Aug 27: Pushp Brand Limited, one of India’s fastest-growing packaged spices companies, has received approval from SEBI for its proposed IPO.
The issue comprises an offer for sale of up to 7,445,000 equity shares by existing shareholders including Surendra Kumar Surana and Mahendra Kumar Surana, along with A91 Emerging Fund I LLP and Sixth Sense India Opportunities III.
A91 Emerging Fund I LLP, which had invested approximately ₹125 crore in the company in 2020, holds a 20.14% 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 7.81% 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.
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.
ICICI Securities Limited, IIFL Capital Services Limited and Systematix Corporate Services Limited are the Book Running Lead Managers to the issue.
