A91 Partners and Sixth Sense-backed Pushp Brand gets SEBI nod for IPO, to offer 74.45 lakh shares via OFS

Pushp Brand (India) Limited, one of India’s fastest-growing packaged spice companies, has received the green light from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), setting the stage for the Indore-based company’s public-market debut.

The IPO will comprise an offer for sale (OFS) of up to 74,45,000 equity shares, with existing shareholders including promoters Surendra Kumar Surana and Mahendra Kumar Surana, along with investor shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III, offering shares.

A91 Emerging Fund I LLP, which invested around Rs 125 crore in Pushp in 2020, currently owns a 20.14% stake and will sell only a portion of its holding through the IPO.


Sixth Sense India Opportunities III, which invested approximately Rs 101 crore in 2023, holds a 7.81% stake and will similarly undertake a partial exit.

Founded in 1974 in Indore, Madhya Pradesh, by Late Kishanlal Surana as M/s Munimji & Sons, Pushp has come a long way from its roots as a regional spices business.

Over five decades, the company has transformed into a scaled packaged spices and food player operating under the Pushp and Munimji brands. Its portfolio has expanded beyond pure spices into blended spices, hing and several adjacent categories, while its distribution footprint has steadily widened across India.

The company has built the Pushp brand around purity, taste and trust, with a stronghold in Madhya Pradesh and an expanding presence in markets including Maharashtra, Rajasthan, Uttar Pradesh and Bihar.

The brand's regional strength is particularly notable. Pushp held a 20.7% market share by value in Madhya Pradesh in FY25, making it the leading spices brand in the state. It is also the state's largest packaged hing brand, commanding approximately 58% market share.

Customer loyalty remains another key strength, with repeat purchases exceeding 95% in the spices category in FY26 and more than 83% across other products.

Pushp has been steadily expanding and diversifying its product portfolio. As of March 31, 2026, the company offered 312 SKUs, including 129 SKUs in Pure Spices, 173 SKUs in Blended Spices, and 10 SKUs across Other Products.

Its portfolio spans pure, blended and whole spices, alongside value-added offerings such as hing, western seasonings, quick-fry mixes, soya products and tea.

The blended spices portfolio includes popular categories such as garam masala, achar masala, shahi biryani masala, sambhar masala, pav bhaji masala and chat masala. Under the Munimji brand, the company also sells products such as soya chunks, soya granules and tea.

The company is also eyeing further category expansion and plans to launch Pushp Kadak Chai in the second quarter of Fiscal 2027.

Blended spices have emerged as an increasingly important, margin-accretive part of the business. Margins in the segment climbed to 43.75% in FY26, up from 39.22% in FY25 and 31.40% in FY24.

The improvement reflects the rising contribution of value-added and premium products, alongside the company's continued focus on efficiency, productivity and cost rationalisation.

Pushp's expansion has been backed by a growing distribution engine. As of FY26, the company had a presence across 24 states and union territories, supported by 1,016 distributors and more than 3.68 lakh retail touchpoints.

Its products reach consumers through general trade, modern trade, e-commerce and quick-commerce channels. The company had a presence across 103 modern trade stores, helping it expand beyond its traditional regional markets and improve accessibility in newer geographies.

Strong Growth Across Revenue, Profit and EBITDA

Pushp's financial performance has also accelerated alongside its expansion. Revenue from operations rose from Rs 3,982.43 million in FY24 to Rs 4,819.41 million in FY26, while restated profit for the year increased from Rs 333.30 million to Rs 589.54 million over the same period.

Product margin improved from 31.91% in FY24 to 37.76% in FY26, representing a CAGR of 19.67%. EBITDA growth has been even stronger, rising from Rs 494.97 million in FY24 to Rs 841.90 million in FY26, a CAGR of 30.42%.

The numbers point to a business combining geographic expansion with improving product mix, margins and operating efficiency.

ICICI Securities Limited, IIFL Capital Services Limited and Systematix Corporate Services Limited are the Book Running Lead Managers to the issue.