Outcome of the Board Meeting.
MODINATUR · price
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Modi Naturals' Board approved unaudited standalone and consolidated results for Q2 and H1 FY26 on 14 November 2025. On a consolidated basis, revenue from operations rose about 5.8% YoY to Rs. 155.03 crore in Q2 FY26, while profit after tax jumped roughly 28% YoY to Rs. 10.07 crore. For H1 FY26, consolidated revenue grew to Rs. 302.02 crore (up ~2.7% YoY) and PAT surged about 31% YoY to Rs. 20.97 crore, driven by its 100% subsidiary Modi Biotech which contributed Rs. 84.82 crore in revenues. On a standalone basis, Q2 revenue dipped about 6% YoY to Rs. 62.28 crore, but PAT still grew ~27% to Rs. 2.63 crore, with the branded business segment continuing to be the main profit driver. The statutory auditor Doogar & Associates issued a clean (unqualified) limited review report on both sets of results. Operating cash flow remained healthy at Rs. 32.18 crore for H1 FY26 on a consolidated basis.
The sharp jump in consolidated earnings—well ahead of revenue growth—signals improving margins and stronger contribution from the subsidiary, which is positive for shareholders. However, the balance sheet shows borrowings have risen meaningfully (non-current borrowings up over 55% from year-end) and capital work-in-progress has tripled, indicating heavy ongoing capex that investors should watch closely.