Madhusudan Masala Ltd

Madhusudan Masa Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Madhusudan Masala Ltd

₹ 144 5.07%
01 Apr 3:40 p.m.
madhusudanmasala.com NSE - SME: MADHUSUDAN
About

Incorporated in 1982, Madhusudan Masala Ltd manufactures and trades Spices and other related items[1]

Key Points

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.

Website NSE - SM
  • Market Cap ₹ 208 Cr.
  • Current Price ₹ 144
  • High / Low ₹ 190 / 109
  • Stock P/E 13.8
  • Book Value ₹ 67.8
  • Dividend Yield 0.00 %
  • ROCE 17.0 %
  • ROE 17.0 %
  • Face Value ₹ 10.0
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Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.0%

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.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Food Products Other Food Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
29.76 65.06 58.34 63.59 64.48 41.58 68.42
25.84 58.05 54.20 56.79 57.83 35.79 61.24
Operating Profit 3.92 7.01 4.14 6.80 6.65 5.79 7.18
OPM % 13.17% 10.77% 7.10% 10.69% 10.31% 13.92% 10.49%
0.03 0.01 0.53 0.58 0.19 0.51 0.19
Interest 1.26 1.69 1.29 1.47 1.40 1.64 1.31
Depreciation 0.49 0.21 0.64 0.49 0.50 0.53 0.57
Profit before tax 2.20 5.12 2.74 5.42 4.94 4.13 5.49
Tax % 21.82% 23.24% 23.36% 23.62% 24.70% 24.94% 24.95%
1.73 3.93 2.09 4.13 3.72 3.10 4.12
EPS in Rs 1.34 2.73 1.45 2.85 2.57 2.14 2.85
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
69 65 127 162 216 238
66 63 116 145 194 212
Operating Profit 3 2 11 17 22 26
OPM % 4% 3% 9% 11% 10% 11%
0 1 0 0 1 1
Interest 2 2 3 4 6 6
Depreciation 1 1 1 1 2 2
Profit before tax 1 1 8 12 15 20
Tax % 27% 16% 26% 26% 24%
0 1 6 9 12 15
EPS in Rs 810.00 11.50 7.13 8.06 10.41
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: -13%
Return on Equity
10 Years: %
5 Years: 23%
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 Sep 2025
Equity Capital 0.00 0.01 5 13 14 14
Reserves 11 0 6 33 77 84
10 28 43 52 65 68
5 7 4 7 7 9
Total Liabilities 26 35 57 105 164 175
5 4 4 10 13 14
CWIP 0 0 6 2 0 0
Investments 0 0 0 0 8 11
21 31 48 93 143 150
Total Assets 26 35 57 105 164 175

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
Free Cash Flow 1 -5 -15 -32 -33
CFO/OP 68% -221% -64% -146% -119%

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%

Insights

In beta
Mar 2024 Dec 2025
Capacity Utilization (Jamnagar Unit)
%

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Installed Manufacturing Capacity
MT
Number of Distributors
Number
Number of Packets Sold
Million
Number of Retailers
Number
Number of Wholesalers
Number
Cold Storage Capacity
MT
Market Share in Gujarat
%
Market Share in Saurashtra
%
Number of SKUs
Number

Shareholding Pattern

Numbers in percentages

Sep 2023Oct 2023Mar 2024Sep 2024Mar 2025Sep 2025
73.64% 73.64% 73.69% 66.93% 68.09% 68.09%
3.74% 4.82% 1.01% 1.11% 0.04% 0.44%
5.02% 6.42% 0.90% 4.91% 4.89% 4.99%
17.60% 15.05% 24.40% 27.05% 26.99% 26.48%
0.00% 0.06% 0.00% 0.00% 0.00% 0.00%
No. of Shareholders 7768478771,4281,5321,519

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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