---
title: "Madhusudan Masala Ltd (MADHUSUDAN) — Share Price, Financials & Analysis"
symbol: "MADHUSUDAN"
company: "Madhusudan Masala Ltd"
canonical: "https://tapetide.com/stocks/MADHUSUDAN"
isin: "INE0P6701019"
nse_symbol: "MADHUSUDAN"
sector: "Food Products"
industry: "Food Products"
market_cap_cr: 379.17
generated_at: "2026-09-13T20:16:53.063Z"
---

# Madhusudan Masala Ltd (MADHUSUDAN)

Canonical page: https://tapetide.com/stocks/MADHUSUDAN

## Company

- **NSE Symbol:** MADHUSUDAN
- **ISIN:** INE0P6701019
- **Sector:** Food Products
- **Industry:** Food Products
- **Macro Sector:** Fast Moving Consumer Goods
- **Stock Type:** EQUITY
- **Listed Since:** 2023-09-26
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** madhusudanmasala.com

## About

Incorporated in 1982, Madhusudan Masala Ltd manufactures and trades Spices and other related items[1]

## Latest Price

- **Price:** ₹238
- **Change:** +4 (+1.71%)
- **Open:** ₹241.8
- **Day High:** ₹241.8
- **Day Low:** ₹232.05
- **Previous Close:** ₹234
- **Volume:** 20000
- **As Of:** 2026-09-11T09:45:04+00:00

## Key Fundamentals

Observed at 2026-09-11T04:36:58.128921Z.

- **Market Cap:** ₹379.17 Cr
- **Classification:** SME
- **P/E (reported):** 18.1
- **P/E (TTM):** 19.8
- **EPS (TTM):** ₹12.02
- **Book Value:** ₹86.06
- **Price to Book:** 2.72
- **Dividend Yield:** 0%
- **ROE:** 16.04%
- **ROCE:** 25.64%
- **Debt to Equity:** 0.58
- **Revenue (yearly):** ₹291.71 Cr
- **Net Income:** ₹18.51 Cr
- **EBITDA:** ₹33.01 Cr
- **52-Week High:** ₹260
- **52-Week Low:** ₹108.6
- **RSI (14):** 55.76

## Tapetide Score

- **Score:** 49 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Rising
- **Percentile:** 43.6 (of 4473 scored stocks)
- **Confidence:** 95%
- **Data coverage:** 90%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 66.55 | 9% |
| growth | 57.38 | 9% |
| momentum | 98.87 | 12% |
| ownership | 51.52 | 24% |
| quality | 39.98 | 22% |
| valuation | 44.05 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company is expected to give good quarter
- Company has delivered good profit growth of 105% CAGR over last 5 years
- Promoter holding has increased by 2.38% over last quarter.

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -70.67% | -261.13% | — |
| ebitda margin growth | 2.7% | 2.18% | — | — |
| net income growth | 6.56% | 23.4% | 41% | 105% |
| revenue growth | 1.02% | 25.57% | 27% | 31% |
| roce | 3.36% | — | — | — |
| roe | 5.86% | — | — | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 29.76 | 65.06 | 58.34 | 63.59 | 64.48 | 41.58 | 68.42 | 87.06 | 89.54 |
| Expenses | 25.84 | 58.05 | 54.2 | 56.79 | 57.83 | 35.79 | 61.24 | 77.84 | 79.75 |
| Operating Profit | 3.92 | 7.01 | 4.14 | 6.8 | 6.65 | 5.79 | 7.18 | 9.22 | 9.79 |
| OPM % | 13.17 | 10.77 | 7.1 | 10.69 | 10.31 | 13.92 | 10.49 | 10.59 | 10.93 |
| Other Income | 0.03 | 0.01 | 0.53 | 0.58 | 0.19 | 0.51 | 0.19 | 0.39 | 0.31 |
| Interest | 1.26 | 1.69 | 1.29 | 1.47 | 1.4 | 1.64 | 1.31 | 1.89 | 1.75 |
| Depreciation | 0.49 | 0.21 | 0.64 | 0.49 | 0.5 | 0.53 | 0.57 | 0.59 | 0.55 |
| Profit before tax | 2.2 | 5.12 | 2.74 | 5.42 | 4.94 | 4.13 | 5.49 | 7.13 | 7.8 |
| Tax % | 21.82 | 23.24 | 23.36 | 23.62 | 24.7 | 24.94 | 24.95 | 26.65 | 25.51 |
| Net Profit | 1.73 | 3.93 | 2.09 | 4.13 | 3.72 | 3.1 | 4.12 | 5.23 | 5.81 |
| EPS in Rs | 1.34 | 2.73 | 1.45 | 2.85 | 2.57 | 2.14 | 2.85 | 3.43 | 3.6 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 69 | 65 | 127 | 162 | 216 | 262 | 287 |
| Expenses | 66 | 63 | 116 | 145 | 194 | 233 | 255 |
| Operating Profit | 3 | 2 | 11 | 17 | 22 | 29 | 32 |
| OPM % | 4.2 | 3.3 | 9 | 11 | 10 | 11 | 11 |
| Other Income | 0 | 1 | 0 | 0 | 1 | 1 | 1 |
| Interest | 2 | 2 | 3 | 4 | 6 | 6 | 7 |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Profit before tax | 1 | 1 | 8 | 12 | 15 | 22 | 25 |
| Tax % | 27 | 16 | 26 | 26 | 24 | 26 | — |
| Net Profit | 0 | 1 | 6 | 9 | 12 | 16 | 18 |
| EPS in Rs | — | 810 | 11.5 | 7.13 | 8.06 | 10.6 | 12.02 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0 | 0.01 | 5 | 13 | 14 | 15 |
| Reserves | 11 | 0 | 6 | 33 | 77 | 103 |
| Borrowings | 10 | 28 | 43 | 52 | 65 | 69 |
| Other Liabilities | 5 | 7 | 4 | 7 | 7 | 12 |
| Total Liabilities | 26 | 35 | 57 | 105 | 164 | 199 |
| Fixed Assets | 5 | 4 | 4 | 10 | 13 | 14 |
| CWIP | 0 | 0 | 6 | 2 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 8 | 10 |
| Other Assets | 21 | 31 | 48 | 93 | 143 | 176 |
| Total Assets | 26 | 35 | 57 | 105 | 164 | 199 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 2 | -5 | -9 | -29 | -30 | -3 |
| Cash from Investing Activity | -1 | 0 | -6 | -3 | -10 | -5 |
| Cash from Financing Activity | -1 | 5 | 16 | 31 | 41 | 8 |
| Net Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 1 | -5 | -15 | -32 | -33 | -6 |
| CFO/OP | 68 | -221 | -64 | -146 | -119 | 7 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 67 | 70 | 47 | 81 | 61 | 71 |
| Inventory Days | 44 | 97 | 75 | 112 | 174 | 171 |
| Days Payable | 27 | 36 | 4 | 9 | 5 | 9 |
| Cash Conversion Cycle | 83 | 131 | 118 | 184 | 230 | 233 |
| Working Capital Days | 62 | 66 | 22 | 88 | 126 | 135 |
| ROCE % | — | 11 | 27 | 22 | 17 | 16 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 73.64% | 73.69% | 66.93% | 68.09% | 68.09% | 69.53% | 70.47% |
| FIIs | 3.74% | 1.01% | 1.11% | 0% | 0% | 0.72% | 0.68% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 4.91% | 4.47% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 12.96% | 20.93% | 23.69% | 24.26% | 24.07% | 22.24% | 21.53% |
| Others | 9.66% | 4.37% | 8.27% | 7.65% | 7.84% | 2.59% | 2.85% |
| No. of Shareholders | 847 | 877 | 1428 | 1532 | 1519 | 1395 | 1347 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 4 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 232.97 | Buy |
| EMA (10) | 232.93 | Buy |
| SMA (20) | 226.77 | Buy |
| EMA (20) | 230.21 | Buy |
| SMA (50) | 233.43 | Buy |
| EMA (50) | 222.68 | Buy |
| SMA (100) | 199.8 | Buy |
| EMA (100) | 204.98 | Buy |
| SMA (200) | 166.92 | Buy |
| EMA (200) | 183.88 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 59.1 | Neutral |
| MACD (12,26,9) | 2.89 | Buy |
| Stochastic (14,3,3) | 80.68 | Sell |
| ADX (14) | 20.54 | Neutral |
| Williams %R (14) | -13.96 | Sell |
| ATR (14) | 9.04 | High Volatility |
| ROC (12) | 11.95 | Buy |
| Stoch RSI (14) | 91.91 | Sell |
| UO (7,14,28) | 46.7 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 Sep - Madhusudan Masala shares 2025-26 annual report link and schedules 5th AGM on September 30, 2026. | [Updates 9 Sep - Madhusudan Masala shares 2025-26 annual report link and schedules 5th AGM on September 30, 2026.](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_09092026183910_Covering_sdddddd.pdf) |
| 9 March 2026 - Minor fire at Hapa Jamnagar plant on March 8, 2026; INR 60–70 lakh insured loss; operations resumed March 9. | [General Updates 9 March 2026 - Minor fire at Hapa Jamnagar plant on March 8, 2026; INR 60–70 lakh insured loss; operations resumed March 9.](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_09032026165436_Reg_30_fire_incident_signed.pdf) |
| 9 April 2026 - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 9 April 2026 - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_09042026131357_Regulation_74_5__Signed.pdf) |
| 8 Sep - 5th AGM on September 30, 2026 via VC/OAVM; remuneration revised up to Rs 13.20 lakh annually for two directors. | [Shareholders meeting 8 Sep - 5th AGM on September 30, 2026 via VC/OAVM; remuneration revised up to Rs 13.20 lakh annually for two directors.](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_08092026204219_final_file_notice-SD.pdf) |
| 8 Sep - 5th AGM notice published on September 8, 2026; annual report and e-voting details issued for FY2025-26. | [Copy of Newspaper Publication 8 Sep - 5th AGM notice published on September 8, 2026; annual report and e-voting details issued for FY2025-26.](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_08092026205716_FINAL_FILE-_newspaper_-SD.pdf) |
| 7 Sep - Board approved revised remuneration for CMD and WTD; 5th AGM on September 30, 2026. | [Outcome of Board Meeting 7 Sep - Board approved revised remuneration for CMD and WTD; 5th AGM on September 30, 2026.](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_07092026195922_BM_sd.pdf) |
| 7 July 2026 - Management will join a virtual investor conference with Kaptify Consulting on July 10, 2026. | [Analysts/Institutional Investor Meet/Con. Call Updates 7 July 2026 - Management will join a virtual investor conference with Kaptify Consulting on July 10, 2026.](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_07072026162139_Intimation_signed__1_.pdf) |
| 7 July 2026 - Filed Regulation 74(5) certificate for quarter ended June 30, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 7 July 2026 - Filed Regulation 74(5) certificate for quarter ended June 30, 2026.](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_07072026161832_74_5__signed.pdf) |
| 5 June 2026 - Rishit Dayalji Kotecha has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, … | [Disclosure under SEBI Takeover Regulations 5 June 2026 - Rishit Dayalji Kotecha has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, …](https://nsearchives.nseindia.com/corporate/team_bbodade_22042026162722_MADHUSUDAN.pdf) |
| 5 June 2026 - Management to join Samruddhi Season 3 webinar on June 18, 2026, 11:00 AM-12:00 PM. | [Analysts/Institutional Investor Meet/Con. Call Updates 5 June 2026 - Management to join Samruddhi Season 3 webinar on June 18, 2026, 11:00 AM-12:00 PM.](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_05062026170513_Intimation_-_sd.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Oct 2024 | [Concall - Oct 2024](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_01102024185654_Reg30_InvestorPresentation_SD.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_29112024153721_Covering.pdf) |
| Nov 2023 | [Concall - Nov 2023](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_24112023164343_Trascript_SD.pdf) |
| May 2024 | [Concall - May 2024](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_31052024142457_Trascript.pdf) |
| Jun 2025 | [Concall - Jun 2025](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_03062025172239_Covering_-Transcript_SD.pdf) |
| Feb 2025 | [Concall - Feb 2025](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_17022025114046_Investors_Presentation.pdf) |
| Aug 2025 | [Concall - Aug 2025](https://nsearchives.nseindia.com/corporate/MADHUSUDAN_06082025164056_Intimation_presentation__2_.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31954_MADHUSUDAN_2025_2026_A_5291452_08092026204638.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27529_MADHUSUDAN_2024_2025_A_20082025181913.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25033_MADHUSUDAN_2023_2024_21082024124215.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T20:16:53.063Z.