Pushp Brand (India) Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: 74,45,000 equity shares
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Pushp Brand (India) Limited

Incorporated in 1974 in Indore as M/s Munimji & Sons by late Kishanlal Surana, Pushp Brand (India) Limited has evolved into one of India’s fast-growing packaged spices and food companies. Operating under the ‘Pushp’ and ‘Munimji’ brands, the company offers pure spices, blended spices, whole spices, hing, western seasonings, quick-fry mixes, soya products, and tea. As of March 2026, the company had 312 SKUs across categories. Pushp holds a dominant 20.7% market share in Madhya Pradesh’s packaged spices segment and commands nearly 58% market share in packaged hing within the state. The company’s products are available across 24 states and union territories through over 1,016 distributors and 368,000+ retail touchpoints. The company operates two automated, ISO-certified manufacturing facilities in Indore with a combined installed capacity of 60,000 MT per annum.

Pushp Brand (India) Limited IPO Overview

Pushp Brand (India) Limited’s initial public offering is a book-built issue consisting entirely of an offer for sale of up to 74,45,000 equity shares of face value ₹5 each, with no fresh issue component. The proposed IPO is expected to be in the range of ₹800-1,000 crore. The OFS includes stake sales by promoter shareholders Surendra Kumar Surana and Mahendra Kumar Surana, along with investor entities A91 Emerging Fund I LLP and Sixth Sense India Opportunities III. The equity shares are proposed to be listed on NSE and BSE. ICICI Securities Ltd, IIFL Capital Services, and Systematix Corporate Services are the book-running lead managers, while KFin Technologies Ltd is the registrar of the issue. Key details like IPO dates, price bands, and lot size are yet to be announced. Since the issue is entirely an OFS, the company will not receive any proceeds from the public issue.

 

Pushp Brand (India) Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	74,45,000 shares (aggregating up to ₹[.] Cr)
Fresh Issue	Nil
Offer for Sale (OFS)	74,45,000 shares (aggregating up to ₹[.] Cr)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹5 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	2,00,00,200 shares
Shareholding post-issue	2,00,00,200 shares

 

Pushp Brand (India) Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

 

Pushp Brand (India) Limited IPO Reservation

 

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

 

Pushp Brand (India) Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹21.07
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	19.24%
Net Asset Value (NAV)	₹153.17
Return on Equity (RoE)	21.40%
Return on Capital Employed (RoCE)	24.70%
EBITDA Margin	17.16%
PAT Margin	12.01%
Debt to Equity Ratio

 

Objectives of the IPO Proceeds

• Being entirely an OFS issue, the IPO proceeds will entirely go to the selling shareholders (promoters and investor shareholders), and the company will not receive any proceeds from the public issue.

Pushp Brand (India) Limited Financials (₹ in Millions)

Particulars	March 31, 2026	March 31, 2025	March 31, 2024
Total Assets	3,625.36	2,866.39	2,350.71
Revenue from Operations	4,819.41	4,046.45	3,982.43
Profit After Tax	589.54	458.56	333.30
Reserves and Surplus	2,923.50	2,306.25	1,936.89
Total Borrowings	193.71	127.73	91.13
Total Liabilities*	561.97	420.25	363.93

Financial Status of Pushp Brand (India) Limited

SWOT Analysis of Pushp Brand (India) Limited

Strengths and Opportunities	Weaknesses and Threats
Dominant market share of 20.7% in Madhya Pradesh packaged spices	High geographic concentration with over 67% revenue from Madhya Pradesh
Leading packaged hing brand with 58% market share in Madhya Pradesh	Intense competition from Everest, MDH, Orkla India, and Badshah Masala
Strong brand recall with repeat purchases exceeding 95% in spices	Unorganised sector accounting for ~60% of the spice market
Extensive distribution network of 1,016 distributors and 3.68 lakh retail touchpoints	Dependence on third-party manufacturers for select product categories
Diversified portfolio of 312 SKUs across pure and blended spices	Raw material price volatility impacting margins
India spices market projected to grow at 10.14% CAGR through 2034	Rising competition from large FMCG players entering spices
Packaged spices market shifting from unorganised to organised sector	Regulatory compliance and food safety requirements
Increasing demand for premium and value-added blended spices	Currency fluctuation risks on imported raw materials
Planned manufacturing expansion with 200 MT per day capacity	Seasonality in agricultural raw material availability
Launch of new products like ‘Pushp Kadak Chai’ in FY27	Supply chain disruptions affecting distribution

 

Pushp Brand (India) Limited IPO Strengths

Strong Regional Presence and Leading Market Position in Madhya Pradesh

Pushp Brand (India) Limited has established itself as the leading packaged spices brand in Madhya Pradesh with a 20.7% market share by value in Fiscal 2025 and is the state’s largest packaged hing brand with an estimated 58% market share. The company’s repeat purchases exceed 95% in the spices category and more than 83% for other products, reflecting strong brand loyalty and customer retention.

Diversified Product Portfolio with 312 SKUs

Pushp Brand offers a comprehensive product portfolio spanning pure spices, blended spices, whole spices, hing, western seasonings, quick-fry mixes, soya products, and tea under the ‘Pushp’ and ‘Munimji’ brands. The blended spices segment continues to drive profitability, with margins improving significantly over the last three years due to rising demand for premium and value-added products.

Extensive Distribution Network with Pan-India Presence

The company has built a far-reaching distribution network spanning 24 states and union territories through 1,016 distributors and over 368,000 retail touchpoints. Products are available across general trade, modern trade (103 stores), e-commerce, and quick-commerce channels. The company also operates its own branded direct-to-consumer online store, “Pushp Online”.

Automated Manufacturing Facilities with Significant Installed Capacity

Pushp Brand operates two fully automated, ISO-certified manufacturing facilities in Indore, Madhya Pradesh, with an aggregate installed capacity of 60,000 MT per annum or approximately 200 MT per day. Both facilities use vertical-flow technology that optimises material movement and minimises human intervention, resulting in uniform flavour, aroma, and colour across batches.

Strong Financial Performance with Improving Profitability

Pushp Brand has demonstrated consistent financial growth with revenue from operations increasing 19% to ₹4,819.41 million in Fiscal 2026 from ₹4,046.45 million in Fiscal 2025. Profit after tax climbed 28% to ₹589.54 million from ₹458.56 million during the same period. EBITDA grew at a CAGR of 30.42% from ₹494.97 million in Fiscal 2024 to ₹841.90 million in Fiscal 2026.

Experienced Promoters and Senior Management Team Backed by Marquee Investors

The company is led by experienced promoters Mahendra Kumar Surana and Surendra Kumar Surana, who possess over 31 years of experience in the FMCG sector. The company is backed by marquee investors A91 Partners and Sixth Sense Ventures, who provide strategic guidance and reinforce institutional governance frameworks.

More About Pushp Brand (India) Limited

Business Overview

Pushp Brand (India) Limited, founded in 1974 in Indore, has evolved from a regional spice trader into one of India’s fast-growing packaged spices and food companies. The company operates under the ‘Pushp’ and ‘Munimji’ brands, offering a wide range of products across pure spices, blended spices, whole spices, hing, western seasonings, quick-fry mixes, soya products, and tea.

Product Portfolio

As of March 2026, Pushp’s portfolio included 312 SKUs across multiple categories. Key products include Kashmiri Mirch Powder, Quick Fry Dal Tadka Masala, Poha Masala (Jeeravan), Punjabi Garam Masala, Pav Bhaji Masala, Sambhar Masala, Biryani Masala, Achar Masala, and Chaat Masala. The company also plans to launch ‘Pushp Kadak Chai’ during Fiscal 2027.

Distribution Network

The company’s distribution network spans 24 states and union territories through 1,016 distributors and over 368,000 retail touchpoints. Products are available across general trade (95.14% of revenue), modern trade (3.71%), and e-commerce/quick commerce platforms (1.15%). The company follows a staged distribution model when entering new states, transitioning from a super-stockist structure to a C&F-based model as volumes scale.

Manufacturing Facilities

Pushp Brand operates two fully automated manufacturing facilities in Bardari and Bharosala, Indore, Madhya Pradesh. Both facilities use vertical-flow technology that optimises material movement, minimises human intervention, and enables precise, automated control over grinding, blending, and packaging. The facilities have received ISO 9001, ISO 22000, and HACCP certifications. As of March 31, 2026, the aggregate installed capacity is 60,000 MT per annum.

Sourcing and Supply Chain

The company follows a direct, origin-linked procurement model with a diversified base of suppliers across key spice-producing belts. Raw materials are sourced from key spice-producing belts across India, as well as hing of superior quality through international import channels. The company maintains integrated cold storage facilities within its manufacturing premises for temperature-sensitive raw materials.

Industry Outlook

India Spices Market Overview

India’s spices market has demonstrated robust growth, with the market size valued at approximately USD 9.58 billion domestically in 2025, with exports totalling approximately USD 4.72 billion. The India spices market is projected to grow from USD 7.63 billion in 2026 to USD 11.55 billion by 2033, at a compound annual growth rate (CAGR) of 6.1%. In INR terms, the market was valued at ₹2,21,832 crore in 2025 and is projected to reach ₹5,28,985.71 crore by 2034, growing at a CAGR of 10.14%.

Packaged and Blended Spices Segment

The packaged spices and seasonings segment is experiencing a significant uptrend in the Indian market, driven by a shift away from traditional unpackaged options. This movement towards packaged formats is particularly pronounced among younger millennials aged 26-32. The branded spices market has reached approximately 30% of the total market and is projected to reach 50% by 2030. The organised sector share is expected to grow from 43% in FY20 to approximately 62% by FY30.

Key Growth Drivers

• Shift from Unorganised to Organised: The unorganised segment still accounts for approximately 60% of the market, but the branded side is growing at a 25% CAGR. The organised packaged spices market is expected to cross ₹50,000 crore over the next few years.
• Increasing Demand for Premium and Value-Added Products: Consumers are increasingly seeking premium, value-added products such as blended spices, western seasonings, and convenience formats. The blended spices segment is driving profitability for established players.
• Expanding Distribution Channels: The rapid adoption of quick-commerce platforms and e-commerce has accelerated the reach of branded spices to consumers across India. Quick commerce has emerged as a significant channel for impulse and daily-use purchases.
• Product Innovation: Companies are launching innovative products such as western seasonings, sprinkler packs, and dish-specific solutions to capture evolving consumer preferences.
• Government Support: India produces over 60 out of 109 globally recognized spices and exports to more than 200 countries, with government initiatives supporting the repositioning of spices as high-value products and strategic assets.

Competitive Landscape

The Indian packaged spices market is highly competitive with several national and regional players. Key competitors include Everest Food Products, Mahashian Di Hatti (MDH), Orkla India (MTR and Eastern brands), Aachi Masala Foods, Sakthi Masala, Badshah Masala, and Ramdev Food Products.

How Will Pushp Brand (India) Limited Benefit

• The company’s dominant 20.7% market share in Madhya Pradesh’s packaged spices segment positions it to benefit from the India spices market projected to grow at 10.14% CAGR through 2034.
• The shift from unorganised to organised spices market, with branded segment expected to reach 50% by 2030, creates significant growth opportunities for established players like Pushp.
• The company’s extensive distribution network of 1,016 distributors and 368,000+ retail touchpoints enables rapid scaling and market penetration across 24 states.
• The increasing demand for premium and value-added blended spices (growing at 25% CAGR) aligns with the company’s focus on high-margin blended spices and value-added products.
• The company’s planned manufacturing expansion with 200 MT per day capacity will enable it to meet growing demand and scale operations efficiently.
• The company’s net debt-free balance sheet provides financial flexibility to invest in brand building, distribution expansion, and new product development.
• The launch of new products like ‘Pushp Kadak Chai’ in FY27 will diversify revenue streams and expand the product portfolio into complementary categories.
• The company’s strong brand recall with repeat purchases exceeding 95% in spices ensures customer retention and stable revenue visibility.
• The growing adoption of quick-commerce and e-commerce channels creates new distribution opportunities for the company’s branded products.
• The company’s dual brand architecture (‘Pushp’ for premium and ‘Munimji’ for value) enables differentiated market entry across consumer segments.

Peer Group Comparison

Name of Company	Face Value (₹)	Revenue (₹ in million)	Basic EPS (₹)	Diluted EPS (₹)	NAV (₹)	P/E Ratio	RoNW (%)
Pushp Brand (India) Limited	5.00	4,819.41	21.07	21.04	153.17	NA	19.24
Peer Group
Tata Consumer Products Limited	1.00	2,02,904.30	15.59	15.58	220.17	76.69	7.08
Orkla India Limited	1.00	25,091.40	20.90	20.80	200.75	31.11	10.39

 

Key Strategies for Pushp Brand (India) Limited

Deepen Presence in Existing Markets While Expanding into New Geographies

Pushp Brand intends to strengthen its leadership position in West and Central India by launching innovative blends and value-added products that increase purchase frequency and wallet share per household. The company is focused on strengthening penetration across urban, semi-urban, and rural markets through expanded outlet coverage and increased SKU assortment. The company is also expanding into high-growth new markets including Maharashtra, Rajasthan, Bihar, Jharkhand, Chhattisgarh, Uttar Pradesh, and Gujarat through a phased market-entry approach.

Expand Product Portfolio to Serve New Customers and Increase Existing Customer Wallet Share

Pushp Brand intends to expand its blended spices and seasonings range and add complementary daily consumption categories that enhance household penetration and increase share of wallet. This includes deepening offerings in blended spices, scaling the western seasonings range, and extending into complementary adjacent categories such as tea. The company intends to continue improving its product mix toward higher-margin offerings through increased focus on blended spices, value-added formats, and convenience-led innovations.

Continue to Focus on Brand Building Through Channel Excellence and Consumer Engagement

Pushp Brand intends to scale its presence across modern trade, e-commerce, and quick-commerce platforms by introducing curated packs, channel-specific assortments, and targeted digital promotions. The company intends to continue investing in high-impact brand-building campaigns, including national television, cinema advertising, digital outreach, and in-store branding, supported by celebrity brand ambassadors to deepen brand recall and consumer trust.

Further Strengthen Sourcing and Manufacturing Capabilities

Pushp Brand intends to continue anchoring its sourcing strategy in direct procurement from suppliers, strengthening on-ground buying across key spice-producing belts. The company is currently undertaking a greenfield manufacturing expansion project in Indore, Madhya Pradesh, which will include a dedicated pure spices processing unit with integrated cold storage infrastructure. Phase I is expected to commence operations in Fiscal 2028, followed by Phase II in Fiscal 2029.

Expand Manufacturing Infrastructure Through Phased Greenfield Project

The company is planning a greenfield manufacturing expansion project in Indore, Madhya Pradesh, with an installed capacity of approximately 200 MT per day. The project will be executed in a phased manner, with Phase I establishing an integrated cold storage facility expected to commence operations in Fiscal 2028, followed by Phase II adding grinding and milling lines for pure spices expected to be operational in Fiscal 2029.

FAQs

How can I apply for Pushp Brand (India) Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount) through your bank account.

What is the total issue size of Pushp Brand (India) Limited IPO?

The IPO comprises an offer for sale of up to 74,45,000 equity shares, entirely an OFS with no fresh issue component.

When was the DRHP filed with SEBI for Pushp Brand (India) Limited IPO?

The Draft Red Herring Prospectus was filed with SEBI on May 26, 2026.

On which exchanges will Pushp Brand (India) Limited shares be listed?

The equity shares are proposed to be listed on both BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).

Will the company receive any proceeds from the IPO?

No, since the issue is entirely an offer for sale, the company will not receive any proceeds; all proceeds will go to the selling shareholders.

Infographic Content

Pushp Brand (India) Limited IPO Highlights

Pushp Brand (India) Limited is a leading packaged spices and food company with a dominant 20.7% market share in Madhya Pradesh, offering 312 SKUs across pure and blended spices under the ‘Pushp’ and ‘Munimji’ brands.

• Offer Size:74,45,000 equity shares (Entirely Offer for Sale; No Fresh Issue; Face Value ₹5)
• Purpose:Being entirely an OFS issue, the IPO proceeds will entirely go to the selling shareholders (promoters and investors), and the company will not receive any funds from the public issue.
• Financials (Fiscal Year ended March 31, 2026):Revenue from Operations ₹4,819.41 million; Profit After Tax ₹589.54 million; EPS ₹21.04
• Listing:Mainboard IPO on BSE & NSE