Consumer Food · Founded 1973 · www.madhur.co · BSE 519279 · NSE MADHUR IND · ISIN INE110C01015
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1. Business Overview
Madhur Industries Ltd. operates in the Consumer Food sector in India. The company is primarily engaged in the manufacturing, processing, and marketing of food products. Its core business model involves sourcing raw materials, processing them into packaged food items, and distributing these products through various retail channels to end consumers. The company generates revenue through the sale of its branded food products in the domestic market.
2. Key Segments / Revenue Mix
Given the limited information, Madhur Industries Ltd. operates predominantly within the Consumer Food segment. Specific sub-segments or detailed revenue contribution breakdowns are not available. However, typical product categories for companies in this industry might include staples (e.g., flour, sugar, pulses), spices, ready-to-cook mixes, snacks, or other packaged food items.
3. Industry & Positioning
The Indian Consumer Food industry is large, dynamic, and highly competitive, characterized by the presence of numerous national, regional, and unorganized players. Factors like diverse regional tastes, price sensitivity, and evolving preferences (e.g., health consciousness, convenience) drive competition. Madhur Industries Ltd. likely operates amidst both established giants and smaller regional players. Its positioning would depend on its specific product portfolio, brand strength, and distribution reach, potentially occupying a niche market, a regional leadership position, or competing as a challenger brand.
4. Competitive Advantage (Moat)
Without specific details, potential competitive advantages for Madhur Industries could include:
Brand Recognition: A strong and trusted brand name in its specific product categories or regions could foster customer loyalty.
Distribution Network: An efficient and extensive distribution network, especially in rural or semi-urban areas, can be a significant advantage in India.
Cost Efficiency: Scale in sourcing raw materials or efficient manufacturing processes could lead to a cost advantage, allowing for competitive pricing.
Product Quality/Taste: Consistency in product quality and a strong alignment with local taste preferences can build repeat business.
However, these are potential advantages that would need to be sustained and defended against a multitude of competitors.
5. Growth Drivers
Key factors that can drive Madhur Industries' growth over the next 3-5 years include:
Rising Disposable Incomes: Increasing affluence among Indian consumers leads to higher spending on packaged and processed foods.
Urbanization and Lifestyle Changes: Growing urban populations and busier lifestyles boost demand for convenient and ready-to-eat food options.
Distribution Expansion: Expanding reach into new geographical markets (both urban and rural) and strengthening existing distribution channels.
Product Portfolio Diversification: Introducing new products, catering to emerging trends (e.g., health foods, organic), or expanding into adjacent categories.
Brand Building and Marketing: Effective marketing campaigns to enhance brand visibility and consumer recall.
E-commerce Penetration: Leveraging online retail platforms to reach a wider customer base.
6. Risks
Raw Material Price Volatility: Fluctuations in agricultural commodity prices (grains, sugar, spices, etc.) can directly impact cost of goods sold and profit margins.
Intense Competition: The presence of numerous domestic and multinational players can lead to pricing pressures and market share erosion.
Changes in Consumer Preferences: Rapid shifts in dietary trends, health consciousness, or taste preferences can render existing products less desirable.
Supply Chain Disruptions: Issues in sourcing, processing, or distribution (e.g., adverse weather, logistics challenges) can impact operations.
Regulatory Environment: Strict food safety standards (e.g., FSSAI), labeling requirements, and environmental regulations can increase compliance costs.
Brand Reputation Risk: Product recalls or quality issues can severely damage brand trust and sales.
7. Management & Ownership
Madhur Industries Ltd. is likely controlled by a promoter group, a common structure in India, indicating significant family ownership and involvement in the company's strategic direction. The quality of management would depend on their experience in the food industry, their ability to navigate competitive landscapes, manage supply chains, innovate products, and execute growth strategies effectively.
8. Outlook
Madhur Industries Ltd. operates in a promising sector driven by India's demographic advantages and evolving consumption patterns. The company stands to benefit from increasing disposable incomes, urbanization, and a growing preference for packaged and branded food products. However, the outlook is balanced by significant challenges including intense competition, volatility in raw material prices, and the need for continuous innovation and strong brand building. Success will hinge on the company's ability to maintain cost efficiency, expand its distribution footprint, adapt its product portfolio to changing consumer tastes, and effectively manage its supply chain amidst a dynamic and competitive market environment.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | -0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 | -0 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 | -0 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 1 | 0 | -0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Adjusted Earnings Per Share | -0 | -0.2 | -0.4 | -0.3 | -1 | -0.1 | -0.7 | -0.1 | -0.2 | -0.4 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 11 | 11 | 7 | 6 | 3 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 0 |
| Total Income | 11 | 11 | 7 | 6 | 3 | 1 | 1 | 0 | 0 | 0 | 6 | 0 |
| Total Expenditure | 11 | 11 | 7 | 6 | 3 | 1 | 1 | 1 | 0 | 0 | 6 | 0 |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | 0 |
| Adjusted Earnings Per Share | 0 | 0 | 0.1 | 0.3 | 0 | 0 | 0 | -0.8 | -1.2 | -0.8 | -0.9 | -1.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | -100% | -100% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 51% | 28% | 15% | -8% |
| ROE Average | -8% | -8% | -6% | -2% |
| ROCE Average | -8% | -7% | -5% | -2% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 5 | 5 | 4 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 1 |
| Total Liabilities | 8 | 9 | 8 | 7 | 7 | 7 | 7 | 7 | 7 | 8 | 5 |
| Fixed Assets | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Other Non-Current Assets | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Assets | 5 | 7 | 6 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 4 |
| Total Assets | 8 | 9 | 8 | 7 | 7 | 7 | 7 | 7 | 7 | 8 | 5 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 1 |
| Cash Flow from Operating Activities | 0 | -1 | 1 | 1 | -0 | -0 | 0 | 0 | -0 | 1 | -4 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -0 | -0 | -0 | 6 |
| Cash Flow from Financing Activities | 0 | 1 | -1 | -1 | 0 | 0 | 0 | -0 | 0 | -0 | 0 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | 0 | -0 | -0 | 0 | -0 | 0 | 1 | 2 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 1 | 3 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.03 | 0.03 | 0.09 | 0.26 | 0.01 | 0.01 | 0 | -0.77 | -1.18 | -0.78 | -0.86 |
| CEPS(Rs) | 0.48 | 0.43 | 0.46 | 0.58 | 0.31 | 0.31 | 0.28 | -0.51 | -0.94 | -0.62 | -0.86 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 15.52 | 15.55 | 14.6 | 14.87 | 14.88 | 14.88 | 14.89 | 14.12 | 12.94 | 12.16 | 10.05 |
| Core EBITDA Margin(%) | 1.16 | 1.42 | 1.83 | -0.48 | 3.78 | 12.53 | 11.99 | -55.28 | 0 | 0 | 0 |
| EBIT Margin(%) | 0.23 | 0.25 | 0.91 | 2.36 | 0.17 | 0.38 | 0.15 | -83.46 | 0 | 0 | 0 |
| Pre Tax Margin(%) | 0.14 | 0.13 | 0.55 | 2.33 | 0.16 | 0.37 | 0.13 | -83.46 | 0 | 0 | 0 |
| PAT Margin (%) | 0.1 | 0.1 | 0.52 | 1.89 | 0.16 | 0.26 | 0.13 | -83.46 | 0 | 0 | 0 |
| Cash Profit Margin (%) | 1.82 | 1.61 | 2.65 | 4.13 | 3.95 | 12.52 | 12.41 | -55.28 | 0 | 0 | 0 |
| ROA(%) | 0.15 | 0.13 | 0.43 | 1.44 | 0.07 | 0.04 | 0.02 | -4.44 | -7.08 | -4.47 | -5.67 |
| ROE(%) | 0.18 | 0.18 | 0.6 | 1.79 | 0.09 | 0.04 | 0.02 | -5.29 | -8.74 | -6.24 | -7.74 |
| ROCE(%) | 0.37 | 0.37 | 0.86 | 2.06 | 0.09 | 0.06 | 0.02 | -5.22 | -8.55 | -6.11 | -7.59 |
| Receivable days | 89.5 | 117.02 | 191.83 | 193.54 | 318.22 | 1159.01 | 1384.69 | 3638.25 | 0 | 0 | 0 |
| Inventory Days | 44.63 | 53.18 | 80.81 | 79.68 | 131.82 | 375.57 | 312.14 | 432.39 | 0 | 0 | 0 |
| Payable days | 12.85 | 19.15 | 26.76 | 22.88 | 39.79 | 192.24 | 222.93 | 432.03 | 1091.07 | 0 | 8871.22 |
| PER(x) | 553.64 | 385.82 | 126.11 | 44.77 | 534.88 | 403.17 | 1689.29 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0.98 | 0.69 | 0.78 | 0.79 | 0.46 | 0.17 | 0.32 | 0 | 0.35 | 0.35 | 0.7 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.57 | 0.52 | 0.73 | 0.77 | 0.77 | 0.75 | 1.74 | 9.96 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | 28.75 | 29.65 | 23.97 | 16.77 | 18.2 | 5.91 | 13.97 | -18.01 | -4.31 | -1.21 | 1.7 |
| Net Sales Growth(%) | 7.56 | 2.81 | -35.32 | -19.98 | -43.9 | -68.84 | -8.1 | -59.03 | -100 | 0 | 0 |
| EBIT Growth(%) | -73.09 | 13.15 | 133.25 | 107.82 | -96 | -29.7 | -63.38 | 0 | -54.17 | 33.81 | -8.02 |
| PAT Growth(%) | -86.34 | 0.54 | 225.9 | 192.5 | -95.12 | -50.77 | -55.54 | 0 | -54.17 | 33.81 | -9.79 |
| EPS Growth(%) | -86.34 | 0.54 | 226.04 | 192.33 | -95.12 | -50.95 | -55.56 | 0 | -54.17 | 33.81 | -9.78 |
| Debt/Equity(x) | 0.07 | 0.28 | 0.17 | 0 | 0.01 | 0.02 | 0.02 | 0.01 | 0.04 | 0 | 0 |
| Current Ratio(x) | 4.3 | 6.04 | 5.81 | 5.23 | 5.48 | 4.98 | 5.54 | 4.35 | 4.14 | 2.21 | 5.97 |
| Quick Ratio(x) | 3.19 | 4.38 | 4.46 | 3.98 | 4.25 | 4.09 | 4.86 | 4.13 | 4.1 | 2.19 | 5.97 |
| Interest Cover(x) | 2.44 | 2.02 | 2.56 | 81.59 | 37.92 | 58.44 | 5.81 | 0 | 0 | 0 | -61.14 |
| Total Debt/Mcap(x) | 0.07 | 0.41 | 0.21 | 0 | 0.02 | 0.1 | 0.05 | 0 | 0.11 | 0.01 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Public | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 | 34.36 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Public | 65.64 | 65.64 | 65.64 | 65.64 | 65.64 | 65.64 | 65.64 | 65.64 | 65.64 | 65.64 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | -100% | -100% |
| Operating Profit CAGR | — | — | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +51% | +28% | +15% | -8% |
| ROE Average | -8% | -8% | -6% | -2% |
| ROCE Average | -8% | -7% | -5% | -2% |
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