Indore-based Pushp Brand (India), a prominent player in the packaged spices and food sector, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO).
The upcoming IPO will consist entirely of an Offer for Sale (OFS) of up to 7,445,000 equity shares. This sale includes stakes from existing shareholders, specifically promoters Surendra Kumar Surana and Mahendra Kumar Surana. Additionally, investor selling shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III will participate in partial stake sales. A91 Emerging Fund I LLP currently holds a 20.14 percent stake, while Sixth Sense India Opportunities III owns 7.81 percent.
IPO Management and Company Roots
ICICI Securities, IIFL Capital Services, and Systematix Corporate Services have been appointed as the book-running lead managers for the issue.
Pushp Brand (India) was established in 1974 in Indore, Madhya Pradesh, by Late Kishanlal Surana under the name Munimji & Sons. Over the decades, the company has transformed from a regional spice business into a diversified packaged food entity, operating under its flagship 'Pushp' and 'Munimji' brands. Its product range has expanded significantly beyond pure spices to include blended spices, hing, and other related food categories.
Market Presence and Product Portfolio
The company's distribution network now spans across 24 states and union territories, boasting 1,016 distributors and over 3.68 lakh retail touchpoints. Pushp Brand (India) maintains a strong presence across general trade, modern trade (including 103 stores), e-commerce, and quick commerce platforms.
In Fiscal Year 2025, Pushp Brand (India) held a leading position in Madhya Pradesh, with a 20.7 percent market share by value in the spices category and approximately 58 percent market share in the packaged hing segment. Its extensive product portfolio features:
- Pure spices
- Blended spices (e.g., garam masala, sambhar masala, pav bhaji masala)
- Whole spices
- Hing
- Western seasonings
- Quick-fry mixes
- Soya products
- Tea (with 'Pushp Kadak Chai' planned for Q2 FY27)
As of March 31, 2026, the company managed 312 Stock Keeping Units (SKUs), with blended spices being a key margin-accretive category, seeing its margins increase to 43.75 percent in FY26 from 31.40 percent in FY24.
Financial Performance and Future Outlook
For Fiscal Year 2026, Pushp Brand (India) reported robust financial results:
- Revenue from operations: Rs 481.94 crore
- Restated profit: Rs 58.95 crore
- EBITDA: Rs 84.19 crore
The company emphasizes an origin-linked procurement strategy for its raw materials and operates automated manufacturing facilities in Indore, capable of producing 60,000 MT per annum. These facilities are supported by cold storage, warehousing, and in-house testing laboratories. Pushp Brand (India) is also pursuing a green manufacturing expansion, with an integrated storage facility planned by 2028 and a new grinding and milling line for pure spices by 2029.
Pushp Brand (India) competes with other major players in the Indian spice market, including Everest, MDH, Orkla India, Aachi, Sakthi Masala, and Ramdev Food Products.