Modi Rubber profit falls to Rs 61.49 lakh as JV earnings decline

Modi Rubber Limited reported consolidated net profit of Rs 61.49 lakh for the quarter ended September 30, 2026, down from Rs 4.2467 crore in the preceding quarter, as its share of profit from joint ventures and associates fell to Rs 2.6694 crore. Total income was Rs 11.9863 crore, while operations before that associate contribution recorded a Rs 2.3808 crore loss.

Why did Modi Rubber’s quarterly profit fall?

Modi Rubber’s quarterly profit fell because joint-venture and associate earnings declined while the group remained loss-making before that contribution. Consolidated net profit after tax was Rs 61.49 lakh in the September 2026 quarter, compared with Rs 4.2467 crore in the June 2026 quarter and Rs 4.5615 crore in the September 2025 quarter.

The share of net profit from joint ventures and associates was Rs 2.6694 crore, down from Rs 5.2007 crore in June 2026 and Rs 6.9184 crore a year earlier. That contribution exceeded the Rs 2.3808 crore loss from continuing operations before tax and before the joint-venture and associate share, leaving profit before tax of Rs 28.86 lakh.

Total income declined to Rs 11.9863 crore from Rs 13.4008 crore in the preceding quarter, while total expenses increased to Rs 14.3671 crore from Rs 14.0616 crore. The resulting loss before joint ventures and associates widened from Rs 66.08 lakh in June, although it was close to the Rs 2.3591 crore loss recorded in the September 2025 quarter.

Deferred tax was a credit of Rs 32.64 lakh in the September quarter, against a deferred-tax expense of Rs 29.32 lakh in June 2026. The tax movement converted the Rs 28.86 lakh profit before tax into reported profit of Rs 61.49 lakh, while total comprehensive income was a loss of Rs 34.75 lakh after other comprehensive loss of Rs 96.24 lakh.

How did Modi Rubber’s operating segments perform?

Modi Rubber’s travel services segment generated Rs 7.2165 crore of revenue and Rs 2.0435 crore of segment profit in the September 2026 quarter, while real estate services generated Rs 1.2848 crore of revenue but recorded a Rs 4.5533 crore segment loss. Travel segment profit increased from Rs 1.3620 crore in June 2026 and Rs 1.8804 crore a year earlier.

Real estate services revenue rose from Rs 1.2203 crore in June 2026 and Rs 92.76 lakh in the September 2025 quarter. Its segment loss widened from Rs 2.6492 crore in June, but was narrower than the Rs 4.3595 crore loss in the year-earlier quarter; the filing does not state the operating reasons for the loss.

Travel services revenue was higher than Rs 6.7291 crore in June and Rs 6.9872 crore a year earlier. Gross segment revenue was Rs 8.3664 crore after elimination of Rs 13.50 lakh of inter-segment revenue, compared with Rs 7.8144 crore in June 2026.

The others segment contributed Rs 12.96 lakh of profit in the September quarter, down from Rs 62.63 lakh in June and Rs 19.92 lakh a year earlier. For the half year ended September 30, 2026, travel services generated Rs 3.4055 crore of segment profit, whereas real estate services recorded a Rs 7.2025 crore segment loss.

What changed in Modi Rubber’s half-year results?

Modi Rubber reported consolidated net profit of Rs 4.8616 crore for the half year ended September 30, 2026, down from Rs 9.4397 crore in the corresponding 2025 period. The decline accompanied a lower Rs 7.8701 crore share of joint-venture and associate profit, compared with Rs 13.4915 crore in the prior-year half year.

Total income for the six months increased to Rs 25.3871 crore from Rs 22.6270 crore a year earlier, while total expenses rose to Rs 28.4287 crore from Rs 27.0772 crore. Consequently, the loss before the joint-venture and associate share narrowed to Rs 3.0416 crore from Rs 4.4502 crore in the comparable period.

Profit before tax was Rs 4.8285 crore for the latest half year, compared with Rs 9.0413 crore a year earlier. Deferred tax was a credit of Rs 3.32 lakh, versus a credit of Rs 40.14 lakh in the previous corresponding period, and the company reported basic and diluted earnings per share of Rs 1.95 for the six months.

Other comprehensive loss was Rs 89.82 lakh in the half year ended September 2026, compared with a Rs 5.5299 crore loss in the previous corresponding period. As a result, total comprehensive income was Rs 3.9634 crore, marginally above Rs 3.9098 crore despite the reduction in net profit.

What do Modi Rubber’s balance sheet and cash flows show?

Modi Rubber had consolidated total assets of Rs 781.0829 crore at September 30, 2026, compared with Rs 770.9211 crore at March 31, 2026. Investments in joint ventures and associates increased to Rs 249.8004 crore from Rs 241.9300 crore, while property, plant and equipment declined to Rs 207.5981 crore from Rs 208.7751 crore.

Total equity rose to Rs 681.0273 crore from Rs 677.0638 crore during the six months. Current borrowings increased to Rs 20.7504 crore from Rs 17.3342 crore, while non-current borrowings rose to Rs 4 crore from Rs 2.6758 crore.

The group used Rs 18.0663 crore in operating activities during the half year ended September 30, 2026, compared with Rs 23.4360 crore used in the full year ended March 31, 2026. Investing activities generated Rs 12.3083 crore, including Rs 27.8269 crore of proceeds from sale of short-term investments and purchases of Rs 19.7118 crore.

Cash and cash equivalents declined to Rs 8.0937 crore at September 30, 2026 from Rs 10.5355 crore at March 31, 2026. Financing activities generated Rs 3.3157 crore in the half year, reflecting a Rs 4.7404 crore increase in borrowings, partly offset by Rs 83.91 lakh of finance cost and Rs 30.22 lakh of lease repayments.

What should readers watch after Modi Rubber’s September results?

Modi Rubber’s September-quarter profit relied on Rs 2.6694 crore of joint-venture and associate earnings to offset a Rs 2.3808 crore loss before that contribution. Travel services increased segment profit to Rs 2.0435 crore, but the real estate services segment continued to report a Rs 4.5533 crore loss.

The filing also states that the unimplemented portion of the SS-08 scheme remains under implementation. It says schemes previously approved under the Sick Industrial Companies Act are governed by the National Company Law Tribunal after the Act’s repeal took effect on December 1, 2016.

Conclusion

Modi Rubber remained profitable on a consolidated basis in the September 2026 quarter, but reported profit fell to Rs 61.49 lakh as joint-venture and associate earnings declined by Rs 2.5313 crore from the June quarter. Higher travel services profit did not offset the continuing real estate services loss and the group’s loss before associate contributions.

The next reported results will indicate whether joint-venture and associate earnings recover from Rs 2.6694 crore and whether the real estate services loss narrows from Rs 4.5533 crore. Readers can also track the SS-08 scheme’s continuing implementation and movements in borrowings, which totalled Rs 24.7504 crore at September 30, 2026.