Madhusudan Masala Ltd
Incorporated in 1982, Madhusudan Masala Ltd manufactures and trades Spices and other related items[1]
- Market Cap ₹ 214 Cr.
- Current Price ₹ 148
- High / Low ₹ 229 / 130
- Stock P/E 18.3
- 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: | -17% |
| 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
5 September 2025 - Analyst meeting with Nirmal Bang on Sept 10, 2025 at 11:00 AM (virtual).
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Updates
22 August 2025 - Annual Report 2024-25 web-link sent to unregistered members; report on company website.
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Copy of Newspaper Publication
21 August 2025 - 4th AGM notice published Aug 21, 2025; notice and FY2024-25 annual report issued Aug 20; e-voting, VC/OAVM instructions enclosed.
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Shareholders meeting
20 August 2025 - AGM on Sep 12, 2025: adopt FY25 accounts, reappoint MD, approve ₹4,00,000 p.a. remuneration for several directors, appoint independent director.
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Appointment
20 August 2025 - Appointed Ms Rashmi Otavani as Independent Director (w.e.f. Aug 20, 2025); AGM on Sept 12, 2025; new AOA adopted.
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.