1. India Stocks

  2. •

    Consumer non-durables

  3. •

    Food: major diversified
Madhusudan Masala Limited

Madhusudan Masala Limited

NNSE:MADHUSUDAN
253.55
INR
-0.30
(-0.12%)
14.70EPS
14.56P/E
3.46BMarket Cap
Madhusudan Masala Limited
NSE:MADHUSUDAN
(National Stock Exchange of India)

Recent

price

253.55

P/E

ratio

14.56

div

yld

- -

ROIC.AI

2021
2022
2023
2024
2025
2026
TTM
INR
53.24
50.7
98.62
145.86
168.04
201.45
226.26
Revenue per Share
0.35
0.63
4.46
8.27
10.93
12.78
14.73
Basic EPS, GAAP
1.35
-3.92
-11.9
-28.78
-30.28
-4.43
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
8.48
0.24
8.33
35.7
72.6
80.49
- -
Book Value per Share
8.48
0.24
8.33
35.7
72.6
80.48
- -
Tangible Book Value per Share
13
13
13
11
14
14
15
Basic Weighted Avg Shares
687
654
1,272
1,622
2,309
2,917
3,329
Sales/Revenue/Turnover
3.41
2.29
8.46
10.12
9.48
10.49
10.64
Operating Margin (%)
6
7
6
9
24
25
28
Depreciation Expense
4
8
58
92
150
185
217
Net Income, GAAP
27.14
16.21
26.04
25.74
25.08
25.72
25.92
Effective Tax Rate (%)
0.65
1.24
4.52
5.67
6.51
6.34
6.51
Profit Margin (%)
119
1
82
395
810
1,012
- -
Working Capital
55
40
74
82
91
115
- -
LT Debt
109
3
107
461
937
1,227
- -
Total Equity
- -
5.14
18.84
15.5
13.6
11.77
- -
Return on Invested Capital (%)
- -
8.83
19.34
15.94
14.5
12.41
- -
Return on Capital (%)
- -
14.45
104.14
32.39
21.51
17.11
- -
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
715
- -
LT Borrowings
- -
115
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
14
15
16
Market Capitalization
1,902
2,088
3,463

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
1,868
- -
Cash, Cash Equivalents & STI
- -
8
- -
Accounts Receivable, Net
- -
602
- -
Inventories
- -
1,145
- -
Total Current Liabilities
- -
856
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
715
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
744.57%
30.97%
Free Cash Flow
- -
-26.44%
-84.59%
Net Income, GAAP
- -
166.99%
23.16%
Sales/Revenue/Turnover
- -
37.19%
26.32%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
697
634
731
2,309
2026
731
451
924
972
2,917
2027
983
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
3.18
1.59
3.93
10.93
2026
2.88
2.41
3.83
4.24
12.78
2027
4.22
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
2027
- -
- -
- -
- -
- -
Similar Companies
Nestle India Ltd. (NSE:NESTLEIND)
The Kraft Heinz Company (NASDAQ:KHC)
General Mills, Inc. (NYSE:GIS)
Beyond Meat, Inc. (NASDAQ:BYND)
The Kraft Heinz Company (NYSE:KHC)
Efor Yatirim Sanayi Ticaret A.S. (BIST:EFOR)
Business
Madhusudan Masala Ltd. (MADHUSUDAN.NS) manufactures and processes more than 32 types of ground spices, blended spices, whole spices, and related grocery products including tea, rajgira flour, papad, soya products, asafoetida (hing), achar masala (ready-to-make pickle powder), sanchar (black salt powder), sindhalu (rock salt powder), katlu powder (food supplement), and kasuri methi (dry fenugreek), marketed primarily under the brand names "DOUBLE HATHI" and "MAHARAJA"; it also trades whole spices and food grains through unbranded sales. The company operates a manufacturing facility in Jamnagar, Gujarat, with installed capacities of 2,400 MT for chili powder, 1,200 MT for turmeric powder, and 1,200 MT for coriander powder and blended spices, holding certifications including ISO 9001:2015, ISO 22000:2018, HACCP, and FSSAI license. Originally established as a partnership firm M/s. Madhusudan & Co. in 1982, it converted to a private limited company in December 2021 and to a public limited company in April 2023, with headquarters at F.P. No. 19, Plot No. 1-B, Hapa Road, Jamnagar, Gujarat 361001, India; it listed on the NSE SME platform via IPO in September 2023. Geographically, operations focus on Gujarat with expansion into Maharashtra, Rajasthan, Punjab, Jammu & Kashmir, and Uttar Pradesh through over 2,100 wholesalers and 3,700 retailers. In July 2024, the company acquired 100% of Vitagreen Products Private Limited (VGPPL) as a wholly owned subsidiary, adding ready-to-cook products, instant mixes, snacks, and blended spices under the "77 Green" brand, along with export presence in Indonesia, Australia, South Africa, the Middle East, and the United Kingdom, while boosting manufacturing capacity and consolidated revenue growth of 33.45% to ₹216 crore with PAT of ₹15.02 crore in FY2025. In September 2025, shareholders approved new Articles of Association, director reappointments, and remuneration at the AGM, reflecting ongoing governance enhancements amid sustained profitability improvements.