Pushp Brand (India) Limited, one of India’s fastest-growing packaged spices companies, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
The issue comprises an offer for sale (OFS) of up to 7,445,000 equity shares by existing shareholders including Surendra Kumar Surana and Mahendra Kumar Surana (Promoter Selling Shareholder), along with A91 Emerging Fund I LLP and Sixth Sense India Opportunities III (Investor Selling Shareholder).
A91 Emerging Fund I LLP, which had invested approximately ₹125 crore in the company in 2020, holds a 19.90% stake and is divesting only a part of its shareholding through the offer. Similarly, Sixth Sense India Opportunities III, which invested approximately ₹101 crore in 2023, holds a 7.73% stake and is also undertaking only a partial stake sale as part of the OFS.
Established in 1974 in Indore, Madhya Pradesh by Late Kishanlal Surana as M/s Munimji & Sons, the company has evolved from a traditional regional spices business into a scaled packaged spices and food player operating under the Pushp and Munimji brands.
Over the years, the company expanded from pure spices into blended spices, hing and adjacent categories, while building a strong regional franchise and national distribution footprint. The company has positioned the Pushp brand around purity, taste and trust, while steadily expanding its presence beyond Madhya Pradesh into key markets such as Maharashtra, Rajasthan, Uttar Pradesh and Bihar, supported by its growing distribution network across West and Central India.
In FY2026, its repeat purchases in the spices category was upwards of 95% and over 83% for other products. It is the leading spices brands in Madhya Pradesh with a 20.7% market share by value in FY25 and is the largest packaged hing brand in the state with ~58% market share.
Pushp’s Brands portfolio includes pure spices, blended spices, whole spices and value-added products such as hing, western seasonings, quick-fry mixes, soya products and tea. Its blended spice range includes products such as garam masala, achar masala, shahi biryani masala, sambhar masala, pav bhaji masala and chat masala, while adjacent products include soya chunks, granules and tea offerings under the Munimji brand. It intends to launch “Pushp Kadak Chai” under the Pushp brand in the second quarter of Fiscal 2027.
As of March 31, 2026, the company’s product portfolio comprised 312 SKUs across Pure Spices, Blended Spices and Other Products categories, including 129 SKUs in Pure Spices, 173 SKUs in Blended Spices and 10 SKUs in Other Products, reflecting continued portfolio diversification and category expansion.
The company’s blended spices category continues to remain a key margin-accretive segment within its portfolio, with blended spices margins improving to 43.75% in Fiscal 2026 from 39.22% in Fiscal 2025 and 31.40% in Fiscal 2024, reflecting the increasing contribution of value-added and premium products within the category.
The company has established a broad distribution network with presence across 24 states and union territories, supported by 1,016 distributors and over 3.68 lakh retail touchpoints as of Fiscal 2026. Its products are available across general trade, modern trade, e-commerce and quick commerce channels, including presence across 103 modern trade stores, enabling wider consumer accessibility and strengthening its reach in newer markets.
Supporting its operational efficiency and product quality, the company follows an origin-linked procurement strategy for key raw materials, where it sources spices directly from specific producing regions to ensure consistency in quality, pricing efficiency and supply reliability, while supporting margin optimisation through proximity-led sourcing.
Pushp operates automated manufacturing facilities at Indore with an aggregate installed capacity of 60,000 MT per annum, supported by integrated cold storage, warehousing facilities and in-house testing laboratories. To build more capacity they are undertaking a green manufacturing expansion, with plans to commission an integrated storage facility in the first phase by 2028, followed by the addition of a grinding and milling line for pure spices by 2029.
On financials, the company’s revenue from operations increased from ₹3,982.43 million in Fiscal 2024 to ₹4,819.41 million in Fiscal 2026, while its restated profit for the year increased from ₹333.30 million in Fiscal 2024 to ₹589.54 million in Fiscal 2026. The company’s product margin increased at a CAGR of 19.67% from 31.91% in Fiscal 2024 to 37.76% in Fiscal 2026. In addition, its continued focus on efficiency, productivity and cost rationalisation enabled improved operating performance. EBITDA grew at a CAGR of 30.42% from ₹494.97 million in Fiscal 2024 to ₹841.90 million in Fiscal 2026.
The company competes with several established players in the packaged spices category including Everest Food Products, Mahashian Di Hatti, Orkla India, Aachi Masala Foods, Sakthi Masala, DS Spiceco, Shubham Goldiee Masala, Rakesh Masala, Ramdev Food Products, Empire Spices and Foods and Badshah Masala. The recent listing of Orkla India, which owns established brands such as MTR and Eastern, reflects increasing investor interest and public market participation in India’s organised packaged spices and food products segment.
ICICI Securities Limited, IIFL Capital Services Limited and Systematix Corporate Services Limited are the Book Running Lead Managers to the issue.