Modi Naturals EBITDA reaches Rs 73.5 crore as assets grow

Modi Naturals reported EBITDA of Rs 73.5 crore in FY26*, up from Rs 9.1 crore in FY24, while total assets reached Rs 406.6 crore. The two-year change coincided with Modi Biotech Ltd commencing ethanol operations in November 2023, revenue rising to Rs 719.2 crore and net cash from operating activities reaching Rs 61.1 crore.

How did Modi Naturals’ profitability change from FY24 to FY26?

Modi Naturals increased EBITDA to Rs 73.5 crore in FY26* from Rs 9.1 crore in FY24, while EBITDA margin rose to 10.2% from 2.3%. EBITDA was Rs 56 crore in FY25*, showing that the increase continued in the period after Modi Biotech Ltd commenced ethanol operations in November 2023.

Modi Naturals moved from a Rs 1.4 crore loss after tax in FY24 to profit after tax of Rs 31 crore in FY25* and Rs 50.3 crore in FY26*. Profit before tax reached Rs 63.5 crore in FY26*, including a Rs 4.9 crore exceptional item. The presentation identifies the item as an insurance claim received for loss of profit arising from a machinery breakdown at the ethanol plant in FY24.

Depreciation rose to Rs 8 crore in FY26* from Rs 4.2 crore in FY24, alongside the expansion in property, plant and equipment. Finance cost was Rs 7.8 crore in FY26*, below Rs 11.7 crore in FY25* but above Rs 7.3 crore in FY24. Earnings per share rose to Rs 38.01 in FY26* from a loss per share of Rs 0.92 in FY24.

What changed in Modi Naturals’ revenue and margins?

Modi Naturals’ revenue from operations rose by Rs 319.4 crore from FY24 to FY26*, reaching Rs 719.2 crore from Rs 399.8 crore. Revenue had declined from Rs 474.3 crore in FY22 to Rs 418 crore in FY23 and Rs 399.8 crore in FY24, before increasing to Rs 662.9 crore in FY25* and Rs 719.2 crore in FY26*.

Gross profit increased to Rs 172.3 crore in FY26* from Rs 99.8 crore in FY24, while gross margin was 24% compared with 25% in FY24. The FY26* gross margin was above 22.9% in FY25* and 21.2% in both FY22 and FY23. Gross margin therefore increased by 1.1 percentage points from FY25*, while the larger revenue base added Rs 72.5 crore to gross profit from FY24.

Employee cost rose to Rs 34.1 crore in FY26* from Rs 26.1 crore in FY24, while other expenses were unchanged at Rs 64.6 crore in both years. With gross profit increasing by Rs 72.5 crore over the period, EBITDA increased by Rs 64.4 crore. EBITDA margin expanded by 7.9 percentage points to 10.2% in FY26*.

How did Modi Naturals’ asset base and funding structure shift?

Modi Naturals’ total assets rose to Rs 406.6 crore at March 2026* from Rs 306.2 crore at March 2024* and Rs 166 crore at March 2023. Non-current assets reached Rs 234.6 crore at March 2026*, compared with Rs 150.4 crore at March 2024* and Rs 47.9 crore at March 2023, accounting for most of the change in the asset mix.

Property, plant and equipment was Rs 213.5 crore at March 2026*, up from Rs 144.8 crore a year earlier and Rs 19.5 crore at March 2023. Capital work in progress was Rs 19.4 crore at March 2026*, compared with Rs 16.1 crore at March 2025*. The presentation notes that Modi Biotech Ltd commenced ethanol operations in November 2023, but it does not break out plant assets or revenue by business.

Total equity increased to Rs 172.1 crore at March 2026* from Rs 121.6 crore at March 2025* and Rs 90.6 crore at March 2024*. Other equity accounted for Rs 158.8 crore of the March 2026* total, while share capital remained Rs 13.3 crore across the three reported years.

Borrowings across current and non-current categories totalled Rs 161.3 crore at March 2026*, compared with Rs 148.8 crore at March 2025* and Rs 169.5 crore at March 2024*. Current borrowings declined to Rs 40.9 crore from Rs 78 crore over the latest year, while non-current borrowings increased to Rs 120.4 crore from Rs 70.8 crore. The maturity profile therefore shifted towards non-current borrowings, while combined borrowings increased by Rs 12.5 crore year on year.

What did Modi Naturals’ cash flow record show?

Modi Naturals generated net cash from operating activities of Rs 61.1 crore in FY26*, following Rs 48.8 crore in FY25* and an outflow of Rs 6.8 crore in FY24. Cash generated from operations was Rs 80.2 crore in FY26*, compared with Rs 63.6 crore in FY25* and Rs 1.3 crore in FY24.

Working-capital changes used Rs 1 crore in FY26*, after adding Rs 5.1 crore in FY25* and using Rs 9.1 crore in FY24. Interest paid declined to Rs 9.3 crore from Rs 13.1 crore in FY25*, while direct taxes paid increased to Rs 9.8 crore from Rs 1.8 crore. These items reduced FY26* net cash from operating activities below the cash generated from operations figure.

Net cash used in investing activities was Rs 53.2 crore in FY26*, higher than Rs 28.1 crore in FY25* and Rs 32.2 crore in FY24. Net cash used in financing activities was Rs 6.3 crore in FY26*, compared with an outflow of Rs 20.8 crore in FY25* and an inflow of Rs 37.1 crore in FY24. Cash and cash equivalents ended FY26* at Rs 1.8 crore, compared with Rs 30 lakh at the end of FY25*.

Conclusion

Modi Naturals’ five-year record shows a shift from low profitability in FY24 to EBITDA of Rs 73.5 crore and profit after tax of Rs 50.3 crore in FY26*. Revenue rose by Rs 319.4 crore over two years, operating cash flow reached Rs 61.1 crore, and total assets rose to Rs 406.6 crore, led by Rs 213.5 crore of property, plant and equipment.

What remains unresolved in the presentation is the separate financial contribution of the ethanol business that began operations in November 2023. Subsequent disclosures can clarify the use of Rs 19.4 crore of capital work in progress, the purpose of the Rs 53.2 crore FY26* investing outflow, and the cash-flow implications of Rs 120.4 crore in non-current borrowings.