Madhusudan Masala Ltd

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Madhusudan Masala Ltd

₹ 270 0.28%
12 Nov 3:31 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 ₹ 436 Cr.
  • Current Price ₹ 270
  • High / Low ₹ 285 / 109
  • Stock P/E 18.3
  • Book Value ₹ 91.6
  • Dividend Yield 0.00 %
  • ROCE 17.0 %
  • ROE 17.1 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last 3 years: -3.20%

* 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
69.73 63.44 73.11 73.09 45.13 76.32 97.17 98.28 97.67
62.23 58.85 65.98 65.58 38.59 68.06 86.47 87.21 86.85
Operating Profit 7.50 4.59 7.13 7.51 6.54 8.26 10.70 11.07 10.82
OPM % 10.76% 7.24% 9.75% 10.28% 14.49% 10.82% 11.01% 11.26% 11.08%
0.01 0.53 2.78 0.20 0.52 0.19 0.39 0.31 0.19
Interest 1.69 1.34 1.57 1.57 1.74 1.47 2.08 2.03 1.82
Depreciation 0.21 0.77 0.59 0.59 0.62 0.65 0.68 0.62 0.64
Profit before tax 5.61 3.01 7.75 5.55 4.70 6.33 8.33 8.73 8.55
Tax % 25.67% 23.59% 26.84% 24.86% 25.74% 25.75% 26.29% 25.43% 24.91%
4.17 2.30 5.66 4.17 3.49 4.70 6.14 6.50 6.42
EPS in Rs 2.90 1.60 3.91 2.88 2.41 3.25 4.03 4.03 3.98
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2025 Mar 2026 TTM
231 292 369
207 258 329
Operating Profit 24 33 41
OPM % 10% 11% 11%
4 1 1
Interest 6 7 7
Depreciation 2 3 3
Profit before tax 20 25 32
Tax % 25% 26%
15 18 24
EPS in Rs 10.38 12.14 15.29
Dividend Payout % 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 45%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 69%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 34%
1 Year: 111%
Return on Equity
10 Years: %
5 Years: %
3 Years: %
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2025 Mar 2026 Sep 2026
Equity Capital 14 15 16
Reserves 79 107 132
75 83 93
10 14 17
Total Liabilities 179 220 258
15 16 14
CWIP 0 2 8
Investments 4 6 6
161 196 230
Total Assets 179 220 258

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2025 Mar 2026
-39 -1
-7 -14
45 15
Net Cash Flow -1 0
Free Cash Flow -38 -6
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit -142% 17%

Ratios

Consolidated / View Standalone

Mar 2025 Mar 2026
Debtor Days 75 75
Inventory Days 186 172
Days Payable 10 9
Cash Conversion Cycle 251 239
Working Capital Days 128 126
ROCE % 17%

Insights

In beta
Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Branded Sales Mix
%

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Capacity Utilization - Jamnagar Plant
%
Total Manufacturing Capacity
MT
Number of Retailers
count
Number of Wholesalers
count
Number of Distributors
count
Number of States Covered
count
Total Sales Volume
MT

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Shareholding Pattern

Numbers in percentages

Sep 2023Oct 2023Mar 2024Sep 2024Mar 2025Sep 2025Mar 2026Jun 2026Sep 2026
73.64% 73.64% 73.69% 66.93% 68.09% 68.09% 69.53% 70.47% 70.44%
3.74% 4.82% 1.01% 1.11% 0.04% 0.44% 0.72% 0.68% 0.68%
5.02% 6.42% 0.90% 4.91% 4.89% 4.99% 4.91% 4.47% 0.86%
17.60% 15.05% 24.40% 27.05% 26.99% 26.48% 24.83% 24.38% 28.02%
0.00% 0.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
No. of Shareholders 7768478771,4281,5321,5191,3951,3471,543

* 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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Documents

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