MADHUSUDAN

Madhusudan Masa financials

Gujarat spice maker packing ground, blended and whole spices under the Double Hathi, Maharaja and Mantavya brands, with subsidiary Vitagreen (77 Green) in blended spices and instant mixes.

Market cap: ₹387 Cr
Sector: Fast Moving Consumer Goods
Calls analysed: 4

Latest concall · Q1 FY27 · call held 23 Jul 2026

Madhusudan Masa Q1 FY27

Revenue ₹98.3 cr +35%EBITDA ₹11.1 cr +47%Net Profit ₹6.5 cr +56%

What went well

Revenue increased by more than 34% to INR98.3 crores, driven by better branded mix, deeper distribution reach, and strong operational execution.
EBITDA grew by more than 47% to INR11.1 crores, and profit after tax increased by more than 56% to INR6.5 crores, demonstrating strong operating leverage.
Branded sales share reached over 72% in Q1 FY27, up from 70% in FY26, aligning with the company's brand focus.

What to watch

Raw material pricing volatility due to monsoon and late seeding is noted, though management has strategies to mitigate impact on EBITDA margins.
Inventory days are significantly higher (140 days) compared to peers (40-50 days), which management attributes to ground spices focus but aims to reduce to 90 or two-digit numbers without a fixed deadline.

Read the full call →

What Madhusudan Masa does

Madhusudan Masala procures raw spices seasonally and processes them in-house through drying, cleaning, grinding, blending and packing at two manufacturing units in Jamnagar and Rajkot, Gujarat. It sells ground spices, blended masalas, whole spices, grocery products and tea under its own brands (Double Hathi, Maharaja, Mantavya) as well as some third-party sourced items repacked under its own labels, distributed through super stockists, distributors, wholesalers and retail grocery stores. In 2025 it acquired Vitagreen Products Private Limited as a 100% subsidiary, which manufactures blended spices, instant mixes and grocery products under the '77 Green' brand and adds distribution reach in newer regions.

Segments

Ground Spices
Blended Spices
Whole Spices
Grocery Products & Instant Mixes
Vitagreen (100% subsidiary)

Manufacturing plants: 2 (Jamnagar & Rajkot, Gujarat)
Installed manufacturing capacity: 6,600 MT/yr (Jamnagar 6,000 MT + Rajkot 600 MT), both units at ~100% utilisation
Product SKUs: 500+ SKUs across 32 spice types under 4 brands
Retail grocery stores: 42,500+ (as of 31 Dec 2025)
Wholesalers: 6,400+
Distributors: 358+

Founded 1977Headquarters Jamnagar, Gujarat Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 4 delivered 3 missed 12 open

FY26 EBITDA Margin delivered said Q4 FY25 Promised: 11-11.5% Q1 FY27: Promise pertains to FY26, which has concluded. No new update.
FY26 Consolidated Revenue Growth missed said Q4 FY25 Promised: 30% minimum Q1 FY27: Promise pertains to FY26, which has concluded. No new update.
Revenue CAGR revised up said Q3 FY26 Promised: 30% by 2030 Q1 FY27: Management revised the long-term CAGR guidance upwards to 35%, citing increased delivery speed from expansion. 'Expected CAGR is 35% with long term aspiration. Earlier it was 30%.'

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 34.5%, net profit up 55.9% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	70	63	73	73	45 −35%	76 +20%	97 +33%	98 +34%
Expenses	62	59	66	66	39	68	86	87
EBITDA	8	5	7	8	7 −13%	8 +80%	11 +50%	11 +47%
Margin	11%	7%	10%	10%	14%	11%	11%	11%
Other income	0	1	3	0	1	0	0	0
Interest	2	1	2	2	2	1	2	2
Depreciation	0	1	1	1	1	1	1	1
Profit before tax	6	3	8	6	5 −16%	6 +110%	8 +7%	9 +57%
Tax rate	26%	24%	27%	25%	26%	26%	26%	25%
Net profit	4	2	6	4	3 −16%	5 +104%	6 +8%	7 +56%
EPS	2.90	1.60	3.91	2.88	2.41	3.25	4.03	4.03

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +55.6% 1Y

1Y: ₹153 on 10 Sept 2025 → ₹238. High ₹256.05 (7 Jul 2026), low ₹108.95 (17 Nov 2025).

How the price took the results

close before → close after

Q1 FY27: +0.4%; 23 Jul
Q4 FY26: +2.2%; 27 May
Q3 FY26: −6.2%; 20 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Year ending	FY26
Revenue	₹292 Cr
Operating profit	₹33 Cr
Operating margin	11.3%
Interest	₹7 Cr
Depreciation	₹3 Cr
Net profit	₹19 Cr
Net margin	6.3%
Cash from operations	₹-1 Cr
Free cash flow	₹-6 Cr

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY25	FY26
Equity capital	₹14 Cr	₹15 Cr
Reserves	₹87 Cr	₹107 Cr
Borrowings	₹75 Cr	₹83 Cr
Other liabilities	₹11 Cr	₹14 Cr
Total liabilities	₹188 Cr	₹220 Cr
Fixed assets	₹15 Cr	₹16 Cr
Capital work in progress	₹0 Cr	₹2 Cr
Investments	₹7 Cr	₹6 Cr
Other assets	₹166 Cr	₹196 Cr
Total assets	₹188 Cr	₹220 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Growth the price implies: 9.8% a year; for 7 years, fading to 4%
It has actually compounded at: Not enough history
The gap: —; between what it did and what it must do

Price today ₹238

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse Madhusudan Masa

Guides on how to read this kind of business and the numbers that matter.