Madhusudan MasalaShare price, financial results, shareholding and management
- Market cap
- ₹424 cr
- Stock P/E
- 22.9peers 15.4
- Book value
- ₹75.8
- Price to book
- 3.47
- EV / operating profit
- 15.3
- Market cap to sales
- 1.45
- ROCE · FY26
- 17.0%
- ROE · FY26
- 17.2%
- ROE, 3-year average
- 23.5%
- Operating margin · FY26
- 11.3%peers 11.6%
- Sales growth, 3 years
- 31.9%
- Profit growth, 3 years
- 45.5%
- Debt to equity
- 0.68peers 0.56
- Borrowings
- ₹83 cr
- Interest cover
- 4.6×
- Cash from business / op. profit
- -2%
- Debtor days
- 75
- Pledged
- 0.00%
- Promoter holding
- 70.47%
- Change in promoter holding
- +0.94 pts
- Shareholders
- 1,347
- 52-week high / low
- ₹285 / ₹109
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Madhusudan Masala share price chart
Close on 6 Nov 2026 · +0.55% on the day · Vol 11,500
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +14.2%
- 3 months
- +16.7%
- 6 months
- +64.4%
- 1 year
- +108.8%
- Traded a day, 20 days
- ₹0.81 cr
- Taken for delivery
- 85%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +26% | +23% |
| 3 years, a year | +32% | +46% |
| Latest half, H2 FY26 | +32% | +28% |
About Madhusudan Masala: business, products and customers
Madhusudan Masala makes and packs chilli, turmeric and coriander powders, whole spices, ready masalas and grocery items, sold to households through shops under brands such as Double Hathi. It also trades loose spices and food grains in bulk, and its shares trade on NSE Emerge.
The Double Hathi brand dates back to 1977 in Jamnagar, and the founders' partnership became a company in 2021. The company buys raw chilli, turmeric and coriander near the Jamnagar market in season, stores them in its own cold storage, then cleans, grinds, blends and packs them at Jamnagar; its subsidiary Vitagreen, bought in July 2024, makes the 77 Green blended masalas and instant mixes near Rajkot. Packs move through super stockists, distributors and wholesalers to more than 48,000 grocery shops across 11 states, with Gujarat still giving close to half of sales.
Two very different businesses sit in the same revenue line. Branded packs carry the margin; the non-branded part, about three-tenths of FY26 sales, is bulk spices and grains bought, repacked and resold with no processing, where the company says margin is thin and competition is on price alone. Much of the branded volume is also made by outside contractors, because the company sells several times its own plant capacity.
Read more about the business
Because spices are bought once a year at harvest and the company keeps many regional varieties for its taste blends, stock is high for most of the year and is funded largely by short-term bank borrowing. The company names MDH, Everest and Badshah among the major national players, and the offer document compares it with NHC Foods, a listed spice and food company.
From the offer document (prospectus, 2023), the annual reports for FY25 and FY26, the July 2026 investor presentation and earnings call, and Crisil Ratings' note of August 2025.
Read the deeper study ↓In its favour
- Sales have grown fast: 32% a year over three years.
- The promoters own a large part of the company: 70.47%.
To watch
- Start of production at the Sanosara plant, expected around September 2026 (Annual report FY26, p.13; Transcript, July 2026, p.5).
- Whether FY27 revenue crosses the ₹400 cr the Chairman promised, with an EBITDA margin of at least 11.5% (Transcript, July 2026, p.8).
- Whether inventory falls toward the lower level the Chairman said is possible, with no deadline set (Transcript, July 2026, p.12).
- The new chilli crop from November to December, which will set raw material costs for the year (Transcript, July 2026, p.8).
- The promoters' share has come down: 70.47%, from 73.64%.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Madhusudan Masala revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Madhusudan Masala half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 131.39 | 118.22 | 173.50 |
| Expenses | 118.46 | 104.16 | 154.55 |
| Operating profit | 12.92 | 14.06 | 18.95 |
| OPM | 9.8% | 11.9% | 10.9% |
| Interest | 3.30 | 3.31 | 3.55 |
| Depreciation | 1.53 | 1.21 | 1.33 |
| Profit before tax | 11.62 | 10.25 | 14.66 |
| Net profit | 8.49 | 7.66 | 10.84 |
Madhusudan Masala profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 69 | 65 | 127 | 162 | 231 | 291.71 |
| Expenses | 66 | 63 | 116 | 145 | 207 | 258.70 |
| Operating profit | 3 | 2 | 11 | 17 | 24 | 33.01 |
| OPM | 4.2% | 3.3% | 9.0% | 11.0% | 10.0% | 11.3% |
| Other income | 0 | 1 | 0 | 0 | 4 | 1.30 |
| Interest | 2 | 2 | 3 | 4 | 6 | 6.86 |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 2.54 |
| Exceptional and other items | 1 | 1 | 1 | · | · | · |
| Profit before tax | 1 | 1 | 8 | 12 | 20 | 24.91 |
| Tax rate | 100.0% | 0.0% | 25.0% | 25.0% | 25.0% | 25.7% |
| Net profit | 0 | 1 | 6 | 9 | 15 | 18.50 |
| EPS ₹ | · | 810 | 11.50 | 7.13 | 10.38 | 12.78 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Madhusudan Masala profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 4.2% | 3.3% | 9.0% | 11.0% | 10.0% | 11.3% |
| Tax rate | 100.0% | 0.0% | 25.0% | 25.0% | 25.0% | 25.7% |
| ROCE | · | 12.2% | 26.8% | 21.1% | 19.5% | 17.0% |
| ROE | · | 18.2% | 109.0% | 31.6% | 21.6% | 17.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Madhusudan Masala debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Madhusudan Masala balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0 | 0.01 | 5 | 13 | 14 | 15.24 |
| Reserves | 11 | 0 | 6 | 33 | 79 | 107.13 |
| Net worth | 11 | 0.01 | 11 | 46 | 93 | 122.37 |
| Borrowings | 10 | 28 | 43 | 52 | 75 | 82.96 |
| Other liabilities | 5 | 6.99 | 3 | 7 | 11 | 14.38 |
| Total liabilities | 26 | 35 | 57 | 105 | 179 | 219.71 |
| Fixed assets | 5 | 4 | 4 | 10 | 15 | 15.58 |
| Capital work in progress | 0 | 0 | 6 | 2 | 0 | 2 |
| Investments | 0 | 0 | 0 | 0 | 4 | 5.74 |
| Other assets | 21 | 31 | 47 | 93 | 160 | 196.39 |
| Receivables | · | · | · | · | 47.16 | 60.24 |
| Inventory | · | · | · | · | 98.25 | 114.47 |
| Cash | · | · | · | · | 0.32 | 0.77 |
| Trade payables | · | · | · | · | 5.09 | 5.94 |
Madhusudan Masala cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 2 | -5 | -9 | -29 | -39 | -0.79 |
| Cash from investing | -1 | 0 | -6 | -3 | -7 | -13.60 |
| Cash from financing | -1 | 5 | 16 | 31 | 45 | 14.84 |
| Net cash flow | 0 | 0 | 1 | -1 | -1 | 0.45 |
| Capital spending | · | · | · | · | 2.85 | 5.63 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 67 | 70 | 47 | 81 | 75 | 75 |
| Inventory days | 44 | 97 | 75 | 112 | 186 | 172 |
| Days payable | 27 | 36 | 4 | 9 | 10 | 9 |
| Cash conversion cycle | 83 | 131 | 118 | 184 | 251 | 239 |
| Working capital days | 62 | 66 | 22 | 88 | 128 | 126 |
Madhusudan Masala peers and competitors
Listed SME companies in the same industryBy sales, Madhusudan Masala is number 10 of the 43 listed SME companies in food products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Freshara Agro Exports | 907 | 23.9 | 342 | 38 | 15.0% | 1.02 |
| Adon Agro Commodities | 234 | 10.2 | 324 | 23 | 11.0% | 0.62 |
| Madhusudan Masala | 424 | 22.9 | 292 | 18.5 | 11.3% | 0.68 |
| Shivam Chemicals | 253 | 42.2 | 284 | 6 | 3.2% | 0.52 |
| Pajson Agro India | 893 | 35.7 | 256 | 25 | 14.0% | 0.25 |
| Healthy Life Agritec | 29 | 7.2 | 228 | 4 | 2.8% | 0.20 |
| DSM Fresh Foods | 120 | 8.6 | 221 | 14 | 14.0% | 0.55 |
| Peshwa Wheat | - | - | 216 | 16 | 11.0% | 0.56 |
| Chemkart India | 299 | 14.9 | 215 | 20 | 13.0% | 0.04 |
| Baba Food Processing (India) | 36 | - | 205 | -1.4 | 1.5% | 1.19 |
| Goyal Salt | 181 | 15.9 | 200 | 11.4 | 12.1% | 0.66 |
| Median of the 10 others | 234 | 15.4 | 225 | 15 | 11.6% | 0.56 |
Madhusudan Masala shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Foreign and Indian funds own a noticeable share. The number of shareholders has grown a lot.
Madhusudan Masala shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 23 | Oct 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 73.64% | 73.64% | 73.69% | 66.93% | 68.09% | 68.09% | 69.53% | 70.47% |
| Foreign investors (FIIs) | 3.74% | 4.82% | 1.01% | 1.11% | 0.04% | 0.44% | 0.72% | 0.68% |
| Indian institutions (DIIs) | 5.02% | 6.42% | 0.90% | 4.91% | 4.89% | 4.99% | 4.91% | 4.47% |
| HNIs (over ₹2 lakh each) | - | - | 5.04% | 7.49% | 8.14% | 8.18% | 7.74% | 7.85% |
| Small holders (up to ₹2 lakh) | - | - | 15.89% | 16.20% | 16.12% | 15.89% | 14.50% | 13.68% |
| Companies and others | - | - | 3.47% | 3.36% | 2.72% | 2.41% | 2.60% | 2.85% |
| Number of shareholders | 776 | 847 | 877 | 1,428 | 1,532 | 1,519 | 1,395 | 1,347 |
The named holders are at 13 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Madhusudan Masala study: the business from its own documents
Read from 15 of the company's own documentsMadhusudan Masala so far
From the company's own record
- 26 Sept 2023Listed on NSE Emerge
- 30 June 2026Promoters at 70.47%
- 6 Nov 2026Highest close since listing, ₹263.00
Madhusudan Masala key facts from the filings
Each figure with the document it comes from
- Branded share
- 69.9%
- Share of FY26 revenue from branded packs, up from 62% in FY25; it reached 72% in the June 2026 quarter.Annual report FY26, p.15; Investor presentation, July 2026, p.8
- Ground spices
- ₹89.8 cr
- FY26 branded ground spice sales, up 64.4%; chilli powder alone was ₹57.8 cr of it.Annual report FY26, p.16
- Sold vs made
- 24,604 MT vs 6,600 MT
- FY26 volume sold against in-house plant capacity; the rest was made by third parties or traded.Annual report FY26, p.13
- Plant capacity
- 7,800 → 13,200 MT
- In-house capacity at June 2026 after a new whole-spice line, and the planned total once the Sanosara plant runs.Investor presentation, July 2026, p.22
- Sanosara plant
- ₹16 cr
- Project cost of the 6,000 MT first phase, about 65% funded by a bank term loan; production expected from September 2026.Transcript, July 2026, p.5 and p.11; Annual report FY26, p.13
Show 5 more facts
- Shops reached
- 48,000+
- Retail grocery stores at June 2026, served through 6,750+ wholesalers, 415+ distributors and 21 super stockists.Investor presentation, July 2026, p.13
- Stock held
- ₹114.5 cr
- Inventory at March 2026, against ₹98.3 cr a year earlier, carried to secure crops in season.Investor presentation, July 2026, p.37
- Chilli in buying
- 50 to 70%
- Share of seasonal procurement that chilli made up, so the chilli crop moves costs most.Annual report FY25, p.7
- Short-term borrowing
- ₹71.5 cr
- Short-term bank borrowings at March 2026, mostly funding stock and dues from customers.Investor presentation, July 2026, p.37
- Credit rating
- Crisil BBB-/Stable
- Assigned in August 2025 on ₹75.3 cr of bank loans; Crisil cites intense competition and heavy working capital needs.Crisil Ratings, rating rationale, 5 August 2025, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
In the July 2026 call the Chairman said the company expects to cross ₹400 cr of revenue in FY27 with an EBITDA margin of at least 11.5%, and spoke of a long-term growth aim of 30% to 35% a year. The company says the 6,000 MT first phase of the Sanosara plant, for blended spices and instant mixes now made outside, should start production around September 2026, and that it aims to keep raising the branded share of sales.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Madhusudan Masala earns its margin on branded spice packets made to suit local tastes, and a thinner one on bulk spices and grains it simply resells.
Its weak spots are crop prices it cannot control, a lot of money tied up in stock, and rivals who decide when prices can rise.
WatchCan it set its own prices?Only partly: it raises prices when competitors do, not when its own costs rise.
AverageHow strong is it against rivals?A trusted regional brand and region-specific blends hold it up at home, but the industry is crowded and easy to enter.
StrongWho are its customers?Thousands of wholesalers and shops, with no buyer large enough to matter on its own.
WatchDoes it need a lot of money?Yes: a year's crop is bought in season and held, and old Gujarat wholesalers get long credit.
StrongCan it keep finding new work?Sales keep widening into new states and more shoppers are moving from loose spices to packets.
AverageDo good and bad years swing a lot?Households use spices every year, but the size of the chilli, turmeric and coriander crops moves costs and profit.
Who runs Madhusudan Masala?
Promoters, directors and officers; tap a name for the background
RDRishit Dayalaji KotechaPromoter, Chairman and Managing Director · holds 19.31%
Holds a B.Sc. in physics and instrumentation from D.K.V. Arts and Science College, Jamnagar (2003) with about 21 years in the business; looks after finance, compliance and marketing. The offer document records Rishit Dayalaji Kotecha as the son of Dayalji Vanravan Kotecha and the spouse of Foram Rishit Kotecha.
Offer document, p.139 to 140; Annual report FY26, p.20; Shareholding pattern, June 2026HVHiren Vijaykumar KotechaPromoter and Whole-time Director · holds 19.11%
A commerce graduate with about 18 to 20 years in the spice business; oversees procurement, production, packaging and the sales teams. The offer document records Hiren Vijaykumar Kotecha as the son of Vijaykumar Vanravan Kotecha and the spouse of Mayuri Hiren Kotecha.
Offer document, p.139 to 140; Annual report FY26, p.20; Shareholding pattern, June 2026DVDayalji Vanravan KotechaPromoter and Non-Executive Director · holds 9.92%
A founder of the business with more than four decades in spices; advises on timely procurement and price forecasting. The offer document records Dayalji Vanravan Kotecha and Vijaykumar Vanravan Kotecha as brothers.
Offer document, p.139 to 140; Annual report FY26, p.20; Shareholding pattern, June 2026VVVijaykumar Vanravan KotechaPromoter and Non-Executive Director · holds 9.92%
A founder of the business with long experience in selling spices; guides business strategy and operations.
Offer document, p.139; Annual report FY26, p.20; Shareholding pattern, June 2026FRForam Rishit KotechaPromoter and Non-Executive Director · holds 5.30%
Holds a B.Sc. in zoology (2003) and a diploma in food and nutrition from IGNOU (2006), with about ten years in food testing and spice recipe development.
Offer document, p.139 to 140; Shareholding pattern, June 2026MHMayuri Hiren KotechaPromoter and Non-Executive Director · holds 5.30%
Completed the Higher Secondary Certificate in 2003 and has about ten years in real estate management.
Offer document, p.140; Shareholding pattern, June 2026KVKirit Vallabhbhai DharaviyaChief Financial Officer
A commerce graduate (2006) with a diploma in taxation laws and practice (2012); looks after the company's overall financial matters.
Annual report FY26, p.21PBParth Bipin SukhpariaIndependent Director
Holds a B.Com (1993) and an LLB (1996) from Saurashtra University with 28 years as a media consultant, writer and journalist; chairs the audit, stakeholders' relationship and nomination committees.
Offer document, p.140; Annual report FY26, p.21Madhusudan Masala latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹174 cr (+32%), net profit ₹10.8 cr (+28%) on H2 FY25.
- Shareholding, 30 June 2026: promoters 69.53% to 70.47%.
Madhusudan Masala announcements
103 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Address Changechange in Registered Office of the companyPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Updates'Clarification regarding typographical error in the Secretarial Audit Report forming part of the Annual Report for FY 2025-26'PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Updates'Web-link of Annual Report for Financial Year 2025-26 to those Members who have not registered their e-mail addresses'PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- Outcome of Board MeetingHeld on September 07, 2026PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesTranscriptPDF ↗
Madhusudan Masala annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Madhusudan Masala share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Madhusudan Masala's data · 10
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !For FY25 the exchange filing's profit lines do not add up as read, so the figures shown are from the results page instead.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,61,35,000 shares).
- !The FY26 results imply 1,52,40,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY22 (₹810.00) and FY23 (₹11.50) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Madhusudan Masala
What does Madhusudan Masala do?
Madhusudan Masala makes and packs chilli, turmeric and coriander powders, whole spices, ready masalas and grocery items, sold to households through shops under brands such as Double Hathi. It also trades loose spices and food grains in bulk, and its shares trade on NSE Emerge.
What is the share price of Madhusudan Masala?
₹263 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Madhusudan Masala?
₹424 cr at the close on 6 Nov 2026, on 1,61,35,000 shares.
What is the P/E of Madhusudan Masala?
22.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Madhusudan Masala's revenue and profit?
Revenue ₹292 cr and profit after tax ₹19 cr in FY26.
Who are the promoters of Madhusudan Masala?
Rishit Dayalaji Kotecha, Hiren Vijaykumar Kotecha, Dayalji Vanravan Kotecha, Vijaykumar Vanravan Kotecha, Foram Rishit Kotecha, Mayuri Hiren Kotecha; promoters held 70.47% at 30 June 2026.
What is Madhusudan Masala's website?
www.madhusudanmasala.com
More SME companies like Madhusudan Masala
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Every listed SME company in Food Products → · SME companies listed in 2023 →
Built from 3 earnings call transcripts, 3 investor presentations, 3 press releases, 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 103 exchange announcements, 8 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.