Madhusudan Masala Ltd.

217.35-2.64%

2026-08-21

madhusudanmasala.comBSE: -NSE: MADHUSUDAN
Market Cap₹ 361 Cr.
Current Price₹ 253
High / Low₹ 260 / 109
Stock P/E0.0
Book Value₹ 77
Price to Book2.38
Dividend Yield0.00 %
ROCE17.0 %
ROE17.0 %
Face Value₹ 10

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ABOUT

KEY POINTS

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

EDIT COLUMNS
S.No.NameCMP Rs.P/EMar Cap Rs.Cr.Div Yld %NP Qtr Rs.Cr.Qtr Profit Var %Sales Qtr Rs.Cr.Qtr Sales Var %ROCE %OPM %
1.NESTLEIND1469.9074.37283442.920.829586.801382.6763781.801157.0498.3523.86
2.VBL432.7543.23146376.170.351525.3615.088650.5720.7720.7327.04
3.BRITANNIA5410.0050.04130309.751.67593.3814.084999.9710.2656.4816.77
4.JUBLFOOD495.9075.4032721.720.24100.036.032569.6513.6625.5619.77
5.HATSUN931.7559.5820754.571.7260.582363.7217.6114.6010.81
6.DEVYANI142.850.0017612.540.00171.047576.8415805.161064.748.9816.09
7.ZYDUSWELL492.9583.3415683.730.24118.90-7.041437.0067.544.4216.82
8.MILKYMIST199.55120.9515362.230.0013.79
9.BIKAJI609.2559.0915276.120.2159.471.62734.2615.2621.6513.48
10.LTFOODS429.9023.3114928.400.70183.458.873151.8327.9221.4211.26
11.MANORAMA1924.7049.2612149.170.0478.6667.55404.0139.5319.7026.29
12.MADHUSUDAN223.6517.32360.860.006.5056.0698.2834.4715.6111.27
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2024
30
26
Operating Profit
OPM %
Other Income
0
Interest
1
Depreciation
0
2
Tax %
21.72%
Net Profit
2
1
Equity Capital
13
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
13
Reserves
0
Promoter Pledge %
0.00%
Sep 2024
65
58
Operating Profit
OPM %
Other Income
0
Interest
2
Depreciation
0
5
Tax %
23.24%
Net Profit
4
3
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Dec 2024
58
54
Operating Profit
OPM %
Other Income
1
Interest
1
Depreciation
1
3
Tax %
23.36%
Net Profit
2
1
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Mar 2025
64
57
Operating Profit
OPM %
Other Income
1
Interest
1
Depreciation
0
5
Tax %
23.80%
Net Profit
4
3
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Jun 2025
64
58
Operating Profit
OPM %
Other Income
0
Interest
1
Depreciation
0
5
Tax %
24.90%
Net Profit
4
3
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Sep 2025
42
36
Operating Profit
OPM %
Other Income
1
Interest
2
Depreciation
1
4
Tax %
24.94%
Net Profit
3
2
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Dec 2025
68
61
Operating Profit
OPM %
Other Income
0
Interest
1
Depreciation
1
5
Tax %
24.95%
Net Profit
4
3
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
14
Reserves
0
Promoter Pledge %
0.00%
Mar 2026
87
78
Operating Profit
OPM %
Other Income
0
Interest
2
Depreciation
1
7
Tax %
26.65%
Net Profit
5
4
Equity Capital
15
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
15
Reserves
0
Promoter Pledge %
0.00%
Jun 2026
90
82
Operating Profit
OPM %
Other Income
0
Interest
2
Depreciation
1
8
Tax %
25.48%
Net Profit
6
0
Equity Capital
16
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
16
Reserves
0
Promoter Pledge %
0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022
65
63
Operating Profit
3
OPM %
5
Other Income
1
Interest
2
Depreciation
1
1
Tax %
16
Net Profit
1
EPS
15
Dividend Payout %
0
Minority Interest
0
Share of Associates
0
Adjusted EPS
452
Minority Interest
0
Share of Associates
0
Adjusted EPS
452
Mar 2023
127
116
Operating Profit
12
OPM %
9
Other Income
0
Interest
3
Depreciation
1
8
Tax %
26
Net Profit
6
EPS
6
Dividend Payout %
0
Minority Interest
0
Share of Associates
0
Adjusted EPS
6
Minority Interest
0
Share of Associates
0
Adjusted EPS
6
Mar 2024
162
145
Operating Profit
18
OPM %
11
Other Income
0
Interest
4
Depreciation
1
12
Tax %
26
Net Profit
9
EPS
7
Dividend Payout %
0
Minority Interest
0
Share of Associates
0
Adjusted EPS
7
Minority Interest
0
Share of Associates
0
Adjusted EPS
7
Mar 2025
217
194
Operating Profit
24
OPM %
11
Other Income
1
Interest
6
Depreciation
2
15
Tax %
24
Net Profit
12
EPS
8
Dividend Payout %
0
Minority Interest
0
Share of Associates
0
Adjusted EPS
8
Minority Interest
0
Share of Associates
0
Adjusted EPS
8
TTM
287
257
Operating Profit
OPM %
Other Income
1
Interest
7
Depreciation
2
25
Tax %
26
Net Profit
18
EPS
Dividend Payout %
Minority Interest
0
Share of Associates
0
Adjusted EPS
Minority Interest
0
Share of Associates
0
Adjusted EPS

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

Corporate actions

No bonus data found

Mar 2022
Equity Capital
0
0
12
Trade Payables
6
17
Total Liabilities
35
4
Capital Work in Progress
0
0
16
0
15
Total Assets
35
Total Debt
28
Net Working Capital
12
Contingent Liabilities
0
Book Value per Share
310.70
Face Value
10.00
Total Debt
28
Net Working Capital
12
Contingent Liabilities
0
Book Value per Share
310.70
Face Value
10.00
Mar 2023
Equity Capital
5
6
34
Trade Payables
1
11
Total Liabilities
57
4
Capital Work in Progress
6
0
23
0
24
Total Assets
57
Total Debt
43
Net Working Capital
8
Contingent Liabilities
0
Book Value per Share
21.35
Face Value
10.00
Total Debt
43
Net Working Capital
8
Contingent Liabilities
0
Book Value per Share
21.35
Face Value
10.00
Mar 2024
Equity Capital
13
33
42
Trade Payables
3
13
Total Liabilities
105
10
Capital Work in Progress
2
0
42
36
14
Total Assets
105
Total Debt
52
Net Working Capital
40
Contingent Liabilities
10
Book Value per Share
35.70
Face Value
10.00
Total Debt
52
Net Working Capital
40
Contingent Liabilities
10
Book Value per Share
35.70
Face Value
10.00
Mar 2025
Equity Capital
14
76
56
Trade Payables
2
14
Total Liabilities
164
13
Capital Work in Progress
0
8
88
36
18
Total Assets
164
Total Debt
65
Net Working Capital
75
Contingent Liabilities
10
Book Value per Share
62.82
Face Value
10.00
Total Debt
65
Net Working Capital
75
Contingent Liabilities
10
Book Value per Share
62.82
Face Value
10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022
-5
Cash from Investing
0
Cash from Financing
5
-0
Free Cash Flow
-5
OCF / Net Profit
-6.22
Cumulative 5-Year FCF
0
OCF / Net Profit
-6.22
Cumulative 5-Year FCF
0
Mar 2023
-9
Cash from Investing
-6
Cash from Financing
16
0
Free Cash Flow
-15
OCF / Net Profit
-1.60
Cumulative 5-Year FCF
0
OCF / Net Profit
-1.60
Cumulative 5-Year FCF
0
Mar 2024
-29
Cash from Investing
-3
Cash from Financing
31
-0
Free Cash Flow
-32
OCF / Net Profit
-3.11
Cumulative 5-Year FCF
0
OCF / Net Profit
-3.11
Cumulative 5-Year FCF
0
Mar 2025
-30
Cash from Investing
-10
Cash from Financing
41
-0
Free Cash Flow
-33
OCF / Net Profit
-2.60
Cumulative 5-Year FCF
0
OCF / Net Profit
-2.60
Cumulative 5-Year FCF
0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022
EPS (₹)
812.90
Book Value (₹)
310.70
Dividend per Share (₹)
0.00
Cash EPS (₹)
822.28
Operating Margin %
5.01%
Net Margin %
1.24%
ROE %
261.64%
ROCE %
9.15%
2.31%
Debtor Days
70
Inventory Days
88
Payable Days
36
123
Debt to Equity (x)
90.75x
Interest Coverage (x)
1.59x
1.64x
Revenue Growth %
0.00%
Operating Profit Growth %
0.00%
Net Profit Growth %
0.00%
0.00%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
0.00x
Mar 2023
EPS (₹)
11.51
Book Value (₹)
21.35
Dividend per Share (₹)
0.00
Cash EPS (₹)
7.10
Operating Margin %
9.18%
Net Margin %
4.52%
ROE %
104.79%
ROCE %
26.95%
12.44%
Debtor Days
42
Inventory Days
56
Payable Days
12
86
Debt to Equity (x)
4.01x
Interest Coverage (x)
3.38x
1.21x
Revenue Growth %
94.50%
Operating Profit Growth %
256.44%
Net Profit Growth %
607.90%
0.00%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
0.00x
Mar 2024
EPS (₹)
7.13
Book Value (₹)
35.70
Dividend per Share (₹)
0.00
Cash EPS (₹)
7.85
Operating Margin %
10.68%
Net Margin %
5.67%
ROE %
32.43%
ROCE %
22.21%
11.31%
Debtor Days
59
Inventory Days
74
Payable Days
6
126
Debt to Equity (x)
1.13x
Interest Coverage (x)
3.78x
1.78x
Revenue Growth %
27.52%
Operating Profit Growth %
52.18%
Net Profit Growth %
59.83%
-38.05%
P/E (x)
14.45x
P/B (x)
2.89x
Dividend Yield %
0.00%
10.39x
Mar 2025
EPS (₹)
8.06
Book Value (₹)
62.82
Dividend per Share (₹)
0.00
Cash EPS (₹)
9.43
Operating Margin %
10.26%
Net Margin %
5.39%
ROE %
17.04%
ROCE %
16.98%
8.68%
Debtor Days
61
Inventory Days
110
Payable Days
6
165
Debt to Equity (x)
0.72x
Interest Coverage (x)
3.49x
2.15x
Revenue Growth %
33.46%
Operating Profit Growth %
32.79%
Net Profit Growth %
26.84%
13.08%
P/E (x)
18.53x
P/B (x)
2.38x
Dividend Yield %
0.00%
11.91x

Shareholding Pattern

Numbers in percentages

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

Documents

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Nothing filed yet.

Credit Ratings

Nothing filed yet.

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