Key Highlights
- Pushp Brand filed DRHP with SEBI for proposed IPO
- IPO consists entirely of Offer for Sale by promoters and investors
- Company plans expansion into new blends and value-added products
- Pushp holds strong market share in Madhya Pradesh spices market
- Portfolio includes over 300 SKUs across spices and food products
- “Pushp Kadak Chai” launch planned in FY27
- Distribution network spans 24 states and over 3.68 lakh retail points
- Revenue and profitability witnessed strong growth in recent years
- Company planning manufacturing and storage expansion projects
New Delhi, May 27: Pushp Brand India Limited has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India for its proposed Initial Public Offering (IPO), marking a major step in the company’s growth journey.
The IPO will entirely consist of an Offer for Sale (OFS) of up to 74.45 lakh equity shares by existing promoters and investor shareholders.
Investors to Partially Exit Through OFS
The offer includes stake sales by promoter shareholders Surendra Kumar Surana and Mahendra Kumar Surana, along with investor entities including:
- A91 Emerging Fund I LLP
- Sixth Sense India Opportunities III
A91 Emerging Fund currently holds over 20% stake in the company, while Sixth Sense India Opportunities III owns nearly 8%. Both investors are only partially reducing their holdings through the IPO.
From Regional Spice Brand to National FMCG Player
Founded in 1974 in Indore under the name Munimji & Sons, Pushp Brand has evolved into one of India’s fast-growing packaged spices and food companies.
The company operates under the “Pushp” and “Munimji” brands and has expanded beyond pure spices into blended spices, hing, tea, soya products, and other value-added food categories.
Pushp has built a strong presence in Madhya Pradesh while steadily expanding across Maharashtra, Rajasthan, Uttar Pradesh, Bihar, and other key markets.
Strong Market Position in Madhya Pradesh
According to company disclosures:
- Pushp holds around 20.7% market share in Madhya Pradesh’s packaged spices segment
- The company commands nearly 58% market share in packaged hing within the state
- Repeat purchases exceed 95% in the spices category
Industry analysts say the company’s regional dominance and high customer retention indicate strong brand loyalty.
Expanding Product Portfolio
As of March 2026, Pushp’s portfolio included 312 SKUs across:
- Pure spices
- Blended spices
- Whole spices
- Hing products
- Western seasonings
- Tea and soya products
The company also plans to launch “Pushp Kadak Chai” during Fiscal 2027.
Its blended spices portfolio includes products such as:
- Garam masala
- Pav bhaji masala
- Sambhar masala
- Biryani masala
- Achar masala
- Chaat masala
Focus on Premium and High-Margin Products
Pushp said its 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.
The company has also expanded its distribution network across 24 states and union territories through:
- Over 1,000 distributors
- More than 3.68 lakh retail touchpoints
- Modern trade stores
- E-commerce and quick commerce platforms
Manufacturing Expansion Planned
Pushp currently operates automated manufacturing facilities in Indore with an annual installed capacity of 60,000 metric tonnes.
The company plans to expand manufacturing infrastructure through a phased greenfield project, including:
- Integrated storage facilities by 2028
- New grinding and milling lines by 2029
Revenue and Profit Growth
The company reported strong financial growth over recent years.
Revenue from operations increased from approximately ₹398 crore in FY24 to ₹482 crore in FY26, while profit after tax rose from ₹33 crore to nearly ₹59 crore during the same period.
EBITDA also witnessed strong growth as the company focused on operational efficiency and product diversification.
Growing Investor Interest in Packaged Food Sector
The IPO filing comes amid increasing investor interest in India’s organised packaged food and spices market.
Pushp competes with major brands such as:
- Everest Food Products
- MDH
- Aachi Masala
- Sakthi Masala
- Badshah Masala
Market experts believe rising urban consumption, premiumisation, and growing demand for branded food products continue to drive growth in the packaged spices segment.
