Pushp Brand (India), the Indore-based packaged spices and food company backed by A91 Emerging Fund I and Sixth Sense India Opportunities III, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The proposed issue will be entirely an offer for sale (OFS) of up to 74.45 lakh equity shares, meaning the company itself will not receive proceeds from the share sale.
The IPO will allow existing promoters and investors to partially monetize their holdings while giving Pushp Brand access to the public markets. The company, which has operated since 1974 and has grown from a Madhya Pradesh-focused spices business into a wider packaged-food player, reported ₹481.94 crore in revenue from operations and ₹58.95 crore in profit for fiscal 2026. Its proposed listing comes as it expands its distribution network and increases its presence across modern trade, e-commerce and quick commerce.
Pushp Brand IPO Gets SEBI Approval
The proposed Pushp Brand IPO consists of up to 7.445 million equity shares with a face value of ₹5 each. The offer is structured entirely as an OFS, with shares being sold by the company’s promoters and institutional investors.
The final IPO price band and issue dates have not been specified in the available SEBI filing. The proposed shares are expected to be listed on both the BSE and NSE.
Pushp Brand IPO Structure
| IPO Particular | Details |
|---|---|
| Company | Pushp Brand (India) |
| IPO type | Offer for Sale |
| Maximum shares offered | 74.45 lakh |
| Face value | ₹5 per share |
| Fresh issue | None |
| Promoter sellers | Mahendra Kumar Surana, Surendra Kumar Surana |
| Institutional sellers | A91 Emerging Fund I LLP, Sixth Sense India Opportunities III |
| Proposed listing | BSE and NSE |
| Book-running lead managers | ICICI Securities, IIFL Capital Services, Systematix Corporate Services |
| Registrar | KFin Technologies |
| Price band | To be announced |
Because there is no fresh issue component, Pushp Brand will not receive IPO proceeds for working capital, capacity expansion or debt repayment. The proceeds will instead go to the selling shareholders.
The company has stated that listing is intended to enhance its visibility and brand image and create a public market for its shares.
A91 And Sixth Sense To Partially Exit
The IPO provides an exit opportunity for two prominent startup and growth-equity investors.
A91 Emerging Fund I LLP holds a 20.14% stake on a fully diluted basis and plans to sell 42.2 lakh shares. Sixth Sense India Opportunities III holds a 7.81% stake on a fully diluted basis and proposes to sell 15.45 lakh shares.
The promoters, Mahendra Kumar Surana and Surendra Kumar Surana, will each sell 8.4 lakh shares.
| Selling Shareholder | Shares Offered | Approx. Shareholding Before Offer* |
|---|---|---|
| Mahendra Kumar Surana | 8.40 lakh | 35.55% |
| Surendra Kumar Surana | 8.40 lakh | 35.55% |
| A91 Emerging Fund I LLP | 42.20 lakh | 20.14% |
| Sixth Sense India Opportunities III | 15.45 lakh | 7.81% |
| Total | 74.45 lakh | 99.05% |
*Shareholding figures are based on the fully diluted pre-offer capital disclosed in the draft prospectus.
A91’s proposed sale is considerably larger than the promoter sales, making the IPO an important monetization event for the investment firm. Sixth Sense is also selling a substantial portion of its holding.
Pushp Brand Has Built A Five-Decade Spices Business
Pushp traces its origins to 1974, when it was established in Indore, Madhya Pradesh, by the Surana family. The company has since developed a branded packaged-spices and food portfolio under the Pushp and Munimji brands.
Its products span pure spices, blended spices, whole spices and adjacent food categories.
| Product Category | Examples / Focus |
|---|---|
| Pure spices | Chilli, turmeric, coriander and other individual spices |
| Blended spices | Garam masala, achar masala, biryani masala, sambhar masala |
| Whole spices | Cardamom, cumin and other whole spices |
| Hing | Packaged asafoetida products |
| Western seasonings | International-style seasoning products |
| Quick-fry mixes | Convenience-oriented food products |
| Soya products | Soya-based food products |
| Tea | Planned expansion into tea |
As of March 31, 2026, Pushp had 312 SKUs, comprising 129 pure-spice products, 173 blended-spice products and 10 other products.
The company has increasingly emphasized value-added products such as blended spices because they command higher margins than pure spices.
Blended Spices Have Higher Margins
| Product Segment | FY24 Margin | FY25 Margin | FY26 Margin |
|---|---|---|---|
| Pure spices | — | — | 35.31% |
| Blended spices | 31.40% | 39.22% | 43.75% |
| Other products | — | — | 25.98% |
The blended-spices margin increased from 31.40% in FY24 to 43.75% in FY26, according to prospectus-based data.
The shift toward higher-value products could therefore become an important driver of profitability as Pushp expands beyond its traditional regional market.
Revenue And Profit Accelerated In FY26
Pushp Brand reported strong financial growth in fiscal 2026.
Revenue from operations increased to ₹481.94 crore from ₹404.64 crore in FY25, while restated profit after tax rose to ₹58.95 crore from ₹45.85 crore.
| Financial Metric | FY24 | FY25 | FY26 | FY26 Growth |
|---|---|---|---|---|
| Revenue | ₹398.24 crore | ₹404.64 crore | ₹481.94 crore | +19.1% |
| EBITDA | ₹49.50 crore | ₹65.59 crore | ₹84.19 crore | +28.4% |
| PAT | ₹33.33 crore | ₹45.86 crore | ₹58.95 crore | +28.6% |
| Total debt | ₹9.11 crore | ₹12.77 crore | ₹19.37 crore | +51.7% |
The financial data shows that EBITDA and profit grew faster than revenue in FY26, indicating an improvement in operating profitability. At the same time, total debt increased from ₹12.77 crore to ₹19.37 crore during the year.
Pushp’s revenue had also grown at a reported 21.3% compound annual growth rate between fiscal 2021 and fiscal 2025, placing it among the faster-growing companies in its packaged-spices peer group.
Madhya Pradesh Remains Its Core Market
Despite its expanding national footprint, Pushp continues to have significant exposure to Madhya Pradesh.
The company reported a 20.7% value share in the state’s spices market in fiscal 2025 and approximately 58% share of the packaged hing market in the state.
More than 67% of its revenue has been attributed to Madhya Pradesh, highlighting both the strength of its home-market franchise and the geographic concentration risk facing the company.
Distribution Network Continues To Expand
Pushp’s products are currently distributed across 24 states and union territories.
| Distribution Indicator | Reported Figure |
|---|---|
| States and UTs | 24 |
| Distributors | 1,016 |
| Retail touchpoints | 3.68 lakh+ |
| Modern trade stores | 103 |
| Manufacturing capacity | 60,000 MT annually |
| SKUs | 312 |
The company sells through general trade, modern trade, e-commerce and quick-commerce channels, giving it multiple routes to reach consumers.
Its expansion beyond Madhya Pradesh includes markets such as Rajasthan, Maharashtra, Uttar Pradesh, Bihar, Jharkhand and Gujarat, while the company has also entered newer markets including Goa, Telangana and Tamil Nadu.
Manufacturing Capacity Gives Pushp Room To Scale
Pushp operates two automated manufacturing facilities in Indore with a combined installed capacity of 60,000 metric tons per year.
The facilities are supported by cold storage, warehousing and in-house testing laboratories. Capacity utilization stood at 37.19% as of March 31, 2026, suggesting that the company has considerable existing capacity available for future volume growth.
The company is also planning additional investments in its manufacturing and storage infrastructure, including an integrated storage facility targeted for the first phase by 2028 and a grinding and milling line for pure spices by 2029.
Competition Remains A Major Challenge
Pushp operates in a highly competitive packaged-spices market that includes established national brands as well as strong regional companies.
Its disclosed competitors include Everest Food Products, MDH, Orkla India, Aachi Masala Foods, Sakthi Masala, Shubham Goldiee Masala, Ramdev Food Products, Empire Spices and Badshah Masala.
Among listed companies, Tata Consumer Products and Orkla India are identified as relevant peers in the company’s IPO documents.
The key challenge for Pushp will be to maintain its strong position in central India while spending on distribution, branding and product expansion to compete in larger national markets.
Key IPO Risks Investors Will Watch
The company’s prospectus highlights several risks that could influence its performance after listing.
The most significant is geographic concentration. A substantial portion of sales and manufacturing is linked to Madhya Pradesh, making the company vulnerable to adverse developments in its core market.
Raw-material prices are another major variable. Spices can experience significant price fluctuations depending on crop conditions, supply and demand. Packaging costs can also influence margins.
The company also needs to manage the expansion of its distribution network effectively as it enters new markets and competes with much larger national brands.
The Bigger Picture
Pushp Brand’s IPO comes at an important stage in its transition from a regional spice company into a broader packaged-food brand. Its strong position in Madhya Pradesh, rising revenue and profit, expanding distribution network and increasing contribution from higher-margin blended spices provide a growth foundation.
At the same time, the OFS structure means the IPO is primarily a liquidity event for existing shareholders rather than a capital-raising exercise for the business. Investors will therefore need to evaluate Pushp largely on its operating growth, margins, competitive position and ability to expand nationally rather than on new capital that could be deployed after listing.
Looking Ahead
The next key milestones will be the announcement of the IPO price band, issue dates and final offer details. Investors are likely to focus on the valuation implied by the eventual price band and compare Pushp’s profitability and growth with listed consumer and packaged-food companies.
For Pushp itself, the post-listing challenge will be converting its strong regional franchise into a more diversified national business. Its unused manufacturing capacity, growing retail footprint and higher-margin blended-spice portfolio provide room for expansion, but managing raw-material volatility, competition and geographic concentration will remain critical as the company moves into the public markets.
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