Madhusudan Masala Limited (MADHUSUDAN-SM.NS) Earnings Call Transcript
July 23, 2026
Earnings Call Speaker Segments
Ladies and gentlemen, on behalf of Kaptify Consulting Investor Relations team, I welcome you all to the Q1 FY '27 Post Earnings Conference Call of Madhusudan Masala Limited. Today on the call from the management, we have with us Mr. Rishit Kotecha, Chairman and Managing Director; Mr. Hiren Kotecha, Whole-Time Director; and Mr. Kirit Dharaviya, CFO. As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements, which may involve risks and uncertainties. Also, a reminder that this call is being recorded. I would now request the management to brief us about the business and performance highlights for the quarter ended June 2026, the growth perspective and vision for the coming year, post which we will open the floor for Q&A. Over to you, sir.
Yes. Thank you, Vinayji. [Foreign Language].
I think we can skip the annual financials. Can we go to the Q&A, sir?
Yes, please. Yes. Rest is not to be [Foreign Language].
Yes, sir, I think that the financials are available in the presentation. So thank you, sir, for the detailed commentary. We'll start with the Q&A session. [Operator Instructions] We'll take the first question from the line of Mr. [Kunal Dubey].
Rishit, can you hear me?
Yes, yes. I can hear you clearly.
Rishit, [Foreign Language]. First question was [Foreign Language] for the financial year FY '28. [Foreign Language] seasonality, H2 is much stronger than H1. [Foreign Language]?
Correct, correct.
[Foreign Language].
Yes. [Foreign Language].
[Foreign Language].
[Foreign Language].
Rishit, [Foreign Language].
[Foreign Language]. Please, Hiren?
[Foreign Language].
[Foreign Language].
[Foreign Language].
Rishit, [Foreign Language].
[Foreign Language] that is not part of expansion. [Foreign Language] rather than expanding revenue from the new unit. [Foreign Language].
Last question on the retailers and distributors. [Foreign Language].
[Foreign Language].
We'll take the next question from the line of [Resha Mehta].
Congratulations, [Foreign Language]. Maybe I'll go one by one. [Foreign Language].
Volume in terms of quantity?
Metric ton. Yes.
It was 24,000 metric tons. And for branded, it was 16,000 metric tons.
[Foreign Language] Q1 FY '26. [Foreign Language].
Q1, just a minute. [Foreign Language].
[Foreign Language] from a pricing or product mix growth perspective.
[Foreign Language].
Right, sir. [Foreign Language] versus Q1 of FY '27. And -- which means [Foreign Language].
[Foreign Language].
Okay. [Foreign Language].
[Foreign Language].
[Foreign Language].
[Foreign Language].
Okay. And sir, last question. [Foreign Language]. I just want to understand [Foreign Language]. Is there a possibility [Foreign Language]. If yes, then by when? If no, then [Foreign Language].
[Foreign Language].
[Foreign Language].
[Foreign Language].
And sir, just last, [Foreign Language]. See, because they don't seem to be compromising on the quality or the regional palette, right? [Foreign Language].
Multi-state is not because of -- [Foreign Language]. They are focusing only on blended spices, which is not required to maintain a big inventory in terms of raw materials. [Foreign Language].
[Foreign Language].
Understood. And sir, [Foreign Language].
[Foreign Language].
Sir, we'll take one question from the Q&A chat session. So Sunil Kumar has asked, do you have any plans to make a mobile app for selling products from Madhusudan?
Yes, exactly. We are already working on that. [Foreign Language].
We'll take the next question from the line of [Vivek Rakodia].
Am I audible?
Yes, yes. You are audible.
[Foreign Language]. Congratulations on a great set of numbers. [Foreign Language].
[Foreign Language].
[Foreign Language] 11.5% in the coming years. As and when [Foreign Language] contribution, which is 72% in this quarter. And you expect 100%, I think, by FY '30. Because of that, [Foreign Language] over the next, say, 3 years. [Foreign Language].
[Foreign Language].
Understood. Understood, sir. And I think [Foreign Language] in various calls was of giving higher distribution margin to our distributors as compared to the other brands.
Yes.
[Foreign Language] you expect? How do you see that dynamic?
See, [Foreign Language] compared to the national players and local players. So margins [Foreign Language].
We'll take the next question from the line of Mr. Yash.
[Foreign Language].
See, [Foreign Language]. Again, we have to take this to 10x. [Foreign Language].
We'll take the next question from the line of Mr. Jatin.
Am I audible?
Yes, yes, you're audible.
[Foreign Language].
[Foreign Language].
[Foreign Language].
[Foreign Language] that is including the branded and non-branded.
[Foreign Language].
[Foreign Language].
[Foreign Language].
Yes, yes.
[Foreign Language].
[Foreign Language].
[Foreign Language].
Yes. Yes, exactly. [Foreign Language].
[Foreign Language].
Yes. [Foreign Language]
Sir, that was the last question for the day. Would you like to give any closing comment before we end this conference call?
Yes. [Foreign Language].
Thank you. Thank you to the management team for giving us your valuable time. Thank you to all the participants for joining us on the call. This brings us to the end of today's conference call. You may all disconnect now. Thank you.
Thank you.
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