Arthneeti

Madhusudan Masala Q2 FY27 Share Price & Earnings Call Analysis

₹253.40-2.71% today
Market cap
₹409 Cr
P/E
22.40
ROE
15.44%
PEG
0.55
Price to sales
1.43
Debt to equity
0.59
52W high / low
₹272 / ₹109
Sales growth (5Y)
30.66%
EBITDA margin
11.16%
Net profit margin
6.18%
Promoter holding
70.44%
Sales (last year)
₹287 Cr

Guidance scorecard · Q2 FY27 call

What Madhusudan Masa's management guided
and where it ranks in Food Products

#13of 30 in
Food Products
Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

20–40%
  • Targeting revenue growth from INR300 crores to INR3,000 crores in less than 5 years, a 10x increase similar to last 7 years' growth.
  • Expecting a CAGR of 30-35% driven by brand premiumization, margin expansion, distribution scale, and product portfolio diversification.
  • Volume growth supported by capacity increase from 7,800 MTPA to 13,200 MTPA after new plant commissioning.
  • Branded sales expected to rise to 100% by FY30 from 72% in Q1 FY27, improving margins and profitability.
  • Expansion into new Indian regions with tailored regional products and increased distribution network (targeting 75,000 retailers and 500+ distributors).

2 more points from Madhusudan Masa's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Madhusudan Masa said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Madhusudan Masala Limited is undertaking a greenfield CapEx project for a new Sanosara plant with a capacity of 6,000 metric tons.
  • The total project cost for this Sanosara plant is around INR 16 crore.
  • The plant is expected to be operational and reach 100% capacity utilization by mid-Q3 FY27.
  • Funding for the project is planned with 65% long-term bank loans and 35% internal accruals.

2 more points from Madhusudan Masa's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Madhusudan Masa said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Madhusudan Masa said on the order book →

Full Q1 FY27 analysis
Full Food Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Food Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Madhusudan Masa rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Food Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹459 Cr7.9
240%+Up 2%+₹454 Cr79.8
340%+Flat₹1,061 Cr48.2
440%+Flat₹157 Cr10.5
520–40%Up 2%+₹671 Cr48.3
620–40%Up 2%+₹265 Cr7.8

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Pro shows every company guiding 40%+ revenue growth →Full Food Products ranking

Financials of Madhusudan Masa

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Madhusudan Masa

Shareholding breakup across reporting periods.

Sep 2023Oct 2023Mar 2024Sep 2024Mar 2025Sep 2025Mar 2026Jun 2026Sep 2026
Promoters +73.64%73.64%73.69%66.93%68.09%68.09%69.53%70.47%70.44%
FIIs +3.74%4.82%1.01%1.11%0.04%0.44%0.72%0.68%0.68%
DIIs +5.02%6.42%0.90%4.91%4.89%4.99%4.91%4.47%0.86%
Public +17.60%15.05%24.40%27.05%26.99%26.48%24.83%24.38%28.02%
Others +0.00%0.06%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
No. of Shareholders7768478771,4281,5321,5191,3951,3471,543

Financials of Madhusudan Masa

Quarterly Results

Quarter-by-quarter operating performance

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +29.7665.0658.3463.5964.4841.5868.4287.0689.5490.73
Expenses +25.8458.0554.2056.7957.8335.7961.2477.8479.7580.80
Operating Profit3.927.014.146.806.655.797.189.229.799.93
OPM %13.17%10.77%7.10%10.69%10.31%13.92%10.49%10.59%10.93%10.94%
Other Income +0.030.010.530.580.190.510.190.390.310.19
Interest1.261.691.291.471.401.641.311.891.751.47
Depreciation0.490.210.640.490.500.530.570.590.550.55
Profit before tax2.205.122.745.424.944.135.497.137.808.10
Tax %21.82%23.24%23.36%23.62%24.70%24.94%24.95%26.65%25.51%24.81%
Net Profit +1.733.932.094.133.723.104.125.235.816.08
EPS in Rs1.342.731.452.852.572.142.853.433.603.77

Financials of Madhusudan Masa

Profit & Loss

Annual income statement trend

Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +6965127162216261336
Expenses +6663116145194233300
Operating Profit321117222936
OPM %4.2%3.3%9%11%10%11%11%
Other Income +0100111
Interest2234666
Depreciation1111222
Profit before tax11812152229
Tax %27%16%26%26%24%26%
Net Profit +0169121621
EPS in Rs6.397.138.0610.6013.65
Dividend Payout %-0%-0%-0%-0%-0%-0%

Financials of Madhusudan Masa

Balance Sheet

Capital structure and asset base

Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital-0.000.01513141516
Reserves11063377103126
Borrowings +10284352656974
Other Liabilities +574771214
Total Liabilities263557105164199230
Fixed Assets +54410131413
CWIP-0-062-0-0-0
Investments-0-0-0-081010
Other Assets +21314893143176207
Total Assets263557105164199230

Financials of Madhusudan Masa

Cash Flows

Operating, investing and financing cash movement

Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2-5-9-29-30-3
Cash from Investing Activity +-10-6-3-11-5
Cash from Financing Activity +-151631418
Net Cash Flow0-00-0-00
Free Cash Flow1-5-15-32-33-6
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit68%-221%-64%-146%-118%7%

Financials of Madhusudan Masa

Ratios

Working capital efficiency and return ratios

Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days677047816171
Inventory Days449775112174171
Days Payable27364959
Cash Conversion Cycle83131118184230234
Working Capital Days62662288126135
ROCE %11%27%22%17%16%

Guidance history

How Madhusudan Masa's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlannedPlanned—
Q4 FY26 call →40%+Up 0–2%PlannedNone planned—
Q3 FY26 call →20–40%FlatPlannedPlannedRising
Q2 FY26 call →20–40%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

Continue your research

What Madhusudan Masa's management said in earlier quarters

Others in Food Products this season

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    Q2 FY27 income from operations was ₹540.95 crore, a 25.9% increase year-on-year (YoY). Key results statement takeaways from Prataap Snacks Ltd's Q2 FY27 results

  • Vadilal Industries Ltd (Q2 FY27)

    Revenue from operations for the quarter ended September 30, 2026: ₹462.56 crore (Consolidated, Page 11) . Key results statement takeaways from Vadilal Industrie

  • Wardwizard Foods & Beverages Ltd (Q1 FY27)

    Revenue for Q1 FY27 (June 2026 quarter) is ₹17.03 Cr, up from ₹13.20 Cr in Q1 FY26, reflecting a strong year-on-year growth. Key investor presentation takeaways

  • Chemkart India Ltd (Q1 FY27)

    Revenue from operations for Apr–Jun FY27 reported at INR 99.60 crore (INR 9,960.22 lakhs). Key investor presentation takeaways from Chemkart India Ltd's Q1 FY27

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