Company Overview

Business Description: Pushp Brand (India) Limited is a leading packaged spices and food company operating in the branded spices market with a diversified product portfolio comprising 312 SKUs across pure spices (63.56% of revenue), blended spices (32.95%), and other products including soya and tea. The company markets its products under two brands: 'Pushp' (premium positioning) and 'Munimji' (mass-market positioning), catering to different consumer segments. Established in 1974 as a proprietorship, the company converted to a private limited company in 2020 and public limited in 2025.

Manufacturing & Operations: The company operates two fully automated ISO-certified manufacturing facilities in Indore, Madhya Pradesh (Bardari and Bharosala) with aggregate installed capacity of 60,000 MT per annum, plus a job-work arrangement at Rangwasa Facility (3,000 MT capacity). Capacity utilization stood at 37.19% for main facilities and 74.00% for Rangwasa Facility in Fiscal 2026.

Offer Details

Offer Type: Initial Public Offering (IPO) by way of Offer for Sale

Offer Size: Up to 7,445,000 Equity Shares of face value ₹5 each aggregating up to ₹[●] million

Price Band: To be determined through book building process (₹[●] to ₹[●] per Equity Share)

Offer Structure: QIB Portion (up to 50%), Non-Institutional Portion (not less than 15%), and Retail Portion (not less than 35%)

Objects of the Issue: The offer is entirely an Offer for Sale by Selling Shareholders. The company will not receive any proceeds from the offer.

Selling Shareholders: Promoters Mahendra Kumar Surana and Surendra Kumar Surana, along with investor shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III.

Financials

Key Financial Performance:

  • Revenue from Operations: ₹4,819.41 million (Fiscal 2026), ₹4,046.45 million (Fiscal 2025), ₹3,982.43 million (Fiscal 2024)
  • Profit for the year: ₹589.54 million (Fiscal 2026), ₹458.56 million (Fiscal 2025), ₹333.30 million (Fiscal 2024)
  • EBITDA: ₹841.90 million (Fiscal 2026), ₹655.85 million (Fiscal 2025), ₹494.97 million (Fiscal 2024)
  • Product Margin: 37.76% (Fiscal 2026), 35.10% (Fiscal 2025), 31.91% (Fiscal 2024)
  • Basic EPS: ₹21.07 (Fiscal 2026), ₹16.39 (Fiscal 2025), ₹11.91 (Fiscal 2024)
  • Return on Equity: 21.40% (Fiscal 2026), 20.69% (Fiscal 2025), 18.33% (Fiscal 2024)

Growth Metrics:

  • Revenue CAGR: 10.01% from Fiscal 2024 to Fiscal 2026
  • EBITDA CAGR: 30.42% from Fiscal 2024 to Fiscal 2026
  • PAT CAGR: 32.98% from Fiscal 2024 to Fiscal 2026

Capital Structure:

  • Pre-Offer paid-up capital: 20,000,200 Equity Shares + 797,840 CCPS
  • Pre-Offer paid-up capital (upon CCPS conversion): 27,978,600 Equity Shares
  • Post-Offer paid-up capital: [●] Equity Shares
  • Promoter holding: 71.11% pre-offer (Mahendra Kumar Surana: 35.55%, Surendra Kumar Surana: 35.55%)

Risk Factors

Business Risks:

  • Significant dependence on pure spices category (63.56% of revenue in Fiscal 2026)
  • Geographic concentration in Madhya Pradesh (67.45% of revenue in Fiscal 2026)
  • Volatility in prices and availability of raw materials and packaging materials
  • Dependence on limited number of suppliers (top 10 suppliers accounted for 45.72% of total purchases in Fiscal 2026)
  • Highly competitive spices and packaged foods market with national, regional and local players
  • Customer concentration risk with revenue from top 10 distributors representing 43.83% of revenue
  • Counterfeiting, cloning and passing-off of products

Market Risks:

  • Inflation impacting input costs and consumer spending patterns
  • Seasonal variations in demand affecting operations
  • Climate change and agricultural supply risk affecting raw material availability
  • Dependence on imported raw material for hing (asafoetida)

Regulatory Risks:

  • Compliance with Food Safety and Standards Act, 2006 (FSSAI) and evolving regulations
  • Compliance with Legal Metrology Act, 2009 and Packaged Commodity Rules
  • Environmental, health, safety and labor regulations
  • Changes in tax regimes (GST implications and income tax laws)
  • Restrictions on foreign ownership under FEMA and FDI Policy requirements

Management & Promoters

Promoter Background:

  • Mahendra Kumar Surana: Chairman and Managing Director with over 31 years of experience in FMCG sector
  • Surendra Kumar Surana: Chief Executive Officer and Whole-Time Director with over 31 years of experience
  • The Surana family has been in the spices business since 1999, originally established as proprietorship 'M/s Munimji & Sons' in 1974

Shareholding Pattern:

Pre-Offer: Promoters 71.11%, A91 Emerging Fund I LLP 20.14%, Sixth Sense India Opportunities III 7.81%, Others 0.94%

Post-Offer: To be determined based on final offer size

Management Team:

  • Ankit Agrawal: Chief Financial Officer
  • Sumeet Bansal: Company Secretary and Compliance Officer
  • Mukesh Kumar Chaurasia: Chief Commercial Officer
  • Kapil Gajanan Dubey: Human Resources Manager
  • Sanjay Kumar Tiwari: Plant Head and Quality Check
  • Prakash Pendharkar: Manager – Marketing and Advertising
  • Board includes 6 directors with 3 independent directors

ESOP Scheme: Pushp ESOP Scheme 2023 with total pool of 420,000 options, of which 281,900 options granted and 148,085 options vested as of DRHP date

Market & Industry

Industry Overview:

  • Indian domestic spice market valued at ₹909.6 billion in Fiscal 2025, growing at CAGR of 10.0% from Fiscal 2020 to Fiscal 2025
  • Expected to reach ₹1,420.1 billion by Fiscal 2030 at CAGR of 9.3%
  • Packaged spices market valued at ₹374.3 billion in Fiscal 2025, expected to grow to ₹653.4 billion by Fiscal 2030
  • Blended spices segment expected to grow at CAGR of 15.7% from Fiscal 2025 to Fiscal 2030
  • Packaged spices command gross margins ranging from 25% to 45%

Market Position:

  • Leading spice brand in West and Central India with 20.7% market share in Madhya Pradesh
  • Over 368,000 retail touchpoints across India
  • Products available in 2,094 cities as of March 31, 2026
  • 1,016 distributors as of March 31, 2026
  • Multi-channel approach covering general trade (95.14% of revenue), modern trade (3.71%), e-commerce and quick commerce (1.15%)

Competitors: Everest Food Products Private Limited, Mahashian Di Hatti Private Limited, Orkla India Limited, Aachi Masala Foods Private Limited, Sakthi Masala Private Limited, DS Spiceco Private Limited, Shubham Goldiee Masala Private Limited, Rakesh Masala Private Limited, Ramdev Food Products Private Limited, Empire Spices and Foods Limited, Badshah Masala Private Limited

Market Growth Drivers: Shift from loose to packaged formats, rising disposable incomes, urbanization, convenience lifestyle needs, expansion of modern trade and e-commerce channels, increasing medicinal use of spices, and growing out-of-home consumption.

Legal & Compliance

Ongoing Legal Proceedings:

  • Criminal proceedings: 2 by company, 1 against company
  • Statutory/regulatory proceedings: 3 against company
  • Material civil litigations: 4 by company
  • Aggregate amount involved in litigation: ₹200.20 million (to the extent ascertainable)
  • Claims against the Company not acknowledged as debts: ₹1.99 million as of March 31, 2025 (Income Tax laws: ₹0.49 million, Labour laws: ₹1.50 million)

Regulatory Approvals:

  • 'In-principle' approvals received from BSE and NSE for listing
  • Application for renewal of registration as Exporter of Spices with Spices Board pending
  • Various licenses and permits including FSSAI licenses, factory licenses, environmental clearances, pollution control board consents
  • The Offer is subject to requisite approvals from SEBI, Stock Exchanges, and other regulatory authorities

Material Contracts: Offer Agreement, Registrar Agreement, Cash Escrow and Sponsor Banks Agreement, Share Escrow Agreement, Syndicate Agreement, Underwriting Agreement, Shareholders' Agreement dated June 12, 2020 with addendums, employment agreements with key management

Additional Information

Distribution Network: Over 368,000 retail touchpoints across India with presence in general trade, modern trade, e-commerce and quick commerce channels

Intellectual Property: 59 registered trademarks, 1 registered patent, 41 registered copyrights, and 104 trademark applications filed

Employees: 1,152 permanent employees as of March 31, 2026, with 732 in sales and 340 in manufacturing and plant operations

Tax Benefits: Company has opted for concessional tax rate under section 115BAA of Income-tax Act, 1961 at 22% plus applicable surcharge and cess

Corporate Identity Number: U15100MP2020PLC051347

Borrowings: ₹193.71 million outstanding as of March 2026, primarily overdraft facilities against fixed deposits

Foreign Investment Restrictions: Equity shares not registered under U.S. Securities Act, offered outside United States under Regulation S. Investments from countries sharing land borders with India require prior government approval under Press Note 3 of 2020.