Madhusudan Masala Ltd
Incorporated in 1982, Madhusudan Masala Ltd manufactures and trades Spices and other related items[1]
- Market Cap ₹ 271 Cr.
- Current Price ₹ 178
- High / Low ₹ 180 / 109
- Stock P/E 16.8
- 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: | 19% |
| 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 | |
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| 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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General Updates
18 June 2026 - Company held investor webinar on June 18, 2026; discussed business, financials, growth plans and expansion.
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Allotment of Securities
13 June 2026 - Board allotted 8,95,000 equity shares on June 13, 2026, raising Rs. 12.15 crore through warrant conversion.
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Outcome of Board Meeting
13 June 2026 - Board allotted 8.95 lakh shares on June 13, 2026, raising Rs. 12.15 crore through warrant conversion.
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Analysts/Institutional Investor Meet/Con. Call Updates
5 June 2026 - Management to join Samruddhi Season 3 webinar on June 18, 2026, 11:00 AM-12:00 PM.
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Disclosure under SEBI Takeover Regulations
5 June 2026 - Rishit Dayalji Kotecha has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, …
Annual reports
Concalls
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May 2026TranscriptPPT
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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.