Madhusudan Masala Ltd
Incorporated in 1982, Madhusudan Masala Ltd manufactures and trades Spices and other related items[1]
- Market Cap ₹ 379 Cr.
- Current Price ₹ 235
- High / Low ₹ 260 / 109
- Stock P/E 20.7
- Book Value ₹ 77.4
- Dividend Yield 0.00 %
- ROCE 16.2 %
- ROE 15.4 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 105% CAGR over last 5 years
- Promoter holding has increased by 2.38% over last quarter.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last 3 years: -3.17%
* 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 | TTM | |
|---|---|---|---|---|---|---|---|
| 69 | 65 | 127 | 162 | 216 | 261 | 287 | |
| 66 | 63 | 116 | 145 | 194 | 233 | 255 | |
| Operating Profit | 3 | 2 | 11 | 17 | 22 | 29 | 32 |
| OPM % | 4.2% | 3.3% | 9% | 11% | 10% | 11% | 11% |
| 0 | 1 | 0 | 0 | 1 | 1 | 1 | |
| Interest | 2 | 2 | 3 | 4 | 6 | 6 | 7 |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Profit before tax | 1 | 1 | 8 | 12 | 15 | 22 | 25 |
| Tax % | 27% | 16% | 26% | 26% | 24% | 26% | |
| 0 | 1 | 6 | 9 | 12 | 16 | 18 | |
| EPS in Rs | 810.00 | 11.50 | 7.13 | 8.06 | 10.60 | 12.02 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 27% |
| TTM: | 14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 105% |
| 3 Years: | 41% |
| TTM: | 32% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 28% |
| 1 Year: | 64% |
| 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 | -11 | -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% | -118% | 7% |
Ratios
Standalone / 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 | 234 |
| Working Capital Days | 62 | 66 | 22 | 88 | 126 | 135 |
| ROCE % | 11% | 27% | 22% | 17% | 16% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Branded Sales Mix % |
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| Capacity Utilization - Jamnagar Plant % |
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| Total Manufacturing Capacity MT |
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| Number of Distributors count |
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| Number of Retailers count |
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| Number of States Covered count |
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| Number of Wholesalers count |
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| Total Sales Volume MT |
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Extracted by Screener AI
Documents
Announcements
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Address Change
- Board approved clarificatory update to registered office address in Jamnagar, effective October 1, 2026.
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Shareholders meeting
- 5th AGM voting results: all 4 resolutions passed, including financials and remuneration revisions for CMD and WTD.
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Trading Window
- Trading window closed from October 1, 2026 until 48 hours after Q2 and half-year results.
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Shareholders meeting
- Madhusudan Masala held its 5th AGM on September 30, 2026; approved financials, director reappointment and remuneration revisions.
-
Updates
- Corrected CSR contribution in FY2025-26 annual report from ₹2,39,500 to ₹39,500.
Annual reports
-
Annual Report 2026
from nse
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Annual Report 2025
from nse
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Annual Report 2024
from nse
Concalls
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Jul 2026Transcript PPT REC
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May 2026Transcript PPT
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Jan 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025PPT
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Jun 2025Transcript PPT
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Feb 2025PPT
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Nov 2024Transcript PPT
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Oct 2024PPT
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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.