अApnaFunda

MADHUSUDAN MASALA LIMITED (MADHUSUDAN)

Consumer Non-Durables

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.42 / 100
Profitability 54Balance sheet 30

Passes these screens: High Momentum · Promoters buying

Share Price
₹253.40
P/E
18.5x
ROCE
17.0%
Market Cap
₹410 cr
Revenue (TTM)
₹317 cr
P/S
1.3x
P/B
3.4x
ROE
18.2%
Operating Margin
11.3%
Debt / Equity
0.7x
Promoter Holding
70.5%
12M Momentum
94.0%

52-week range

₹108.60₹285.00
82% of the way from its 52-week low to its high

Price risk

1Y volatility
55.7%
Beta vs sector
1-year daily
0.18

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.8x
Share count, 1Y
+7.1%

Was the rally earned?

+94%share price, 1 yearMultiple-driven

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%.
1 year Net profit growth: +38 pts. Points of the price return explained by net profit growing (or shrinking).+38 ptsP/E change: +66 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+66 ptsShare count change: -10 pts. Points of the price return explained by the share count changing. More shares count against the price. +94% 1 year Net profit growth: +38 pts. Points of the price return explained by net profit growing (or shrinking).+38 ptsP/E change: +66 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+66 ptsShare count change: -10 pts. Points of the price return explained by the share count changing. More shares count against the price. +94%
Net profit growth+38 ptsNet profit rose about 31%, which lifts the price.
P/E change+66 ptsThe P/E rose from 11.6x to 18.5x, which lifts the price.
Share count change-10 ptsShare count rose 8%, which lowers the price.
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.

Compare this with NESTLE INDIA

What is the price implying?

~14%annual earnings growth implied by the price

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?

  1. Jul '26Regained the 2025-01 peak, 8 months after the low.
  2. Jun '26Revenue (TTM) reached a new high of ₹292 cr.
  3. Jun '26Share count is up 7.1% over 12 months.
  4. Mar '26Slipped to the 3rd quartile of Consumer Non-Durables on operating margin (from the 2nd quartile).
  5. Dec '25Moved into the 2nd quartile of Consumer Non-Durables on operating margin (from the 3rd quartile).
  6. Nov '25Fell 52% from the Jan 2025 peak to the Nov 2025 low.
  7. Dec '24Promoter holding fell 6.8 pts to 66.9%.
  8. Jul '24Regained the 2024-05 peak, 1 month after the low.
Show 4 earlier events
  1. Jun '24FII + DII holding fell 9.3 pts over 1 quarter to 1.9%.
  2. Jun '24Fell 28% from the May 2024 peak to the Jun 2024 low.
  3. May '24Regained the 2023-11 peak, 2 months after the low.
  4. 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.

All terms explained in the glossary →

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

GroupSep '23Jun '26Change
Promoters73.6%70.5%-3.2 pts
FIIs3.7%0.7%-3.1 pts
DIIs5.0%4.5%-0.5 pts
Public and others17.6%24.4%+6.8 pts

Number of shareholders

1,347shareholders+74% since Sep '23
7761k1k2k Sep '23Mar '24Mar '25Mar '26Jun '26
Sep '23: 776
Dec '23: 847
Mar '24: 877
Sep '24: 1,428
Mar '25: 1,532
Sep '25: 1,519
Mar '26: 1,395
Jun '26: 1,347
7761k1k2k Sep '23Sep '24Mar '26Jun '26
Sep '23: 776
Dec '23: 847
Mar '24: 877
Sep '24: 1,428
Mar '25: 1,532
Sep '25: 1,519
Mar '26: 1,395
Jun '26: 1,347

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.

This quarter's smart-money board

How rough has the ride been?

Maximum drawdown-51.6%recovered 2026-07
1-year volatility55.7%annualised

Monthly share price

₹118₹163₹208₹253 Jun '25Oct '25Feb '26Jun '26Oct '26
2025-06: ₹151.00
2025-07: ₹141.00
2025-08: ₹135.80
2025-09: ₹138.00
2025-10: ₹130.60
2025-11: ₹118.15
2025-12: ₹131.45
2026-01: ₹136.25
2026-02: ₹137.65
2026-03: ₹137.00
2026-04: ₹151.25
2026-05: ₹155.00
2026-06: ₹214.60
2026-07: ₹235.45
2026-08: ₹225.75
2026-09: ₹236.25
2026-10: ₹253.40
₹118₹163₹208₹253 Jun '25Dec '25Jun '26Oct '26
2025-06: ₹151.00
2025-07: ₹141.00
2025-08: ₹135.80
2025-09: ₹138.00
2025-10: ₹130.60
2025-11: ₹118.15
2025-12: ₹131.45
2026-01: ₹136.25
2026-02: ₹137.65
2026-03: ₹137.00
2026-04: ₹151.25
2026-05: ₹155.00
2026-06: ₹214.60
2026-07: ₹235.45
2026-08: ₹225.75
2026-09: ₹236.25
2026-10: ₹253.40

Last 90 trading days

₹193₹219₹245₹272 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹192.65
2026-06-25: ₹213.30
2026-06-30: ₹214.60
2026-07-02: ₹220.40
2026-07-06: ₹253.05
2026-07-08: ₹253.30
2026-07-10: ₹248.00
2026-07-14: ₹239.90
2026-07-16: ₹238.50
2026-07-20: ₹231.05
2026-07-22: ₹235.40
2026-07-24: ₹233.00
2026-07-28: ₹239.95
2026-07-30: ₹242.65
2026-08-03: ₹234.00
2026-08-05: ₹231.05
2026-08-07: ₹225.30
2026-08-11: ₹229.25
2026-08-13: ₹227.30
2026-08-17: ₹224.80
2026-08-19: ₹223.65
2026-08-21: ₹217.35
2026-08-25: ₹213.25
2026-08-27: ₹220.00
2026-08-31: ₹225.75
2026-09-02: ₹231.00
2026-09-04: ₹236.00
2026-09-08: ₹238.55
2026-09-10: ₹234.00
2026-09-15: ₹240.00
2026-09-17: ₹237.00
2026-09-21: ₹231.50
2026-09-23: ₹225.55
2026-09-25: ₹235.50
2026-09-29: ₹240.00
2026-10-01: ₹234.65
2026-10-06: ₹227.15
2026-10-08: ₹224.50
2026-10-12: ₹234.80
2026-10-14: ₹237.00
2026-10-16: ₹259.50
2026-10-21: ₹256.00
2026-10-23: ₹253.55
2026-10-27: ₹245.00
2026-10-29: ₹260.45
2026-10-30: ₹253.40
₹193₹219₹245₹272 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹192.65
2026-06-25: ₹213.30
2026-06-30: ₹214.60
2026-07-02: ₹220.40
2026-07-06: ₹253.05
2026-07-08: ₹253.30
2026-07-10: ₹248.00
2026-07-14: ₹239.90
2026-07-16: ₹238.50
2026-07-20: ₹231.05
2026-07-22: ₹235.40
2026-07-24: ₹233.00
2026-07-28: ₹239.95
2026-07-30: ₹242.65
2026-08-03: ₹234.00
2026-08-05: ₹231.05
2026-08-07: ₹225.30
2026-08-11: ₹229.25
2026-08-13: ₹227.30
2026-08-17: ₹224.80
2026-08-19: ₹223.65
2026-08-21: ₹217.35
2026-08-25: ₹213.25
2026-08-27: ₹220.00
2026-08-31: ₹225.75
2026-09-02: ₹231.00
2026-09-04: ₹236.00
2026-09-08: ₹238.55
2026-09-10: ₹234.00
2026-09-15: ₹240.00
2026-09-17: ₹237.00
2026-09-21: ₹231.50
2026-09-23: ₹225.55
2026-09-25: ₹235.50
2026-09-29: ₹240.00
2026-10-01: ₹234.65
2026-10-06: ₹227.15
2026-10-08: ₹224.50
2026-10-12: ₹234.80
2026-10-14: ₹237.00
2026-10-16: ₹259.50
2026-10-21: ₹256.00
2026-10-23: ₹253.55
2026-10-27: ₹245.00
2026-10-29: ₹260.45
2026-10-30: ₹253.40

Drawdown from peak

0% -25% -50% Sep '23Apr '25Oct '26 0% -25% -50% Sep '23Apr '25Oct '26
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).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

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

−14.1%typical 12-month return vs the marketNot meaningfully different from the base rate
  • 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

−100%−50%0%+50%+100%
DHRUV · Jan 2025: −76.4% vs market
ACCURACY · Mar 2022: −42.0% vs market
IMFA · Jul 2021: −42.0% vs market
DPABHUSHAN · Jun 2022: −39.7% vs market
PENIND · Oct 2025: −35.8% vs market
TPLPLASTEH · Jul 2024: −35.7% vs market
GNA · Sep 2021: −32.6% vs market
REMSONSIND · Jun 2024: −32.6% vs market
PUNJABCHEM · Oct 2025: −31.5% vs market
ICIL · Mar 2024: −30.8% vs market
NRBBEARING · Dec 2023: −29.2% vs market
ARIHANTSUP · Aug 2022: −27.9% vs market
GEEKAYWIRE · Jul 2020: −26.6% vs market
SATIA · Oct 2022: −25.9% vs market
GRMOVER · Jun 2025: −25.0% vs market
LTFOODS · Aug 2020: −24.7% vs market
MANGLMCEM · Jul 2024: −22.2% vs market
NITINSPIN · Jul 2021: −21.5% vs market
BLKASHYAP · Jul 2024: −21.2% vs market
SALZERELEC · Aug 2024: −20.2% vs market
CLSEL · Mar 2023: −20.2% vs market
VADILALIND · Jan 2020: −18.3% vs market
PARAGMILK · Oct 2025: −16.6% vs market
GOODLUCK · Dec 2023: −16.0% vs market
TRANSTEEL · Jul 2025: −14.8% vs market
NCLIND · Feb 2021: −13.4% vs market
AGARIND · Mar 2022: −11.1% vs market
PGIL · Feb 2025: −2.9% vs market
PIGL · Aug 2024: −0.8% vs market
LUMAXTECH · Apr 2023: +3.6% vs market
KAMDHENU · Apr 2021: +22.4% vs market
TCPLPACK · Aug 2022: +30.3% vs market
GPTINFRA · Dec 2023: +45.8% vs market
JASH · Dec 2022: +48.3% vs market
DALMIASUG · Apr 2021: +50.1% vs market
COMSYN · Jul 2025: +52.2% vs market
POWERMECH · Nov 2022: +60.8% vs market
TIMETECHNO · Mar 2024: +61.4% vs market
GRAVITA · Oct 2021: +63.3% vs market
HARRMALAYA · Jul 2020: +64.7% vs market
STEELXIND · Jul 2020: +66.5% vs market
PITTIENG · Jul 2021: +71.1% vs market
GPIL · Mar 2021: +74.2% vs market
KIRLOSENG · Jul 2023: +85.6% vs market
ARTEMISMED · Oct 2022: +96.2% vs market
KOPRAN · Aug 2020: +102.4% vs market
USHAMART · Feb 2022: +103.0% vs market
RAMASTEEL · Jul 2022: +110.0% vs market
COSMOFIRST · Oct 2020: +116.1% vs market
VISHNU · Oct 2021: +137.7% vs market
Similar setups −14.1%All companies −1.4%← worse than the marketbetter than the market →

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

Similar setups' median
−14.1%
All companies' median
−1.4%
Beat the market
42% vs 49%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PITTIENG
Producer Manufacturing
Jul 2021 22x— +593%0% +71%
GPTINFRA
Industrial Services
Dec 2023 31x14% +203%0% +46%
VISHNU
Process Industries
Oct 2021 27x12% +404%−4% +138%
COMSYN
Process Industries
Jul 2025 31x12% +78%−2% +52%
GRMOVER
Process Industries
Jun 2025 36x14% +100%−3% −25%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
STEELXIND
Non-Energy Minerals
Jul 2020 10x— +144%−2% +67%
SALZERELEC
Producer Manufacturing
Aug 2024 40x13% +169%−1% −20%
PIGL
Utilities
Aug 2024 37x17% +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.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to MADHUSUDAN MASALA LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.
Monthly history (17 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1018.5x₹317 cr18.2%17.0%0.7x
2026-0917.2x₹317 cr17.8%17.0%0.7x
2026-0818.0x₹292 cr15.8%17.0%0.7x
2026-0718.7x₹292 cr15.8%17.0%0.7x
2026-0617.1x₹292 cr15.8%17.0%0.7x
2026-0512.4x₹268 cr20.2%—0.8x
2026-0412.1x₹268 cr20.2%—0.8x
2026-0311.0x₹268 cr20.2%—0.8x
2026-0212.7x₹255 cr17.5%—0.8x
2026-0112.6x₹255 cr17.5%—0.8x
2025-1212.2x₹255 cr17.5%—0.8x
2025-1110.5x₹279 cr18.2%—0.8x
2025-1011.6x₹279 cr18.2%—0.8x
2025-0912.2x₹279 cr18.2%—0.8x
2025-0813.1x₹231 cr16.8%—0.8x
2025-0713.6x₹231 cr16.8%—0.8x
2025-0614.5x₹231 cr16.8%—0.8x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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