Madhusudan Masala Limited is targeting a 1% share of the Indian spice market by 2030, equivalent to approximately ₹3,000–3,500 crore in revenue, following an analyst meeting held on June 18, 2026. The company, which manufactures ground spices, blended spices, and grocery products, reported strong financial performance for FY26 and outlined plans for capacity expansion and geographic diversification. The management discussed these growth initiatives during a webinar organized by Hem Securities Ltd. under Samruddhi Season 3.

Financial Performance

The company improved its profitability metrics in FY26, driven by a shift towards branded products. Revenue for the fiscal year stood at ₹292 crore, while Profit After Tax (PAT) reached ₹18.5 crore. EBITDA improved to ₹33 crore, with margins expanding to 11.3%. Net margins also improved to 6.3%.

A key driver of this performance was the increase in branded sales, which rose to account for 70% of total revenue compared to 47% in FY23. The company achieved a total sales volume of approximately 24,600 MT, which included 16,200 MT of branded products.

Expansion and Capacity

To support its growth targets, Madhusudan Masala is executing a greenfield expansion near Jamnagar. The company’s current manufacturing capacity of 6,600 MT is fully utilised. Phase I of the expansion will add 6,000 MT of capacity with a capital expenditure of approximately ₹15–16 crore. Management expects the new facility to be commissioned within the next 2-3 months.

The expansion is intended to bring outsourced products in-house, a move expected to improve both margins and quality control. Future plans include a Phase II expansion that is projected to be three to five times the size of Phase I.

Strategic Outlook

Management stated its intention to compete primarily against unorganised regional players rather than large national brands. The company’s distribution network has expanded to nine states, with 80% of new distributors added outside Gujarat. Near-term growth efforts are focused on North India, followed by Madhya Pradesh and Rajasthan.

Exports are identified as a longer-term opportunity, with Africa and the GCC marked as priority markets. The company’s balance sheet remains robust, with shareholders' funds at approximately ₹122.7 crore and long-term debt of about ₹11.5 crore.

Madhusudan Masala Limited will conduct an investor and analyst webinar on June 18, 2026, to discuss the company's performance. The meeting, titled Samruddhi Season 3, is organized by Hem Securities Ltd. and will provide a platform for the management to engage with the investment community based on publicly available information.

The disclosure was made to the National Stock Exchange of India Limited in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that no unpublished price sensitive information will be shared during the session.

The event details are outlined in the table below:

Rishit Dayalaji Kotecha, Chairman cum Managing Director of Madhusudan Masala , signed the intimation regarding the schedule. The company noted that the schedule is subject to change due to unexpected exigencies, and any revisions will be communicated to the stock exchanges.