Pushp Brand (India) Limited IPO Details & Company Fundamentals
Packaged spices major Pushp Brand (India) Limited (well known for its flagship household brands Pushp Masale and Munimji) is gearing up for a public market debut. On May 26, 2026, the Indore-based spice manufacturer officially submitted its Draft Red Herring Prospectus (DRHP) to market regulator SEBI, charting out a definitive course to list on India’s premier stock exchanges.
Key IPO Highlights & Structure
The public issue is structured exclusively to provide a liquidity and exit route for major early-stage venture capital backers and promoters.
| IPO Parameter | Details Revealed in DRHP Filing |
| Market Segment | Mainboard IPO |
| Issue Type | 100% Book Built Issue |
| Face Value | ₹5 per Equity Share |
| Total Shares Offered | Up to 74,45,000 Equity Shares (~74.45 Lakh Shares) |
| Fresh Issue Component | Nil (No capital expansion dilution) |
| Offer for Sale (OFS) | Up to 74,45,000 Equity Shares |
| Estimated Issue Size | Expected around ₹1,000 Crore (Based on recent private market investments) |
| Listing Platforms | Proposed on both BSE and NSE Mainboards |
| Registrar to the Offer | KFin Technologies Limited |
| Book Running Lead Managers | ICICI Securities, IIFL Capital Services, and Systematix Corporate Services |
Strategic Objective for ipoind.com Readers: Because this issue follows a 100% Offer for Sale (OFS) path, Pushp Brand will not receive any direct cash injections from the public pool. Instead, the transaction primarily offers structured liquidity to prominent venture capital institutions A91 Partners and Sixth Sense Ventures, who are partially trimming their equity holdings.
Key Institutional Sellers in the OFS
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A91 Emerging Fund I LLP: Offering up to 42,20,000 shares (Currently holding a 20.14% pre-IPO stake).
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Sixth Sense India Opportunities III: Offering up to 15,45,000 shares (Currently holding a 7.81% pre-IPO stake).
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Promoter Holdings: Core founders Mahendra Kumar Surana and Surendra Kumar Surana are participating by offloading exactly 8,40,000 shares each.
Core Company Fundamentals & Financial Health
Established originally as a partnership firm in 1974 before transitioning into a corporate structure, Pushp Brand has expanded from its stronghold in Madhya Pradesh to a sprawling network across 24 states and union territories.
Operational Footprint (As of Fiscal 2026)
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Market Leadership: Holds a commanding 20.7% market share by value in the packaged spices category in Madhya Pradesh and an overwhelming 58% market share in the high-margin packaged Asafoetida (Hing) segment.
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Extensive Retail Depth: Fueled by a network of 1,016 dedicated distributors supplying over 3,68,000 retail general trade touchpoints.
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Production Scale: Houses two automated, ISO-certified manufacturing facilities in Indore with an aggregate production capability of 60,000 Metric Tonnes (MT) per annum.
Three-Year Restated Financial Snapshot
(Figures in ₹ Crores)
| Metric | FY 2024 (Audited) | FY 2025 (Audited) | FY 2026 (Audited) |
| Total Income / Revenue | ₹401.87 | ₹411.99 | ₹490.71 |
| Profit After Tax (PAT) | ₹33.33 | ₹45.86 | ₹58.95 |
| EBITDA Margin (%) | 12.31% | 14.80% | 17.16% |
| Net Worth | ₹198.68 | ₹244.61 | ₹306.34 |
Financial Insight: Pushp Brand displays excellent fundamentally sound growth, with net profits (PAT) jumping a solid 28.5% year-on-year in FY26. Notably, their high-margin blended spices segment saw a structural margin expansion from 31.40% in FY24 to 43.75% in FY26, driven by an direct origin-linked raw materials procurement strategy.
Grey Market Premium (GMP) Status
Current Status: No Official Retail GMP Available
As of July 2026, Pushp Brand is currently navigating SEBI’s initial review phase following its late May prospectus submission. Since the market regulator has not issued final observations and the company has not finalized its per-share price band, an official retail Grey Market Premium (GMP) is not actively being traded. Tracked, active retail premium figures will be regularly published directly on ipoind.com as soon as the launch schedule opens.
Key Strengths & Material Risks
Core Strengths:
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Strong Consumer Stickiness: Showcases exceptional consumer loyalty with documented repeat purchase rates exceeding 95% in the primary packaged spices segment.
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High Profitability Growth: EBITDA has compound scaled at a CAGR of 30.42% over the last three years, far outstripping basic revenue expansion.
Risks to Monitor:
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Geographic Concentration: Despite footprints in 24 states, over 67% of operational revenues continue to originate from Madhya Pradesh, making it vulnerable to localized regional disruptions.
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Raw Material Price Fluctuations: Crop vulnerabilities directly impact corporate margins, with agricultural raw components eating up roughly 78.08% of their aggregate operational costs in FY26.