30% CAGR target through FY2030
Management reiterated its 30% revenue CAGR target through 2030, primarily driven by geographic expansion into North India and new regions, supplemented by existing market penetration yielding 10-12% organic growth.
MADHUSUDANMASALA / guidance tracker
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Madhusudanmasala · forward-looking guidance across the available source record.
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FY26 revenue guidance of 280-300 crore
Based on 9M revenue of ₹94.5 crore (₹945 million) and Q4 typically being the strongest quarter with spice season demand, management is confident of exceeding the 30% CAGR target for FY26, targeting 280-300 crore consolidated revenue.
Full-year EBITDA margin 10.8-11%
Sustainability of margins between 10.8-11% expected for the full financial year, with Q2's higher 14.5% being an outlier due to low-cost inventory utilization and Q3 reflecting current commodity price reality.
Jamnagar Phase 1 commissioning by October 2026
Civil work 100% complete by March 2026, machinery fabrication April-June 2026, commissioning August 2026, with commercial production targeted for October 2026. Phase 1 capex of ₹18 crore already spent.
Revenue Target: 400 CR in FY27
Management is 100% confident of crossing 400 CR revenue in FY27, driven by continued branded sales growth and expanded distribution (targeting 75,000+ retailers, 500+ distributors).
Revenue Target: 500 CR in FY28
Company targets 500 CR+ revenue in FY28, with branded sales expected to reach 80% of total revenue by second half of FY28.
EBITDA Margin: 12-12.5% by FY28
At 70% branded sales, margins stand at 11.5%; management projects margins to reach 12-12.5% as branded mix improves to 80% by FY28.
Long-term Margin Potential: 15-16%
If branded sales reach 100%, EBITDA margins could reach 15-16%, aligning with industry peers like MDH (20-25% margins) who focus on blended spices.
Capacity Expansion: 12,000 MT by FY27
Rajkot greenfield (6,000 MT capacity, 16-17 CR capex) commencing September 2026 will double combined capacity from 6,600 MT to 12,000 MT.
30% CAGR for Next Five Years
Company expects 30% CAGR growth over the next five years, with Jamnagar expansion planned for FY28/FY29 to reach 30,000 MT capacity.