Madhusudan Masala Ltd
Incorporated in 1982, Madhusudan Masala Ltd manufactures and trades Spices and other related items[1]
- Market Cap ₹ 201 Cr.
- Current Price ₹ 139
- High / Low ₹ 229 / 130
- Stock P/E 17.2
- Book Value ₹ 63.1
- Dividend Yield 0.00 %
- ROCE 17.0 %
- ROE 17.0 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.0%
- Promoter holding has increased by 1.16% over last quarter.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 78.8 days to 126 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 69 | 65 | 127 | 162 | 216 | |
| 66 | 63 | 116 | 145 | 194 | |
| Operating Profit | 3 | 2 | 11 | 17 | 22 |
| OPM % | 4% | 3% | 9% | 11% | 10% |
| 0 | 1 | 0 | 0 | 1 | |
| Interest | 2 | 2 | 3 | 4 | 6 |
| Depreciation | 1 | 1 | 1 | 1 | 2 |
| Profit before tax | 1 | 1 | 8 | 12 | 15 |
| Tax % | 27% | 16% | 26% | 26% | 24% |
| 0 | 1 | 6 | 9 | 12 | |
| EPS in Rs | 810.00 | 11.50 | 7.13 | 8.06 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 49% |
| TTM: | 33% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 144% |
| TTM: | 27% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -29% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 26% |
| Last Year: | 17% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.00 | 0.01 | 5 | 13 | 14 |
| Reserves | 11 | 0 | 6 | 33 | 77 |
| 10 | 28 | 43 | 52 | 65 | |
| 5 | 7 | 4 | 7 | 7 | |
| Total Liabilities | 26 | 35 | 57 | 105 | 164 |
| 5 | 4 | 4 | 10 | 13 | |
| CWIP | 0 | 0 | 6 | 2 | 0 |
| Investments | 0 | 0 | 0 | 0 | 8 |
| 21 | 31 | 48 | 93 | 143 | |
| Total Assets | 26 | 35 | 57 | 105 | 164 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 2 | -5 | -9 | -29 | -30 | |
| -1 | 0 | -6 | -3 | -10 | |
| -1 | 5 | 16 | 31 | 41 | |
| Net Cash Flow | 0 | -0 | 0 | 0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 67 | 70 | 47 | 81 | 61 |
| Inventory Days | 44 | 97 | 75 | 112 | 174 |
| Days Payable | 27 | 36 | 4 | 9 | 5 |
| Cash Conversion Cycle | 83 | 131 | 118 | 184 | 230 |
| Working Capital Days | 62 | 66 | 22 | 88 | 126 |
| ROCE % | 11% | 27% | 22% | 17% |
Documents
Announcements
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Analysts/Institutional Investor Meet/Con. Call Updates
19 September 2025 - Management to attend Arihant Capital virtual conference on 24 Sep 2025, 11:00 AM; no UPSI.
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Appointment
13 September 2025 - AGM Sep 12, 2025: FY2024–25 revenue +33.45%, consolidated PAT ₹15.02 crore; director appointments, remuneration approvals.
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Shareholders meeting
13 September 2025 - AGM on 12 Sep 2025: e-voting results—8 resolutions passed including reappointment, independent director appointment, new Articles adoption.
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Amendment to AOA/MOA
12 September 2025 - Shareholders approved new Articles of Association by special resolution on September 12, 2025.
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Shareholders meeting
12 September 2025 - AGM held Sep 12, 2025; FY24-25 standalone revenue +33.45%, consolidated PAT Rs15.02 crore.
Annual reports
Concalls
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Aug 2025TranscriptNotesPPT
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Jun 2025Transcript PPT
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Feb 2025TranscriptNotesPPT
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Nov 2024Transcript PPT
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Oct 2024TranscriptNotesPPT
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May 2024Transcript PPT
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Nov 2023Transcript PPT
Business Overview:[1]
MML manufactures and processes ~32+ types of ground spices, blended spices, whole spices and other grocery products like - Tea, rajgira flour, Papad, soya Products, asafoetida (Hing), achar masala (ready-to make pickle), sanchar (black salt powder), sindhalu (rock salt powder), katlu powder (food supplement), kasuri methi (dry fenugreek) etc. It also trades in whole spices and food grains through unbranded sales.