Madhusudan Masala Ltd.

•

madhusudanmasala.comBSE: -NSE: MADHUSUDAN

Market Cap₹ 382 Cr.

Current Price

High / Low₹ 260 / 109

Stock P/E20.9

Book Value₹ 77

Price to Book2.38

Dividend Yield0.00 %

ROCE17.0 %

ROE17.0 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.

Confidence

62%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 51.4%
Company has a healthy return on capital (ROCE) of 22.0%
Latest quarter profit grew 56.3% YoY, showing strong momentum
Operating margins have improved to 10.3% from 5.0%
Institutional investors have been accumulating - FII+DII up 3.7pp

CONS

Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.56x)
Free cash flow has been persistently negative
Working capital days have increased from 89 to 126 days
Inventory has been piling up - inventory days up from 74 to 110

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsFMCGConsumer Food

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	NESTLEIND	1393.10	70.49	268633.47	0.86	9586.80	1382.67	63781.80	1157.04	98.35	23.86
2.	VBL	406.00	40.56	137328.07	0.37	1525.36	15.08	8650.57	20.77	20.73	27.04
3.	BRITANNIA	5099.50	47.17	122830.79	1.77	593.38	14.08	4999.97	10.26	56.48	16.77
4.	JUBLFOOD	475.50	72.30	31375.64	0.25	100.03	6.03	2569.65	13.66	25.56	19.77
5.	HATSUN	1199.95	76.74	26728.68	0.50	60.58	—	2363.72	17.61	17.40	10.81
6.	MILKYMIST	266.05	161.26	20481.68	0.00	646.79	—	9734.46	—	13.79	14.77
7.	ZYDUSWELL	555.10	93.84	17661.10	0.22	118.90	-7.04	1437.00	67.54	4.42	16.82
8.	DEVYANI	137.20	0.00	16915.93	0.00	171.04	7576.84	15805.16	1064.74	8.98	16.09
9.	LTFOODS	453.80	24.61	15758.34	0.66	183.45	8.87	3151.83	27.92	19.77	11.26
10.	BIKAJI	571.90	55.47	14339.61	0.22	59.47	1.62	734.26	15.26	21.65	13.48
11.	MANORAMA	2092.15	53.54	13206.15	0.04	78.66	67.55	404.01	39.53	35.00	26.29
12.	MADHUSUDAN	236.65	18.32	381.83	0.00	6.50	56.06	98.28	34.47	15.61	11.27

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	30	65	58	64	64	42	68	87	90
	26	58	54	57	58	36	61	78	82
Operating Profit	4	7	4	7	7	6	7	9	7
OPM %	13.17%	10.77%	7.10%	10.69%	10.31%	13.90%	10.49%	10.59%	8.37%
	0	0	1	1	0	1	0	0	0
Interest	1	2	1	1	1	2	1	2	2
Depreciation	0	0	1	0	0	1	1	1	1
Profit before Tax	2	5	3	5	5	4	5	7	8
Tax %	21.72%	23.24%	23.36%	23.80%	24.90%	24.94%	24.95%	26.65%	25.48%
Net Profit	2	4	2	4	4	3	4	5	6
	1.34	3.00	1.46	2.87	2.57	2.14	2.85	3.61	3.77

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	65	127	162	217	287
	63	116	145	194	257
Operating Profit	2	11	17	22	30
OPM %	3.31%	8.95%	10.68%	10.26%	10.35%
	1	0	0	1	1
Interest	2	3	4	6	7
Depreciation	1	1	1	2	2
Profit before Tax	1	8	12	15	25
Tax %	16.22%	26.04%	25.74%	24.42%	25.61%
Net Profit	1	6	9	12	18
EPS	15.41	6.39	7.13	8.06	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 49%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 143%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 68%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 51%
Last Year:: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0	5	13	14
	0	6	33	76
	27	42	51	63
Trade Payables	6	1	3	2
	2	4	5	7
Total Liabilities	35	57	105	164
	4	4	10	13
Capital Work in Progress	0	6	2	0
	0	0	0	8
	16	23	42	88
	0	0	36	36
	15	24	14	18
Total Assets	35	57	105	164

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-5	-7	-29	-30
Cash from Investing	0	-6	-3	-10
Cash from Financing	5	16	31	41
	-0	0	-0	-0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	73.64	73.69	66.93	68.09	68.09	69.53
	3.74	1.01	1.11	0.04	0.44	0.72
	3.69	0.90	4.91	4.89	4.99	4.91
Government	0.00	0.00	0.00	0.00	0.00	0.00
	18.93	24.40	27.05	26.99	26.48	24.83

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for MADHUSUDAN

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Madhusudan Masala Ltd.

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Name

NESTLEIND

1393.10

70.49

268633.47

0.86

9586.80

1382.67

63781.80

1157.04

98.35

23.86

VBL

406.00

40.56

137328.07

0.37

1525.36

15.08

8650.57

20.77

20.73

27.04

BRITANNIA

5099.50

47.17

122830.79

1.77

593.38

14.08

4999.97

10.26

56.48

16.77

JUBLFOOD

475.50

72.30

31375.64

0.25

100.03

6.03

2569.65

13.66

25.56

19.77

HATSUN

1199.95

76.74

26728.68

0.50

60.58

—

2363.72

17.61

17.40

10.81

MILKYMIST

266.05

161.26

20481.68

0.00

646.79

—

9734.46

—

13.79

14.77

ZYDUSWELL

555.10

93.84

17661.10

0.22

118.90

-7.04

1437.00

67.54

4.42

16.82

DEVYANI

137.20

0.00

16915.93

0.00

171.04

7576.84

15805.16

1064.74

8.98

16.09

LTFOODS

453.80

24.61

15758.34

0.66

183.45

8.87

3151.83

27.92

19.77

11.26

BIKAJI

571.90

55.47

14339.61

0.22

59.47

1.62

734.26

15.26

21.65

13.48

MANORAMA

2092.15

53.54

13206.15

0.04

78.66

67.55

404.01

39.53

35.00

26.29

MADHUSUDAN

236.65

18.32

381.83

0.00

6.50

56.06

98.28

34.47

15.61

11.27

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

OPM %

13.17%

10.77%

7.10%

10.69%

10.31%

13.90%

10.49%

10.59%

8.37%

Interest

Depreciation

Profit before Tax

Tax %

21.72%

23.24%

23.36%

23.80%

24.90%

24.94%

24.95%

26.65%

25.48%

Net Profit

1.34

3.00

1.46

2.87

2.57

2.14

2.85

3.61

3.77

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

127

162

217

287

116

145

194

257

Operating Profit

OPM %

3.31%

8.95%

10.68%

10.26%

10.35%

Interest

Depreciation

Profit before Tax

Tax %

16.22%

26.04%

25.74%

24.42%

25.61%

Net Profit

EPS

15.41

6.39

7.13

8.06

—

Dividend Payout %

0.00%

—

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Trade Payables

Total Liabilities

105

164

Capital Work in Progress

Total Assets

105

164

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-5

-7

-29

-30

Cash from Investing

-6

-3

-10

Cash from Financing

-0

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Sep 2023

Mar 2024

Sep 2024

Mar 2025

Sep 2025

Mar 2026

73.64

73.69

66.93

68.09

69.53

3.74

1.01

1.11

0.04

0.44

0.72

3.69

0.90

4.91

4.89

4.99

4.91

Government

0.00

18.93

24.40

27.05

26.99

26.48

24.83

Madhusudan Masala Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Madhusudan Masala Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI