Madhusudan Masala Limited · NSE:MADHUSUDAN
Madhusudan Masala — Q4 FY26 Earnings Presentation
51 slides from Madhusudan Masala's earnings presentation, May 27, 2026
Slide 1: Letter to NSE on investor meeting
Date: May 27, 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 period ended on March 31, 2026. Ref: Madhusudan Masala Limited |SYMBOL
Slide 2: Building India's Next Scalable Spice Business
Building India’s Next Scalable Spice Business Grounded Strength . Blended Growth . National Ambition Investor Presentation | Q4 & FY26
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 Product Portfolio Ground Blended Whole Grocery Products, Instant Mix & Spices Spices Spices other Food Products Manufacturing Capacity Presence In Since 1977... 6000 MT Jamnagar Unit ❖ Gujarat ❖ Maharashtra ❖ Rajasthan ❖ Jharkhand ❖ Chandigarh ❖ Delhi Gujarat ❖ Punjab ❖ J&K Certified by FSS
Slide 7: Dual Engine Spice FMCG Platform
Dual Engine Spice FMCG Platform 49+ years legacy business with Manufacturer of 32 different Rapid scale-up phase post strong regional dominance in spices types of spices across 500+ acquisition of Vitagreen and food products. SKUs (under all 4 Brands). Produts Pvt Ltd. Ground Spices Engine Volume +
Slide 8: Mission Vision
Mission Capture 1% market share in To deliver Quality food products that Indian Spices Industry meet the highest standards Leverage expertise in quality spices Cost-effective solutions for and regional market Understanding our customers Become leading pan-India Improved accessibility to our C-T-C sp
Slide 9: History & Timeline
History & Timeline 1977 1980 1981 Birth of a legendary brand "DOUBLE HATHI“. Acquired own premises in the renowned Established the first small spice manufacturing Grain Market of Jamnagar for selling ready unit at the Industrial Area in Hapa, near Jamnagar. spices under the "Double Hathi" brand. 200
Slide 10: Top Management
Top Management Mr. Rishit Dayalji Kotecha Chairman cum Managing Director Founded in 1982 by Mr. Dayalji Vanravan Kotecha • Rishit Dayalji Kotecha, a 44-year-old Bachelor of Science graduate, serves as the Chairman cum Managing Director of the company. and Mr. Vijaykumar • With 21 years of business e
Slide 11: Business Overview
Business Overview Investor Presentation 10
Slide 12: Enhanced Business Strategy
Enhanced Business Strategy Integrated Spice Platform Multi Category Portfolio THE From Regional Commodity Player To Distribution-led Scale BIG Limited Brand Premium Farm to Brand Capability SHIFT FMCG MADHUSUDAN MASALA Strengthened VITAGREEN PRODUCTS – 100% Subsidiary (Ground Spices = MOAT) with Dua
Slide 13: Core Business Model
Core Business Model Procurement Quality Manufacturing Processing Product Product Packaging Distribution Spices Consistent quality of All spices and Raw materials Spices are made Strong product (raw materials) are spices is maintained products are undergo cleaning, available in various distribution n
Slide 14: Product Portfolio
Product Portfolio 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 mango powder, Dry ginger 50g , 100g, 200g, 500g Jar, 1Kg Jar MADHUSUDAN MASALA Chilli powder ghalor, Kashmiri chi
Slide 15: Manufacturing Process
Manufacturing Process Spices and products are manufactured using natural processes and scientific techniques to preserve their natural properties, color, and aroma. Raw spices are cleaned of impurities, dirt, and Ground spices are Automated filling and GR G DR YING contaminants using methods such as
Slide 16: 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. 99% 6,000 MT • Manufacturing unit located near APMC in Jamnagar, Gu
Slide 17: 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- 100% 600 MT automati
Slide 18: 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 19: Geographical Presence
Geographical Presence Jammu & Kashmir • ~35% market share in Saurashtra (western region of Gujarat) and ~5% in Gujarat overall, demonstrating strong regional presence and customer loyalty. • Significant growth potential in Maharashtra, particularly beyond Mumbai suburban areas, with a Uttarakhand la
Slide 20: Competitive Strengths
Competitive Strengths Experienced Promoters Management Team • 41+ years of combined industry experience providing strong strategic and operational leadership. • Expertise has been key to the company’s growth and market positioning. In-House Manufacturing and Capabilities • State of the art facilitie
Slide 21: Way Forward
Way Forward Investor Presentation 20
Slide 22: Way Forward
Way Forward Boosting Sales of Branded Products • Increase branded spices and food product sales as a larger share of revenue. Expanding Product Portfolio • Strengthen brand image and market visibility. • Focus on continuous R&D and innovation to meet customer needs. Enhancing Regional Presence • Int
Slide 23: Madhusudan In Strong Transition Zone (Large Opportunity)
Madhusudan In Strong Transition Zone (Large Opportunity) Evolving as a FMCG Brand Industry Tailwinds Management Strategy & Scalability Drivers Acquisition India spices market Shift from loose → Expand SKUs → (Vitagreen) → Stage-1 growing structurally branded expand category widen wallet share Region
Slide 24: Market Outlook
Market Outlook Investor Presentation 23
Slide 25: Indian Spices Industry – Sustainable Growth Opportunity
Indian Spices Industry – Sustainable Growth Opportunity Key Industry Themes India Spice Market Entering Formalization & Premiumization Phase • Structural shift from loose to branded packaged spices driven by hygiene, consistency, and food safety awareness • Premiumization trend accelerating demand f
Slide 26: Key Growth Drivers & Competitive Landscape
Key Growth Drivers & Competitive Landscape Favorable Demand Environment for Branded Masala Players Demand Drivers Expected to Sustain Through FY26–FY28 • Continued premiumization in household consumption • Expansion of organized retail + quick-commerce penetration • Rising adoption of regional blend
Slide 27: Financial Highlights
Financial Highlights Investor Presentation 26
Slide 28: Key Financial Highlights
Key Financial Highlights (Consolidated) Adj. Net Adj. Net Revenue EBITDA EBITDA % Profit* Profit %* Q4FY26 Q4FY26 Q4FY26 Q4FY26 Q4FY26 Rs 972 Mn Rs 107 Mn 11.0 % Rs 61 Mn 6.3% 32.9 % YoY 50.4% YoY +128 bps 76.9% YoY +157 bps FY26 FY26 FY26 FY26 FY26 Rs 2,917 Mn Rs 330 Mn 11.3% Rs 185 Mn 6.3% 26.3% Y
Slide 29: Consistent Growth Trajectory
Consistent growth Trajectory Revenue EBITDA Net Profit 330.1 185.0 2,917.1 242.5 2,309.2 173.2 119.2 Rs Mn Rs Mn Rs Mn 1,622.2 92.0 1,272.2 113.9 57.5 FY23(S) FY24(S) FY25(C) FY26(C) FY23(S) FY24(S) FY25(C) FY26(C) FY23(S) FY24(S) FY25(C) FY26(C)* Consistent growth across topline, EBITDA Margin Net
Slide 30: Product-wise Sales Breakdown
Product-wise Sales Breakdown Total Revenue Revenue from Branded Products (Branded & Non-Branded) (Product Category) 70% 52% 50% 62% 56% 44% 43% 44% 42% 53% 38% 47% 44% 33% 38% 30% 16% 13% 5% 6% 2% 3% 1% 2% 3% 2% 1% 1% FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Branded Sales Non-branded Sales Ground Spi
Slide 31: Volume-wise Sales Breakdown
Volume-wise sales breakdown FY26 (Consolidated, in MT) Total Volume 24,604 MT Volume of Branded Products 16,197 MT Tea (96) Ground Non- Grocery Spices Branded Products (4,464) No. of Packets (8,407) (5,587) Sold (FY26) Branded (16,197) Whole Spices ~182.1 Mn (4,656) Blended Spices (394) Investor Pre
Slide 32: Income Statement – Q4 & FY26
Income Statement – Q4 & FY26 (Consolidated) Particulars (INR Mn) Q4FY26 Q3FY6 Q4FY25 YoY% QoQ% FY26 FY25 YoY% Revenue From Operations 971.7 763.2 731.1 32.9 27.3 2,917.1 2,309.2 26.3 Total Expenditure 864.7 680.8 659.9 31.0 27.0 2,587.0 2,066.8 25.2 EBITDA 107.0 82.5 71.2 50.4 29.8 330.1 242.5 36.2
Slide 33: Annual Income Statement
Annual Income Statement Standalone Standalone Standalone Consolidated Consolidated Particulars (INR Mn) FY22 FY23 FY24 FY25 FY26 Revenue From Operations 654.1 1,272.2 1,622.2 2,309.2 2,917.1 Total Expenditure 632.4 1,158.3 1,449.0 2,066.8 2,587.0 EBITDA 21.7 113.9 173.2 242.5 330.1 EBITDA Margin (%)
Slide 34: Annual Balance Sheet
Annual Balance Sheet Standalone Consolidated Consolidated Standalone Consolidated Consolidated Particulars (INR Mn) FY24 FY25 FY26 Particulars (INR Mn) FY24 FY25 FY26 EQUITY & LIABILITIES ASSETS Shareholders Funds 460.5 936.6 1,226.6 Non-Current Assets 149.3 217.0 329.5 Share Capital 129.0 144.7 152
Slide 35: Annexures
Annexures Investor Presentation 34
Slide 36: 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. Shop Facia Free Activity 02 Sampling 01 Food 03 Distributor & Super Exhibitions Stockist
Slide 37: Marketing Initiatives (2/4)
Marketing Initiatives (2/4) Participated in INDUS FOOD 2026 (Noida) Participated in LIBF EXPO 2026 (Mumbai) Investor Presentation 36
Slide 38: Marketing Initiatives (3/4)
Marketing Initiatives (3/4) Title Sponsor for Cricket Tournament Investor Presentation 37
Slide 39: Marketing Initiatives (4/4)
Marketing Initiatives (4/4) Product Display & Free Sampling at Super Display at Kitty Parties Markets Investor Presentation 38
Slide 40: New Additions SKU
New Additions SKU Whole Spices – Dry Whole Red Chilli Gantur (GT) Teja Gantur (GT) Teja Kashmiri Super Quality Super Quality Best Quality Best Quality (Dabi) Gantur (GT) Teja Resham Double Resham Pato Regular Quality Regular Quality Pati (Tomato) Investor Presentation 39
Slide 41: New Additions Products
New Additions Products DOUBLE HATHI Investor Presentation 40
Slide 42: Our Product Basket (1/7)
Our Product 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 Nyl
Slide 43: Our Product Basket (2/7)
Our Product 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 Saunf Undhiyu Masala Po
Slide 44: Our Product Basket (3/7)
Our product 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 43
Slide 45: Our Product Basket (4/7)
Our Product 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 Urad
Slide 46: Our Product Basket (5/7)
Our Product 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 Powder Turmeric Powder Chilli Powder Turmeric Powder Coriander Powder Coriander Cumin Powder Coriander Powder Coriander Cum
Slide 47: Our Product Basket (6/7)
Our Product Basket (6/7) Ground Spices Blended Spices Packed in Rs. 5 , Rs. 10 ( MC & Pouch) 50g , 100g, 200g, Packed in Rs. 5 , Rs. 10 ( MC & Pouch) 500g Jar, 1Kg , 5Kg 50g , 100g, 200g, 500g Jar, 1Kg Jar Fish Egg Curry Dabeli Chicken Chicken Undhiyu Chilli Powder Chilli Powder Masala Masala Masala
Slide 48: Our Product Basket (7/7)
Our Product Basket (7/7) Instant Mixes Grocery Products Packed in Rs. 200g, 400g, 500g Chat Butter Milk Black Pepper White Pepper Ginger Garlic Masala Masala Powder Powder Paste Tea Pudina Dry Ginger Dry Mango Masala Chutney Powder Powder Investor Presentation 47
Slide 49: Certifications and awards
Certifications and awards Madhusudan Masala Vitagreen • ISO 9001:2015 ISO 22000:2018 , HACCP • ISO 22000:2005, AGMARK • FSSAI license under Food Safety and Standards Act 2006 • FSSAI license under Food Safety and Standards Act 2006 • Members of: • Members of: - Spice Board of India - Spice Board of
Slide 50: Excellence in Authentic Indian Flavors
Excellence in Authentic Indian Flavors Investor Presentation 49
Slide 51: Thank You
THANK YOU Madhusudan Masala Limited Gujarat, India contact@madhusudanmasala.com +91-288 2572002 | +91-94262 24445 KAPTIFY® Consulting Strategy & Investor Relations | Consulting contact@kaptify.in +91-845 288 6099