Company Overview

Incorporated in 1982, Madhusudan Masala Limited is a prominent Indian company engaged in the manufacturing and processing of over 32 types of spices under its well-established brand names, "DOUBLE HATHI" and "MAHARAJA". The company has carved a significant niche for itself in the Indian spice industry, offering a diverse range of spice products to cater to varied consumer preferences.

Originally established as a Partnership Firm named "M/s. Madhusudan & Co." in 1982, it was converted into a Private Limited Company as "Madhusudan Masala Private Limited" on December 14, 2021. Subsequently, it transitioned to a Public Limited Company, taking its current name "Madhusudan Masala Limited" on April 29, 2023, following its incorporation by the Registrar of Companies, Ahmedabad.

Business Operations and Product Portfolio

Madhusudan Masala Limited manufactures and processes a wide array of products, including approximately 32+ types of ground spices, blended spices, whole spices, and other grocery items. Their product range extends to items like Tea, rajgira flour, Papad, soya products, asafoetida (Hing), achar masala, sanchar (black salt powder), sindhalu (rock salt powder), katlu powder (food supplement), and kasuri methi (dry fenugreek). The "DOUBLE HATHI" brand is primarily associated with whole spices, tea, and other grocery products.

In addition to manufacturing, the company also engages in trading whole spices and food grains through unbranded sales. This dual approach enables Madhusudan Masala to serve different market segments and maintain robust, diversified revenue streams.

Manufacturing and Operations

The company's manufacturing operations are based out of a strategically located facility in Jamnagar, Gujarat. This location is particularly advantageous due to its proximity to the local APMC market, ensuring swift and cost-effective access to raw materials and thereby reducing transportation expenses. This strategic positioning contributes significantly to the company's operational efficiency and supply chain management.

Financial Performance

For the year ended September 2024, Madhusudan Masala Ltd reported a profit of Rs 6.53 crore on a total income of Rs 100.51 crore. The company exhibits strong financial health with an operating revenue of Rs. 261.81 crore on a trailing 12-month basis. Key financial indicators include an annual revenue growth of 28%, a pre-tax margin of 8%, a Return on Equity (ROE) of 19%, and a reasonable debt-to-equity ratio of 18%, all suggesting a stable financial standing.

Key Financial Metrics

- Market Cap: ₹234 crore (as of May 2025)

- PE Ratio: 24.41

- PB Ratio: 3.11

- 52-week High: Rs. 229.00

- 52-week Low: Rs. 118.40

- Annual Revenue Growth: 28%

- Pre-tax Margin: 8%

- ROE: 19%

- Debt to Equity: 18%

Corporate Governance and Shareholding

Shareholding patterns indicate a decrease in promoter holding, which stood at 66.93% as of September 2024, down from 73.64% in September 2023. The key management personnel include Rishit Dayalaji Kotecha as Chairman and Megha Dilipkumar Madani as the Company Secretary.

Recent Corporate Actions

On April 29, 2025, Madhusudan Masala approved the ESOP-2025 scheme and granted stock options to employees through a postal ballot. This initiative underscores the company's dedication to fostering employee engagement and retention by offering equity participation.

Market Position and Industry Standing

Madhusudan Masala Ltd operates within the Agri and agri-inputs sector, with key peers including Super Bakers (I), Suryo Foods, and Nakoda Group PP. The company competes effectively in the food processing and spice manufacturing segment, a sector experiencing sustained growth driven by increasing consumer demand for convenient, packaged, and branded spice products.

Leveraging its established brand presence with "DOUBLE HATHI" and "MAHARAJA," coupled with its strategic manufacturing location and diverse product range, Madhusudan Masala is well-positioned to capitalize on the rising demand for quality spice products in the Indian market. With over four decades of operational experience, the company has built a strong foundation and continues to focus on expanding its market reach and enhancing operational efficiency.