Madhusudan Masala Ltd (NSI: MADHUSUDAN) shares fell 4.69% intraday to INR125 on January 20, 2026. The stock traded near its 52-week low of INR127.25 after closing at INR131.15 the prior day.
Stock Context
The shares reached a 52-week high of INR229. Over the past year, the stock declined 39% amid volatility. Recent trading showed a 10.86% drop on January 14 before a 13.48% rebound on January 16.
Q3 Results Summary
Consolidated revenue hit INR92.56 crore for the quarter ended December 31, 2025. This marked 102.8% growth quarter-on-quarter from INR45.64 crore and 65.6% year-on-year from INR55.90 crore.
Net profit rose to INR5.55 crore. Profit grew 59% quarter-on-quarter from INR3.49 crore and 96.1% year-on-year from INR2.83 crore.
Profitability Metrics
Profit before tax stood at INR7.50 crore, up 59.6% quarter-on-quarter and 93.3% year-on-year. Earnings per share reached INR3.83.
EBITDA reached about INR10 crore, reflecting 42.8% quarter-on-quarter growth. Expenses increased 107.8% quarter-on-quarter to INR85.06 crore.
Year-over-Year Trends
Nine-month FY26 revenue totalled around INR213 crore, based on Q1 at INR75 crore, Q2 at INR45.64 crore, and Q3 at INR92.56 crore. This implies over 50% year-on-year growth from FY25 patterns.
FY25 saw revenue up 42% and profit after tax up 63% year-on-year. Company guided 30% revenue CAGR for FY26 and beyond, with Q1 FY26 ahead of targets.
Branded sales mix improved to over 67% in early FY26, aiding margins around 10-11%. Capacity utilization exceeded 82-85%.
Analyst Views
No analyst upgrades, downgrades, or price target changes reported today.
Operational Highlights
Growth stemmed from Vitagreen integration and geographic expansion beyond Gujarat and Maharashtra. Tax expense rose 86.7% year-on-year to INR1.96 crore.
Q3 EBITDA reportedly grew 79.6% year-on-year in some updates, aligning with profit trends. Earnings call held January 20 discussed H2 FY26 outlook.
Company Description
Madhusudan Masala Ltd manufactures and processes over 32 types of ground, blended, and whole spices. The company operates under brands DOUBLE HATHI and MAHARAJA, alongside grocery items like tea, rajgira flour, papad, soya products, asafoetida, achar masala, black salt, rock salt, katlu powder, and kasuri methi.
Incorporated in 2021 and based in Jamnagar, Gujarat, it trades whole spices and food grains through unbranded channels. Products reach over 2,100 wholesalers and 3,700 retailers via an offline network. Facilities hold HACCP and FSSAI certifications.
The SME-listed firm focuses on branded masalas with recent revenue growth from Vitagreen integration and geographic expansion. Market cap stands around INR184 crore-INR213 crore.