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  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary




Business Type

Emerging Leader




Business Type

Emerging Leader

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Face Value


Total Share


Total Income

₹239.83 Cr

Profit After Tax

₹13.14 Cr







Market Capitalisation

₹176.68 Cr

Enterprise Value

₹199.34 Cr

Book Value


Intrinsic Value


Dividend Yield

0.41 %

Earnings Yield

7.44 %


Consumer Staples


FMCG - Foods/Household/Personal Products


Micro Cap

Cashflow - Operations

₹28.45 Cr

Cashflow - Financing

-₹16.11 Cr


Compounded Sales Growth

  • 31.45%

    1 Year

  • 17.69%

    2 Year

  • 13.30%

    3 Year

Pro Only

Compounded Profit Growth

  • 75.78%

    1 Year

  • 27.04%

    2 Year

  • 35.92%

    3 Year

Pro Only

Return On Equity

  • 26.65%


  • 18.85%


  • 25.96%


Pro Only


  • Empire Spices and Food Limited is an unlisted public company located in Mumbai City, Maharashtra. The company is the manufacturer and trader of cooking spices, garam masala, Indian spices, masala papad, snacks masala, pickle masala, vegetable pickles.
  • The manufacturing plant is located in Mumbai, Maharashtra. 
  • The journey began from a small shop in the holy city of Nashik in Maharashtra. The sheer quality and the taste of the exotic spice blends developed soon became a favorite with the masses and necessitated the formation of a dedicated manufacturing unit to fulfill the market demand. It became the stepping stone of the renowned brand of spices – Ram Bandhu Masal
  • Gradually the demand and popularity of Ram Bandhu Masale started spreading to other cities of Maharashtra. With continual expansion a public limited company was established in 1994 with the name of “Empire Spices and Foods Ltd.”.


Currently,company has no intention to launch IPO.

  • EMPIRE SPICES Subsidiaries

The company does not have any subsidiary or joint venture or associated company.

  • EMPIRE SPICES Revenue Segmentation

  • Revenue from Sale of Manufactured food Products
  • Other Income
  • Revenue from sale of traded food products
  • EMPIRE SPICES Product & Services

Brands under Empire Spices & Food Limited:

  • Ram Bandhu
  • Temptin
  • RBM
  • Zaiqa


  • Ground Spices
  • Blended Spices
  • Masale
  • Pickle
  • Papad
  • Sauces & Pastes
  • Chinese Spices
  • Hing
  • Snacks

Tangible Assets as on March 2021:

AssetsAmount in (Cr.)
Freehold LandRs.6.79
Plants and EquipmentRs. 23.97
BuildingsRs. 34.90

Intangible Assets as on March 2021:

Assets  Amount in (Cr.)
Software'sRs. 0.93
Brands and LicensesRs. 0.28

  • EMPIRE SPICES Industry Overview

Industry Statistics

  • India is ‘The Land of Spices’ and the glory of Indian spices are known throughout the world. Indian spices are popularly known for their flavor and aroma in domestic as well as in the international markets. Spices are heart of Indian cooking. Out of 109 spices listed by ISO (International Standards Organization), India produces around 75 spices in its various climatic regions.
  • In FY20, spices worth US$ 3.62 billion were exported. Export of spices has increased significantly to Rs.122.73 billion in April – Sep 2020 from Rs.105.89 billion in April- Sep 2019.
  • Top exported spices are Chilli, Cumin, Mint product, Spice Oils & Oleoresins and Turmeric. Spices export value stood at US$ 3.65 billion in FY20, witnessing a growth of 10% y-o-y (year on year ). The increasing demand for innovative flavors, authentic cuisines, and ethnic tastes in foods and snacks is augmenting the market for spices in India. Moreover, the increasing penetration of western food trends is further catalyzing the demand for a variety of newer spices.
  • As per the spices board India exports of spices and other value-added products during six months of FY21 stood at 7 lakh tones.
  • Major merchants of Indian spices are US, Vietnam, China, UAE, Iran, Thailand, UK, Saudi Arabia, Malaysia and Germany. India is one of the leading exporter of organic spices throughout the world. 
  • The Spices Board Act,1986 is the primary legislation in the county that governs all the function related to research, export, quality services etc.in our country.
  • Companies like  Everest, MDH , Catch, KBM Gai Chaap Masala are key competitors of the company. 

Future Prospects

  • India is the largest producer as well as shopper of spices within the world. As per the report of CARE ratings on spices sector of India, the spices market is expected to grow with a compound annual growth rate of 5.10% during the forecast period of CY 2020-2025.

Government Initiatives

  • The programes under the scheme ‘Export Development and Promotion’ aims to support exporters to adopt high tech processing technologies or to upgrade existing level of technologies for high end value addition and to develop capabilities to meet the changing food safety standards in the importing countries. The scheme also caters to promoting the Indian spices exporter by assisting them in promotion of Indian Goods in International Trade Fairs, Seminars, etc. by reimbursing their  expenditure on the same.
  • The Spices Board of India works towards the development and worldwide promotion of Indian spices. It provides quality control and certification, registers exporters, documents trade information and provides inputs to the central government on policy matters. The board participates in major international fairs and food exhibitions to promote Indian spices, apart from organising various domestic events.
  • Availability of spice varieties rich in intrinsic qualities required for value addition reportedly is the major reason for setting up units in other countries as well as for the import of spices. Collaborative efforts of Directorate of Arecanut and Spices Development (DASD), ICAR-Indian Institute of Spices Research, Spices Board and industry have resulted in identification and mapping of spice varieties rich in intrinsic qualities and a project for area expansion is being taken up with the ministry of agriculture.
  • The Food Safety and Standards Authority of India (FSSAI) plans to invest around Rs 482 crore (US$ 72.3 mn) to strengthen the food testing infrastructure in India, by upgrading 59 existing food testing laboratories and setting up 62 new mobile testing labs across the country.
  • The Ministry of Food Processing Industries announced a scheme for Human Resource Development (HRD) in the food processing sector. The HRD scheme is being implemented through State Governments under the National Mission on Food Processing. The scheme has the following four components:
  • Creation of infrastructure facilities for degree/diploma courses in food processing sector
  • Entrepreneurship Development Programme (EDP)
  • Food Processing Training Centres (FPTC)
  • Training at recognised institutions at State/National level


  • The product line is extensively deep and wide which gives customers many options. To name a few products like Blended spices, Pickels, Papad, sauces and pastes  etc. are available in the product portfolio of the brand. This gives customer a one stop destination for all their requirement. 
  • The company is primarily focused to build strong online presence in the market through their e-commerce website -rambandhu.com which provides deeper penetration. 

EMPIRE SPICES Shortcomings

  • Lack of focus on quality and safety standards; and not having enough of product development and innovation.
  • The company is unable to attract many social media users as potential customers due to lack of running online campaigns, contests or magazines. Less advertisement expense than the competitors led to limited ability to attract new consumers on the platform.

EMPIRE SPICES Opportunities

  • The brand has the opportunity to further expand in the home nation where it is loved the most which is expected to increase the customer base and popularity in other parts of India.
  • There is a huge opportunity if company connects with hotels, resorts, restaurants through which they can promote their products all over India. 
  • Exports of spices and other value-added products during six months of FY21 stood at 7 lakh tones. The export of fenugreek, coriander and other seed spices such as mustard, aniseed, dill seed, etc., had grown substantially contributing to the spices export basket. it's great opportunity for the company to expand business globally.
  • India spices powder and blended spices market is segmented based on product type, type, distribution channel and region. Based on product type, the market is categorized into kitchen king & sabji masala, garam masala, non-veg masala, chole & channa masala, sambhar & rasham masala, pavbhaji masala, tea masala, biryani/pulao masala, jaljeera masala, and others. Among these, kitchen king & sabji masala held the dominant share in 2020 and the trend is forecast to continue through 2025.


  • The circumstance of Indian cultivation today isn't down to earth – soil prosperity is depleting, water resources are spoiling and winding up logically more polluted by the unusual use of agrochemicals and agriculturist employments are truly and unfairly influenced by natural change and unavoidable misfortunes.
  • Consumers in India are more persuaded with the western ways and are convinced that Indian snack like papad is unhealthy, dipped in oil which consistently poses a challenge for the brand to attract the customers
  • Lack of mindfulness among farmers of the most recent innovations in production and post-collect tasks.
  • In India, the spice region makes a principal duty to the economy and to the occupations of an immense number of little scale farmers. Around 98% of the spice production in India is by little scale farmers, who customarily develop under two hectare and frequently turn the creating of spices close-by various yields. 



  • EMPIRE SPICES Detail Info

Industry Statistics


Registered In


last Updated


Registered Date


Planify Ticker

Empire Spices

Reg Office: Empire House, Plot No.30, 5th Crossing, Govind Nagar, Nashik, Maharashtra 422007

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