INTEGRATED FILING — Other than Banks



General information about company

Scrip code 000000
NSE Symbol MADHUSUDAN
MSEI Symbol NOTLISTED
ISIN INE0P6701019
Name of Company MADHUSUDAN MASALA LIMITED
Type of company SME
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 25-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 20-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Half Yearly
Reporting Quarter Yearly
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment SPICES
Start date and time of board meeting 25-05-2026   19:30:00
End date and time of board meeting 25-05-2026   21:00:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
(III) Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 25-05-2026
Indicate Company website link for updated RPT policy of the Company https://madhusudanmasala.com/investors/policy-on-materiality-of-related-party-transactions.html#book/
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? Yes
No. of times funds raised during the quarter 1
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
NA


Financial Results — Other than Bank

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
1 Revenue From Operations
Revenue from operations 15,547.32 26,154.05
Other income 57.86 128.17
Total Income 15,605.18 26,282.22
2 Expenses
(a) Cost of materials consumed 9,005.10 16,321.27
(b) Purchases of stock-in-trade 5,088.33 8,008.63
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (657.01) (2,092.26)
(d) Employee benefit expense 160.34 262.82
(e) Finance costs 320.04 624.31
(f) Depreciation and amortisation expense 116.13 219.05
(g) Other Expenses
1 Other Expenses 310.71 770.02
Total other expenses 310.71 770.02
Total expenses 14,343.64 24,113.84
3 Profit before exceptional and extraordinary items and tax 1,261.54 2,168.38
4 Exceptional items 0.00 0.00
5 Profit before extraordinary items and tax 1,261.54 2,168.38
6 Extraordinary items 0.00 0.00
7 Profit before tax 1,261.54 2,168.38
8 Tax Expense
Current tax 327.25 555.51
Deferred tax (0.54) (3.31)
Total tax expenses 326.71 552.20
9 Net Profit Loss for the period from continuing operations 934.83 1,616.18
10 Profit (loss) from discontinuing operations before tax 0.00 0.00
11 Tax expense of discontinuing operations 0.00 0.00
12 Net profit (loss) from discontinuing operation after tax 0.00 0.00
13 Profit (loss) for period before minority interest 934.83 1,616.18
14 Share of profit (loss) of associates
15 Profit (loss) of minority interest
16 Net profit (Loss) for the period 934.83 1,616.18
17 Details of equity share capital
Paid-up equity share capital 1,524.00 1,524.00
Face value of equity share capital 10 10
18 Reserves excluding revaluation reserve 10,244.20
19 Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 6.46 11.16
Diluted earnings (loss) per share from continuing and discontinued operations 6.43 11.11
20 Debt equity ratio 0.0 0.5900
21 Debt service coverage ratio 0.0 0.0
22 Interest service coverage ratio 5.300 4.8200
23 Disclosure of notes on financial results Textual Information(1)


Text Block

Textual Information(1) 1. The above said financial results were reviewed by the Audit Committee and then by the Board of Directors at their respective Meetings held on 25th May, 2026 2. The Statements is prepared in accordance with the requirement of Accounting Standards (AS) specified under section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014. 3. As per MCA Notification dated 16th February, 2015 Companies whose shares are listed on SME exchange as referred to in Chapter XB of SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2009, are exempted from the compulsory requirement of adoption of IND-AS. 4. All activities of the company revolve around the main business and as such there is no separate reportable business segment and all the operations of the company are conducted within India as such there is no separate reportable geographical segment 5. The company is having wholly owned subsidiary therefore; it has prepared standalone results as well as consolidated result. The Consolidated Financial Result Includes Financial statement of Subsidiary - Vitagreen Products Pvt. Ltd which was acquired as on 26th July 2024. 6. Earning Per share : Earning Per share is calculated on the weighted average of the share capital received by the company. EPS is not annualised. 7. Figures in brackets are representing negative values. 8. Previous year/Period figures have been re-grouped, re-arranged wherever considered necessary 9. The Statutory Auditors have carried out the Statutory audit of the above financial results of the company and have expressed an unmodified opinion on these results. 10. The figures for the quarter ended 31 March 2026 are the balancing figures between the audited figures in respect of the full financial year ended 31 March 2026 and the published year-to-date figures up to the third quarter ended 31 December 2025. 11. In accordance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015 , the above Results of the company arc posted on company's website i.e and will also appear on the Stock Exchange website, where the equity shares of the company are listed i.e. www.nseindia.com.


Remarks

20 Debt equity ratio
21 Debt service coverage ratio
22 Interest service coverage ratio


Cash flow statement — indirect

Amount in (Lakhs)

A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
1 Statement of cash flows
Cash flows from used in operating activities
Profit before extraordinary items and tax 2,168.38
2 Adjustments for reconcile profit (loss)
Adjustments to profit (loss)
Adjustments for finance costs 624.31
Adjustments for depreciation and amortisation expense 219.05
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for share-based payments 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items (1.92)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments to profit (loss) 841.44
3 Adjustments for working capital
Adjustments for decrease (increase) in inventories (1,570.69)
Adjustments for decrease (increase) in trade receivables (1,487.94)
Adjustments for decrease (increase) in other current assets 311.13
Adjustments for increase (decrease) in trade payables 288.63
Adjustments for increase (decrease) in other current liabilities (8.55)
Adjustments for provisions (313.12)
Total adjustments for working capital (2,780.54)
Total adjustments for reconcile profit (loss) (1,939.10)
Net cash flows from (used in) operations 229.28
Dividends received 0.00
Interest paid 517.63
Interest received (18.81)
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities before extraordinary items (307.16)
Proceeds from extraordinary items 0.00
Payment for extraordinary items 0.00
Net cash flows from (used in) operating activities (307.16)
4 Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property plant and equipment 3.25
Purchase of property plant and equipment 324.73
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 18.46
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 18.81
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (180.15)
Proceeds from government grants 0.00
Net cash flows from (used in) investing activities before extraordinary items (464.36)
Proceeds from extraordinary items 0.00
Payment for extraordinary items 0.00
Net cash flows from (used in) investing activities (464.36)
Cash flows from used in financing activities
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 1,051.96
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 382.88
Repayments of borrowings 0.00
Dividends paid 0.00
Interest paid 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (624.32)
Net cash flows from (used in) financing activities before extraordinary items 810.52
Proceeds from extraordinary items 0.00
Payment for extraordinary items 0.00
Net cash flows from (used in) financing activities 810.52
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 39.00
6 Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 39.00
Cash and cash equivalents cash flow statement at beginning of period 30.96
Cash and cash equivalents cash flow statement at end of period 69.96


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Equity and liabilities
1 Shareholders' funds
Share capital 1,524.00
Reserves and surplus 10,244.20
Money received against share warrants 29.06
Total shareholders' funds 11,797.26
2 Share application money pending allotment 0.00
3 Deferred government grants 0.00
4 Minority interest
5 Non-current liabilities
Long-term borrowings 602.10
Deferred tax liabilities (net) 0.00
Foreign currency monetary item translation difference liability account 0.00
Other long-term liabilities
Total of Other long-term liabilities
Long-term provisions 0.00
Total non-current liabilities 602.10
6 Current liabilities
Short-term borrowings 6,306.04
Trade Payables
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 533.18
Total Trade payable 533.18
Other current liabilities
1 Other Current Liabilities 53.70
Total of Other long-term liabilities 53.70
Short-term provisions 653.06
Total current liabilities 7,545.98
Total equity and liabilities 19,945.34
Assets
1 Non-current assets
i Property, Plant and Equipment and Intangible assets
Property, Plant and Equipment 1,385.29
Producing properties 0.00
Intangible assets 0.00
Preproducing properties 0.00
Property, Plant and Equipment capital work-in-progress 0.00
Intangible assets under development or work-in-progress 0.00
Total Property, Plant and Equipment and Intangible assets 1,385.29
ii Non-current investments 955.13
v Deferred tax assets (net) 10.70
vi Foreign currency monetary item translation difference asset account 0.00
vii Long-term loans and advances 281.15
Other non-current assets
Total of Other non-current assets
Total non-current assets 2,632.27
Current assets
Current investments 0.00
Inventories 10,412.70
Trade receivables 5,108.88
Cash and cash equivalents 69.96
Bank balance other than cash and cash equivalents 0.00
Short-term loans and advances 1,715.53
Other current assets
1 Other Current assets 6.00
Total of Other current assets 6.00
Total current assets 17,313.07
Total assets 19,945.34
Disclosure of notes on assets and liabilities Textual Information(1)


Text Block

Textual Information(1) 1. The above said financial results were reviewed by the Audit Committee and then by the Board of Directors at their respective Meetings held on 25th May, 2026 2. The Statements is prepared in accordance with the requirement of Accounting Standards (AS) specified under section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014. 3. As per MCA Notification dated 16th February, 2015 Companies whose shares are listed on SME exchange as referred to in Chapter XB of SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2009, are exempted from the compulsory requirement of adoption of IND-AS. 4. All activities of the company revolve around the main business and as such there is no separate reportable business segment and all the operations of the company are conducted within India as such there is no separate reportable geographical segment 5. The company is having wholly owned subsidiary therefore; it has prepared standalone results as well as consolidated result. The Consolidated Financial Result Includes Financial statement of Subsidiary - Vitagreen Products Pvt. Ltd which was acquired as on 26th July 2024. 6. Earning Per share : Earning Per share is calculated on the weighted average of the share capital received by the company. EPS is not annualised. 7. Figures in brackets are representing negative values. 8. Previous year/Period figures have been re-grouped, re-arranged wherever considered necessary 9. The Statutory Auditors have carried out the Statutory audit of the above financial results of the company and have expressed an unmodified opinion on these results. 10. The figures for the quarter ended 31 March 2026 are the balancing figures between the audited figures in respect of the full financial year ended 31 March 2026 and the published year-to-date figures up to the third quarter ended 31 December 2025. 11. In accordance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015 , the above Results of the company arc posted on company's website i.e and will also appear on the Stock Exchange website, where the equity shares of the company are listed i.e. www.nseindia.com.


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets
Net Segment Asset
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities
Net Segment Liabilities
Disclosure of notes on segments




Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Sarvesh Gohil & Associates Yes 28-02-2029


Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (1)

Amount in (Lakhs)

Mode of Fund Raising Preferential Issues
Description of mode of fund raising (Applicable in case of others is selected)
Date of Raising Funds 27-03-2026
Amount Raised 1,045.28
Report filed for Quarter ended 31-03-2026
Monitoring Agency Not Applicable
Monitoring Agency Name, if applicable
Is there a Deviation / Variation in use of funds raised No
If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders
If Yes, Date of shareholder Approval
Explanation for the Deviation / Variation NA
Comments of the Audit Committee after review The proceeds from Preferential Issue of Fully Convertible Warrants were utilized for the objects for Which it was raised.
Comments of the auditors, if any NA
Sr. Original Object Modified Object, if any Original Allocation Modified allocation, if any Funds Utilised Amount of Deviation/Variation for the quarter according to applicable object Remarks if any
1 prepayment of borrowings of the Company, meeting future funding requirements, working capital, to make requisite investments in subsidiaries/associates/joint ventures; To meet Capital expenditure towards expansion of existing factory, and other general corporate purposes. NA 1,045.28 0.00 1,045.28 0.00


Signatory Details

Name of signatory Mr. Rishit Dayalji Kotecha
Designation of person Managing Director
Place jamnagar
Date 25-05-2026


Amount in (Lakhs)

Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)

Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity /subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 Madhusudan Masala Limited Vitagreen Products Private Limited Holding-Subsidiary Purchase of goods or services 250.00 NA 149.69 0.00 0.00
2 Madhusudan Masala Limited Vitagreen Products Private Limited Holding-Subsidiary Sale of goods or services 1,200.00 NA 834.37 238.29 69.46
3 Madhusudan Masala Limited Vitagreen Products Private Limited Holding-Subsidiary Loan NA 66.50 666.80 733.30
4 Madhusudan Masala Limited Madhusudan Agri Processing & cold storage pvt ltd Entity in which Director is interested Any other transaction RENT 80.00 NA 36.00 5.46 (4.64)
5 Madhusudan Masala Limited Madhusudan Agri Processing & cold storage pvt ltd Entity in which Director is interested Any other transaction COLD RENT EXPENSE 150.00 NA 93.24 0.00 0.00
6 Madhusudan Masala Limited Madhusudan Auto-Biz Private Limited Entity in which Director is interested Interest paid NA (0.01) 0.00 0.00
7 Madhusudan Masala Limited Madhusudan Auto-Biz Private Limited Entity in which Director is interested Loan NA (9.00) 12.67 3.67
8 Madhusudan Masala Limited Rishit Dayalji Kotecha Managing Director Interest paid NA 0.93 0.00 0.00
9 Madhusudan Masala Limited Rishit Dayalji Kotecha Managing Director Loan NA 6.17 7.60 13.77
10 Madhusudan Masala Limited Hiren Vijaykumar Kotecha Whole Time Director Interest paid NA 1.47 0.00 0.00
11 Madhusudan Masala Limited Hiren Vijaykumar Kotecha Whole Time Director Loan NA 3.30 0.61 3.91
12 Madhusudan Masala Limited Dayalji Vanravan Kotecha Director Interest paid NA 1.66 0.00 0.00
13 Madhusudan Masala Limited Dayalji Vanravan Kotecha Director Loan NA 4.82 5.59 10.41
14 Madhusudan Masala Limited Foram Rishit Kotecha Director Interest paid NA 0.47 0.00 0.00
15 Madhusudan Masala Limited Foram Rishit Kotecha Director Loan NA (7.35) 8.52 1.17
16 Madhusudan Masala Limited Mayuri Hiren Kotecha Director Interest paid NA 0.52 0.00 0.00
17 Madhusudan Masala Limited Mayuri Hiren Kotecha Director Loan NA (3.63) 4.10 0.47
18 Madhusudan Masala Limited Vijaykumar Vanravan Kotecha Director Interest paid NA 5.72 0.00 0.00
19 Madhusudan Masala Limited Vijaykumar Vanravan Kotecha Director Loan NA (3.61) 5.41 1.80
Total value of transaction during the reporting period 1,181.26