Madhusudan Masala Limited · NSE:MADHUSUDAN
Madhusudan Masala — Q2 & H1 FY27 Earnings Presentation
49 slides from Madhusudan Masala's earnings presentation, Nov 3, 2026
Slide 1: Covering letter to National Stock Exchange
Date: November 03, 2026 To, National Stock Exchange of India Limited Plot no. C/1, G Block, Bandra -Kurla Complex, Bandra (East) Mumbai- 400 051, Maharashtra Subject: Investor Presentation - Update on Analyst / Institutional Investor Meeting - Earning call for the period ended on September 30, 2026.
Slide 2: Building India's Next Scalable Spice Business
Investor Presentation | Q2 & H1 FY27 Building India’s Next Scalable Spice Business . . Grounded Strength Blended Growth National Ambition
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 Performance Highlights About Us Business Overview Way Forward Annual Financials Annexures Investor Presentation 3
Slide 5: Performance Highlights
Performance Highlights Investor Presentation 4
Slide 6: A Transformation Since IPO (1/2)
A Transformation Since IPO (1/2) Building scale, strengthening fundamentals, creating a business for the next phase of growth, and moving to main board Consistent Financial Growth & Improving Profitability Revenue EBITDA Margin INR 1,272 Mn INR 2,917 Mn INR 1,960 Mn CAGR ~32% Achieved ~67% of FY26 R
Slide 7: A Transformation Since IPO (2/2)
A Transformation Since IPO (2/2) Scaling Up - From Regional Player to a Multi-State Branded Business Manufacturing capacity expansion 6,600 MT 13,200 MT (Initial Capacity) (Post New Sanosara Plant Commissioning) Added 1,200 MT capacity at Plant 1 in Q1FY27 Distribution Network Build-up (Before IPO t
Slide 8: Key Financial Highlights
Key Financial Highlights (Q2 & H1FY27 - Consolidated) Revenue EBITDA EBITDA % Net Profit Net Profit % EPS Q2’FY27 Q2’FY27 Q2’FY27 Q2’FY27 Q2’FY27 Q2’FY27 Rs 977 Mn Rs 108 Mn Rs 64 Mn Rs 4.07 116.4% YoY 65.3% YoY 11.1 % 83.9% YoY 6.6% 68.9% YoY H1’FY27 H1’FY27 H1’FY27 H1’FY27 H1’FY27 H1’FY27 Rs 1,960
Slide 9: Product-wise Revenue Breakdown
Product-wise Revenue Breakdown Total Revenue Revenue from Branded Products (Branded & Non-Branded) (Product Category) 70% 70% 52% 50% 50% 62% 56% 44% 43% 44% 42% 53% 38% 47% 44% 33% 38% 25% 30% 30% 18% 16% 13% 5% 6% 5% 2% 3% 1% 2% 3% 2% 1% 1% 1% FY23 FY24 FY25* FY26* H1FY27* FY23 FY24 FY25* FY26* H1
Slide 10: Volume-wise Sales Breakdown
Volume-wise Sales Breakdown H1FY27 (Consolidated, in MT) Total Volume 15,902 MT Volume of Branded Products 9,348 MT Category-wise Brand-wise Tea Mantavya 56 MT 563 MT Ground Maharaja Non- Spices Grocery 1,311 MT Branded 2,739 MT Products 6,554 MT 4,078 MT Branded Double Hathi 9,348 MT 77 Green 5,746
Slide 11: Income Statement – Q2 & H1'FY27
Income Statement – Q2 & H1’FY27 (Consolidated) Particulars (INR Mn) Q2FY27 Q1FY27 Q2FY26 YoY% H1FY27 H1FY26 YoY% Revenue From Operations 976.7 982.8 451.3 116.4 1,959.5 1,182.2 65.8 Total Expenditure 868.5 872.1 385.8 125.1 1,740.6 1,041.6 67.1 EBITDA 108.2 110.7 65.4 65.3 218.9 140.6 55.7 EBITDA Ma
Slide 12: About Us
About Us Investor Presentation 11
Slide 13: 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... 7200 MT Jamnagar Unit ❖ Gujarat ❖ Maharashtra ❖ Rajasthan ❖ Jharkhand ❖ Chandigarh ❖ Delhi Gujarat ❖ Punjab ❖ J&K Certified by FSS
Slide 14: Dual Engine Spice FMCG Platform
Dual Engine Spice FMCG Platform 49+ years legacy business with strong Manufacturer of 32 different types Rapid scale-up phase post regional dominance in spices and food of spices across 500+ SKUs (under acquisition of Vitagreen Products products. all 4 Brands). Pvt Ltd. Ground Spices Engine Volume +
Slide 15: 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 and Cost-effective solutions for regional market Understanding our customers Become leading pan-India Improved accessibility to our C-T-C sp
Slide 16: History & Timeline
History & Timeline 1977 1980 1981 Birth of a legendary brand "DOUBLE HATHI“. Acquired own premises in the renowned Grain Established the first small spice manufacturing unit at Market of Jamnagar for selling ready spices under the Industrial Area in Hapa, near Jamnagar. the "Double Hathi" brand. 200
Slide 17: Top Management
Top Management Mr. Rishit Dayalji Kotecha Chairman cum Managing Director Founded in 1977 by Mr. Dayalji Vanravan Kotecha and Mr. • Rishit Dayalji Kotecha, a 44-year-old Bachelor of Science graduate, serves as the Chairman cum Managing Director of the company. Vijaykumar Vanravan Kotecha, • With 23 y
Slide 18: Business Overview
Business Overview Investor Presentation 17
Slide 19: Enhanced Business Strategy
Enhanced Business Strategy Integrated Spice Platform Multi Category Portfolio THE BIG From Regional Commodity Player To Distribution-led Scale SHIFT Limited Brand Premium Farm to Brand Capability FMCG MADHUSUDAN MASALA Strengthened VITAGREEN PRODUCTS – 100% Subsidiary (Ground Spices = MOAT) with Dua
Slide 20: Core Business Model
Core Business Model Procurement Quality Manufacturing Processing Product Product Packaging Distribution Spices Consistent quality of All spices and products Raw materials Spices are made Strong product (raw materials) are spices is maintained are carefully undergo cleaning, available in various dist
Slide 21: Product Portfolio
Product Portfolio Ground Spices Blend Spices Whole Spices Grocery Products Packaging: 10g to 20kg Packaging: Rs.5, Rs.10 ( MC & Pouch) 50g , Packaging: 500g, 1Kg Mint leaves, Kasuri methi, Dry mango powder, Dry ginger Chilli powder ghalor, Kashmiri chilli powder, 100g, 200g, 500g Jar, 1Kg Jar Variou
Slide 22: 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 contaminants using Ground spices are Automated filling and GR G DR YING methods such as
Slide 23: Manufacturing Capacity Overview
Manufacturing Capacity Overview Q2FY27 – Current Capacity Total Consolidated Capacity + = 7,200 MT 600 MT 7,800 MT Post Greenfield Expansion 6,000 MT Total Consolidated 13,200 MT (Phase 1 Addition) Capacity (Post Expansion) Construction Complete 20% capacity expansion 7,800 MT 6,000 MT 13,200 MT com
Slide 24: 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 eas
Slide 25: Manufacturing Facility (2/2)
Manufacturing Facility (2/2) Unit - 2 Shifted to the new Rajkot, Gujarat Sanosara plant during Q2 FY27; not operational at the end of the quarter. • Established on 50,000 sq. ft. area, including Administration Office and Plant Building. Two months of semi- • Adequate storage facility and large wareh
Slide 26: Greenfield Expansion
Greenfield Expansion Project status State-of-the-Art Facility Sanosara, Rajkot – Jamnagar Highway, 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-ai
Slide 27: 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. Delhi • Significant growth potential in Maharashtra, particularly beyond Mumbai suburban areas, with a Uttarakh
Slide 28: 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 29: Way Forward
Way Forward Investor Presentation 28
Slide 30: 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 31: 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 India spices market Shift from loose → Acquisition (Vitagreen) Expand SKUs → widen Stage-1 growing structurally branded → expand category wallet share Region
Slide 32: Market Outlook
Market Outlook Investor Presentation 31
Slide 33: 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 34: 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 35: Annual Financials
Annual Financials Investor Presentation 34
Slide 36: Consistent growth Trajectory
Consistent growth Trajectory Revenue EBITDA Net Profit 185.0 330.1 2,917.1 242.5 2,309.2 119.5 Rs Mn Rs Mn Rs Mn 173.2 92.0 1,622.2 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 37: 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 38: Balance Sheet
Balance Sheet (Consolidated) Particulars (INR Mn) FY25 FY26 H1’FY27 Particulars (INR Mn) FY25 FY26 H1’FY27 EQUITY & LIABILITIES ASSETS Shareholders Funds 936.6 1,226.6 1,477.3 Non-Current Assets 217.0 329.5 306.1 Share Capital 144.7 152.4 161.4 Property, Plant & Equipment 145.6 155.8 143.8 Reserves
Slide 39: Annexures
Annexures Investor Presentation 38
Slide 40: Our Product Basket (1/8)
Our Product Basket (1/8) 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 Chi
Slide 41: Our Product Basket (2/8)
Our Product Basket (2/8) 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 40
Slide 42: Our Product Basket (3/8)
Our Product Basket (3/8) 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 43: Our Product basket (4/8)
Our Product basket (4/8) 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 42
Slide 44: Our Product Basket (5/8)
Our Product Basket (5/8) 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 Strong Red Chilli Paste Hing Flakes Super Tea Kathiyawadi
Slide 45: Our Product Basket (6/8)
Our Product Basket (6/8) 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 46: Our Product Basket (7/8)
Our Product Basket (7/8) 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 Masala Chicken Masala Chicken Undhiyu Chilli Powder Chilli Powder Masala
Slide 47: Our Product Basket (8/8)
Our Product Basket (8/8) 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 46
Slide 48: Certifications and awards
Certifications and awards Madhusudan Masala Vitagreen • ISO 9001:2015 ISO 22000:2018 , HACCP • ISO 22000:2018, 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 49: THANK YOU
THANK YOU Madhusudan Masala Limited Gujarat, India [email protected] +91-288 2572002 | +91-94262 24445 KAPTIFY® Consulting Strategy & Investor Relations | Consulting [email protected] +91-845 288 6099
Madhusudan Masala — Q2 & H1 FY27 Earnings Presentation on 6ix