Pushp Brand gets Sebi nod for IPO; OFS to comprise up to 74.45 lakh shares

Pushp Brand (India) Ltd, a packaged spices company, has received approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO), according to the company. 

The issue will comprise an offer for sale (OFS) of up to 74.45 lakh equity shares by existing shareholders, including promoters Surendra Kumar Surana and Mahendra Kumar Surana, as well as investor shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III. 

A91 Emerging Fund I LLP, which invested around ₹125 crore in the company in 2020, holds a 20.14% stake and plans to sell only part of its holding through the OFS. Similarly, Sixth Sense India Opportunities III, which invested around ₹101 crore in 2023, holds a 7.81% stake and will also undertake a partial stake sale. 

Company profile

Established in 1974 in Indore, Madhya Pradesh, by late Kishanlal Surana as M/s Munimji & Sons, the company has grown from a regional spices business into a packaged spices and food player operating under the Pushp and Munimji brands. The company has expanded beyond pure spices into blended spices, hing, and other adjacent categories, while building a regional franchise and distribution network across West and Central India. It has also expanded beyond Madhya Pradesh into markets such as Maharashtra, Rajasthan, Uttar Pradesh, and Bihar. 

Pushp is the leading spices brand in Madhya Pradesh, with a 20.7% market share by value in FY25, according to the company. It is also the largest packaged hing brand in the state, with a market share of around 58%. 

The company said repeat purchases in its spices category exceeded 95% in FY26, while repeat purchases for other products were over 83%. 

Its product portfolio includes pure spices, blended spices, whole spices and value-added products such as hing, western seasonings, quick-fry mixes, soya products and tea. Its blended spice portfolio includes garam masala, achar masala, shahi biryani masala, sambhar masala, pav bhaji masala and chat masala. The Munimji brand offers products such as soya chunks, granules and tea. 

The company plans to launch Pushp Kadak Chai under the Pushp brand in the second quarter of FY27. 

As of March 31, 2026, Pushp's portfolio comprised 312 SKUs, including 129 SKUs in pure spices, 173 in blended spices and 10 in other products. 

Blended spices remain a key margin-accretive segment for the company. Margins in the category improved to 43.75% in FY26 from 39.22% in FY25 and 31.40% in FY24, driven by a higher contribution from value-added and premium products. 

The company has a distribution network spanning 24 states and union territories, with 1,016 distributors and more than 3.68 lakh retail touchpoints as of FY26. Its products are sold through general trade, modern trade, e-commerce and quick-commerce channels, including 103 modern trade stores. 

Financials at a glance

On the financial front, revenue from operations rose to ₹481.94 crore in FY26 from ₹398.24 crore in FY24. Restated profit for the year increased to ₹58.95 crore from ₹33.33 crore during the same period. 

Product margin increased at a compound annual growth rate (CAGR) of 19.67% from 31.91% in FY24 to 37.76% in FY26. EBITDA rose at a CAGR of 30.42% to ₹84.19 crore in FY26 from ₹49.50 crore in FY24, supported by the company's focus on efficiency, productivity and cost rationalisation. 

ICICI Securities Ltd, IIFL Capital Services Ltd, and Systematix Corporate Services Ltd are the book-running lead managers to the issue.