Indore-based branded packaged spices and food company Pushp Brand (India) has filed its DRHP with the Securities and Exchange Board of India (SEBI). Pushp Brand IPO is structured completely as an Offer for Sale to provide exit for its early institutional backers, such as A91, Sixth Sense India and its promoters.
Pushp Brand IPO Details & Structure
Pushp Brand’s upcoming public issue is a pure secondary market offering with zero fresh capital dilution, meaning the company will not receive any direct growth proceeds from the transaction.
- Total Issue Size: Up to 74,45,000 Equity Shares (Face Value of INR 5 each)
- Fresh Issue Component: Nil
- Offer for Sale (OFS): Up to 7,445,000 Equity Shares
ICICI Securities, IIFL Capital Services, and Systematix Corporate Services are the book-running lead managers of the Pushp Masale IPO. KFin Technologies has been appointed as the registrar of the issue.
Selling Shareholders Breakdown
| Name of the Selling Shareholder | Shareholder Type | Number of Shares Offered |
| A91 Emerging Fund I LLP | Investor Selling Shareholder | Up to 42,20,000 |
| Sixth Sense India Opportunities III | Investor Selling Shareholder | Up to 15,45,000 |
| Mahendra Kumar Surana | Promoter Selling Shareholder | Up to 8,40,000 |
| Surendra Kumar Surana | Promoter Selling Shareholder | Up to 8,40,000 |
Note: The core promoter duo and major institutional investors are diluting a portion of their stakes through this public issue. On a fully diluted pre-offer basis, the key promoters, Mahendra Kumar Surana and Surendra Kumar Surana, held 35.55% each (totaling 71.10% control), which will reduce to 32.56% each (totaling 65.12%) post-OFS. Meanwhile, institutional backer A91 Emerging Fund will see its stake drop from 20.14% to 5.13%, and Sixth Sense India Opportunities will reduce its holding from 7.81% to 2.31%.
Pushp Brand Financial Highlights
Pushp Brand’s financial profile exhibits robust top-line expansion and consecutive margin improvement over the trailing three fiscal years:
| Metric | FY2024 | FY2025 | FY2026 |
| Revenue from Operations | 398.24 | 404.65 | 481.94 |
| EBITDA | 49.50 | 65.59 | 84.19 |
| EBITDA Margin (%) | 12.32 | 15.92 | 17.16 |
| Profit After Tax (PAT) | 33.33 | 45.86 | 58.95 |
| Diluted EPS (INR) | 11.91 | 16.39 | 21.04 |
The company’s performance highlights an aggressive margin expansion cycle. EBITDA margins scaled significantly from 12.32% in FY24 to 17.16% in FY26. This structural improvement stems directly from an optimal product mix shift toward higher-margin blended spices (which registered a strong 43.75% product margin in FY26) alongside disciplined raw material sourcing. Concurrently, net profit surged by 76.8% from FY24 to FY26, highlighting strong compounding health ahead of the listing.
Market Position & Operational Capabilities
Originating as a small local retail outlet in Indore back in 1974 under the leadership of Late Kishanlal Surana, Pushp Brand has expanded into a scaled, pan-India packaged staples player. The enterprise commands a powerful 20.7% value market share in the branded spices ecosystem of Madhya Pradesh as of FY25. It holds an absolute dominant 58% market share in MP’s specialised packaged hing (asafoetida) domain.
The business scales across clear, multi-pronged growth engines:
- Core Product Verticals: Operations are structured across Pure Spices (63.56% of FY26 revenue), high-yielding Blended Spices like Shahi Hing and the “Quick Fry” range (32.95%), and value-added adjacencies including soya products and newly introduced tea formats.
- Distribution Footprint: Servicing over 3,68,000 retail touchpoints across 24 states and union territories via 1,016 active distributors.
- Sales Channel Architecture: General trade continues to be the dominant channel contributing 95.14% of FY26 revenue, complemented by modern trade chains (3.71%) and a rapidly scaling e-commerce/quick-commerce footprint (1.15%).
- Asset-Light Infrastructure Room: Operating two fully automated, ISO-certified production facilities at Bardari and Bharosala in Indore with an aggregate capacity of 60,000 MTPA. With current capacity utilization sitting at a comfortable 38.95%, the company has substantial runway to support incremental geographic distribution volumes without requiring immediate large-scale capital deployment.
Pushp Masale IPO Peer Benchmarking
Pushp Brand operates at a smaller revenue base than localised FMCG conglomerates; the firm outperforms major sector players on return on capital profiles.
| Particulars | Pushp Brand (India) | Tata Consumer Products | Orkla India |
| Revenue from Operations | 404.65 | 17,618.30 | 2,509.14 |
| YoY Revenue Growth (%) | 1.61 | 15.87 | 1.64 |
| Product Margin (%) | 35.10 | 42.85 | 44.84 |
| EBITDA Margin (%) | 15.92 | 14.98 | 17.24 |
| PAT Margin (%) | 11.13 | 7.23 | 10.41 |
| Return on Capital Employed (ROCE) | 24.19 | 8.13 | 14.11 |
| Return on Equity (ROE) | 20.69% | 6.63% | 9.71% |
| Retail Touchpoints | 2,77,000+ | 44,00,000 | 6,86,729 |
The Bottom Line: Pushp Brand’s strategic playbook leverages an exceptionally high consumer stickiness profile, showing stellar repeat purchase rates of 95.86% in pure spices and 97.09% in blended lines during FY26. With a completely net debt-free balance sheet, premium pricing leverage in core markets, and backing from blue-chip institutional growth capital, Pushp Masale IPO represents a highly integrated pure-play consumption bet on the structural migration from unbranded loose commodities to branded home kitchen solutions.
Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.
