Madhusudan Masala Seeks Shareholder Approval to Migrate to NSE and BSE Main Boards

Key numbers

Market Cap	₹425.32 CrSME Segment
1-Year Return	101.84%Price Performance
PE Ratio	26.32xSector 26.8x
RSI	63.07Neutral Zone

Key highlights

• Remote e-voting for the migration proposal commences on November 4 and ends on December 3, 2026
• Proposed resolution requires non-promoter votes in favour to be at least two times the votes cast against
• The company reported quarterly operating revenue of ₹90.73 crore, a 118.2% increase year-on-year
• Net profit for the September 2026 quarter reached ₹6.08 crore, nearly doubling from the previous year
• Madhusudan Masala has maintained a promoter holding of 70.44% as of the latest filing

Strategic Shift from NSE Emerge to Main Board Listing

Madhusudan Masala, currently listed on the NSE Emerge platform since September 2023, is preparing for a significant transition to the Main Boards of the National Stock Exchange and BSE Limited. The Board of Directors, at their meeting on October 30, 2026, approved the proposal for migration, citing the company's steady growth and consistent trajectory since its initial public offering. To move forward, the company requires a special resolution from its shareholders, which must satisfy SEBI ICDR Regulations ensuring that public shareholder support is significantly higher than any opposition.

This move is expected to provide greater visibility and liquidity for the company’s equity shares, which have a face value of ₹10.00 each.

Expansion and Financial Performance Milestones

• Quarterly revenue grew to ₹90.73 crore in Q2 FY27, representing a 118.2% jump from the previous year.
• Net profit margin remained stable with a quarterly profit of ₹6.08 crore, up from ₹3.10 crore YoY.
• A 6,000 MT greenfield capacity expansion is 100% complete and awaiting final government operational approval.
• The expansion will take total manufacturing capacity to 13,200 MT to support long-term sales targets.
• Management has reiterated a consolidated revenue target of more than ₹400 crore for fiscal year 2027.
• The 1-year stock performance shows a 101.84% gain, with the price reaching a 3-year high of ₹285.

Official Rationale for Market Migration

The SME listing of its Equity Shares has resulted in enhanced transparency, improved governance standards and increased stakeholder confidence. The Company has, over time, acquired adequate experience in complying with applicable regulatory requirements, Board procedures and corporate governance practices.

What to watch next

• Declaration of postal ballot results on or before December 7, 2026
• Final government approval for the 6,000 MT greenfield capacity commissioning
• Next quarterly financial results due following the December 2026 quarter-end

“The Board is of the view that the proposed migration is in the best interests of the Company and its shareholders, including public shareholders.”

Madhusudan Masala · financial snapshot

Share price	₹263.6
Market capitalisation	₹425.32 Cr
Revenue (annual)	₹261.54 Cr
Net profit (annual)	₹16.16 Cr
Revenue (latest quarter)	₹90.73 Cr+1.34% vs previous quarter
Net profit (latest quarter)	₹6.08 Cr+4.52% vs previous quarter
P/E (TTM)	26.32×Sector 26.8×
Promoter holding	70.44%
FII holding	0.68%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.