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.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 89.5 | +38.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 10.9 | +0.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 5.8 | +56.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 19.38 | +4.9 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -2.26 | +14.4 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 13.43 | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 7 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 EBITDA Margin | 11-11.5% | Q4 FY25 | Promise pertains to FY26, which has concluded. No new update. | Achieved |
| FY26 Consolidated Revenue Growth | 30% minimum | Q4 FY25 | Promise pertains to FY26, which has concluded. No new update. | Missed |
| Revenue CAGR | 30% by 2030 | Q3 FY26 | 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%.' | Revised Up |
3 of Madhusudan Masa's 19 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹135 on 24 Oct 2025 → ₹245. High ₹271.9 (19 Oct 2026), low ₹108.95 (17 Nov 2025).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
4 of 7 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 EBITDA Margin | 11-11.5% | Q4 FY25 | Promise pertains to FY26, which has concluded. No new update. | Achieved |
| FY26 Consolidated Revenue Growth | 30% minimum | Q4 FY25 | Promise pertains to FY26, which has concluded. No new update. | Missed |
| Revenue CAGR | 30% by 2030 | Q3 FY26 | 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%.' | Revised Up |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 19 tracked commitments, with each call’s wording and source.
Call summaries
Madhusudan Masa Q1 FY27
Madhusudan Masala reported a strong Q1 FY27, with significant growth in revenue, EBITDA, and net profit, driven by an improved branded sales mix and expanded distribution. The company is progressing with its Sanosara capacity expansion, targeting 100% utilization by mid-Q3 FY27. Management reiterated its FY27 revenue target of INR400 crores and an EBITDA margin of 11.5%, despite raw material price volatility.
Read the full callMadhusudan Masa Q4 FY26
Madhusudan Masala Ltd. delivered a strong FY26, marked by robust revenue growth and significant expansion in branded sales, which now constitute nearly 78% of total revenue. This strategic shift drove substantial improvements in EBITDA and PAT margins. The company is actively expanding its manufacturing capacity and distribution network, targeting ambitious revenue and branded sales growth for FY27 and beyond, while managing input cost volatility through strategic procurement.
Read the full callMadhusudan Masa Q3 & 9M FY26
Madhusudan Masala Limited delivered strong Q3 and 9M FY26 results, marked by robust revenue and profit growth, and significant margin expansion. The company is aggressively pursuing capacity expansion with a new greenfield project and deepening its distribution network to achieve its ambitious 30% CAGR target. While commodity prices are currently high and expected to rise further, management is confident in maintaining margins through strategic procurement and pricing.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 2 fiscal years held (Mar 2025 to Mar 2026).
Financials
Net profit, year on year: +56% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 65 | 58 | 64 | 64 | 42 | 68 | 87 | 90 |
| Expenses | 58 | 54 | 57 | 58 | 36 | 61 | 78 | 80 |
| Operating profit | 7 | 4 | 7 | 7 | 6 | 7 | 9 | 10 |
| Operating margin | 10.8% | 7.1% | 10.7% | 10.3% | 13.9% | 10.5% | 10.6% | 10.9% |
| Other income | 0 | 1 | 1 | 0 | 1 | 0 | 0 | 0 |
| Interest | 2 | 1 | 1 | 1 | 2 | 1 | 2 | 2 |
| Depreciation | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 5 | 3 | 5 | 5 | 4 | 5 | 7 | 8 |
| Tax rate | 23.2% | 23.4% | 23.6% | 24.7% | 24.9% | 24.9% | 26.6% | 25.5% |
| Net profit | 4 | 2 | 4 | 4 | 3 | 4 | 5 | 6 |
| EPS (₹ per share) | 2.73 | 1.45 | 2.85 | 2.57 | 2.14 | 2.85 | 3.43 | 3.60 |
| Line item | Mar 2025 | Mar 2026 |
|---|---|---|
| Sales | 217 | 262 |
| Expenses | 195 | 233 |
| Operating profit | 22 | 29 |
| Other income | 1 | 1 |
| Interest | 6 | 6 |
| Depreciation | 2 | 2 |
| Profit before tax | 15 | 22 |
| Net profit | 12 | 16 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 0 | 5 | 13 | 14 | 14 | 15 |
| Reserves | 0 | 6 | 33 | 77 | 87 | 103 |
| Borrowings | 28 | 43 | 52 | 65 | 75 | 69 |
| Other liabilities | 7 | 4 | 7 | 7 | 11 | 12 |
| Total liabilities | 35 | 57 | 105 | 164 | 188 | 199 |
| Fixed assets | 4 | 4 | 10 | 13 | 15 | 14 |
| Capital work in progress | 0 | 6 | 2 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 8 | 7 | 10 |
| Other assets | 31 | 48 | 93 | 143 | 166 | 176 |
| Total assets | 35 | 57 | 105 | 164 | 188 | 199 |
| Line item | Mar 2025 | Mar 2026 |
|---|---|---|
| Cash from operations | -30 | -3 |
| Cash from investing | -11 | -5 |
| Cash from financing | 41 | 8 |
| Net cash flow | 0 | 0 |
| Free cash flow | -33 | -6 |
| Line item | 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 |
| Return on capital employed | — | 11.0% | 27.0% | 22.0% | 17.0% | 16.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
To justify its price of ₹245, this stock must grow earnings at 13% every year for 7 years. Our analysis caps realistic growth at ~31%. At that growth it is worth ₹626 — upside of 155%.
Ownership
Promoters hold 70.44% as of Sept 2026; institutions cut 3.61 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Madhusudan Masa above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 19.31% | unchanged | |
| 19.11% | unchanged | |
| 9.92% | unchanged | |
| 9.92% | unchanged | |
| 5.30% | unchanged | |
| 5.30% | unchanged | |
| 2.64% | unchanged | |
| 1.57% | newly disclosed | |
| 0.01% | unchanged | |
| AIF | — | off the list |
| — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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