| Market Cap (cr): | 280.8 | Book Value: | 192.4 |
|---|---|---|---|
| Lot Size: | 100 shares | 52 Week High: | 585 |
| 52 Week Low: | 400 | EPS: | ₹16 |
| Demat Account: | PB: | 3.04 | |
| Face Value: | 10 | Debt To Equity: | 0.55 |
| No Of Shares: | 4800000 | Url: | https://www.rambandhu.com |
Overview :
Key Takeaways
- Empire Spices and Foods Limited is the Nashik, Maharashtra-based FMCG company behind Ram Bandhu Masale — one of Maharashtra’s most recognised spice brands.
- The company started from a small shop in Nashik, grew through word-of-mouth on quality and taste, established a dedicated manufacturing unit, and was incorporated as a public limited company in 1994.
- Five-brand portfolio: Ram Bandhu, Tempting, RBM, Zaiqa and Spice One — allowing segmentation across price points and regional tastes.
- Wide product range: ground spices, blended spices, signature products, pickles, papads, sauces, pastas, hing, snacks and gifting.
- The investment logic: branded packaged spices is one of India’s most attractive FMCG categories — high repeat purchase, strong brand loyalty, and a large unorganised-to-organised conversion opportunity still underway.
Company Overview & Fundamentals
| Parameter | Details |
|---|---|
| Company Name | Empire Spices and Foods Limited |
| Flagship Brand | Ram Bandhu Masale |
| Origin | Nashik, Maharashtra |
| Incorporated as Public Ltd | 1994 |
| Industry | FMCG — Spices, Condiments, Packaged Foods |
| Brand Portfolio | Ram Bandhu, Tempting, RBM, Zaiqa, Spice One |
The Ram Bandhu Story
Empire Spices began its journey from a small shop in Nashik, Maharashtra. The quality and taste of its spice blends became popular in a very short time, and to fulfil growing demand a dedicated manufacturing unit was established.
That was the first step toward what became Ram Bandhu Masale. The company began distributing to other cities across Maharashtra, and in 1994 a public limited company was established — Empire Spices and Foods Limited.
Why this origin story matters commercially: brands that grow on word-of-mouth about product quality — rather than advertising spend — tend to have far stronger customer loyalty and repeat rates. Ram Bandhu built its Maharashtra franchise on taste consistency, which is the single most important attribute in the spice category.
Product Portfolio
| Category | Items |
|---|---|
| Ground Spices | Turmeric, chilli, coriander and other single spices |
| Blended Spices | Masala blends — the highest-margin category |
| Signature Products | Proprietary formulations |
| Pickles | Traditional Indian achar |
| Papads | Regional varieties |
| Sauces & Pastas | Modern format convenience foods |
| Hing (Asafoetida) | Premium-priced staple |
| Snacks | Ready-to-eat range |
| Gifting | Festive and occasion packs |
The Multi-Brand Strategy
Operating five brands — Ram Bandhu, Tempting, RBM, Zaiqa and Spice One — allows Empire Spices to:
- Address different price points without diluting the flagship brand
- Target distinct regional taste preferences (Zaiqa suggests a North Indian/Muslim-market positioning)
- Serve different channels — traditional trade, modern trade, institutional
- Avoid cannibalisation between premium and value offerings
This is a sophisticated FMCG approach typically seen in much larger companies.
Why Consider Empire Spices and Foods Unlisted Shares?
- Branded FMCG economics — spices deliver high gross margins, frequent repeat purchase and strong brand stickiness
- Established regional brand — Ram Bandhu is a household name across Maharashtra
- 30+ years as a public limited company since 1994, with roots going back further
- Five-brand portfolio enabling multi-segment coverage
- Broad product range beyond spices — pickles, papads, sauces, snacks and gifting diversify revenue
- Unorganised-to-organised shift — a large share of India’s spice market remains unbranded; packaged players capture that conversion
- Recession-resistant category — food staples hold up in downturns
- Listed-peer valuation reference — India’s listed spice and packaged-food companies have historically commanded premium multiples, providing a benchmark
Risks to Consider — Read Carefully
- Limited public financial disclosure. Detailed audited revenue, profit and balance-sheet data are not readily available in the public domain. Request the latest filings from Arms Securities before investing — do not invest on brand recognition alone.
- Intense competition. The Indian spice market includes MDH, Everest, Catch (DS Group), Badshah, Aachi, Eastern and numerous regional players, alongside large FMCG entrants.
- Regional concentration. Strength in Maharashtra is a genuine asset but also a geographic concentration risk; national expansion is expensive and difficult.
- Raw material volatility. Turmeric, chilli, cumin and cardamom prices swing sharply with weather and crop cycles, directly hitting gross margins.
- Quality and regulatory risk. The spice industry has faced periodic regulatory scrutiny over contaminants and adulteration internationally. Any adverse finding can severely damage a food brand.
- Working capital intensity — agricultural raw material procurement is seasonal and inventory-heavy.
- No IPO announced — assume OTC-only liquidity and a multi-year horizon.
- Thin trading liquidity in the unlisted market.
How to Buy from Arms Securities
Call/WhatsApp +91-8882245112 → request the latest available financials → confirm price and lot → share CMR → pay via NEFT/RTGS → shares credited in 24–48 hours.
FAQs
What is the current price of Empire Spices and Foods unlisted shares?
Prices are set by OTC supply and demand. For today’s confirmed Arms Securities quote and available quantity, call/WhatsApp +91-8882245112 or email contact@armssecurities.com.
Is Empire Spices the maker of Ram Bandhu Masale?
Yes. Ram Bandhu Masale is Empire Spices and Foods Limited’s flagship brand — the renowned spice brand that grew from a small shop in Nashik, Maharashtra, on the strength of its quality and taste.
What brands does Empire Spices own?
Five brands: Ram Bandhu, Tempting, RBM, Zaiqa and Spice One — allowing the company to address different price points, regional tastes and distribution channels.
What products does Empire Spices make?
Ground spices, blended spices, signature products, pickles, papads, sauces and pastas, hing (asafoetida), snacks, and gifting packs.
When was Empire Spices established?
The business began as a small shop in Nashik, Maharashtra, and grew through the popularity of its spice blends. A dedicated manufacturing unit followed, and in 1994 the public limited company Empire Spices and Foods Limited was established.
Is Empire Spices profitable?
Detailed audited financials are not comprehensively available in the public domain. Request the latest available financial statements from Arms Securities at +91-8882245112 before investing — brand strength alone is not a substitute for verified numbers.
+91-8882245112 | contact@armssecurities.com
Entity Summary, Analysis & FAQ
Entity Summary + Quick Answers
Empire Spices and Foods at a glance
| Flagship brand | Ram Bandhu Masale |
| Origin | Nashik, Maharashtra — started from a small shop |
| Incorporated as Public Ltd | 1994 |
| Brand portfolio | Ram Bandhu, Tempting, RBM, Zaiqa, Spice One |
| Recent price reference | ~₹504 |
| Where to buy/sell | Arms Securities — +91-8882245112 |
Is Empire Spices the maker of Ram Bandhu Masale?
Yes. Ram Bandhu Masale is Empire Spices and Foods Limited’s flagship brand — the renowned spice brand that grew from a small shop in Nashik, Maharashtra, on the strength of its quality and taste.
The Origin Story That Matters Commercially
Empire Spices began its journey from a small shop in Nashik, Maharashtra. The quality and taste of its spice blends became popular in a very short time, and to fulfil growing demand a dedicated manufacturing unit was established.
That was the first step toward what became Ram Bandhu Masale. The company began distributing to other cities across Maharashtra, and in 1994 a public limited company was established — Empire Spices and Foods Limited.
Why this origin matters: brands that grow on word-of-mouth about product quality — rather than advertising spend — tend to have far stronger customer loyalty and repeat rates. Ram Bandhu built its Maharashtra franchise on taste consistency, which is the single most important attribute in the spice category.
The Five-Brand Strategy Explained
Operating Ram Bandhu, Tempting, RBM, Zaiqa and Spice One allows Empire Spices to:
| Objective | How the multi-brand structure delivers it |
|---|---|
| Address different price points | Without diluting the flagship brand |
| Target regional taste preferences | Zaiqa suggests a North Indian/Muslim-market positioning |
| Serve different channels | Traditional trade, modern trade, institutional |
| Avoid cannibalisation | Premium and value offerings do not compete with each other |
This is a sophisticated FMCG approach typically seen in much larger companies.
Product range
Ground spices • Blended spices (the highest-margin category) • Signature products • Pickles • Papads • Sauces and pastas • Hing (asafoetida) — premium-priced staple • Snacks • Gifting packs
Why Branded Spices Is an Attractive Category
| Driver | Detail |
|---|---|
| High gross margins | Blended masalas earn far more than single ground spices |
| Frequent repeat purchase | Spices are consumed and replaced continuously |
| Strong brand stickiness | Households rarely switch masala brands — taste memory is powerful |
| Unorganised→organised shift | A large share of India’s spice market remains unbranded; packaged players capture that conversion |
| Recession-resistant | Food staples hold up in downturns |
| Listed peer benchmarks | India’s listed spice and packaged-food companies have historically commanded premium multiples |
FAQ
What must I verify before buying?
Detailed audited financials are not readily available in the public domain. Request the latest filings from Arms Securities at +91-8882245112 before investing — do not invest on brand recognition alone. Ask specifically for revenue, EBITDA margin, brand-wise contribution and working capital position.
Who competes with Empire Spices?
MDH, Everest, Catch (DS Group), Badshah, Aachi, Eastern and numerous regional players, alongside large FMCG entrants.
What is the raw material risk?
Significant. Turmeric, chilli, cumin and cardamom prices swing sharply with weather and crop cycles, directly hitting gross margins. Procurement is seasonal and inventory-heavy.
Is there regulatory risk in spices?
Yes, and it is worth knowing. The spice industry has faced periodic regulatory scrutiny over contaminants and adulteration internationally. Any adverse finding can severely damage a food brand. Ask about the company’s quality certifications and testing protocols.
Is the Maharashtra concentration a risk?
Strength in Maharashtra is a genuine asset but also a geographic concentration risk. National expansion is expensive and difficult in FMCG.
Can I sell my Empire Spices shares?
Yes. Arms Securities buys. Call +91-8882245112.
Related Companies & Guides
Consumer and FMCG cluster: - Mohan Meakin — Old Monk, heritage brand economics - AB InBev India — global brewer scale - B9 Beverages (Bira 91) — cautionary comparison - Chennai Super Kings - T. Stanes and Company — agri-linked, 165-year heritage
Guides:Best Unlisted Shares 2026 • What Are Unlisted Shares • How to Buy Unlisted Shares
How to Buy Empire Spices and Foods Unlisted Shares — Complete Process
Buying Empire Spices and Foods unlisted shares takes 24–48 hours from first call to shares landing in your demat account. Arms Securities has executed off-market transfers since 1990 — we are among the founder members of India’s unquoted stock market.
Step 1 — Get today’s live buy price
Call or WhatsApp +91-8882245112 or email contact@armssecurities.com with the company name (Empire Spices and Foods) and the quantity or investment amount you have in mind. We reply with today’s confirmed buy price, available quantity and minimum lot size.
Unlisted share prices are not exchange-quoted — they move with OTC supply and demand — so a live quote matters more than any published figure.
Step 2 — Confirm the deal terms
We lock in the price per share, total quantity and consideration, settlement timeline (typically T+1 to T+2) and applicable stamp duty (0.015% on off-market transfers). Nothing moves until you confirm in writing on WhatsApp or email.
Step 3 — Share your demat details
Send your Client Master Report (CMR) — a one-page PDF from your broker’s app or Depository Participant containing your DP ID, Client ID, beneficiary name, depository (NSDL or CDSL) and PAN.
You do not need a special account. Empire Spices and Foods shares are credited to your existing demat account — the same one you use for listed shares.
Step 4 — Transfer payment
Pay by NEFT, RTGS or IMPS to Arms Securities’ verified bank account. We share full details in writing with the deal confirmation. Never pay to an account shared verbally or by an unverified number — always confirm on +91-8882245112.
Step 5 — Receive shares in your demat account
We initiate the off-market transfer through NSDL or CDSL. Shares are credited within 24–48 hours of payment confirmation. You receive SMS and email from the depository, and the holding appears in your regular demat statement.
Documents required to buy Empire Spices and Foods shares
| Document | Format | Notes |
|---|---|---|
| PAN Card | Scan or photo | Mandatory for all securities transactions |
| Client Master Report (CMR) | PDF from your DP | Contains DP ID, Client ID, beneficiary details |
| Aadhaar / Address Proof | Scan or photo | For KYC |
| Cancelled Cheque | Scan or photo | Bank account verification |
| Payment Confirmation | UTR / screenshot | After NEFT/RTGS transfer |
Everything can be submitted digitally on WhatsApp or email. No physical paperwork, no courier, no branch visit.
Minimum investment in Empire Spices and Foods shares
Minimum investment depends on the prevailing price and the minimum lot available at that moment — both change. Call +91-8882245112 for today’s exact minimum. For allocations above ₹10 lakh, see our bulk unlisted share transactions service.
Is it legal and safe to buy Empire Spices and Foods unlisted shares?
Yes — trading in unlisted shares is completely legal in India.
| Safeguard | How it works |
|---|---|
| Official depository system | Every transfer runs through NSDL or CDSL — the same infrastructure that settles listed shares |
| Your own demat account | Shares are credited directly in your name. Nothing is held on your behalf by us |
| Audit trail | The depository generates an electronic record of every transfer |
| Stamp duty compliance | 0.015% collected by the depository under the Indian Stamp Act 2019 |
| PAN-linked | All holdings are reported against your PAN for tax purposes |
One caution: SEBI has warned investors against unauthorised electronic platforms offering unlisted securities. Deal only with established intermediaries who settle through the depository system and who you can speak to on a phone number.
Buy Empire Spices and Foods shares — call/WhatsApp +91-8882245112
Related: buy unlisted shares in India • off-market share transfer • our transfer procedure • how to buy unlisted shares — step-by-step guide
Sell Your Empire Spices and Foods Unlisted Shares — We Buy
Arms Securities buys Empire Spices and Foods unlisted shares. If you hold them and want to exit, we provide a firm bid, handle the entire transfer, and pay by NEFT/RTGS within 24 hours of receiving the shares.
We buy in every format
| You hold | How we handle it |
|---|---|
| Demat shares | Standard off-market transfer via DIS — fastest route |
| Physical share certificates | Authentication, valuation, transfer deed or dematerialisation |
| Inherited shares | Full transmission support — name transfer from the deceased holder |
| Bulk blocks | Large quantities executed discreetly with preferential pricing |
| NRI holdings | FEMA-compliant documentation and repatriation guidance |
Why sellers come to Arms Securities
Most brokers cannot help you. Your regular stockbroker can only trade listed shares on the exchange. Unlisted shares have no exchange — you need a dealer with an actual buyer network.
We have been that dealer since 1990. We are among the founder members of India’s unquoted stock market, we deal in physical certificates that most modern platforms refuse to touch, and we maintain a standing book of HNI and institutional buyers across 15+ states.
How to sell Empire Spices and Foods shares — step by step
Step 1 — Tell us what you hold. Call/WhatsApp +91-8882245112 with the company name, quantity, and whether your shares are in demat or physical form.
Step 2 — Receive our bid. We quote a firm buy price based on current OTC demand. No obligation.
Step 3 — Submit documents.
For demat holdings: Demat account statement / Client Master Report • PAN card copy • Cancelled cheque • Delivery Instruction Slip (DIS)
For physical certificates: Original share certificates • PAN card copy • Address proof • Cancelled cheque • Transfer deed (Form SH-4) • If inherited: death certificate, succession certificate or legal heir documents
Step 4 — Transfer the shares. Demat: Submit a DIS to your DP transferring shares to Arms Securities — A/C 11323830, DP ID IN302365, DP: Shri Parasram Holdings Pvt. Ltd. You can also execute online via CDSL Easiest or NSDL Speed-e. Physical: Courier the certificates with signed transfer deed. We guide you through the exact process.
Step 5 — Receive payment. On confirmation of share receipt, we release payment by NEFT or RTGS — typically within 24 hours.
Selling inherited or old Empire Spices and Foods share certificates
This is our specialism, and very few dealers in India offer it.
If you have found old Empire Spices and Foods share certificates among family papers — perhaps belonging to a parent or grandparent — you likely have a valid, transferable asset.
- Do not discard them. Old certificates frequently retain real value.
- Photograph them and send to +91-8882245112. We verify authenticity and current status at no cost.
- We check the company’s position — active, merged, renamed, delisted or dissolved — and tell you honestly what your holding represents today.
- If the shares have value, we quote and buy. If not, we explain the position and the capital-loss tax set-off available to you.
Full physical share certificate guide →
Tax when you sell Empire Spices and Foods unlisted shares
| Holding Period | Classification | Tax Rate |
|---|---|---|
| More than 24 months | Long-Term Capital Gain (LTCG) | 20% with indexation benefit |
| 24 months or less | Short-Term Capital Gain (STCG) | Your applicable income slab rate |
- No STT (Securities Transaction Tax) applies to unlisted share transactions
- Stamp duty of 0.015% applies on off-market transfers, collected by the depository
- For inherited shares, the holding period includes the original owner’s period — often making gains long-term automatically
- For NRIs, TDS provisions apply; we guide on documentation
If the shares later list, post-listing tax treatment changes to listed-share rules (12-month LTCG threshold), with the holding period counted from your original purchase date.
Complete tax guide on unlisted shares • Capital gains tax on unlisted shares
Consult a Chartered Accountant for your specific situation.
Sell your Empire Spices and Foods shares — call/WhatsApp +91-8882245112 for a firm bid
Related: sell unlisted shares in India • physical & demat share assistance
Trust & Contact Block
Why Buy and Sell Empire Spices and Foods Shares Through Arms Securities?
| Arms Securities | Typical online platform | |
|---|---|---|
| Years in business | 35+ years (since 1990) | 3–8 years |
| Market standing | Founder member of India’s unquoted stock market | Recent entrant |
| Physical certificates | ✅ Full handling — authentication, transmission, demat | ❌ Usually refused |
| Delisted / suspended shares | ✅ Specialism | ❌ Not offered |
| Inheritance / transmission | ✅ Complete support | ❌ Not offered |
| We buy as well as sell | ✅ Two-way market | ⚠️ Often buy-side only |
| Direct phone access | ✅ Speak to a dealer | ⚠️ Ticket systems |
| HNI clients served | 2,300+ | — |
| Geographic reach | 15+ states | — |
Our pre-IPO track record
Arms Securities identified and supplied pre-IPO shares in companies that became genuine multibaggers for our clients:
DLF • D-Mart (Avenue Supermarts) • Nazara Technologies • LUX Industries • ISGEC Heavy Engineering • L&T Infotech (now LTIMindtree)
The full 35-year Arms Securities story • Arms Securities vs UnlistedZone • ⭐ Client success stories
Contact: +91-8882245112 (Call/WhatsApp) • +91-9899131155 • +91-11-47000023 contact@armssecurities.com • www.armssecurities.com Mon–Fri 9:30–18:00 • Sat 10:00–14:00
Related guides: What are unlisted shares in India • Best unlisted shares to buy in 2026 • Full unlisted share price list • Unlisted shares FAQ • Contact Arms Securities
Balance Sheet of Empire Spices and Foods Unlisted Shares
in ₹ Cr.
| category | FY23 | FY22 |
|---|---|---|
| Equity | 82.39 | 69.43 |
| Liabilities | 85.99 | 56.05 |
| Total Equity and Liabilities | 168.38 | 125.48 |
| Net Fixed Assets | 76.72 | 77.70 |
| Capital Work-in-progress | 15.48 | 0.00 |
| Other Non current Assets | 4.56 | 1.71 |
| Current Assets | 71.62 | 46.07 |
| Total Assets | 168.38 | 125.48 |
Profit and Loss of Empire Spices and Foods Unlisted Shares
in ₹ Cr.
| category | FY23 | FY22 |
|---|---|---|
| Net Revenue | 297.59 | 247.55 |
| Total Operating Cost | 272.63 | 221.69 |
| Operating Profit (EBITDA) | 24.96 | 25.86 |
| Other Income | 0.25 | 0.23 |
| Depreciation and Amortization Expense | 4.63 | 4.37 |
| Profit Before Interest and Taxes | 20.58 | 21.72 |
| Finance Costs | 3.16 | 2.18 |
| Profit Before Tax and Exceptional Items Before Tax | 17.42 | 19.54 |
| Profit Before Tax | 17.42 | 19.54 |
| Income Tax | 3.73 | 4.90 |
| Profit for the Period from Continuing Operations | 13.69 | 14.64 |
| Profit for the Period | 13.69 | 14.64 |
Net Sales (in cr.)
Total Income (in cr.)
Operating Profit (in cr.)
Net Profit (in cr.)
Shareholder Funds (in cr.)
Total Assets (in cr.)
Frequently Ask Question
Have Your Any Question?
Open a demat account and transact securely via Arms Securities with full regulatory compliance.
Submit a Delivery Instruction Slip (DIS) via your DP and complete the off-market demat settlement through Arms Securities.
Pre-IPO shares have a 6-month SEBI lock-in after listing; OTC trades generally have no lock-in.
Purchase through Arms Securities—India’s trusted unlisted shares broking platform.
Submit the DIS to your DP, which moves shares from your demat to the buyer; Arms Securities will guide the process.
Yes, when routed via SEBI-registered brokers with proper documentation and demat settlement.
Short-term (<24 months): as per income tax slab; long-term (≥24 months): 20% with indexation benefit.
SEBI governs intermediary conduct and all demat settlements; Arms Securities maintains strict compliance.
Directly from company allottees, ESOP holders, and market-verified demat holders.
Subscribe at Arms Securities for daily alerts and visit rambandhu.com for official company updates.