Madhusudan Masala Q1 FY27 Results: Net Profit Jumps 56.1% YoY to Rs 65 Million
July 23, 2026: Madhusudan Masala Limited has reported a strong performance for the first quarter of FY27, delivering healthy growth in revenue, profitability, and branded product sales. According to the company’s investor presentation, robust consumer demand, an improving product mix, and operational efficiencies helped drive impressive financial results during the quarter ended June 30, 2026.
The company also continued to strengthen its manufacturing capabilities by expanding production capacity and progressing with its new manufacturing facility.
Revenue and Profit Register Strong Growth
Madhusudan Masala reported robust year-on-year growth across its key financial metrics.
Financial Highlights
- Consolidated Revenue: ₹98.3 crore, up 34.5% from the corresponding quarter last year.
- EBITDA: ₹11.1 crore, registering a 47.3% year-on-year increase.
- EBITDA Margin: Improved to 11.3%, expanding by 98 basis points.
- Profit After Tax (PAT): ₹6.5 crore, rising 56.1% year-on-year.
- PAT Margin: Expanded to 6.6%, an improvement of 92 basis points.
The stronger profitability reflects higher operating leverage, improved product mix, and efficient cost management.
Branded Products Continue to Drive Growth
The company maintained its focus on branded products, which continued to account for the majority of revenue during the quarter.
Product Mix
- Branded Products: 72% of total revenue (4,730 MT)
- Non-Branded Products: 28% of total revenue (3,404 MT)
The increasing contribution from branded products is expected to support higher margins and strengthen the company’s market position.
Strong Sales Volume Performance
During Q1 FY27, Madhusudan Masala recorded:
- Total Sales Volume: 8,134 metric tonnes
- Packets Dispatched: Approximately 78.4 million
The strong sales volume reflects healthy consumer demand across the company’s product portfolio.
Ground Spices Lead Product Portfolio
Ground spices remained the largest contributor to branded sales during the quarter.
Revenue Mix by Category
- Ground Spices: 50%
- Whole Spices: 27%
- Blended Spices: 16%
- Grocery Products: 5%
- Tea: 2%
The diversified product portfolio enables the company to cater to a wide range of consumer preferences across multiple food categories.
Flagship Brands Continue to Perform Well
The company’s established brands continued to drive sales volumes.
Brand-wise Volume Contribution
- Double Hath: 2,791 MT
- 77 Green: 804 MT
- Maharaja: 757 MT
- Antalya: 378 MT
These brands remain central to Madhusudan Masala’s strategy of strengthening its presence in India’s branded spices market.
Expanding Geographic Presence
Revenue during Q1 FY27 was well diversified across key markets.
Regional Revenue Mix
- Gujarat: 45%
- Maharashtra: 11%
- North & East India: 44%
The company’s growing presence outside its home market demonstrates continued expansion across India.
Capacity Expansion to Support Future Growth
To meet rising demand and improve quality control, Madhusudan Masala has expanded its manufacturing capabilities.
Key initiatives include:
- Addition of a 1,200 MT whole-spice production line at its Jamnagar facility.
- Continued progress on the company’s new manufacturing plant at Sanand, which is expected to support future production capacity and business expansion.
These investments are aimed at strengthening manufacturing efficiency while supporting long-term growth.