Madhusudan Masala LimitedMADHUSUDANCorporate

Food - Processing - Indian Latest results: Mar 2026 7 quarters of data

₹247.25

MCap ₹319 Cr · P/E 18.4

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🏭 FMCG sector

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₹97 Cr

Sales · Mar 2026

-26.0% YoY

₹11 Cr

Operating Profit · Mar 2026

-17.2% YoY

11.0%

OPM % · Mar 2026

+12.2% YoY

₹6 Cr

Net Profit · Mar 2026

-27.7% YoY

₹4.03

EPS · Mar 2026

-32.2% YoY

📝 Madhusudan Masala Limited — results explained

Quarter ended March 2026 (Q4 FY26)

Madhusudan Masala Limited reported revenue of ₹97 crore for the quarter ended March 2026 (Q4 FY26), down 26.0% from ₹131 crore in the same quarter last year, and up 115.3% sequentially over the December 2025 quarter.

Net profit fell 27.7% year-on-year to ₹6 crore, from ₹8 crore. Earnings per share (EPS) came in at ₹4.03.

Operating profit stood at ₹11 crore — an operating margin (OPM) of 11.0%, compared with 9.8% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY26, Madhusudan Masala Limited posted revenue of ₹261 crore, a decline of 10.0% over FY25, with a net profit of ₹17 crore (up 5.1% year-on-year).

On a trailing-twelve-month (TTM) basis, revenue stands at ₹261 crore with a net profit of ₹17 crore.

Valuation snapshot

At the current price of ₹247.25, MADHUSUDAN has a market capitalisation of ₹319 crore and a trailing P/E of about 18.4.

Within the Food - Processing - Indian industry, it is the 25th-largest of the 40 companies we track by market value.

Shareholding pattern

As of Mar 2026, promoters held 69.53%, foreign institutional investors (FIIs) 0.72%, domestic institutional investors (DIIs) 4.91%, public shareholders 24.83% of Madhusudan Masala Limited.

Promoter holding rose from 68.09% to 69.53% over the latest period.

📈 Share price & events

📊 Quarterly trend

₹ crore · OPM % on right axis

🎯 Key metrics

price-linked ratios use the latest close

Valuation

Market Cap ?

₹319 Cr

Current Price ?

₹247.2

P/E ?

18.45below ind

Industry P/E ?

24.80

P/B ?

2.61

P/S ?

1.22

P/FCF ?

-53.16

Enterprise Value ?

₹402 Cr

EV/EBITDA ?

12.84

PEG ?

N/A

Earnings Yield ?

7.2%

Dividend Yield ?

0.00%

Profitability & Returns

Sales (TTM) ?

₹261 Cr

OPM ?

12.0%

Profit after tax (TTM) ?

₹17 Cr

EPS (TTM) ?

₹13.40

ROCE ?

17.0%

ROE ?

14.2%

ROA ?

7.9%

Growth

Sales — latest qtr ?

₹97 Cr

PAT — latest qtr ?

₹6 Cr

YoY qtr sales growth ?

-26.0%

YoY qtr profit growth ?

-27.7%

Sales growth (3y) ?

N/A

Sales growth (5y) ?

N/A

Profit growth (3y) ?

N/A

Profit growth (5y) ?

N/A

Financial Health

Debt ?

₹83 Cr

Debt to Equity ?

0.68

Interest Coverage ?

4.0

Current Ratio ?

N/A

Ownership

Promoter holding ?

69.53%

Change in promoter holding ?

2.60%

Pledged percentage ?

N/A

Market

Return 3 months ?

2.6%

Return 6 months ?

63.4%

🗓️ Quarterly results (7 quarters · ₹ Cr)

same fiscal quarter as Mar bestweakest per row · for costs (interest, NPAs) low is best Highlight

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	YoY %	QoQ %
Sales	95	63	131	73	45	45	97	-26.0%	+115.3%
Operating Profit	11	5	13	8	7	7	11	-17.2%	+63.5%
Other Income	0	1	0	0	1	1	0	-15.2%	-24.5%
Interest	3	1	3	2	2	2	2	-37.0%	+19.4%
Depreciation	1	1	2	1	1	1	1	-55.6%	+9.7%
Profit Before Tax	7	3	12	6	5	5	8	-28.3%	+77.3%
Net Profit	6	2	8	4	3	3	6	-27.7%	+75.9%
EPS	4.33	1.60	5.94	2.88	2.41	2.41	4.03	-32.2%	+67.2%
OPM %	11.5%	7.2%	9.8%	10.3%	14.5%	14.5%	11.0%	+12.2%	-24.1%

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric	FY25	FY26	TTM	YoY %
Sales	₹290 Cr	₹261 Cr	₹261 Cr	-10.0%
Operating Profit	₹28 Cr	₹31 Cr	₹31 Cr	+10.0%
OPM %	9.82%	12.02%	12.02%	+22.4%
NPM %	5.68%	6.64%	6.64%	+16.9%
Other Income	₹1 Cr	₹2 Cr	₹2 Cr	+56.8%
Depreciation	₹3 Cr	₹3 Cr	₹3 Cr	-16.2%
Interest	₹8 Cr	₹7 Cr	₹7 Cr	-6.1%
EBIT	₹25 Cr	₹29 Cr	₹29 Cr	+13.1%
PBT	₹22 Cr	₹23 Cr	₹23 Cr	+6.0%
Tax	₹5 Cr	₹4 Cr	₹4 Cr	-20.7%
Net Profit	₹16 Cr	₹17 Cr	₹17 Cr	+5.1%
EPS	₹11.87	₹11.73	₹11.73	-1.2%
Material Cost	₹205 Cr	₹166 Cr	₹166 Cr	-18.8%
Employee Cost	₹4 Cr	₹4 Cr	₹4 Cr	-13.1%
Extraordinary Items	₹3 Cr	—	—	—

🏛️ Balance Sheet (latest 2 periods)

Metric	Mar 2025	Mar 2026	% Chg
Equity Capital	14	15	+7.1%
Reserves	79	107	+35.4%
Borrowings	75	83	+10.7%
Other Liabilities	10	14	+40.0%
Total Liabilities	179	220	+22.9%
Fixed Assets	15	16	+6.7%
CWIP	0	2	—
Investments	4	6	+50.0%
Other Assets	161	196	+21.7%
Total Assets	179	220	+22.9%

💧 Cash Flow (latest 2 periods)

Metric	Mar 2025	Mar 2026	% Chg
Cash from Operating Activity	-39	-1	+97.4%
Cash from Investing Activity	-7	-14	-100.0%
Cash from Financing Activity	45	15	-66.7%
Net Cash Flow	-1	0	+100.0%
Free Cash Flow	-38	-6	+84.2%
CFO/OP	-143%	17%	+111.9%

➗ Ratios (latest 2 periods)

Metric	Mar 2025	Mar 2026	% Chg
Debtor Days	75	75	+0.0%
Inventory Days	186	172	-7.5%
Days Payable	10	9	-10.0%
Cash Conversion Cycle	251	239	-4.8%
Working Capital Days	128	126	-1.6%
ROCE %	—	17%	—

👥 Shareholding (latest 4 periods)

Metric	Sep 2024	Mar 2025	Sep 2025	Mar 2026	% Chg
Promoters	66.93%	68.09%	68.09%	69.53%	+2.1%
FIIs	1.11%	0.04%	0.44%	0.72%	+63.6%
DIIs	4.91%	4.89%	4.99%	4.91%	-1.6%
Public	27.05%	26.99%	26.48%	24.83%	-6.2%
Others	0.00%	0.00%	0.00%	0.00%	—
No. of Shareholders	1,428	1,532	1,519	1,395	-8.2%

⚖️ Peer comparison

Industry: Food - Processing - Indian · top 25 of 40 companies · full page →

#	Company	CMP	MCap (Cr)	P/E	Sales TTM	NP TTM	OPM%	NPM%	Sales YoY%	NP YoY%	Qtr Rev Δ%	Qtr NP Δ%
1	MANORAMA Manorama Industries	₹1,932.20	12,197	43.7	1,472	264	27.0%	17.9%	76.1%	108.1%	39.5%	61.3%
2	KRBL KRBL	₹393.95	9,017	11.9	6,009	758	16.5%	12.6%	9.0%	36.2%	-5.6%	73.2%
3	BECTORFOOD Mrs. Bectors	₹226.63	6,951	46.8	2,119	148	12.8%	7.0%	9.0%	-1.9%	16.0%	25.0%
4	DODLA Dodla Dairy	₹1,063.60	6,416	26.2	4,316	246	6.7%	5.7%	10.9%	3.1%	19.0%	-35.5%
5	VADILALIND Vadilal Industries	₹7,486.00	5,381	24.6	1,675	219	18.7%	13.1%	21.2%	-4.0%	34.4%	145.3%
6	HERITGFOOD Heritage Foods	₹420.55	3,903	33.8	4,934	115	5.1%	2.3%	9.5%	-20.1%	18.6%	-39.5%
7	PARAGMILK Parag Milk	₹271.10	3,430	24.8	3,818	135	8.9%	3.5%	11.2%	14.0%	3.0%	23.0%
8	GOPAL Gopal Snacks	₹254.60	3,174	37.8	1,609	84	7.3%	5.2%	2.8%	304.4%	31.2%	328.2%
9	ADFFOODS ADF Foods	₹270.15	2,968	32.3	718	91	19.0%	12.7%	16.1%	28.2%	25.9%	13.4%
10	DIAMONDYD Prataap Snacks	₹1,102.20	2,638	—	—	—	—	—	18.3%	553.3%	-5.1%	313.1%
11	TASTYBITE Tasty Bite	₹8,718.00	2,237	62.2	583	36	10.4%	6.2%	-1.0%	37.9%	28.6%	7.9%
12	GRMOVER GRM Overseas	₹84.31	1,750	45.1	1,868	77	5.5%	4.1%	31.2%	22.9%	30.5%	10.2%
13	CLSEL Chaman Lal	₹298.25	1,483	11.8	1,478	125	11.6%	8.4%	-3.7%	11.3%	12.6%	47.8%
14	KCK Kck Industries	₹214.00	1,361	n/m	29	0	0.1%	1.5%	—	—	3.2%	-21.6%
15	AVTNPL AVT Natural	₹88.11	1,342	16.0	821	83	13.9%	10.1%	28.1%	32.9%	82.2%	156.7%
16	HMAAGRO HMA Agro	₹24.65	1,234	5.8	7,904	215	2.1%	2.7%	34.7%	88.4%	88.0%	8361.3%
17	SKMEGGPROD SKM Egg	₹209.79	1,106	9.9	777	112	21.0%	14.4%	54.3%	200.8%	4.9%	46.3%
18	KRISHIVAL Krishival Foods	₹419.00	1,074	40.7	332	23	10.0%	7.0%	44.7%	64.0%	79.6%	27.3%
19	MUKKA Mukka Proteins	₹27.00	810	11.0	1,768	74	8.4%	4.2%	44.0%	21.3%	186.7%	1072.7%
20	SCPL Sheetal Cool	₹653.90	687	33.1	386	21	11.6%	5.4%	33.3%	34.3%	19.0%	9.6%
21	EIFFL Euro India	₹270.10	670	123.9	157	5	10.5%	3.4%	5.8%	-11.1%	15.7%	124.2%
22	TBI TBI Corn	₹314.85	572	31.1	304	18	11.3%	5.9%	—	—	41.5%	33.3%
23	SARVESHWAR Sarveshwar Foods	₹3.74	461	39.8	671	11	3.3%	1.6%	19.5%	18.6%	4.2%	7.7%
24	FOODSIN Foods & Inns	₹51.98	382	15.9	789	24	12.1%	3.0%	-13.5%	-35.9%	-33.3%	-46.0%
25	MADHUSUDAN Madhusudan Masala	₹162.05	209	15.8	235	15	11.7%	6.5%	-22.9%	-2.2%	-28.5%	-12.9%

❓ Frequently asked questions

What was Madhusudan Masala Limited's revenue in Q4 FY26?

What was Madhusudan Masala Limited's net profit in Q4 FY26?