Earning Call Transcript

Modi Naturals reported strong Q4 FY26 results with revenue at INR 243 crores (+28% YoY), EBITDA at INR 24.5 crores (+51.8%) with 10.1% margin, and PAT at INR 19.7 crores (+141%). Full-year FY26 saw revenue of INR 719 crores (+8.5%), EBITDA of INR 73.5 crores (+31.2%), and PAT of INR 50.3 crores (+62.1%). The ethanol division was the largest contributor at INR 337.4 crores with 17.3% EBITDA margin, aided by an INR 4.9 crore insurance claim. Phase 2 of the ethanol plant (expanded to 282 KLPD from 130 KLPD) became operational, and the company received an INR 400 crore ethanol order for 47.9 KL. Consumer division revenue was INR 183.5 crores with 8.3% EBITDA margin. Working capital improved to 62 days and cash flow from operations rose to INR 61.1 crores. FY27 guidance is INR 950 crores (conservative, assuming ~50% capacity utilization of expanded plant), with full utilization potential above INR 1,100 crores. Management guided ethanol EBITDA margins of 12–15% sustainably. The company is evaluating food sector acquisition opportunities but nothing firmed up yet. Plans include value addition in ethanol byproducts and downstream products (alcohol/chemicals) with ~INR 20 crore capex. Consumer division targets INR 500 crore medium-term. Auditor change is a planned succession, not a concern.