MODI NATURALS LIMITED

Operates three businesses: an ethanol distillery, a bulk oils operation, and a branded consumer products division. Ethanol capacity was expanded in FY26 from 130 KLPD to 282 KLPD through commissioning of Phase 2, with supply orders of INR 400 crores (47.9 KL) secured from PSU oil marketing companies, valid through 31 October 2026. The bulk oils segment earned INR 198.29 crores in FY26 at a 0.7% EBIT margin, while the branded consumer segment earned INR 183.54 crores at an 8.1% EBIT margin. The ethanol segment generated full-year FY26 revenue of INR 337.35 crores, with the Q4 FY26 ethanol division posting an EBITDA margin of about 20 percent. Branded consumer products include oils under the Oleev brand plus newer food categories such as pasta and hing, with a medium-term consumer division revenue target of INR 500 crores. Raw materials account for 73.3 percent of revenue, and FY26 capex of INR 80.06 crores supported the ethanol capacity expansion.