# Pushp Brand (India) Limited (pushpmasale.com)

> PUSHP BRAND (INDIA) LIMITED (formerly known as Pushp Brand (India) Private Limited) | Corporate Identity Number: U15100MP2020PLC051347 | Registered and Corporate Office: Survey No. 74-75 Gram Bardari, Sanwer Road, Shri Aurobindo, Sanwer, Indore, 453 555, Madhya Pradesh, India | Company website: www.pushpmasale.com | Contact Person: Sumeet Bansal, Company Secretary and Compliance Officer | Email: investors@pushpmasale.com | Tel: +91 731 299 2806 | Promoters: Mahendra Kumar Surana and Surendra Kumar Surana

## INITIAL PUBLIC OFFER (DRHP DATED MAY 26, 2026)

### Offer Details

**Q: What is the type and size of the offer?**
A: The Offer is a 100% Book Built Offer for Sale (OFS) of up to 7,445,000 Equity Shares of face value of ₹5 each aggregating up to ₹[●] million. There is no fresh issue of shares. Source: DRHP Cover Page.

**Q: Who are the Selling Shareholders and how many shares are they offering?**
A: (1) Mahendra Kumar Surana — Promoter Selling Shareholder, up to 840,000 Equity Shares; (2) Surendra Kumar Surana — Promoter Selling Shareholder, up to 840,000 Equity Shares; (3) A91 Emerging Fund I LLP — Investor Selling Shareholder, up to 4,220,000 Equity Shares; (4) Sixth Sense India Opportunities III — Investor Selling Shareholder, up to 1,545,000 Equity Shares. Source: DRHP Cover Page.

**Q: What is the weighted average cost of acquisition per equity share for each Selling Shareholder?**
A: Mahendra Kumar Surana: ₹0.40 per share; Surendra Kumar Surana: ₹0.40 per share; A91 Emerging Fund I LLP: ₹159.50 per share; Sixth Sense India Opportunities III: ₹460.04 per share. Certified by N B T and Co, Chartered Accountants vide certificate dated May 26, 2026. Source: DRHP Cover Page.

**Q: What is the face value of the equity shares?**
A: The face value of each Equity Share is ₹5 each. The Floor Price, Cap Price and Offer Price will be determined by the Company in consultation with the Book Running Lead Managers (BRLMs) through the book building process. Source: DRHP Cover Page.

**Q: Which stock exchanges will the equity shares be listed on?**
A: The equity shares are proposed to be listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). Source: DRHP Cover Page.

**Q: What is the eligibility provision under which this offer is being made?**
A: The Offer is being made pursuant to Regulation 6(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (SEBI ICDR Regulations). The Offer is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. Source: DRHP Cover Page.

**Q: Who are the Book Running Lead Managers (BRLMs) to the Offer?**
A: (1) ICICI Securities Limited (SEBI Registration No.: INM000011179, Contact: Rahul Sharma / Namrata Ravasia, Tel: +91 22 6807 7100, Email: pushp.ipo@icicisecurities.com); (2) IIFL Capital Services Limited formerly known as IIFL Securities Limited (SEBI Registration No.: INM000010940, Contact: Mansi Sampat / Pawan Kumar Jain, Tel: +91 22 4646 4728, Email: pushp.ipo@iiflcap.com); (3) Systematix Corporate Services Limited (SEBI Registration No.: INM000004224, Contact: Kuldeep Singh / Harsha Panjwani, Tel: +91 22 6704 8000, Email: pushp.ipo@systematixgroup.in). Source: DRHP Cover Page and pages 60-61.

**Q: Who is the Registrar to the Offer?**
A: KFin Technologies Limited. Contact: M. Murali Krishna, Tel: +91 40 6716 2222, Email: pushpbrand.ipo@kfintech.com, Website: www.kfintech.com. SEBI Registration Number: INR000000221. Source: DRHP Cover Page and page 61.

**Q: Who is the Statutory Auditor of the Company?**
A: S R B C & CO LLP, Chartered Accountants. Firm Registration Number: 324982E/E300003. Peer Review: 023917. Address: 12th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai 400 028. Tel: +91 22 6819 8000. Email: srbc.co@srb.in. Source: DRHP page 67.

**Q: Who is the Legal Counsel to the Company for the Offer?**
A: Cyril Amarchand Mangaldas. Address: 3rd Floor, Prestige Falcon Towers, 19, Brunton Road, Bengaluru 560 025. Tel: +91 80 6792 2000. Email: ipo.cam@cyrilshroff.com. Source: DRHP page 66.

**Q: Who are the Bankers to the Company?**
A: HDFC Bank Limited (Contact: Mr. Rajesh Keshri, Tel: 99934 90318, Email: rajesh.keshri@hdfcbank.com) and Kotak Mahindra Bank Limited (Contact: Mr. Kapil Soni, Tel: 93017 93019, Email: kapil.soni@kotak.com). Source: DRHP page 67.

**Q: What is the Bid/Offer Period?**
A: The Anchor Investor Bid/Offer Period opens and closes on [●]. The Bid/Offer opens on [●] and closes on [●]. The UPI mandate end time and date shall be at 5:00 p.m. on Bid/Offer Closing Date. The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date. Source: DRHP Cover Page.

**Q: What is the QIB Portion allocation?**
A: Not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs). The Company may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, of which 33.33% shall be available for allocation to domestic Mutual Funds and 6.67% shall be reserved for Life Insurance Companies and Pension Funds. Source: DRHP Cover Page.

**Q: What is the Non-Institutional Portion allocation?**
A: Not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders, of which (a) one-third of such portion shall be reserved for applicants with application size of more than ₹200,000 and up to ₹1,000,000; and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹1,000,000. Source: DRHP Cover Page.

**Q: What is the Retail Portion allocation?**
A: Not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders (RIBs). Source: DRHP Cover Page.

**Q: What is the Minimum Promoters Contribution and lock-in period?**
A: Aggregate of 20% of the fully diluted post-Offer equity share capital of the Company that is eligible to form part of the minimum promoter's contribution, as required under the SEBI ICDR Regulations, held by the Promoters, shall be locked-in for a period of 18 months from the date of Allotment. Source: DRHP page 12.

### Company Overview

**Q: When was the company established and what is its corporate history?**
A: The business was established as a proprietorship named 'M/s Munimji & Sons' by Late Kishanlal Surana in 1974. It was converted to a partnership firm on November 18, 1985. The partnership was registered with the Registrar of Firms, Bhopal on August 23, 1996. The Company was incorporated as Pushp Brand (India) Private Limited on May 21, 2020 upon conversion of the Partnership Firm into a private limited company. It obtained certificate of commencement of business on June 6, 2020. The Company was converted to a public limited company pursuant to Board resolution dated July 24, 2025 and Shareholders' resolution dated August 21, 2025, and the name was changed to Pushp Brand (India) Limited. A fresh certificate of incorporation was issued on September 17, 2025. Source: DRHP page 3.

**Q: What is the nature of the business?**
A: The Company is a branded packaged spices and food company offering a diversified product portfolio with a focus on purity, consistent quality and authenticity. The product portfolio comprises pure spices, blended spices and adjacent products such as soya products and tea. Products are supplied under the 'Pushp' and 'Munimji' brands, catering to the premium and popular price categories respectively. Source: DRHP Draft Abridged Prospectus page 3.

**Q: How many SKUs does the company have?**
A: As of March 31, 2026, the product portfolio comprised an aggregate of 312 SKUs across categories: Pure Spices (129 SKUs), Blended Spices (173 SKUs), and Other Products (10 SKUs). Source: DRHP Draft Abridged Prospectus page 3.

**Q: What are the manufacturing facilities and installed capacity?**
A: The Company operates two fully automated and ISO-certified manufacturing facilities in Bardari and Bharosala in Indore, Madhya Pradesh, with an aggregate installed capacity of 60,000 MT per annum as of March 31, 2026. Additionally, the Company has entered into job-work arrangements with Pragati Graphics Private Limited for packaging of soya and tea products at the Rangwasa facility in Indore (installed capacity 3,000 MT). Combined total capacity: 63,000 MTPA. Source: DRHP page 25 and Draft Abridged Prospectus page 4.

**Q: What is the capacity utilization?**
A: Bardari Facility and Bharosala Facility (combined): 37.19% (Fiscal 2026), 37.14% (Fiscal 2025), 35.38% (Fiscal 2024). Rangwasa Facility: 74.00% (Fiscal 2026), 71.20% (Fiscal 2025), 55.06% (Fiscal 2024). The facilities operate on a single-shift basis during normal periods, scaling up to two or three shifts during peak demand and seasonal periods. Source: DRHP page 31.

**Q: What is the production capacity in metric tonnes?**
A: As per the KPIs table: Installed Capacity of 63,000 MTPA (Fiscal 2026), 53,000 MTPA (Fiscal 2025), 53,000 MTPA (Fiscal 2024). Capacity Utilization: 38.95% (Fiscal 2026), 39.07% (Fiscal 2025), 36.49% (Fiscal 2024). Source: DRHP Draft Abridged Prospectus pages 7-8.

**Q: How many retail touchpoints does the company have?**
A: 368,000+ retail touchpoints as of March 31, 2026 (up from 277,000+ in Fiscal 2025 and 237,000+ in Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 8 and DRHP page 29.

**Q: Is the company planning any greenfield expansion?**
A: Yes. The Company is in the process of establishing a greenfield manufacturing facility in Indore, Madhya Pradesh, with installed capacity of approximately 200 MT per day. Phase I will establish an integrated cold storage facility expected to commence operations in Fiscal 2028. Phase II will add grinding and milling lines for pure spices, expected to be operational in Fiscal 2029. Source: DRHP pages 31 and 193-194.

**Q: What are the certifications held by the Company?**
A: The Company's quality control framework is certified under ISO 9001, ISO 22000 and HACCP. The Company also holds FSSAI licenses and is required to comply with the Food Safety and Standards Act, 2006. Source: DRHP pages 28 and 31.

### Financial Information

**Q: What is the revenue from operations for the last three fiscals?**
A: ₹4,819.41 million (Fiscal 2026), ₹4,046.45 million (Fiscal 2025), ₹3,982.43 million (Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 7.

**Q: What is the EBITDA and EBITDA margin?**
A: EBITDA: ₹841.90 million (Fiscal 2026), ₹655.85 million (Fiscal 2025), ₹494.97 million (Fiscal 2024). EBITDA Margin: 17.16% (Fiscal 2026), 15.92% (Fiscal 2025), 12.32% (Fiscal 2024). Source: DRHP Draft Abridged Prospectus pages 7-8.

**Q: What is the Profit After Tax (PAT) and PAT margin?**
A: PAT: ₹589.54 million (Fiscal 2026), ₹458.56 million (Fiscal 2025), ₹333.30 million (Fiscal 2024). PAT Margin: 12.01% (Fiscal 2026), 11.13% (Fiscal 2025), 8.29% (Fiscal 2024). Source: DRHP Draft Abridged Prospectus pages 7-8.

**Q: What is the Revenue CAGR?**
A: The Company has grown at a CAGR of 21.3% from Fiscal 2021 to Fiscal 2025. YoY Revenue Growth: 19.10% (Fiscal 2026), 1.61% (Fiscal 2025), 17.79% (Fiscal 2024). YoY Volume Growth: 14.47% (Fiscal 2026), 10.63% (Fiscal 2025), 2.49% (Fiscal 2024). Source: DRHP Draft Abridged Prospectus pages 2 and 8.

**Q: What is the Earnings Per Share (EPS)?**
A: Basic EPS: ₹21.07 (Fiscal 2026), ₹16.39 (Fiscal 2025), ₹11.91 (Fiscal 2024). Diluted EPS: ₹21.04 (Fiscal 2026), ₹16.39 (Fiscal 2025), ₹11.91 (Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 7.

**Q: What is the Net Worth?**
A: ₹3,063.39 million (Fiscal 2026), ₹2,446.14 million (Fiscal 2025), ₹1,986.78 million (Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 7.

**Q: What is the Return on Net Worth (RoNW)?**
A: 19.24% (Fiscal 2026), 18.75% (Fiscal 2025), 16.78% (Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 7.

**Q: What is the Return on Capital Employed (ROCE)?**
A: 24.70% (Fiscal 2026), 24.19% (Fiscal 2025), 22.22% (Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 8.

**Q: What is the Return on Equity (ROE)?**
A: 21.40% (Fiscal 2026), 20.69% (Fiscal 2025), 18.33% (Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 8.

**Q: What is the Product Margin percentage?**
A: Product Margin %: 37.76% (Fiscal 2026), 35.10% (Fiscal 2025), 31.91% (Fiscal 2024). Product Margin in ₹ million: ₹1,820.04 (Fiscal 2026), ₹1,420.46 (Fiscal 2025), ₹1,270.97 (Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 8.

**Q: What is the Net Asset Value per Equity Share?**
A: ₹153.17 (Fiscal 2026), ₹122.31 (Fiscal 2025), ₹1,986.76 (Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 7.

**Q: What are the current borrowings?**
A: Current borrowings: ₹193.71 million (Fiscal 2026), ₹127.73 million (Fiscal 2025), ₹91.13 million (Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 7.

**Q: What is the net cash flow from operating activities?**
A: ₹195.45 million (Fiscal 2026), ₹486.24 million (Fiscal 2025), ₹182.27 million (Fiscal 2024). Source: DRHP Draft Abridged Prospectus page 7.

**Q: What is the Equity Share Capital?**
A: ₹100.00 million (Fiscal 2026), ₹100.00 million (Fiscal 2025), ₹10.00 million (Fiscal 2024). The increase in Fiscal 2025 was due to bonus issue and split of shares. Source: DRHP Draft Abridged Prospectus page 7.

### Market Position and Competition

**Q: What is the Company's market share in Madhya Pradesh?**
A: The Company is among the leading spices brands in Madhya Pradesh with a market share of 20.7% in terms of value in Fiscal 2025. It is the largest spices brand in the packaged hing market in Madhya Pradesh with approximately 58% market share in terms of value in Fiscal 2025. It holds approximately 22.3% share in packaged vegetarian spices (including pure and blended spices) in Madhya Pradesh. Source: DRHP Draft Abridged Prospectus page 3.

**Q: Who are the company's key competitors?**
A: Key Packaged Spices Peers include: Everest Food Products Private Limited, Mahashian Di Hatti Private Limited (MDH), Aachi Masala Foods Private Limited, Sakthi Masala Private Limited, DS Spiceco Private Limited, Shubham Goldiee Masale Private Limited, Rakesh Masala Private Limited, Ramdev Food Products Private Limited, Empire Spices and Foods Limited, Badshah Masala Private Limited (unlisted spice players), Orkla India Limited and Tata Consumer Products Limited (listed packaged food players). Source: DRHP page 14.

**Q: What is the company's ranking among peers in PAT CAGR?**
A: The Company recorded the highest PAT CAGR of 114.84% between Fiscal 2023 and Fiscal 2025 among the unlisted spice players and listed packaged food players considered, with PAT rising from ₹99.35 million to ₹458.56 million. It recorded the highest PAT margin among the listed packaged food players considered at 11.13% in Fiscal 2025 and 12.01% in Fiscal 2026. Source: DRHP pages 174-175.

**Q: What is the Company's revenue CAGR compared to peers?**
A: The Company has grown at a CAGR of 21.3% from Fiscal 2021 to Fiscal 2025 and is one of the fastest growing spice companies among the Key Packaged Spices Peers. Source: DRHP Draft Abridged Prospectus page 2.

**Q: What is the EBITDA margin trend compared to peers?**
A: The Company's EBITDA margin improved from 12.32% (Fiscal 2024) to 15.92% (Fiscal 2025) to 17.16% (Fiscal 2026). The Company recorded the highest EBIT CAGR among peers at 108.71% from Fiscal 2023 to Fiscal 2025 (EBIT grew from ₹143.91 million in Fiscal 2023 to ₹807.49 million in Fiscal 2026). EBIT Margin improved from 4.21% (Fiscal 2023) to 16.46% (Fiscal 2026). Source: DRHP pages 173-174.

### Revenue and Distribution

**Q: What are the sales channels and their contribution to revenue?**
A: General trade: ₹4,585.07 million (95.14% of revenue from operations in Fiscal 2026); Modern trade: ₹178.68 million (3.71%); E-commerce and quick commerce platforms: ₹55.66 million (1.15%). Source: DRHP page 29.

**Q: In how many states and union territories are the products available?**
A: Products are currently available across 24 states and union territories in India, with an established presence in Madhya Pradesh, Chhattisgarh and Rajasthan, and a growing scale in markets such as Maharashtra, Uttar Pradesh, Bihar, Jharkhand and Gujarat. Over the last five years, the Company has expanded to states such as Telangana, Goa and Tamil Nadu. Source: DRHP Draft Abridged Prospectus page 4.

**Q: What is the revenue concentration by geography?**
A: In Fiscals 2026, 2025 and 2024, the Company derived 67.45%, 65.54% and 66.34% of its revenue from operations respectively from Madhya Pradesh. Pure spices category contributed 63.56%, 63.59% and 62.20% of revenue in the same periods. Source: DRHP pages 24 and 25.

**Q: How has the e-commerce channel performed?**
A: E-commerce and quick commerce platforms revenue grew from ₹17.80 million (Fiscal 2024) to ₹26.09 million (Fiscal 2025) to ₹55.66 million (Fiscal 2026), with the percentage of revenue from operations increasing from 0.45% to 0.64% to 1.15%. Source: DRHP page 29.

### Promoters, Management and Shareholding

**Q: Who are the Promoters of the Company?**
A: Mahendra Kumar Surana and Surendra Kumar Surana. Source: DRHP Cover Page.

**Q: Who is on the Board of Directors?**
A: (1) Mahendra Kumar Surana — Chairman and Managing Director (DIN: 01575516); (2) Surendra Kumar Surana — Chief Executive Officer and Whole-Time Director (DIN: 01575532); (3) Ruchi Rishiraj Khajanchi — Non-Executive Nominee Director (DIN: 07940325, nominee of A91 Emerging Fund I LLP); (4) Kasaragod Ullas Kamath — Independent Director (DIN: 00506681); (5) Chetan Kumar Mathur — Independent Director (DIN: 00437558); (6) Madhulika Katiyar — Independent Director (DIN: 05228502). Source: DRHP pages 65-66.

**Q: What are the qualifications and experience of the Promoters?**
A: Mahendra Kumar Surana (born March 17, 1966, aged 60): holds a post-graduate degree in communication and radar engineering from Indian Institute of Technology Delhi. Previously associated with M/s Munimji & Sons as partner. Associated with the Company since April 1, 1995. Over 31 years of experience in the FMCG sector. Surendra Kumar Surana (born July 19, 1969, aged 56): holds a master's degree in commerce (accounts and taxation) from Devi Ahilya University, Indore. Previously associated with M/s Munimji & Sons as partner. Associated with the Company since April 1, 1995. Over 31 years of experience in the FMCG sector. Source: DRHP Draft Abridged Prospectus page 5.

**Q: Who are the Key Managerial Personnel?**
A: (1) Mahendra Kumar Surana — Chairman and Managing Director; (2) Surendra Kumar Surana — Chief Executive Officer and Whole-Time Director; (3) Ankit Agrawal — Chief Financial Officer; (4) Sumeet Bansal — Company Secretary and Compliance Officer. Source: DRHP Draft Abridged Prospectus page 10.

**Q: What is the pre-Offer shareholding pattern?**
A: Promoters — Mahendra Kumar Surana: 10,000,000 Equity Shares (35.55%); Surendra Kumar Surana: 10,000,000 Equity Shares (35.55%). Total Promoters: 71.11%. Public Shareholders — A91 Emerging Fund I LLP: 5,663,460 shares (20.14%); Sixth Sense India Opportunities III: 2,196,040 shares (7.81%); Other public shareholders: 19,580 shares (0.07%). Total: 27,978,600 shares (99.47% of total issued capital). Source: DRHP Draft Abridged Prospectus page 6.

**Q: Who are the top 10 public shareholders besides the promoters?**
A: A91 Emerging Fund I LLP (5,663,460 shares, 20.14%), Sixth Sense India Opportunities III (2,196,040 shares, 7.81%), Nikhil Khandelwal (21,360 shares, 0.08%), Gold Fin Capital LLP (15,700 shares, 0.06%), Satwani Holdings LLP (15,700 shares, 0.06%), Amit Kumar Kumat (15,340 shares, 0.05%), Deepesh Shah HUF (9,380 shares, 0.03%), Mangu Bai Jain (9,380 shares, 0.03%), Shikha Rajoria (6,340 shares, 0.02%), Rahul Khandelwal (6,320 shares, 0.02%). Source: DRHP Draft Abridged Prospectus page 6.

**Q: How many employees does the Company have?**
A: The Company has approximately 350 employees. Source: DRHP Draft Abridged Prospectus (Management Discussion section).

**Q: What is the company's dividend distribution policy?**
A: The Company has not declared any dividends in the three fiscals preceding the DRHP. The Company does not have a track record of declaring dividends. Source: DRHP General Information section.

### Objects of the Offer

**Q: What are the objects of the Offer?**
A: The objects of the Offer are to (i) carry out the Offer for Sale of up to 7,445,000 Equity Shares by the Selling Shareholders; and (ii) achieve the benefits of listing the Equity Shares on the Stock Exchanges (BSE and NSE). The Company will not receive any proceeds from the Offer for Sale. Source: DRHP Draft Abridged Prospectus page 5.

### Business Strategies

**Q: What are the key business strengths?**
A: (1) Pan-India player with leadership position in West and Central India; (2) Diversified and expanding product portfolio with innovative offerings; (3) Established and scalable distribution network; (4) Robust sourcing capabilities and strategically located manufacturing facilities; (5) Strong liquidity position with a track record of consistent financial performance; (6) Experienced Promoters and senior management team, backed by marquee investors. Source: DRHP Draft Abridged Prospectus page 4.

**Q: What are the key business strategies?**
A: (1) Deepen presence in existing markets while expanding into new geographies; (2) Expand product portfolio to serve new customers and increase existing customer wallet share; (3) Continue to focus on brand building through channel excellence and consumer engagement; (4) Further strengthen sourcing and manufacturing capabilities. Source: DRHP Draft Abridged Prospectus page 4.

### Industry Overview

**Q: What is the size of the Indian domestic spice market?**
A: The Indian domestic spice market was valued at ₹909.6 billion in Fiscal 2025, having grown at a CAGR of 10.0% from Fiscal 2020 to Fiscal 2025. It is expected to reach ₹1,420.1 billion by Fiscal 2030, growing at a CAGR of 9.3% from Fiscal 2025 to Fiscal 2030. Source: DRHP Draft Abridged Prospectus pages 4-5.

**Q: What is the size of the packaged spices market in India?**
A: The packaged spices market was valued at ₹374.3 billion in Fiscal 2025 and is expected to grow to ₹653.4 billion by Fiscal 2030. The share of blended spices within the packaged spices segment is expected to increase from 34.0% in Fiscal 2025 to 40.4% in Fiscal 2030. Source: DRHP Draft Abridged Prospectus page 5.

**Q: What are the gross margins in the packaged spices industry?**
A: Packaged spices command higher gross margins ranging from 25% to 45%, as compared to other packaged food categories such as bakery and breads, pulses and ready-to-eat foods, among others, which have gross margins between 10% to 40%. Source: DRHP Draft Abridged Prospectus page 5.

### Litigation and Regulatory

**Q: What is the summary of outstanding litigation?**
A: Company: Criminal proceedings — 2 by the Company; Civil litigation — 4 by the Company (aggregate amount involved ₹200.00 million); Criminal proceedings — 1 against the Company; Statutory/regulatory proceedings — 3 against the Company (aggregate amount involved ₹0.20 million). Directors (excluding Promoters): Tax proceedings — 3 against the Directors (₹1.67 million). Promoters: Tax proceedings — 1 against the Promoters (₹0.44 million). Source: DRHP Draft Abridged Prospectus pages 10-11.

**Q: Are there any FSSAI proceedings against the Company?**
A: Yes, there are proceedings initiated against the Company under FSSAI regulations that are currently ongoing, as referred to in Outstanding Litigation and Material Developments at page 358 of the DRHP. Source: DRHP page 29.

### Risk Factors

**Q: What is the top risk factor disclosed in the DRHP?**
A: The top risk factor is the significant dependence on the sale of products in the 'pure spices' category (chilli, coriander and turmeric). In Fiscals 2026, 2025 and 2024, the Company derived 63.56%, 63.59% and 62.20% of revenue from operations from the pure spices category respectively. Source: DRHP Draft Abridged Prospectus page 8.

**Q: What are the key risk factors investors should consider?**
A: (1) Significant dependence on the pure spices category (chilli, coriander, turmeric) for ~63% of revenue; (2) Geographic concentration in Madhya Pradesh (~67% revenue); (3) Volatility in raw material prices and availability; (4) Dependence on 'Pushp' and 'Munimji' brands; (5) Extensive food safety and regulatory compliance requirements; (6) Contamination, spoilage or mislabelling risks; (7) Dependence on distribution network expansion; (8) Operational risks at manufacturing facilities; (9) Under-utilization of manufacturing capacity (~37% at Bardari+Bharosala); (10) Reliance on third-party manufacturing and job-work arrangements for tea and soya products. Source: DRHP Draft Abridged Prospectus pages 8-9.

**Q: What is the risk related to geographic concentration?**
A: In Fiscals 2026, 2025 and 2024, the Company derived 67.45%, 65.54% and 66.34% of its revenue from operations from the sale of products in Madhya Pradesh. All manufacturing and packaging operations are situated in Indore, Madhya Pradesh. Source: DRHP Draft Abridged Prospectus page 9.

**Q: What is the raw material concentration risk?**
A: The Company is dependent on a limited number of suppliers for raw materials and packaging materials. The top 10 suppliers accounted for 45.72%, 51.36% and 55.12% of total purchases in Fiscals 2026, 2025 and 2024 respectively. Hing is entirely sourced from outside India (Afghanistan and Iran) through domestic import channels. Source: DRHP pages 25-26.

**Q: What is the advertisement and sales promotion spend?**
A: Advertisement and sales promotion expenses: ₹316.08 million (Fiscal 2026), ₹221.79 million (Fiscal 2025), ₹283.24 million (Fiscal 2024). As a percentage of total expenses: 7.69% (Fiscal 2026), 6.33% (Fiscal 2025), 7.94% (Fiscal 2024). Source: DRHP page 26.

### Offer Structure and Procedure

**Q: What is the total number of Equity Shares outstanding before the Offer?**
A: The pre-Offer issued, subscribed and paid-up equity share capital of the Company is 28,120,000 Equity Shares of face value of ₹5 each (calculated on a fully diluted basis, including equity shares resulting from conversion of outstanding CCPS and exercise of vested stock options under ESOP 2023). Source: DRHP Draft Abridged Prospectus page 6.

**Q: What was the face value split history?**
A: Pursuant to a resolution passed at the EGM held on February 19, 2025, each fully paid-up equity share of face value of ₹10 each was sub-divided into two Equity Shares of ₹5 each. The cumulative number of shares was sub-divided from 1,000,010 equity shares of ₹10 each to 2,000,020 Equity Shares of ₹5 each. Preference shares of ₹100 each were sub-divided into 2 CCPS of ₹50 each on March 24, 2025. Source: DRHP Draft Abridged Prospectus page 10.

**Q: What is the ESOP scheme of the Company?**
A: The Company has the Pushp ESOP Scheme 2023 as amended. The ESOP is referred to in the Capital Structure and Other Financial Information sections of the DRHP. Source: DRHP page 6.

**Q: What is the mode of application for the Offer?**
A: All ASBA Bidders (excluding Anchor Investors) are required to mandatorily utilize the Application Supported by Blocked Amount (ASBA) process by providing details of their respective bank accounts (including UPI ID for UPI Bidders using UPI Mechanism) to participate in the Offer. Anchor Investors are not permitted to participate through the ASBA process. Source: DRHP Cover Page.

**Q: What is the minimum Bid Lot size?**
A: The minimum Bid Lot and the Price Band will be decided by the Company in consultation with the BRLMs and will be advertised at least two Working Days prior to the Bid/Offer Opening Date. Source: DRHP page 3.

**Q: Can Retail Individual Bidders Bid at Cut-off Price?**
A: Yes. Only RIBs Bidding in the Retail Portion are entitled to Bid at the Cut-off Price. QIBs (including Anchor Investors) and Non-Institutional Bidders are not entitled to Bid at the Cut-off Price. Source: DRHP page 10.

**Q: What is the allocation structure for Anchor Investors?**
A: Up to 60% of the QIB Portion may be allocated to Anchor Investors on a discretionary basis. Within the Anchor Investor Portion: 33.33% reserved for domestic Mutual Funds and 6.67% reserved for Life Insurance Companies and Pension Funds. Minimum application by Anchor Investor: ₹100 million. Source: DRHP pages 8 and 12.

**Q: Can Retail Individual Bidders withdraw or revise their bids?**
A: RIBs Bidding in the Retail Portion can revise their Bid(s) during the Bid/Offer Period and withdraw their Bid(s) until the Bid/Offer Closing Date. QIBs and Non-Institutional Bidders are not allowed to withdraw or lower their Bids at any stage. Anchor Investors are not allowed to withdraw their Bids after the Anchor Investor Bidding Date. Source: DRHP page 12.

**Q: Are NRIs eligible to apply?**
A: Yes, Eligible NRIs can apply in the Offer from jurisdictions outside India where it is not unlawful to make an offer or invitation under the Offer. NRIs are subject to the relevant FEMA regulations and FEMA NDI Rules. Source: DRHP pages 8 and 10.

**Q: Are FPIs eligible to apply?**
A: Yes, Eligible FPIs can participate in the Offer from jurisdictions outside India where it is not unlawful to make an offer/invitation under the Offer. Source: DRHP page 8.

### Key Milestones

**Q: What are the key milestones in the company's history?**
A: 1974 — Founded as proprietorship 'M/s Munimji & Sons' by Late Kishanlal Surana; 1985 — Converted to partnership firm; 1992 — Launch of Pushp Brand Special Laal Mirchi; 1994 — Launch of Garam Masala; 1995 — Mahendra Surana and Surendra Surana joined the business; 1996 — Registered as partnership firm with Registrar of Firms, Bhopal; Turnover crossed ₹10 million in Fiscal 1997, ₹20 million in Fiscal 2000, ₹50 million in Fiscal 2004; 2020 — Converted to Pushp Brand (India) Private Limited; 2023 — ESOP Scheme launched; 2025 — Converted to Pushp Brand (India) Limited (public limited); 2026 — DRHP filed with SEBI (May 26, 2026). Source: DRHP pages 3 and 194.

### Contact and Regulatory

**Q: What is the Company's Registrar of Companies (RoC)?**
A: Registrar of Companies, Madhya Pradesh at Gwalior, A-Block, Sanjay Complex, 3rd Floor, Jayendra Ganj, Gwalior 474 009, Madhya Pradesh, India. Source: DRHP page 65.

**Q: What is the complete address of the Registered and Corporate Office?**
A: Survey No. 74-75 Gram Bardari, Sanwer Road, Shri Aurobindo, Sanwer, Indore, 453 555, Madhya Pradesh, India. Tel: +91 731 299 2806. Source: DRHP page 3 and page 65.

**Q: What is the email for investor grievances?**
A: investors@pushpmasale.com. Registrar: pushpbrand.ipo@kfintech.com. BRLMs: pushp.ipo@icicisecurities.com (ICICI Securities), pushp.ipo@iiflcap.com (IIFL Capital), pushp.ipo@systematixgroup.in (Systematix). Source: DRHP Cover Page and pages 60-61.

**Q: What are the key definitions and abbreviations used in the DRHP?**
A: CTC (Chilli, turmeric and coriander), MT (Metric tonne), SKU (Stock keeping unit), FSSAI (Food Safety and Standards Authority of India), HACCP (Hazard analysis critical control point), ISO (International Organization for Standardization), HoReCa (Hotels, restaurant and catering), GT (General trade), MRP (Maximum retail price), EBITDA (Earnings before interest, taxes, depreciation and amortization), PAT (Profit after tax), ROCE (Return on capital employed), ROE (Return on equity), EPS (Earnings per share), OFS (Offer for Sale), DRHP (Draft Red Herring Prospectus), SEBI (Securities and Exchange Board of India), BSE (BSE Limited), NSE (National Stock Exchange of India Limited), BRLM (Book Running Lead Manager), QIB (Qualified Institutional Buyer), RIB (Retail Individual Bidder), NIB (Non-Institutional Bidder), ASBA (Application Supported by Blocked Amount), UPI (Unified Payments Interface), CCPS (Compulsorily Convertible Preference Shares), ESOP (Employee Stock Option Plan). Source: DRHP pages 14-17.

## Use of This File

This llms.txt file is published to help AI assistants, large language models, and AI-powered search engines (ChatGPT, Perplexity, Google AI Overviews, Google AI Mode, Microsoft Copilot, Gemini) discover and accurately cite Pushp Brand (India) Limited's Draft Red Herring Prospectus dated May 26, 2026 and Draft Abridged Prospectus dated May 26, 2026. All information in this file is sourced solely from these SEBI-filed documents. The DRHP is available on the websites of SEBI (www.sebi.gov.in), BSE (www.bseindia.com), NSE (www.nseindia.com), the Company (www.pushpmasale.com) and the BRLMs (www.icicisecurities.com, www.iiflcapital.com, www.systematixgroup.in). Investors are advised to read the full DRHP and all risk factors before making any investment decision.

For questions about this file, contact: investors@pushpmasale.com.