27: Gujarat 45%, Maharashtra 11%, North + East 44%.^[1]
FY26 additions: 21,500+ retailers, 770+ wholesalers, 120+ distributors and 15 super stockists; states covered rose from 7 in FY25 to 9 in FY26.^[3]
An exclusive super stockist in Chandigarh was appointed to manage the Northern region; markets include Punjab, Haryana, UP, Bihar, Jharkhand, Delhi and J&K.^[3]
FY27 year-end targets are 75,000 retailers and 500+ distributors.^[1]
The company did no exports and had no net foreign exchange expenditure in FY25.^[4]

Expansion and capex

Sanosara greenfield Phase 1 (6,000 MT, Rajkot-Jamnagar Highway): civil and PEB work 100% complete as of Q1 FY27, machine installation and electrification in progress, production expected from September 2026.^[1]
After commissioning, the 600 MT Rajkot Vitagreen unit moves to Sanosara, taking total capacity to 13,200 MT (7,200 MT Jamnagar + 6,000 MT Sanosara).^[1]
Sanosara project cost was revised to INR 16 crore, funded 65% by a long-term bank loan and 35% from own funds; earlier guidance was INR 18-20 crore funded by warrants.^[1]
The new plant is 2,00,000 sq. ft. and includes cryogenic grinding.^[3]
Phase 2 capacity of 12,000-18,000 MT is planned after Phase 1 is running, with estimated capex of INR 35-40 crores.^[6]

Management targets

In Q1 FY27, management raised its medium-term revenue CAGR guidance to about 35% for 3-5 years, from about 30%.^[1]
FY27 EBITDA margin guidance is at least 11.5%.^[1]
Long-term goals stated in Q1 FY27: 1% share of the Indian spices industry and about INR 3,000 crore revenue in under 5 years.^[1]
The company targets 100% branded revenue by 2028, as stated in Q3 FY26.^[6]

Recent developments

FY26 annual report: board proposes raising MD and WTD salaries from Rs 6 lakh to up to Rs 13.20 lakh p.a. each from September 1, 2026.^[7]
Ms. Rashmi Kamlesh Otavani was appointed Independent Director from August 20, 2025; the board is largely the promoter Kotecha family.^[4]
In July 2026, the company started a pilot of an integrated sales and operations app with the Vitagreen sales team.^[1]
Sanosara production start was moved up to September 2026 from the earlier October 2026 guidance.^[3]
In February 2026, a former Goldie Masala sales team was being onboarded to cover UP.^[6]

Market Cap

₹411 Cr

High / Low

₹285 / 109

Stock P/E

19.5

Price / Book

2.9

Book Value

₹80

EPS

₹12.1

No. of Shares

1.52 Cr

ROCE

17.0%

ROE

17.1%

OPM

10.8%

Debt / Equity

0.68

Sales

₹292 Cr

Net Profit

₹19 Cr

Promoter holding

70.4%

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