Madhusudan Masala Limited · NSE:MADHUSUDAN
Madhusudan Masala — Q3 FY26 Earnings Presentation
46 slides from Madhusudan Masala's earnings presentation, Jan 19, 2026
Slide 1: Cover letter to NSE on earnings call
Date: January 19, 2026 To, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai-400051. Dear Sir/Madam, Subject: Update on Analyst / Institutional Investor Meeting - Earning call for the Quarter ended December 31, 2025 Ref: Madhusudan Masala Limited (SY
Slide 2: Investor Presentation Q3 & 9MFY26
MADHUSUDAN MASALA LIMITED Investor Presentation Q3 & 9MFY26 Refer to Disclaimer
Slide 3: Disclaimer
DISCLAIMER This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any securities of Madhusudan Masala Ltd (“MML”, “Madhusudan Masala”, "Company“), nor shall part, or all, of this document form the basis of, or be relied on in
Slide 4: Table of Contents
TABLE OF CONTENTS About Us Business Overview Way Forward Financial Highlights Annexures INVESTOR PRESENTATION 3
Slide 5: About Us
ABOUT US INVESTOR PRESENTATION 4
Slide 6: About Us
ABOUT US Brand legacy of over 40 years in Strong presence in Saurashtra, Gujarat & manufacturing & processing of spices and Mumbai, Maharashtra, expanding reach in food products. the states of Maharashtra, Chandigarh, Punjab, Haryana, UP, Bihar, Jharkhand, Delhi, and J&K. Manufacturer of 32 differen
Slide 7: About Us & Vision Mission
ABOUT US& VISION MISSION Mission ▪ To deliver Quality food products that meet the highest standards ▪ Cost-effective solutions for our customers ▪ Improved accessibility to our products, making them available to a wider audience Vision ▪ Become leading pan-India C-T-C spices brand ▪ Leverage experti
Slide 8: About Us & Timeline (1/2)
ABOUT US& TIMELINE (1/2) HISTORY 1982 Formed M/s. 1980 Madhusudan & Co., a partnership firm 1996 2000 1981 by the founders. 2003 Acquired own premises in the Registered the Began selling spices Received AGMARK 1977 renowned Grain Established the "DOUBLE HATHI" in polypacks, certification for Market
Slide 9: About Us & Timeline (2/2)
ABOUT US& TIMELINE (2/2) HISTORY 2024 Began commercial use of a newly owned cold storage facility with a capacity of 4029 MT. 2023 2025 Acquired 100% equity 2015 2021 stake in Vitagreen Converted into a Products Pvt. Ltd. public limited 3,000+ Retailers Established a 2018 Converted the company Appoi
Slide 10: About Us: Top Management
ABOUT US TOP MANAGEMENT Founded in 1982 by Mr. Dayalji Vanravan Kotecha and Mr. Vijaykumar Vanravan Kotecha, the company has grown into a respected brand, now led by the next generation, Mr. Rishit Dayalji Kotecha and Mr. Hiren Vijaykumar Kotecha, with extensive industry experience. Mr. Rishit Dayal
Slide 11: Business Overview
BUSINESS OVERVIEW INVESTOR PRESENTATION 10
Slide 12: About Us: Business Model
ABOUT US MODEL BUSINESS Procurement Quality Manufacturing Spices (raw materials) are Consistent quality of spices is All spices and products are sourced during their maintained throughout the carefully manufactured respective seasons and stored year by sourcing ~80% of raw using natural processes an
Slide 13: About Us: Product Portfolio
ABOUT US PORTFOLIO PRODUCT Ground Spices Blend Spices Whole Spices Grocery Products Packaging: 10g to 20kg Packaging: Rs.5, Rs.10 ( MC & Pouch) Packaging: 500g, 1Kg Mint leaves, Kasuri methi, Dry 50g , 100g, 200g, 500g Jar, 1Kg Jar mango powder, Dry ginger Chilli powder ghalor, Kashmiri chilli powde
Slide 14: Manufacturing Process
MANUFACTURING PROCESS Spices and products are manufactured using natural processes and scientific techniques to preserve their natural properties, color, and aroma. Drying Cleaning Grinding Blending Sieving Packing Spices, such as red Raw spices are cleaned Spice particles are finely Ground spices a
Slide 15: Manufacturing Facility (1/2)
MANUFACTURING FACILITY(1/2) Unit 1 Jamnagar, Gujarat ▪ 1 lakh sq. ft. area equipped with modern machinery and automation for top-quality production. ▪ 4,029 MT cold storage facility on-site, eliminating rental storage dependency. ▪ Manufacturing unit located near APMC in Jamnagar, Gujarat for easy a
Slide 16: Manufacturing Facility (2/2)
MANUFACTURING FACILITY(2/2) Unit 2 Rajkot, Gujarat ▪ Established on 50,000 sq. ft. area, including Administration Office and Plant Building. ▪ Adequate storage facility and large warehouse. ▪ Modern grinding and pulverizing machines, flour mixing machines, automatic and semi-automatic packing machin
Slide 17: Greenfield Expansion
GREENFIELD EXPANSION State-of-the-art Facility Jamnagar, Gujarat ▪ Two-Phase Expansion Plan: Project to be executed in two stages, with Phase 1 adding 6,000 MT annual capacity. ▪ Advanced Processing Technology: Incorporates state-of-the-art cleaning, cold-air processing, and cryogenic grinding to en
Slide 18: Geographical Presence
GEOGRAPHICAL PRESENCE ▪ ~35% market share in Saurashtra Jammu & Kashmir (western region of Gujarat) and ~5% in Gujarat overall, demonstrating strong New Delhi regional presence and customer loyalty. Punjab Uttar Pradesh ▪ Significant growth potential in Chandigarh Bihar Bihar Maharashtra, particular
Slide 19: Marketing Initiatives (1/4)
MARKETING INITIATIVES (1/4) Boosting brand awareness and expanding the customer base through marketing initiatives designed to reach a wider audience, drive sales, and enhance visibility across various regions. 01 02 03 04 05 06 Distributor Shop Facia Free & Super News Media FM Channel Food Activity
Slide 20: Marketing Initiatives (2/4): Schemes
MARKETING INITIATIVES (2/4) Schemes INVESTOR PRESENTATION 19
Slide 21: Marketing Initiatives (3/4): Digital Marketing
MARKETING INITIATIVES (3/4) Digital Marketing INVESTOR PRESENTATION 20
Slide 22: Marketing Initiatives (4/4): Digital Marketing
MARKETING INITIATIVES (4/4) Digital Marketing INVESTOR PRESENTATION 21
Slide 23: Competitive Strengths
COMPETITIVE STRENGTHS Experienced Promoters and Management Team Strong Brand Recognition and Recent Acquisition ▪ 41+ years of combined industry experience providing strong strategic and ▪ Established brands like "DOUBLE HAATHI“, "MAHARAJA“, and "MANTAVYA" trusted for quality. operational leadership
Slide 24: Way Forward
WAY FORWARD INVESTOR PRESENTATION 23
Slide 25: Way Forward
WAY FORWARD Enhancing Regional Presence Expanding Product Portfolio Boosting Sales of Branded Products ▪ Strengthen position in existing ▪ Focus on continuous R&D and ▪ Increase branded spices and food product markets of Saurashtra & Other innovation to meet customer needs. sales as a larger share o
Slide 26: Financial Highlights
FINANCIAL HIGHLIGHTS INVESTOR PRESENTATION 25
Slide 27: Key Financial Highlights
KEY FINANCIAL (CONSOLIDATED – Q3FY26) HIGHLIGHTS (Consolidated – 9MFY26 Rs Mn) Revenue Rs 763.2 Mn Revenue 1,945.4 20.3% YoY 1,630.3 19.3% YoY EBITDA EBITDA Margin 223.1 Rs 82.5 Mn 10.8% EBITDA 159.2 40.2% YoY 79.6% +357 bps Net Profit Net Profit Margin Net 123.6 Rs 47.0 Mn 6.2% Profit 88.3 39.9% Yo
Slide 28: Consistent Growth Trajectory
CONSISTENT GROWTH TRAJECTORY Revenue EBITDA Net Profit 2,309.2 2,165.0 242.5 222.2 150.2 1,622.2 173.2 116.7 Rs Mn Rs Mn Rs Mn 1,272.2 92.0 113.9 57.5 FY23(S) FY24(S) FY25(S) FY25(C) FY23(S) FY24(S) FY25(S) FY25(C) FY23(S) FY24(S) FY25(S) FY25(C) EBITDA Margin Net Profit Margin Consistent growth acr
Slide 29: Product-wise Sales Breakdown
PRODUCT-WISE SALES BREAKDOWN Total Revenue Revenue from Branded Products (Branded & Non-Branded) (Product Category) 70% 52% 50% 62% 44% 43% 44% 56% 42% 53% 38% 47% 44% 33% 38% 30% 16% 13% 5% 6% 2% 3% 1% 2% 3% 2% 1% 1% FY23 FY24 FY25 * 9MFY26 * FY23 FY24 FY25 * 9MFY26 * Branded Sales Non-branded Sale
Slide 30: Volume-wise Sales Breakdown
VOLUME-WISE SALES BREAKDOWN 9M’FY26 (Consolidated, in MT) Tea (68) Ground Spices Branded (3,129) (11,187) Grocery Products (3,661) Total Volume of Volume Branded Products 16,983 MT 11,187 MT Whole Spices Non-Branded (4.066) (5,797) Blended Spices No. of Packets (262) Sold (9MFY26) ~106.1 Mn INVESTOR
Slide 31: Income Statement 9M'FY26 (Consolidated)
INCOME (CONSOLIDATED) STATEMENT – 9M’FY26 Particulars (INR Mn) Q3FY26 Q2FY26 Q3FY25 YoY% QoQ% 9MFY26 9MFY25 YoY% Revenue From Operations 763.2 451.3 634.4 20.3 69.1 1,945.4 1,630.3 19.3 Total Expenditure 680.8 385.8 588.5 15.7 76.4 1,722.3 1,471.1 17.1 EBITDA 82.5 65.4 45.9 79.6 26.1 223.1 159.2 40.
Slide 32: Annual Income Statement
ANNUAL INCOME STATEMENT Standalone Standalone Standalone Standalone Consolidated Particulars (INR Mn) FY22 FY23 FY24 FY25 FY25 Revenue From Operations 654.1 1,272.2 1,622.2 2,165.0 2,309.2 Total Expenditure 632.4 1,158.3 1,449.0 1,942.8 2,066.8 EBITDA 21.7 113.9 173.2 222.2 242.5 EBITDA Margin (%) 3
Slide 33: Balance Sheet
BALANCE SHEET Standalone Consolidated Consolidated Standalone Consolidated Consolidated Particulars (INR Mn) FY24 FY25 H1FY26 Particulars (INR Mn) FY24 FY25 H1FY26 EQUITY & LIABILITIES ASSETS Shareholders Funds 460.5 936.6 1,013.2 Non-Current Assets 149.3 215.3 257.3 Share Capital 129.0 144.7 144.7
Slide 34: Annexures
ANNEXURES INVESTOR PRESENTATION 33
Slide 35: New Additions to Our Products Basket
NEW ADDTIONS TO OUR PRODUCTS BASKET DOUBLE HATHI VITAGREEN INVESTOR PRESENTATION 34
Slide 36: Our Products Basket (1/7)
OUR PRODUCTS BASKET (1/7) Ground Spices Varieties of Chilli Powder, Turmeric Powder, Coriander Powder and Coriander Cumin Powder available in sizes ranging from 50g to 5kg Chilli Powder Kashmiri Chilli Double Tikha Turmeric Powder Coriander Ghalor Powder Chilli Powder Rajapuri powder Resham Patto Ny
Slide 37: Our Products Basket (2/7)
OUR PRODUCTS BASKET (2/7) Blend Spices Which comprises of varieties of masalas packed in 50g , 100g Shahi Sambhar Sabji Pav Bhaji Pani Puri Rajwadi Shahi Mint Paneer Masala Masala Masala Masala Masala Garam Masala Biryani Masala Leaves Meat Katlu Kitchen King Chole Garam Super Garam Saunf Undhiyu Ma
Slide 38: Our Products Basket (3/7)
OUR PRODUCTS BASKET (3/7) Grocery Products Whole Spices Mint Kasuri Dry Mango Dry Ginger Various types of Leaves Methi Powder Powder Whole Chilli Rajgira Khatta Mitha Soya Fenugreek Mustard Sesame Fennel Lot Achar Achar chunks seeds seeds seeds INVESTOR PRESENTATION 37
Slide 39: Our Products Basket (4/7)
OUR PRODUCTS BASKET (4/7) Products procured form Third-Party in addition to our in-house manufacturing, packed and sold under our brand name "DOUBLE HATHI“ ensuring quality and consistency. Premium Tea No. 9 Black Salt Rock Salt Ginger Garlic Paste Strong Hing Super Tea Kathiyawadi Tea Pink Salt Ura
Slide 40: Our Products Basket (5/7)
OUR PRODUCTS BASKET (5/7) Ground Spices Varieties of Chilli Powder, Turmeric Powder Coriander Powder and Coriander Cumin Powder available in sizes ranging from 50g to 5kg Chilli Turmeric Coriander Coriander Cumin Chilli Turmeric Coriander Coriander Cumin Powder Powder Powder powder Powder Powder Pow
Slide 41: Our Products Basket (6/7)
OUR PRODUCTS BASKET (6/7) Grounded Spices Blended Spices Packed in Rs. 5 , Rs. 10 ( MC & Pouch) 50g , 100g, 200g, 500g Packed in Rs. 5 , Rs. 10 ( MC & Pouch) 50g , 100g, 200g, Jar, 1Kg , 5Kg 500g Jar, 1Kg Jar Fish Egg Curry Dabeli Chicken Chicken Undhiyu Masala Masala Masala Masala Biryani Masala Ma
Slide 42: Our Products Basket (7/7)
OUR PRODUCTS BASKET (7/7) Instant Mixes Grocery Products Packed in Rs. 200g, 400g, 500g Chat Buttermilk Black Pepper White Pepper Ginger Garlic Masala Masala Powder Powder Paste Tea Pudina Dry Ginger Dry Mango Masala Chutney Powder Powder INVESTOR PRESENTATION 41
Slide 43: Certifications & Awards
CERTIFICATIONS & AWARDS Madhusudan Masala ▪ ISO 9001:2015 ISO 22000:2018 , HACCP ▪ FSSAI license under Food Safety and Standards Act 2006 ▪ Members of: - Spice Board of India - APEDA (Agricultural and Processed Food Products Export Development Authority) Awards: ▪ Received the ZED Gold Certificate,
Slide 44: CSR Activities
CSR ACTIVITIES Beyond business, we remain committed to serving society through our Corporate Social Responsibility (CSR) initiatives. In FY26, we donated an "Antim Yatra Bus" to Jamnagar Adarsh Smash Samiti, 2nd BUS, for cremation services Jamnagar. These initiatives are a small part of our broader
Slide 45: Health Checkup Camp
HEALTH CHECKUP CAMP Health check-up camp at Jamnagar Unit For Employees INVESTOR PRESENTATION 44
Slide 46: Thank You
THANK YOU Madhusudan Masala Limited KAPTIFY® Consulting Gujarat, India Strategy & Investor Relations | Consulting contact@madhusudanmasala.com contact@kaptify.in +91-288 2572002 | +91-94262 24445 +91-845 288 6099