NSE: MODIRUBBER · BSE: 500890
MODI RUBBER LTD
Operates through three segments reported for FY26: travel services at 74.3% of segment revenue (Rs 25.83 crore), real estate services at 13.5% (Rs 4.69 crore), and others at 12.2% (Rs 4.24 crore). The business is run through subsidiaries and joint ventures, with the parent holding interests in eight subsidiary or JV entities including Asahi Modi Materials, Gujarat Guardian, Spin Investment, and Superior Investment. Through Gujarat Guardian Limited, a joint venture with Guardian International LLC USA, the company is associated with a float glass manufacturer that is installing a second float glass production line. Employee cost is the largest input at 54.5% of revenue, while materials are only 10.9%, reflecting a service-and-investment mix rather than a goods-intensive operation. EBIT margins differ sharply by segment: real estate services at 65%, others at 39.6%, and travel services at 20.6%. The promoter-group entity Modi Industries Limited holds 8,00,000 equity shares of the company. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Travel services (74%), Real estate services (14%), Others (12%). Service-and-investment style holding with travel, real estate, and JV interests rather than a manufacturing-heavy tyre/rubber operation.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5 | 5 | 22 | 29 | 34 |
| EBITDA (ex other income) | (22) | (19) | (18) | (20) | (26) |
| margin % | (425.0) | (365.9) | (81.0) | (70.2) | (75.8) |
| Owners' profit | 26 | 0 | 16 | 0 | 0 |
| EPS, as reported (₹) | 10.24 | 11.06 | 6.21 | 8.19 | 0.26 |
| ROE % · ROCE % | 4.1 · (2.4) | 4.3 · (1.7) | 2.4 · (0.4) | 3.0 · (1.0) | 0.1 · (2.2) |
| Debt / equity (x) | 0.00 | 0.03 | 0.03 | 0.03 | 0.03 |
| Cash from operations | (25) | (18) | 32 | (3) | (11) |
| Capex | (5) | (10) | (3) | (2) | (0) |
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 | 7 | 10 | 7 | 7 | 8 | 7 | 12 | 8 |
| Profit before tax | (0) | (3) | (6) | (2) | (2) | (0) | (13) | (1) |
| Net profit | 6 | 6 | 1 | 5 | 5 | 5 | (14) | 4 |
| EPS (₹) | 2.53 | 2.48 | 0.46 | (1.51) | 1.82 | 2.03 | (5.55) | 1.70 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Real estate services | 4 | 10.5 |
| Travel services | 20 | 56.6 |
| Others | 4 | 12.2 |
| real estate services | 1 | 3.0 |
| travel services | 6 | 17.7 |
| Total, before eliminations | 35 | 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. % |
|---|---|---|---|---|---|---|---|---|
| MRF LTD | 50,055 | 20.7 | 2.39 | 9.8 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD | 40,512 | 28.8 | 3.70 | 17.5 | 11.3 | 13.0 | 13.4 | 24.4 |
| APOLLO TYRES LTD | 24,642 | 14.4 | 1.47 | 8.1 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED | 12,546 | 21.5 | 2.48 | 7.7 | 13.8 | 12.8 | 15.6 | 8.4 |
| JK TYRE & INDUSTRIES LTD | 8,792 | 13.2 | 1.45 | 6.8 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED | 3,199 | 34.6 | 2.69 | 13.3 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,573 | 25.6 | 2.60 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 537 | 58.4 | 15.89 | 56.5 | 18.4 | 21.3 | — | 2.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.4 | 2.4 | 2 of 16 | 93% |
| ROCE | (2.4) | 9.9 | 15 of 17 | 13% |
| ROE | 0.1 | 9.0 | 14 of 16 | 13% |
| Debt / Equity | 0.0 | 0.4 | 2 of 16 | 93% |
| EBITDA margin | 8.9 | 7.6 | 5 of 16 | 73% |
| Revenue growth | 10.1 | 10.1 | 8 of 15 | 50% |
| Profit growth | (12.9) | (5.8) | 10 of 16 | 40% |
| Market cap | 276 | 326 | 11 of 17 | 38% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Modi Rubber investor grievance report Q2 FY27 - zero pending complaints | compliance | minimal | — | — |
| 30 Sept 2026 · Modi Rubber 53rd AGM: All 4 resolutions passed, Alok Modi reappointed as MD | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1, 2026 till Q3 FY26-27 results | compliance | minimal | — | — |
| 30 Sept 2026 · Modi Rubber 53rd AGM - diversifies into beauty and wellness | board shareholder meetings | low | — | — |
| 5 Sept 2026 · AGM notice Sep 30 2026: FY26 results, MD re-appointment, salon business addition | compliance | medium | — | — |
| 5 Sept 2026 · Modi Rubber 53rd AGM notice on Sept 30, 2026 with key resolutions | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Independent Director Appointment Approved by Shareholders | compliance | minimal | — | — |
| 1 Sept 2026 · Modi Rubber postal ballot clears appointment of new Independent Director | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Modi Rubber Q1 FY27 Results: Standalone Loss Narrows, Consolidated PAT at Rs 4.25 Cr | results | high | — | — |
| 14 Aug 2026 · Board approves Q1 FY27 results, re-appoints MD for five years | board shareholder meetings | low | — | — |
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 |
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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.