Madhusudan Masala Limited · NSE:MADHUSUDAN
Madhusudan Masala — Q1 FY2026 Earnings Presentation
40 slides from Madhusudan Masala's earnings presentation
Slide 1: Madhusudan Masala Limited Investor Presentation Q1 FY2026
MADHUSUDAN MASALA LIMITED Investor Presentation Q1 FY2026 Refer to Disclaimer
Slide 2: 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 3: Table of Contents
TABLE OF CONTENTS About Us Business Overview Way Forward Financial Highlights Annexures INVESTOR PRESENTATION 3
Slide 4: About Us
ABOUT US INVESTOR PRESENTATION 4
Slide 5: 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 6: 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 7: About Us and Timeline (1/2)
ABOUT USAND 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 Marke
Slide 8: 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 9: 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. Rishit Dayalji K
Slide 10: Business Overview
BUSINESS OVERVIEW INVESTOR PRESENTATION 10
Slide 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: Marketing Initiatives (1/3)
MARKETING INITIATIVES (1/3) 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 18: Marketing Initiatives (2/3)
MARKETING INITIATIVES (2/3) Hoardings Newspaper Ads In Gujarat Samachar, Aajkal, Nobat, Sandesh, Sanj Samachar INVESTOR PRESENTATION 18
Slide 19: Marketing Initiatives (3/3)
MARKETING INITIATIVES (3/3) Retailers’ Offers INVESTOR PRESENTATION 19
Slide 20: 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 21: Way Forward
WAY FORWARD INVESTOR PRESENTATION 21
Slide 22: 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 23: Financial Highlights
FINANCIAL HIGHLIGHTS INVESTOR PRESENTATION 23
Slide 24: Key Financial Highlights (Consolidated – Q1FY26)
KEY FINANCIAL (CONSOLIDATED – Q1FY26) HIGHLIGHTS (Standalone - Rs Mn) Revenue 644.8 Rs 730.9 Mn Revenue 297.6 116.7% YoY EBITDA EBITDA Margin 66.5 EBITDA Rs 75.2 Mn 10.3% 39.2 69.6% YoY 37.2 Reported Net Profit Net Profit Margin Net Profit 17.3 114.8% YoY Rs 41.7 Mn 5.7% Q1FY26 Q1FY25 INVESTOR PRESE
Slide 25: 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 26: Product-wise Sales Breakdown
PRODUCT-WISE SALES BREAKDOWN Total Revenue Revenue from Branded Products (Branded & Non-Branded) (Product Category) No. of Packets Sold (Q1FY26) 52% 67% 50% ~37.5 Mn 62% 56% 44% 43% 42% 41% 53% 39% 38% 47% 44% 38% 33% 13% 13% 5% 6% 2% 3% 1% 2% 3% 2% 1% 1% FY23 FY24 FY25 * Q1FY26 * FY23 FY24 FY25 * Q
Slide 27: Quarterly Income Statement
QUARTERLY INCOME STATEMENT Consolidated Standalone Particulars (INR Mn) Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY25 YoY % Revenue from operations 730.9 731.1 644.8 635.9 297.6 116.7 Total Expenditure 655.7 659.9 578.3 567.9 258.3 123.8 EBITDA 75.2 71.2 66.5 68.0 39.2 69.6 EBITDA Margin (%) 10.3 9.7 10.3 10.7
Slide 28: Income Statement
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 (%) 3.3 9.0
Slide 29: Balance Sheet
BALANCE SHEET Standalone Standalone Consolidated Standalone Standalone Consolidated Particulars (INR Mn) FY23 FY24 FY25 Particulars (INR Mn) FY23 FY24 FY25 EQUITY & LIABILITIES ASSETS Shareholders Funds 107.4 460.5 936.6 Non-Current Assets 100.1 149.3 215.3 Share Capital 50.0 129.0 144.7 Property, P
Slide 30: Annexures
ANNEXURES INVESTOR PRESENTATION 30
Slide 31: New Additions to Our Products Basket
NEW ADDTIONS TO OUR PRODUCTS BASKET Super Garam Masala Rajwadi Garam Masala Kathiyawadi Tea INVESTOR PRESENTATION 31
Slide 32: Our Products Basket (1/6)
OUR PRODUCTS BASKET (1/6) Ground Spices Blend Spices Varieties of Chilli Powder, Turmeric Powder, Coriander Powder and Coriander Which comprises of varieties of masalas packed in Cumin Powder available in sizes ranging from 50g to 5kg 50g , 100g Chilli Kashmiri Double Turmeric Coriander Shahi Paneer
Slide 33: Our Products Basket (2/6)
OUR PRODUCTS BASKET (2/6) 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 33
Slide 34: Our Products Basket (3/6)
OUR PRODUCTS BASKET (3/6) 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. Black Salt Rock Salt Urad Papad Premium, 9 No. & Super Tea Pink Salt Strong Hing INVESTOR PRESENTATION 34
Slide 35: Our Products Basket (4/6)
OUR PRODUCTS BASKET (4/6) 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 36: Our Products Basket (5/6)
OUR PRODUCTS BASKET (5/6) Grounded Spices Blended Spices Packed in Rs. 5 , Rs. 10 ( MC & Pouch) 50g , 100g, 200g, 500g Jar, 1Kg , 5Kg Packed in Rs. 5 , Rs. 10 ( MC & Pouch) 50g , 100g, 200g, 500g Jar, 1Kg Jar Fish Egg Curry Dabeli Chicken Chicken Masala Masala Masala Masala Biryani Masala Chilli Pow
Slide 37: Our Products Basket (6/6)
OUR PRODUCTS BASKET (6/6) Instant Mixes Grocery Products Packed in Rs. 200g, 400g, 500g Chat Buttermilk Black Pepper White Pepper Masala Masala Powder Powder Tea Pudina Dry Ginger Dry Mango Masala Chutney Powder Powder INVESTOR PRESENTATION 37
Slide 38: 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 39: CSR Activities
CSR ACTIVITIES Beyond business, we remain committed to serving society through our Corporate Social Responsibility (CSR) initiatives. In FY25, 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 40: 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