Modi Naturals Q2 FY27 results: net profit up 9.4% to ₹11.02 crore, revenue up 39.4%

By the MarketPing Results Desk · Published 5 November 2026, 11:06 pm IST · Consolidated figures from the company’s filing

Modi Naturals Limited reported consolidated revenue of ₹204.90 crore and a net profit of ₹11.02 crore for Q2 FY27. Revenue rose 39.4% from the year-ago quarter, while profit rose 9.4% and EBITDA margin fell to 9.1% from 10.4%.

Key points

Q2 FY27 consolidated revenue was ₹204.90 crore, up 39.4% from Q2 FY26.
EBITDA was ₹18.62 crore, up 21.4% year on year, while the EBITDA margin fell 1.3 percentage points to 9.1%.
Net profit was ₹11.02 crore, up 9.4% from Q2 FY26 and down 11.8% from Q1 FY27; basic EPS was ₹8.33.
In the first half, revenue rose 19.8% to ₹361.95 crore and net profit rose 14.4% to ₹23.53 crore.
Total assets were ₹448.22 crore and total equity was ₹195.79 crore as of 30 September 2026.

How did Modi Naturals perform in Q2 FY27?

Modi Naturals reported consolidated revenue of ₹204.90 crore for Q2 FY27, up ₹57.91 crore or 39.4% from Q2 FY26. EBITDA was ₹18.62 crore, up ₹3.28 crore or 21.4%, while the margin declined 1.3 percentage points to 9.1%. Profit before tax rose ₹1.44 crore or 12.1% to ₹13.32 crore, and net profit rose ₹0.95 crore or 9.4% to ₹11.02 crore. Basic EPS was ₹8.33, up ₹0.75 from ₹7.58.

Against Q1 FY27, revenue rose ₹49.29 crore or 31.7% to ₹204.90 crore, but EBITDA fell ₹3.55 crore or 16.0% to ₹18.62 crore. The EBITDA margin fell 5.1 percentage points to 9.1%. Profit before tax fell ₹2.63 crore or 16.5% to ₹13.32 crore, net profit fell ₹1.48 crore or 11.8% to ₹11.02 crore, and basic EPS fell ₹1.11 to ₹8.33. On a standalone basis, revenue was ₹87.44 crore and net profit was ₹0.02 crore.

Modi Naturals Q2 FY27 results, consolidated (₹ crore unless stated)

₹ crore	Q2 FY27	Q1 FY27	Q2 FY26	YoY	QoQ
Revenue from operations	204.90	155.61	146.99	+39.4%	+31.7%
Other income	0.36	−0.33	0.71	−49.3%
Total expenses	191.94	139.33	135.82	+41.3%	+37.8%
EBITDA	18.62	22.17	15.34	+21.4%	−16.0%
EBITDA margin	9.1%	14.2%	10.4%	−1.3 pp	−5.1 pp
Profit before tax	13.32	15.95	11.88	+12.1%	−16.5%
Tax	2.29	3.45	1.80	+27.2%	−33.6%
Net profit	11.02	12.50	10.07	+9.4%	−11.8%
EPS (₹)	8.33	9.44	7.58	+9.9%	−11.8%

EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).

What changed in Modi Naturals' costs and profit?

Total expenses rose ₹56.12 crore or 41.3% from Q2 FY26 to ₹191.94 crore, outpacing the increase in revenue. Cost of materials consumed was ₹157.68 crore, up ₹57.66 crore or 57.6%, employee cost was ₹8.46 crore, up ₹0.32 crore or 3.9%, finance costs were ₹2.75 crore, up ₹0.59 crore or 27.3%, and depreciation was ₹2.91 crore, up ₹0.90 crore or 44.8%. Other expenses fell ₹0.96 crore or 5.7% to ₹15.89 crore.

Other income fell ₹0.35 crore or 49.3% to ₹0.36 crore, while tax expense rose ₹0.49 crore or 27.2% to ₹2.29 crore. There was no exceptional item in Q2 FY27, Q2 FY26 or Q1 FY27. Despite the higher revenue and EBITDA, these figures show that net profit rose by ₹0.95 crore year on year and fell by ₹1.48 crore sequentially.

Costs and other lines, Q2 FY27 against Q2 FY26 (₹ crore)

₹ crore	Q2 FY27	Q2 FY26	Change	Change %
Cost of materials	157.68	100.02	+57.66	+57.6%
Employee cost	8.46	8.14	+0.32	+3.9%
Finance costs	2.75	2.16	+0.59	+27.3%
Depreciation	2.91	2.01	+0.90	+44.8%
Other expenses	15.89	16.85	−0.96	−5.7%
Total expenses	191.94	135.82	+56.12	+41.3%
Other income	0.36	0.71	−0.35	−49.3%
Tax	2.29	1.80	+0.49	+27.2%

Source: Company's results filing (XBRL).

How did the first half of FY27 go?

For H1 FY27, Modi Naturals reported revenue of ₹361.95 crore, up ₹59.94 crore or 19.8% from H1 FY26. Total income was ₹361.98 crore, up ₹59.22 crore or 19.6%. Profit before tax rose ₹3.95 crore or 15.6% to ₹29.26 crore, and net profit rose ₹2.96 crore or 14.4% to ₹23.53 crore.

Basic EPS for H1 FY27 was ₹17.77, up ₹2.32 or 15.0% from ₹15.45 in H1 FY26. The consolidated results also include the wholly owned subsidiary Modi Biotech Private Limited, according to the filing.

H1 FY27 against H1 FY26 (₹ crore unless stated)

₹ crore	H1 FY27	H1 FY26	Change
Revenue from operations	361.95	302.01	+19.8%
Profit before tax	29.26	25.31	+15.6%
Net profit	23.53	20.57	+14.4%
EPS (₹)	17.77	15.45	+15.0%

Source: Company's results filing (XBRL).

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹448.22 crore, compared with ₹406.61 crore at 31 March 2026. Total equity was ₹195.79 crore against ₹172.14 crore, while borrowings were ₹166.22 crore against ₹161.21 crore. Cash stood at ₹2.25 crore, compared with ₹1.83 crore, inventories were ₹88.94 crore against ₹89.02 crore, trade receivables were ₹82.39 crore against ₹46.66 crore, and trade payables were ₹53.12 crore against ₹32.08 crore.

H1 FY27 operating cash flow was ₹8.68 crore, compared with ₹32.18 crore in H1 FY26. Investing cash flow was negative ₹7.52 crore against negative ₹34.88 crore, financing cash flow was ₹0.74 crore against ₹2.88 crore, and capital expenditure was ₹8.82 crore against ₹38.25 crore.

Balance sheet (₹ crore)

₹ crore	As of 30 September 2026	As of 31 March 2026
Total assets	448.22	406.61
Total equity	195.79	172.14
Borrowings	166.22	161.21
Cash and equivalents	2.25	1.83
Inventories	88.94	89.02
Trade receivables	82.39	46.66

Source: Company's results filing (XBRL).

Cash flow, year to date (₹ crore)

₹ crore	H1 FY27	H1 FY26
Cash from operations	8.68	32.18
Cash from investing	−7.52	−34.88
Cash from financing	0.74	2.88
Capital expenditure	8.82	38.25

Source: Company's results filing (XBRL).

How has Modi Naturals done over the last 8 quarters?

Revenue reached its highest level in the supplied series in Q4 FY26 at ₹243.08 crore and its lowest in Q2 FY26 at ₹146.99 crore. It fell to ₹155.61 crore in Q1 FY27 before rising to ₹204.90 crore in Q2 FY27. Revenue rose year on year in each of the last three quarters.

Net profit was highest at ₹19.67 crore in Q4 FY26 and lowest at ₹6.62 crore in Q3 FY25. It rose to ₹12.50 crore in Q1 FY27 before falling to ₹11.02 crore in Q2 FY27. The EBITDA margin peaked at 14.2% in Q1 FY27 and fell to 9.1% in Q2 FY27. Profit rose year on year in each of the last seven quarters.

Revenue from operations (₹ crore)

Net profit (₹ crore)

Which businesses drove the quarter?

Ethanol was the largest reported segment in Q2 FY27, with revenue of ₹117.46 crore, EBIT of ₹16.01 crore and an EBIT margin of 13.6%. Branded reported revenue of ₹44.98 crore, EBIT of ₹0.81 crore and an EBIT margin of 1.8%. Bulk reported revenue of ₹42.46 crore, an EBIT loss of ₹0.76 crore and an EBIT margin of negative 1.8%.

Segments, Q2 FY27 (₹ crore)

Segment	Revenue	EBIT	EBIT margin
Branded	44.98	0.81	1.8%
Bulk	42.46	−0.76	-1.8%
Ethanol	117.46	16.01	13.6%

Source: Company's results filing (XBRL segment data).

Quick answers

What was Modi Naturals' revenue in Q2 FY27?

Revenue from operations was ₹204.90 crore, up 39.4% from ₹146.99 crore in Q2 FY26 (consolidated).

Did Modi Naturals make a profit in Q2 FY27?

Yes. Net profit was ₹11.02 crore, against a net profit of ₹10.07 crore in Q2 FY26.

What was Modi Naturals' EPS in Q2 FY27?

Basic earnings per share were ₹8.33, against ₹7.58 in Q2 FY26.

When did Modi Naturals announce its Q2 FY27 results?

On 5 November 2026, in a filing to the BSE.

Sources

How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.

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