Madhusudan Masala Ltd
Incorporated in 1982, Madhusudan Masala Ltd manufactures and trades Spices and other related items[1]
- Market Cap ₹ 238 Cr.
- Current Price ₹ 156
- High / Low ₹ 172 / 109
- Stock P/E 14.7
- Book Value ₹ 77.4
- Dividend Yield 0.00 %
- ROCE 16.2 %
- ROE 15.4 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 105% CAGR over last 5 years
- Promoter holding has increased by 1.44% over last quarter.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
* 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
Part of Nifty SME Emerge
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 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 69 | 65 | 127 | 162 | 216 | 262 | |
| 66 | 63 | 116 | 145 | 194 | 233 | |
| Operating Profit | 3 | 2 | 11 | 17 | 22 | 29 |
| 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 | 22 |
| Tax % | 27% | 16% | 26% | 26% | 24% | 26% |
| 0 | 1 | 6 | 9 | 12 | 16 | |
| EPS in Rs | 810.00 | 11.50 | 7.13 | 8.06 | 10.60 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 27% |
| TTM: | 21% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 105% |
| 3 Years: | 41% |
| TTM: | 38% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 0% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 18% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.00 | 0.01 | 5 | 13 | 14 | 15 |
| Reserves | 11 | 0 | 6 | 33 | 77 | 103 |
| 10 | 28 | 43 | 52 | 65 | 69 | |
| 5 | 7 | 4 | 7 | 7 | 12 | |
| Total Liabilities | 26 | 35 | 57 | 105 | 164 | 199 |
| 5 | 4 | 4 | 10 | 13 | 14 | |
| CWIP | 0 | 0 | 6 | 2 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 8 | 10 |
| 21 | 31 | 48 | 93 | 143 | 176 | |
| Total Assets | 26 | 35 | 57 | 105 | 164 | 199 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 2 | -5 | -9 | -29 | -30 | -3 | |
| -1 | 0 | -6 | -3 | -10 | -5 | |
| -1 | 5 | 16 | 31 | 41 | 8 | |
| Net Cash Flow | 0 | -0 | 0 | 0 | -0 | 0 |
| Free Cash Flow | 1 | -5 | -15 | -32 | -33 | -6 |
| CFO/OP | 68% | -221% | -64% | -146% | -119% | 7% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 67 | 70 | 47 | 81 | 61 | 71 |
| Inventory Days | 44 | 97 | 75 | 112 | 174 | 171 |
| Days Payable | 27 | 36 | 4 | 9 | 5 | 9 |
| Cash Conversion Cycle | 83 | 131 | 118 | 184 | 230 | 233 |
| Working Capital Days | 62 | 66 | 22 | 88 | 126 | 135 |
| ROCE % | 11% | 27% | 22% | 17% | 16% |
Insights
In beta| Mar 2024 | Dec 2025 | |
|---|---|---|
| Capacity Utilization (Jamnagar Unit) % |
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| Installed Manufacturing Capacity MT |
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| Number of Distributors Number |
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| Number of Packets Sold Million |
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| Number of Retailers Number |
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| Number of Wholesalers Number |
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| Cold Storage Capacity MT |
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| Market Share in Gujarat % |
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| Market Share in Saurashtra % |
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| Number of SKUs Number |
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Extracted by Screener AI
Documents
Announcements
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Analysts/Institutional Investor Meet/Con. Call Updates
27 May 2026 - Audio/video recording of March 31, 2026 earnings call made available on company website.
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Structural Digital Database
27 May 2026 - Submitted SDD compliance certificate for FY ended March 31, 2026.
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Investor Presentation
27 May 2026 - Investor presentation shared for Q4 and FY26 earnings call on May 27, 2026.
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Outcome of Board Meeting
25 May 2026 - Board approved FY26 audited standalone/consolidated results on May 25, 2026; NSE penalty for Regulation 29 non-compliance acknowledged.
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Statement of deviation(s) or variation(s) under Reg. 32
25 May 2026 - March 31, 2026 warrant proceeds of Rs. 10.45 crore fully utilized; no deviation.
Annual reports
Concalls
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Jan 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025TranscriptAI SummaryPPT
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Jun 2025Transcript PPT
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Feb 2025TranscriptAI SummaryPPT
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Nov 2024Transcript PPT
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Oct 2024TranscriptAI SummaryPPT
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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.