Annual reportSep 2026
Sep 2026 · Updates 9 Sep - Madhusudan Masala shares 2025-26 annual report link and schedules 5th AGM on September 30, 2026.
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result19 Jul, 12:45 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
62Bullishfull bull SMA stack · SMA20 +2.8% / mo · RSI overbought · MACD + · near 52W high · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 78
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MADHUSUDAND candles · FIT view+78.1%Latest close ₹271.90 on 2026-10-19
Bar
+4.6%
RSI
71
MACD hist
3.76
52W pos
93%
2026-10-19O ₹260.00H ₹285.00L ₹260.00C ₹271.90Vol 57,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MADHUSUDANNifty Consumer DurablesNifty 500
- MADHUSUDAN
- +17.7%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +23.3 pp
Chart stats
19 Oct 2026- From 52W high
- -4.6%
- 52W range position
- 93%
- ATR (14)
- 4.3%
- Volume vs 20D
- 2.66x
- Avg traded value
- ₹0.6 Cr
- 20D price channel
- ₹217.8 - ₹285
₹285
₹108.6 - ₹285
₹11.7
Latest completed session
20-session average
49.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +34.5% · PAT +55.9% YoY
Technical
Bullish62
Price trend and sector-relative-strength timing.
Valuation
Legacy model+40.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +34% YoY · PAT +56% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 20.10
- P/B
- 3.23
- EV/EBITDA
- 12.55
- Market Cap
- 419.00Cr
Profitability
- ROE
- 17.10%
- ROCE
- 17.00%
- ROA
- 9.55%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 17.14%
- EPS 5Y
- 18.32%
- Revenue 3Y
- 28.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.68
- Interest Coverage
- 5.29×
- Altman Z
- 5.44
- Book Value
- 80.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -1.00 Cr
- EPS TTM
- 13.72
Shareholding
- Promoter Hold
- 70.44%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 97%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 98.3+1.1% vs prev
Net Profit
₹ CrLatest: 6.5+5.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 71.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~2.7% over last month) — short-term momentum positive.
- RSI(14) at 71 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 5% off 52W high · 150% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
95
RS percentile
Stage 2 UptrendEstablished S2
1M return
+16.5%
3M return
+17.7%
6M return
+82.5%
1Y return
+102.0%
RS 1D
+2
RS 20D
+5
Sector rank
#9
Industry rank
#46
Stage evidence
- Price is 38.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.1%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
17 Jun 2026
S2 age
87 trading sessions
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
257 observations
19 Oct 2026Value 201.57+5.86%
RS vs Nifty 500202
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation10/30
Growth18/25
Quality12/20
Balance Sheet9/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-4
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 40.5%.
- Growth contributes 18/25 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
20.1
PB
3.2
EV/EBITDA
12.6
ROE
17.1%
ROCE
17.0%
FCF Yield
—
Debt/Equity
0.7
MoS
+40.5%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+40.5%
Previous: +40.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
52
52
52
52
52
52
52
49
49
48
48
48
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹157.64
-72.5% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹456.88
+40.5% MoS
PEG
0.91
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SSFL
SME
Srivari Spices And Foods Ltd.
FMCG
match 163
60
15.1
24.4%
+54%
UNDERVALUED
HOACFOODS
SME
Hoac Foods India Ltd.
FMCG
match 139
42
77.1
24.2%
-193%
WATCHLIST
SHETHJI
SME
Shreeji Global FMCG Ltd.
FMCG
match 136
54
21.0
24.6%
+38%
FAIR VALUE
ANNAPURNA
SME
Annapurna Swadisht Ltd.
FMCG
match 135
60
7.8
9.7%
+74%
UNDERVALUED
SHIVASHRIT
SME
Shivashrit Foods Ltd.
FMCG
match 134
59
15.1
20.5%
+55%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-19T08:20:07.268Z
Management commentary snapshot
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.
Current business mix
Product-wise Revenue Breakdown (Q1FY27)
Latest issuer-disclosed distribution across 5 reported categories.
Ground Spices50.0%
Whole Spices27.0%
Blended Spices16.0%
Grocery Products5.0%
Tea1.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
17 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Consumer: 60th pctile, median 66 · SME: 70th pctile, median 64
Evidence depth
Financial-only
17 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
90
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
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.
Continue researching Madhusudan Masala Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 8 Sep - 5th AGM notice published on September 8, 2026; annual report and e-voting details issued for FY2025-26.
Source: Nse
Annual report
Updates 23 Sep - Corrected CSR contribution in FY2025-26 annual report from ₹2,39,500 to ₹39,500.
Source: Nse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Company Ir
Investor presentationJul 2026
Jul 2026 · PPT
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 28 Jul - Transcript of earnings call for audited results for quarter ended June 30, 2026, made available online.
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 3 June 2026 - Transcript of earnings call for audited financial results ended March 31, 2026, published on website.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
Annual report
Annual Report 2026
Source: Nse
Concall transcriptJan 2026
Jan 2026 · Transcript
Source: Company Ir
Investor presentationJan 2026
Jan 2026 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.