Madhusudan Masala Limited (MADHUSUDAN)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Madhusudan Masala's revenue was ₹97.2 Cr (-26.0% year on year, +115.3% on the previous quarter), and net profit ₹6.1 Cr (-27.7% year on year); the operating margin was 11.0%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹97.2 | -26.0% | +115.3% |
| Operating profit | ₹10.7 | -17.2% | +63.5% |
| Net profit | ₹6.1 | -27.7% | +75.9% |
| EPS (₹) | 4.03 | -32.2% | +67.2% |
| Operating margin | 11.0% | — | — |
MADHUSUDAN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 71.19% of the MADHUSUDAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 91.05%. The price rose 4.95% on unusually low delivery, so more of the move than usual was intraday trading. It traded 3.0 times its average daily volume. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 74.6% · 100.0% · 81.2% · 91.8% · 71.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Madhusudan Masala held its 5th Annual General Meeting on September 30, 2026. The Chairman highlighted the ongoing development of the greenfield manufacturing facility at Sanosara, which is being established in two phases. Phase I is set to add 6,000 MT of annual capacity, raising total planned installed capacity to 12,600 MT from the current 10,800 MT (a ~16.7% increase over earlier 12,000 MT targets and ~55% over current Jamnagar/Rajkot capacity). Resolutions considered included financial statement adoption and revisions to executive director remunerations.
- Phase I of the greenfield facility at Sanosara is expected to add 6,000 MT of annual capacity.
- Total planned installed capacity is projected to reach 12,600 MT.
- Meeting commenced at 11:39 A.M. and concluded at 11:55 A.M. on September 30, 2026.
- Special resolutions proposed for revision of remuneration for CMD Rishit Kotecha and WTD Hiren Kotecha.
Madhusudan Masala Limited has issued a notice and web-link for its FY26 Annual Report to shareholders whose email addresses are unregistered, pursuant to Regulation 36(1)(b) of SEBI LODR. The company's 5th Annual General Meeting is scheduled for September 30, 2026, at 11:30 AM via video conference. The cut-off date to determine e-voting eligibility has been set for September 23, 2026, with remote e-voting running from September 27 to September 29, 2026. This is a standard corporate compliance filing with zero financial or operational impact.
- 5th Annual General Meeting set for September 30, 2026, at 11:30 AM IST
- Cut-off date for e-voting eligibility fixed as September 23, 2026
- Remote e-voting period runs from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
- Filing covers FY26 Annual Report communication under SEBI LODR Regulation 36(1)(b)
Madhusudan Masala Limited has issued the notice for its 5th Annual General Meeting scheduled for September 30, 2026. Key agenda items include the re-appointment of retiring Whole-time Director Hiren Kotecha and approval of revised remuneration for both CMD Rishit Kotecha and Whole-time Director Hiren Kotecha. Proposed remuneration for each executive is sought to be increased from ₹6,00,000 to ₹13,20,000 per annum effective September 01, 2026. The cut-off date for e-voting eligibility was set as September 04, 2026.
- 5th AGM scheduled for September 30, 2026 at 11:30 A.M. IST via VC/OAVM
- Cut-off date for electronic voting entitlement fixed as Friday, September 04, 2026
- Revision in remuneration sought for CMD Rishit Kotecha from ₹6,00,000 P.A. to ₹13,20,000 P.A.
- Revision in remuneration sought for Whole-time Director Hiren Kotecha from ₹6,00,000 P.A. to ₹13,20,000 P.A. effective September 01, 2026
Madhusudan Masala Limited's Board of Directors met on September 07, 2026, to approve key AGM-related resolutions. The Board approved the draft notice for the 5th Annual General Meeting (AGM) scheduled for September 30, 2026, via VC/OAVM. Additionally, the Board recommended revisions to the remuneration of Chairman & Managing Director Rishit Dayalaji Kotecha and Whole-Time Director Hiren Kotecha, subject to shareholder approval. SCS and Co. LLP was appointed as the scrutinizer, with NSDL managing the e-voting platform.
- 5th Annual General Meeting convened for September 30, 2026, at 11:30 AM IST via VC/OAVM
- Proposed revision in remuneration for CMD Rishit Dayalaji Kotecha, subject to shareholder approval
- Proposed revision in remuneration for Whole-Time Director Hiren Kotecha, subject to shareholder approval
- Approved Directors' Report and draft Annual Report for the financial year ended March 31, 2026
Madhusudan Masala has published the transcript for its earnings call held on July 23, 2026, regarding the Q1 FY27 results. The company, which maintains a TTM revenue of ₹261 Cr and a PAT of ₹17 Cr, is pursuing a 30% CAGR target over the next 3-5 years. Management's strategy involves increasing the branded product mix to 75% and expanding total capacity to 12,000 MT. The stock has shown strong momentum with a 69.2% return over the last 12 months, reflecting investor interest in its premiumization strategy.
- Earnings call held on July 23, 2026, to discuss results for the period ended June 30, 2026
- Company targeting a 30% CAGR over the next 3-5 years through branded product focus
- Current installed capacity stands at 10,800 MT across Jamnagar and Rajkot facilities
- Branded product mix target set at 75% to drive margin improvement from current 12.0% OPM
- Market capitalization stands at ₹358 Cr against a TTM revenue of ₹261 Cr
Financial Performance
Revenue Growth by Segment
Standalone revenue for H1FY26 grew 18.7% YoY to INR 118.22 Cr. Branded products are the primary growth driver, with management targeting a contribution of 70-75% to total revenue in FY26, up from 66% in FY25. Branded sales are split into Ground Spices (45%), Whole Spices (35%), and Blended Spices (13%).
Geographic Revenue Split
The company operates primarily within India with no separate reportable geographical segments. Operations are concentrated in Gujarat, with manufacturing facilities located in Jamnagar and Rajkot.
Profitability Margins
Gross margins for the spices business are approximately 18%, which is lower than the 30% seen in some SME peers. Net Profit Margin for H1FY26 was 6.5%, a slight decrease of 8 bps YoY from 6.6% in H1FY25.
EBITDA Margin
EBITDA margin for H1FY26 stood at 11.9% (INR 14.06 Cr), an improvement of 52 bps YoY. Management targets an annualized EBITDA margin of 12-13% for FY26 as the mix of high-margin branded products increases.
Capital Expenditure
The company is expanding its total manufacturing capacity from 10,800 MT to 12,000 MT. Capital expenditure on fixed assets for H1FY26 was INR 1.85 Cr.
Credit Rating & Borrowing
CRISIL assigned a 'BBB-/Stable' rating to INR 75.3 Cr of bank debt in August 2025. CARE Ratings upgraded the long-term rating to 'BB+; Stable' in April 2025. Interest Service Coverage Ratio (ISCR) for H1FY26 was 4.32x.
Operational Drivers
Raw Materials
Primary raw materials include agricultural commodities such as whole spices and ground spices. Cost of goods sold (COGS) increased in FY25, which pressured overall ratios.
Import Sources
Sourced primarily from agricultural supply chains within India, particularly Gujarat, though the company faces regulatory scrutiny for exports (e.g., ETO contamination alerts).
Capacity Expansion
Current installed capacity is 10,800 MT (Jamnagar: 4,800 MT; Rajkot: 6,000 MT). Planned expansion will increase total capacity to 12,000 MT to support a 30% CAGR target.
Raw Material Costs
Raw material costs are a significant portion of the 82% total expenditure. The business is vulnerable to price volatility and seasonality of agricultural commodities.
Manufacturing Efficiency
The company operates two facilities in Gujarat. Efficiency is being driven by a shift toward premium branded offerings and disciplined order intake.
Logistics & Distribution
The company is penetrating newer geographies by adding dealers; advertisement expenses for brand building reached INR 1.25 Cr during the peak season.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
The company aims to achieve a 30% CAGR over the next 3-5 years by increasing the branded product mix to 75%, expanding capacity to 12,000 MT, and focusing on high-margin categories like premium blends and organic spices.
Products & Services
Ground Spices, Whole Spices, Blended Spices, and other food products sold under 500+ SKUs.
Brand Portfolio
Double Hathi, Maharaja, Mantaya, and 77 Green.
New Products/Services
Focusing on premium blends, organic spices, and health-oriented variants to drive margin improvement.
Market Expansion
Expanding into newer geographies through an increased dealer network and strategic reduction in low-margin trading volumes.
Strategic Alliances
Acquired Vitagreen Products Pvt. Ltd on July 26, 2024, to expand the consolidated portfolio.
External Factors
Industry Trends
The spice industry is shifting toward branded, hygienic, and ready-to-use products. MML is positioning itself to capitalize on this by increasing its branded mix from 66% to 75%.
Competitive Landscape
Faces intense competition from large FMCG players like ITC, Tata, Everest, and MDH, as well as unorganized local producers.
Competitive Moat
Durable advantages include a 40+ year brand legacy (Double Hathi), an entrenched marketing network, and integrated manufacturing facilities in Gujarat.
Macro Economic Sensitivity
Highly sensitive to agricultural cycles and monsoon performance due to the nature of raw material procurement.
Consumer Behavior
Rising consumer demand for hygienic and authentic spice products is driving the shift toward branded portfolios.
Geopolitical Risks
Increasing global checks and ETO contamination alerts pose risks to the export segment and require strict compliance.
Regulatory & Governance
Industry Regulations
Increasing domestic and global regulatory scrutiny, particularly regarding ETO contamination alerts, requires strict adherence to manufacturing, testing, and labeling standards.
Taxation Policy Impact
Tax expense for H1FY26 was INR 2.59 Cr, representing an effective tax rate of approximately 25.3% of Profit Before Tax.
Risk Analysis
Key Uncertainties
Raw material price volatility, regulatory compliance for exports, and intense competition from national FMCG brands.
Geographic Concentration Risk
Manufacturing is concentrated in Gujarat (Jamnagar and Rajkot), making the company vulnerable to regional supply chain disruptions.
Third Party Dependencies
High dependency on agricultural supply chains and a network of dealers for market penetration.
Credit & Counterparty Risk
The company faces high receivable cycles, which are typical for the industry but require careful liquidity management.
