Madhusudan Masala Limited IPO

Madhusudan Masala Limited is a company specializing in the manufacturing and processing of a diverse range of spices, which are marketed under the brand names “DOUBLE HATHI” and “MAHARAJA.” Their product portfolio extends beyond spices to include Whole Spices, Tea, and Other Grocery Products, including Rajgira flour, Papad, Soya Products, Asafoetida (Hing), Achar masala (Ready to make pickle powder), Sanchar (Black salt powder), Sindhalu (Rock salt powder), Katlu powder (Food supplement), Kasuri Methi (Dry fenugreek), among others, all sold under the brand name “DOUBLE HATHI.” Additionally, the company deals in whole spices, papad, soya products, Asafoetida (Hing), black salt, and rock salt procured from third-party manufacturers, which are then packaged under their “DOUBLE HATHI” brand.

Madhusudan Masala operates within two primary product segments:

1. Ground Spices: This category encompasses a variety of ground spices, including Chilli Powder, Turmeric Powder, Coriander Powder, and Coriander Cumin Powder.
2. Blend Spices: The Blend Spices category features products such as Garam Masala, Tea Masala, Chhole Masala, Sambhar Masala, Pav Bhaji Masala, Pani Puri Masala, Sabji Masala, Kitchen King Masala, Chicken Masala, Meat Masala, Chatpata Chat Masala, Butter Milk Masala, Chewda Masala, Dry Ginger Powder (Sunth), Black Pepper Powder (Mari), Dry Mango Powder (Aamchur), and more.

Madhusudan Masala’s manufacturing facility is located in the Industrial Area Hapa, near Jamnagar. It holds several certifications that reflect its commitment to quality and safety, including ISO 9001:2015 for quality management, ISO 22000:2018 for Food Safety Management System, HACCP for Hazard Analysis Critical Control Points, and an FSSAI license under the Food Safety and Standards Act 2006.

In terms of financial performance, the company reported revenues of Rs. 12,721.60 Lacs, Rs. 6,540.81 Lacs, and Rs. 6,868.03 Lacs in fiscal years 2023, 2022, and 2021, respectively.