Investor Presentation
MODINATUR · price
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Modi Naturals reported consolidated H1FY26 revenue of Rs 302.0 Cr (+2.7% YoY), with EBITDA up 24.0% to Rs 33.0 Cr and PAT up 36.7% to Rs 20.6 Cr, driven by strong ethanol and bulk division performance. ROCE improved sharply to 19.1% (from 10.3%) and Debt/Equity fell to 1.07x from 1.38x, with working capital cycle also tightening to 56 days. The Ethanol division secured Rs 400 Cr of orders from OMCs in October 2025, and the 180 KLPD expansion is on track for December 2025 commissioning, taking total capacity to 310 KLPD. The Consumer division saw temporary GST-related margin pressure, while the Bulk division returned to profitability. Management guided FY26 revenue of Rs 850–880 Cr, EBITDA of Rs 80–85 Cr, and PAT of Rs 42–48 Cr.
Sharp improvement in profitability metrics, debt reduction, and a Rs 400 Cr order book visibility for the high-margin ethanol business are positive for shareholders. The FY26 guidance implies strong double-digit earnings growth, though near-term consumer margins may stay soft until the GST impact normalises.