BSE: 515008
MODERN INSULATORS LTD.
Manufactures electrical insulators as its main product, reporting strong revenue and profit growth in FY26. Total revenue for FY26 was Rs 719.84 crore with net profit of Rs 79.78 crore, while Q3 FY26 standalone revenue was Rs 19,939 lacs, up about 60% year-on-year. The named business segments in the filings are Insulators, Terry Towels and Others; the Insulators segment drove the bulk of growth, with 9M FY26 insulators revenue up about 57%, while Terry Towels stayed broadly flat. The company has extended large interest-free unsecured loans — Rs 7,119 lacs to a related party under Section 189 for a proposed amalgamation and Rs 1,923 lacs to a wholly owned subsidiary. A scheme of arrangement with Modern Denim Limited remains pending NCLT approval, and the statutory auditor has issued qualified opinions because tax provisions of Rs 936.19 lacs for FY26 (cumulative Rs 12,780.38 lacs) have not been booked pending that amalgamation. The company has also begun deploying surplus cash into alternative investment funds, committing up to Rs 25 crore in Buoyant Large Value Fund and up to Rs 51 crore in Avendus Structured Credit Fund III, both described as outside its main line of manufacturing insulators. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Insulators, Terry Towels, Others. Industrial manufacturing, capital goods electrical equipment
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 442 | 431 | 443 | 503 | 720 |
| EBITDA (ex other income) | 23 | 23 | 35 | 44 | 95 |
| margin % | 5.1 | 5.4 | 7.9 | 8.8 | 13.2 |
| Owners' profit | 22 | 0 | 0 | 39 | 0 |
| EPS, as reported (₹) | 4.66 | 5.93 | 7.65 | 8.18 | 16.92 |
| ROE % · ROCE % | 6.1 · 6.3 | 7.2 · 6.8 | 8.5 · 8.1 | 8.3 · 9.6 | 14.7 · 17.0 |
| Debt / equity (x) | 0.07 | 0.02 | 0.05 | 0.05 | 0.13 |
| Cash from operations | 14 | 23 | 14 | 40 | 47 |
| Capex | (2) | (6) | (6) | (19) | (21) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 140 | 104 | 115 | 125 | 160 | 141 | 199 | 203 |
| Profit before tax | 15 | 8 | 12 | 12 | 13 | 14 | 32 | 33 |
| Net profit | 16 | 8 | 13 | 9 | 9 | 15 | 24 | 24 |
| EPS (₹) | 7.65 | 1.60 | 2.77 | 1.97 | 1.84 | 3.23 | 5.12 | 5.06 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Insulators | 508 | 93.2 |
| Terry Towels | 35 | 6.4 |
| Others | 2 | 0.4 |
| Total, before eliminations | 545 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.4 | 22.4 | 33 of 52 | 37% |
| P/B | 3.9 | 3.3 | 30 of 49 | 40% |
| ROCE | 16.0 | 12.4 | 25 of 55 | 56% |
| ROE | 14.7 | 12.4 | 23 of 50 | 55% |
| Debt / Equity | 0.1 | 0.3 | 18 of 50 | 65% |
| EBITDA margin | 18.4 | 12.6 | 19 of 51 | 64% |
| Revenue growth | 62.5 | 20.7 | 7 of 46 | 87% |
| Profit growth | 155.6 | 37.7 | 8 of 45 | 84% |
| Market cap | 2115 | 591 | 17 of 56 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Routine compliance certificate for share dematerialization for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · 41st AGM results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 41st AGM held; 4 resolutions tabled including director pay revision | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closure from 1 Oct 2026 till Q2 results announcement | compliance | minimal | — | — |
| 8 Sept 2026 · Modern Insulators publishes 41st AGM notice in newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Notice of 41st Annual General Meeting | board shareholder meetings | low | — | — |
| 7 Sept 2026 · FY 2025-26 annual report shows strong growth and AGM notice | results | high | — | — |
| 20 Aug 2026 · CRISIL reaffirms ratings, enhances loan facility limit to Rs 165 Cr | credit debt | medium | — | — |
| 12 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results | compliance | minimal | — | — |
| 10 Aug 2026 · Q1 FY27 results: revenue dips but PAT rises; auditor flags qualified review | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.