52-week range
Price risk
Balance sheet & cash
Was the rally earned?
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 11.6x to 18.5x); per-share earnings added 28 points.
- The share count rose 8%.
What do "pts" mean?
"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.
Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.
Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.
Net profit is trailing twelve months as reported with a 60-day lag.
What is the price implying?
At a P/E of 18.5x, the price would imply about 14.4%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Fewer than six years of annual earnings are available, which is too little to measure delivered growth.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Consumer Non-Durables The market-wide Expectations lists
What changed?
- Jul '26Regained the 2025-01 peak, 8 months after the low.
- Jun '26Revenue (TTM) reached a new high of ₹292 cr.
- Jun '26Share count is up 7.1% over 12 months.
- Mar '26Slipped to the 3rd quartile of Consumer Non-Durables on operating margin (from the 2nd quartile).
- Dec '25Moved into the 2nd quartile of Consumer Non-Durables on operating margin (from the 3rd quartile).
- Nov '25Fell 52% from the Jan 2025 peak to the Nov 2025 low.
- Dec '24Promoter holding fell 6.8 pts to 66.9%.
- Jul '24Regained the 2024-05 peak, 1 month after the low.
Show 4 earlier events
- Jun '24FII + DII holding fell 9.3 pts over 1 quarter to 1.9%.
- Jun '24Fell 28% from the May 2024 peak to the Jun 2024 low.
- May '24Regained the 2023-11 peak, 2 months after the low.
- Mar '24Fell 32% from the Nov 2023 peak to the Mar 2024 low.
Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.
Where price and fundamentals disagree, market-wide Rewind the whole market to any month
Are profits backed by cash?
2 of 2 checks are within range.
Tap a check to see how it is measured.
Other income reliance5%Within range
Other income as a share of pre-tax profit (trailing twelve months): 5.0%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate26%Within range
Median quarterly effective tax rate over about 2.5 years: 25.7%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion—Not enough data
Not enough reported data to compute this.
Free cash flow—Not enough data
Not enough reported data to compute this.
Receivable days vs history—Not enough data
Not enough reported data to compute this.
Capital work in progress—Not enough data
Not enough reported data to compute this.
Payable days—Not enough data
Not enough reported data to compute this.
How to read this
Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.
Who has been buying and selling?
- Over 3 years, promoters trimmed 3.2 pts; FIIs trimmed 3.1 pts; DIIs trimmed 0.5 pts.
- The number of shareholders rose from 776 to 1,347 (+74%) between Sep 2023 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-51.6% (2025-01 peak to 2025-11 low, recovered 2026-07)
-32.0% (2023-11 peak to 2024-03 low, recovered 2024-05)
-27.8% (2024-05 peak to 2024-06 low, recovered 2024-07)
Where does it rank among Consumer Non-Durables peers?
Each cell is the company's percentile rank among its Consumer Non-Durables peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).
Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.
The Consumer Non-Durables sector page Watch it move against Consumer Non-Durables in the Observatory
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like MADHUSUDAN MASALA LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
- Over the following 12 months the middle half of them returned −26% to +61% vs the market, against −1% for all non-financial companies in the same months.
- The gap against the base rate (−12.7%, 80% range −18.7% to +2.2%) is within what chance and overlapping periods produce.
Where the 50 outcomes landed
Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 5 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 31 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| PITTIENG Producer Manufacturing |
Jul 2021 | 22x | — | +593% | 0% | +71% |
| GPTINFRA Industrial Services |
Dec 2023 | 31x | 14% | +203% | 0% | +46% |
| VISHNU Process Industries |
Oct 2021 | 27x | 12% | +404% | −4% | +138% |
| COMSYN Process Industries |
Jul 2025 | 31x | 12% | +78% | −2% | +52% |
| GRMOVER Process Industries |
Jun 2025 | 36x | 14% | +100% | −3% | −25% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| STEELXIND Non-Energy Minerals |
Jul 2020 | 10x | — | +144% | −2% | +67% |
| SALZERELEC Producer Manufacturing |
Aug 2024 | 40x | 13% | +169% | −1% | −20% |
| PIGL Utilities |
Aug 2024 | 37x | 17% | +349% | 0% | −1% |
How reliable is this?
Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: ROCE, P/S and drawdown from 12-month high. One match per company and at most 7 from any one month.
Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.
Monthly history (17 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 18.5x | ₹317 cr | 18.2% | 17.0% | 0.7x |
| 2026-09 | 17.2x | ₹317 cr | 17.8% | 17.0% | 0.7x |
| 2026-08 | 18.0x | ₹292 cr | 15.8% | 17.0% | 0.7x |
| 2026-07 | 18.7x | ₹292 cr | 15.8% | 17.0% | 0.7x |
| 2026-06 | 17.1x | ₹292 cr | 15.8% | 17.0% | 0.7x |
| 2026-05 | 12.4x | ₹268 cr | 20.2% | — | 0.8x |
| 2026-04 | 12.1x | ₹268 cr | 20.2% | — | 0.8x |
| 2026-03 | 11.0x | ₹268 cr | 20.2% | — | 0.8x |
| 2026-02 | 12.7x | ₹255 cr | 17.5% | — | 0.8x |
| 2026-01 | 12.6x | ₹255 cr | 17.5% | — | 0.8x |
| 2025-12 | 12.2x | ₹255 cr | 17.5% | — | 0.8x |
| 2025-11 | 10.5x | ₹279 cr | 18.2% | — | 0.8x |
| 2025-10 | 11.6x | ₹279 cr | 18.2% | — | 0.8x |
| 2025-09 | 12.2x | ₹279 cr | 18.2% | — | 0.8x |
| 2025-08 | 13.1x | ₹231 cr | 16.8% | — | 0.8x |
| 2025-07 | 13.6x | ₹231 cr | 16.8% | — | 0.8x |
| 2025-06 | 14.5x | ₹231 cr | 16.8% | — | 0.8x |