Indore-based spice manufacturer Pushp Brand (India) Ltd, the market leader in Madhya Pradesh's packaged spices segment, has filed draft papers with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). The proposed IPO is entirely an offer-for-sale (OFS) of up to 74.45 lakh equity shares by promoters and investor selling shareholders, including Surendra Kumar Surana and Mahendra Kumar Surana, along with A91 Emerging Fund I LLP and Sixth Sense India Opportunities III.
Company Background and Growth
Founded in 1974 in Indore as M/s Munimji & Sons by the late Kishanlal Surana, the company has grown into a prominent packaged spices and food products player operating under the Pushp and Munimji brands. Its product portfolio spans pure spices, blended spices, whole spices, hing, seasonings, quick-fry mixes, soya products, and tea. As of March 2026, the company offered 312 stock-keeping units (SKUs) across various categories.
Market Leadership in Madhya Pradesh
Pushp Brand is the leading packaged spices brand in Madhya Pradesh, commanding a 20.7 per cent market share by value in FY25. It is also the state's largest packaged hing brand, with an estimated 58 per cent market share. The company reported repeat purchases exceeding 95 per cent in the spices category and more than 83 per cent for other products during FY26, indicating strong customer loyalty.
Distribution Network and Manufacturing
The company has built an extensive distribution network spanning 24 states and Union Territories through 1,016 distributors and over 3.68 lakh retail touchpoints. Its products are available across general trade, modern trade, e-commerce, and quick-commerce channels, including 103 modern trade stores. Pushp operates automated manufacturing facilities in Indore with an installed capacity of 60,000 metric tonnes per annum, supported by integrated cold storage, warehousing facilities, and in-house testing laboratories. The company is also planning a greenfield expansion, including an integrated storage facility targeted for commissioning by 2028 and additional grinding and milling capacity by 2029.
Financial Performance
Revenue from operations increased from Rs 398.2 crore in FY24 to Rs 481.9 crore in FY26, while profit after tax rose from Rs 33.3 crore to Rs 58.9 crore during the same period. EBITDA grew from Rs 49.5 crore to Rs 84.2 crore, reflecting strong operational efficiency.
Competitive Landscape and IPO Details
The company competes with established brands including Everest, MDH, Orkla-owned MTR and Eastern, Aachi, Sakthi, Ramdev, and Badshah in India's organised packaged spices market. ICICI Securities, IIFL Capital Services, and Systematix Corporate Services are the book-running lead managers for the issue.
