NSE: MODINATUR · BSE: 519003
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Ethanol, Bulk, Branded. Multi-segment food and fuel business spanning ethanol distillery, bulk oils, and branded consumer goods
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 474 | 418 | 400 | 663 | 719 |
| EBITDA (ex other income) | 15 | 5 | 9 | 56 | 78 |
| margin % | 3.1 | 1.2 | 2.3 | 8.4 | 10.9 |
| Owners' profit | 0 | 0 | 0 | 31 | 50 |
| EPS, as reported (₹) | 7.38 | 0.93 | (0.89) | 23.25 | 38.01 |
| ROE % · ROCE % | 12.1 · 17.9 | 1.3 · 3.1 | (1.5) · 3.3 | 25.5 · 24.7 | 29.2 · 23.5 |
| Debt / equity (x) | 0.66 | 1.74 | 1.87 | 1.22 | 0.94 |
| Cash from operations | (13) | (6) | (7) | 49 | 61 |
| Capex | (9) | (90) | (34) | (20) | (80) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 147 | 179 | 190 | 155 | 147 | 174 | 243 | 156 |
| Profit before tax | 9 | 8 | 11 | 13 | 12 | 12 | 26 | 16 |
| Net profit | 8 | 7 | 8 | 10 | 10 | 10 | 20 | 13 |
| EPS (₹) | 5.70 | 5.88 | 6.05 | 7.87 | 7.58 | 7.56 | 15.00 | 9.44 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Branded | 51 | 20.9 |
| Bulk | 100 | 41.2 |
| Ethanol | 92 | 37.9 |
| Total, before eliminations | 243 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) Compliance Certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · No Physical Share Transfer Requests in September 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 22 Sept 2026 · Modi Naturals to attend Arihant Capital investor conference on Sep 29 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Modi Naturals: No Physical Share Transfer Requests in August 2026 | compliance | minimal | — | — |
| 17 Aug 2026 · Additional Rs 140 crore ethanol order from OMCs via subsidiary | business updates | high | — | — |
| 17 Aug 2026 · Profit rises as margins improve; ethanol orders and FY27 guidance strengthen | investor communications | medium | — | — |
| 7 Aug 2026 · Board Meeting on 14 Aug 2026 to approve Q1 FY27 results | results | low | — | — |
| 6 Aug 2026 · Report on Physical Share Transfer Requests for July 2026 | compliance | minimal | — | — |
| 5 Aug 2026 · Clarification on delayed submission of 52nd AGM proceedings | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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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.