Masala maker Pushp Brand (India) files DRHP with SEBI to launch IPO; check details

Pushp Brand (India) has filed its draft red herring prospectus (DRHP) with the SEBI for a proposed initial public offering (IPO). The issue is entirely an offer for sale of up to 7,445,000 equity shares by existing shareholders, including promoters Surendra Kumar Surana and Mahendra Kumar Surana, along with investor selling shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III.

A91 Emerging Fund I LLP holds a 20.14 per cent stake and is selling only part of its holding through the offer. Sixth Sense India Opportunities III owns a 7.81 per cent stake and is also undertaking a partial stake sale. ICICI Securities, IIFL Capital Services and Systematix Corporate Services are the book running lead managers to the issue.

Founded in 1974 in Indore, Madhya Pradesh, by Late Kishanlal Surana as Munimji & Sons, the company has grown from a regional spices business into a packaged spices and food player under the Pushp and Munimji brands. It has expanded from pure spices into blended spices, hing and adjacent categories, while growing beyond Madhya Pradesh into Maharashtra, Rajasthan, Uttar Pradesh and Bihar.

In Fiscal 2026, repeat purchases were upwards of 95 per cent in the spices category and more than 83 per cent for other products. It said it was the leading spices brand in Madhya Pradesh with a 20.7 per cent market share by value in FY25, and the largest packaged hing brand in the state with about 58 per cent market share.

Its portfolio includes pure spices, blended spices, whole spices, hing, western seasonings, quick-fry mixes, soya products and tea. The blended spice range includes garam masala, achar masala, shahi biryani masala, sambhar masala, pav bhaji masala and chat masala. It also plans to launch 'Pushp Kadak Chai' in the second quarter of Fiscal 2027.

As of March 31, 2026, Pushp had 312 SKUs, comprising 129 in pure spices, 173 in blended spices and 10 in other products. The blended spices segment remained a key margin-accretive category, with margins rising to 43.75 per cent in FY26 from 39.22 per cent in FY25 and 31.40 per cent in FY24.

It had a distribution network spanning 24 states and union territories, with 1,016 distributors and more than 3.68 lakh retail touchpoints, along with presence across general trade, modern trade, e-commerce and quick commerce, including 103 modern trade stores.

Pushp said it follows an origin-linked procurement strategy for key raw materials and operates automated manufacturing facilities in Indore with installed capacity of 60,000 MT per annum, backed by cold storage, warehousing and in-house testing laboratories.

It is also undertaking a green manufacturing expansion, with an integrated storage facility planned in the first phase by 2028 and a grinding and milling line for pure spices by 2029.

Revenue from operations rose to Rs 481.94 crore in FY26, while restated profit increased to Rs 58.95 crore and Ebitda grew to Rs 84.19 crore over the same period. It competes with players including Everest, MDH, Orkla India, Aachi, Sakthi Masala and Ramdev Food Products.