Madhusudan Masala Ltd. (MADHUSUDAN)
SME CapConsumer stocks · SME cap · NSE
Madhusudan Masala Ltd. is an Indian spice and food products company with a 49+ year legacy. It manufactures ground, blended, and whole spices, along with grocery products, under brands like Double Hathi, Maharaja, Mantavya, and 77 Green. It operates with a dual-engine strategy for ground and blended spices.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +34% YoY · PAT +56% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹98.3 Cr | +34.5% | +1.1% |
| EBITDA | ₹11.1 Cr | +47.4% | +3.5% |
| Operating margin | 11.3% | +98 bps | +25 bps |
| PAT | ₹6.5 Cr | +55.9% | +5.9% |
| PAT margin | 6.6% | +90 bps | +29 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 Consolidated: Revenue grew 34.5% YoY to Rs 983 Mn, EBITDA increased 47.3% YoY to Rs 111 Mn, and PAT rose 56.1% YoY to Rs 65 Mn. Volume reached 8,134 MT, with existing facilities operating near full capacity.
Madhusudan Masala delivered strong Q1 FY27 results, with revenue, EBITDA, and PAT growing significantly YoY, demonstrating disciplined execution and improved operating leverage. Volume growth and ongoing capacity additions, particularly the Sanosara greenfield project, support the company's expansion strategy and national ambition. The dual-engine approach and distribution widening are progressing as planned.
Product-wise Revenue Breakdown (Q1FY27)
Latest issuer-disclosed distribution across 5 reported categories.
Branded Portfolio Strength
Q1 FY27 demonstrated the strength of our branded portfolio, contributing to 34.5% YoY consolidated revenue growth.
Distribution Expansion
Management remains focused on widening distribution, with 1,500+ retailers and 50+ wholesalers added in Q1 FY27, expanding presence to 11 states.
Blended Spices Engine (Vitagreen)
Vitagreen Products (100% subsidiary) is identified as a 'Real Growth Kicker with Pricing Power' due to recipe-based, higher-margin products with pan-India acceptance.
Greenfield Expansion (Sanosara)
The new Sanosara facility will add 6,000 MT annual capacity, incorporating advanced processing technology, with production expected from September 2026.
Jamnagar Unit Expansion
A new 1,200 MT whole-spice line was added at MML–Jamnagar in Q1 FY27, increasing capacity from 6,000 MT to 7,200 MT.
Sanosara Greenfield Project
Greenfield expansion at Vitagreen (Sanosara) is under construction, with Phase 1 adding 6,000 MT annual capacity. Production is expected to commence from September 2026.
Industry Formalization
The Indian spices market is transitioning from a commodity-led market toward a brand-led FMCG category.
Shift to Branded Packaged Spices
Structural shift from loose to branded packaged spices is driven by hygiene, consistency, and food safety awareness.
Premiumization Trend
Premiumization trend is accelerating demand for specialty, regional, and value-added masalas, with blended masalas emerging as the fastest-growing premium category.
Organized Retail & E-commerce Growth
Expansion of organized retail and quick-commerce penetration reduces entry barriers for regional brands and supports scaling.
Competitive Landscape
The industry remains fragmented despite strong national incumbents, with regional players dominating local taste segments and digital-native challengers scaling via online channels.
Raw Material Sourcing
The company sources ~80% of raw materials during their respective seasons to ensure consistent quality, which could expose it to seasonal price volatility.
Project Execution Risk
The Sanosara greenfield expansion is a turnkey project supported by an experienced technical partner, but timely delivery and seamless execution are crucial.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly provides YoY growth figures for key financial metrics (Revenue, EBITDA, PAT) and management commentary focuses on YoY performance. This comparison accounts for potential seasonality in the consumer sector.
Volume Growth
Q1 volume reached 8,134 MT.
EBITDA Margin
EBITDA margin improved by +98 bps YoY to 11.3% in Q1 FY27.
Net Profit Margin
Net Profit margin improved by +92 bps YoY to 6.6% in Q1 FY27.
Distribution Expansion
As of June 30, 2026, the company has 48,000+ retail grocery stores, 6,750+ wholesalers, and 415+ distributors across 11 states. Q1 FY27 additions include 1,500+ retailers and 50+ wholesalers.
Focus on Sanosara Commissioning
Management remains focused on commissioning the Sanosara facility to strengthen in-house control, product availability, and supply responsiveness.
Widening Distribution & Branded Growth
Management is focused on widening distribution and building sustainable branded growth across existing and new markets.
Pan-India Ambition
The company's vision is to become a leading pan-India C-T-C spices brand and capture 1% market share in the Indian Spices Industry.
Expected CAGR
Management expects a CAGR of ~35% for the next 3 to 5 years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sanosara Greenfield Commissioning | Construction underway, production expected from September 2026. | Timely commissioning and successful ramp-up of the 6,000 MT annual capacity. |
| Branded Sales Mix | 72% of total revenue in Q1 FY27. | Continued increase in the proportion of branded sales to total revenue, indicating successful premiumization. |
| Distribution Network Expansion | 48,000+ retailers, 6,750+ wholesalers, 415+ distributors across 11 states. | Consistent growth in retailer and wholesaler count, and expansion into new strategic regions like Maharashtra, Goa, and Telangana. |
| EBITDA Margin | 11.3% in Q1 FY27 (+98 bps YoY). | Sustained margin improvement, supported by operating leverage from scale-up and a richer blended masala mix. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 -4.7% / mo · MACD + · near 52W high
Technical chart
MADHUSUDANdaily · 1Y · AUTO+71.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 60. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.0% over last month) — short-term momentum negative.
- RSI(14) at 60 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 9% off 52W high · 117% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 50.8%.
- Growth contributes 15/25 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 13/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 60th percentile within Consumer. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 70.5%. Key concern: Operating cash flow is negative at ₹-1 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 60th pctile, median 66 · SME: 70th pctile, median 64
17 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 70.5%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 2.4%.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-1 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 18.30
- P/B
- 2.93
- EV/EBITDA
- 11.60
- Market Cap
- 381.00Cr
Profitability
- ROE
- 17.10%
- ROCE
- 17.00%
- ROA
- 9.55%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 17.14%
- EPS 5Y
- 18.32%
- Revenue 3Y
- 17.14%
- EPS 3Y
- 18.32%
Balance Sheet
- Debt/Equity
- 0.68
- Interest Coverage
- 5.29×
- Altman Z
- 5.21
- Book Value
- 80.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -1.00 Cr
- EPS TTM
- 13.72
Shareholding
- Promoter Hold
- 70.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.