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    Madhusudan Masa

    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.

    Fast Moving Consumer Goods
    Fast Moving Consumer Goods
    View MADHUSUDAN earnings calls

    Overview

    Price

    Market Cap

    ₹376 Cr

    Sector

    Fast Moving Consumer Goods

    Fast Moving Consumer Goods

    Rank

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY25FY26FY26
    LiabilitiesEquity Capital141415
    Reserves7987107
    Borrowings757583
    Other Liabilities101114
    Total Liabilities179188220
    AssetsFixed Assets151516
    CWIP002
    Investments476
    Other Assets161166196
    Total Assets179188220

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY25FY26
    ActivitiesCash from Operating-39-1
    Cash from Investing-7-14
    Cash from Financing4515
    SummaryCapital Expenditure
    Free Cash Flow-38-6
    FCF Margin

    Valuation

    Assumptions

    Current — MADHUSUDAN
    Price
    ₹233
    EPS (TTM)
    ₹13.72
    PE (TTM)
    17.0
    Profit growth

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (15.1×) and current (17.0×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹233
    vs
    Fair value · 15% return
    ₹143
    39%Overvalued

    At 10% growth and a 15× exit, ₹233 only delivers your return if you pay ₹143. The price is currently baking in 20% growth.

    EPS grows 10%/yr for 5 years, then fades to 6% over 2, exits at 15×.

    YearGrowthEPS (₹)
    FY2710.0%15.09
    FY2810.0%16.60
    FY2910.0%18.26
    FY3010.0%20.09
    FY3110.0%22.10
    FY328.0% ·fade23.86
    FY336.0% ·fade25.30

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

    Learn to analyse Madhusudan Masa

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