Promoters of Madhusudan Masala Limited have confirmed that no new encumbrances were created on the company's shares during the financial year 2025-26. The declaration, submitted on April 04, 2026, assures stakeholders that neither the promoters nor persons acting in concert have pledged or encumbered their holdings directly or indirectly, other than what has already been disclosed to the exchanges.

The confirmation was provided by Rishit Dayalji Kotecha, a promoter of the company, in a letter addressed to the National Stock Exchange of India Limited and the Audit Committee of Madhusudan Masala Limited. This disclosure was made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which mandates periodic declarations regarding share encumbrances by promoters.

The filing included a comprehensive list of individuals and entities classified as promoters and members of the promoter group. The list details 69 names, comprising individuals and corporate entities, all of whom are subject to the confirmation regarding the status of their shareholdings.

Promoter and Promoter Group Details

The declaration covers the following key categories of shareholders associated with the company:

The full list, enclosed as Annexure A to the declaration, includes additional family members, Hindu Undivided Families (HUFs), and private limited companies such as Madhusudan Agri Processing And Coldstorage Private Limited and Mangalya Infrabuild LLP, all classified under the promoter group.

Madhusudan Masala Limited reported a consolidated net profit of ₹185.0 crore for the financial year ended March 31, 2026, an increase of 23.2% from ₹150.2 crore in the previous year. Revenue from operations rose 26.3% to ₹2,917.1 crore for FY26, compared to ₹2,309.2 crore in FY25. The company's EBITDA for the year stood at ₹330.1 crore, with margins expanding to 11.3% from 10.5% in the prior year. The Board of Directors approved the audited standalone and consolidated financial results at a meeting held on May 25, 2026. Subsequently, the company conducted an earnings call on May 27, 2026, to discuss these financial results.

Financial Performance

The company's total income for the year stood at ₹2,930.1 crore, up from ₹2,323.0 crore in the prior year. Basic earnings per share (EPS) increased to ₹12.78 from ₹10.93 in FY25. The finance costs for the year were ₹68.6 crore, while depreciation and amortization expenses amounted to ₹25.4 crore. For the quarter ended March 31, 2026 (Q4FY26), revenue from operations grew 32.9% year-on-year to ₹971.7 crore, while net profit for the quarter rose 8.4% to ₹61.4 crore.

Capital Allocation and Funds Utilization

The company fully utilized the proceeds of ₹10.45 crore raised through the conversion of warrants into fully paid-up equity shares on March 27, 2026. The funds were used for prepayment of borrowings, working capital, capital expenditure, and general corporate purposes. There was no deviation in the utilization of funds as confirmed by the audit committee and auditors. The statutory auditors, M/s. Sarvesh Gohil & Associates, issued an audit report with an unmodified opinion on the financial results.

Operational Highlights

The consolidated results include the financial statements of its subsidiary, Vitagreen Products Private Limited, which was acquired on July 26, 2024. The company reported a total volume sales of 24,604 MT in FY26, with branded products accounting for 16,197 MT. The management highlighted that the company is transitioning from a regional spice player to an emerging multi-category spice FMCG company, with distribution scaling to 46,500+ retail grocery stores and 6,700+ wholesalers across 9 states. A greenfield expansion project with a capacity of 6,000 MT is underway in Jamnagar, with production expected to commence from September 2026.