Modern Insulators Ltd

MODINSULAT

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Market Cap

₹ 808 Cr

P/E

16.37

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Investment Checklist

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Modern Insulators Limited (MIL) specializes in manufacturing high-tension insulators and terry towels. Founded in 1982, it has a rich history of collaboration with Siemens, Germany, for technical expertise.

The company has faced persistent technical and financial challenges, leading to multiple interactions with the Board for Industrial & Financial Reconstruction (BIFR) due to financial distress in the early 1990s.

A significant corporate restructuring occurred with the demerger of its Yarn Division to Modern Polytex Limited and the amalgamation of Modern Terry Towels Limited.

MIL maintains a strong export performance, evidenced by a Certificate of Merit from CAPEXIL in 1997-98 for outstanding export achievements.

Recent business shifts include the sale of investments in Motile Power Trade Private Limited and Modern Metal High-Tech Components Private Limited ceasing to be a subsidiary.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Medium / Small

Market Cap

808 Cr

Volatility

High Risk

P/E Ratio

16.4

Industry P/E

26.8

PEG Ratio

0.8

P/B Ratio

1.6

52W High

185.80

52W Low

77.40

Sales CAGR

13.53%

4.88%

2.87%

10Y

-0.08%

Profit CAGR

7.05%

21.44%

11.61%

10Y

3.33%

ROE

TTM

10.06%

8.10%

8.13%

10Y

8.11%

ROCE

TTM

12.55%

8.30%

8.49%

10Y

9.56%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PROSTARM	174.40	1,036 Cr	42.28	3.92	0.00	9.28	13.55	7.20
SWELECTES	612.00	932 Cr	27.58	1.05	0.49	3.78	8.03	1.99
MODINSULAT	171.35	808 Cr	16.37	1.63	0.00	10.06	12.55	7.47
GGBL	318.55	790 Cr	26.13	3.85	0.00	21.02	25.93	11.65
APS	375.60	757 Cr	13.61	5.61	0.00	41.20	45.61	20.63
PERMAGNET	850.00	731 Cr	60.11	4.85	0.24	8.06	10.92	5.83
AEPL	21.10	532 Cr	47.09	5.86	0.00	12.46	16.59	8.32

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	90	106	107	140	104	115	125	160	141	176
Expenses	85	101	97	125	99	110	115	142	128	158
Operating Profit	4.26	5.44	11	15	4.57	4.99	9.92	18	13	19
OPM %	4.75	5.12	9.86	10.60	4.40	4.34	7.96	11.17	9.12	10.64
Other Income	2.54	3.08	2.59	3.33	6.20	10	4.96	-1.15	5.29	6.95
Interest	1.32	0.61	0.76	0.71	1.03	0.98	0.89	1.30	1.38	1.70
Depreciation	2.14	2.15	2.11	2.22	2.10	2.15	2.17	2.31	2.38	2.38
Profit Before Tax	3.34	5.76	10	15	7.64	12	12	13	14	22
Tax %	-14.07	-6.77	2.33	-5.04	1.18	-6.45	21.39	33.61	-5.55	23.34
Net Profit	3.81	6.15	10	16	7.55	13	9.29	8.69	15	17
EPS in Rs	0.81	1.30	2.13	3.40	1.60	2.77	1.97	1.84	1.29	3.52

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	503	458	507	440	398	442	431	443	503	541
Expenses	418	381	419	404	359	419	406	408	466	495
Operating Profit	85	77	87	36	40	23	25	35	37	46
OPM %	16.97	16.71	17.25	8.16	9.94	5.16	5.80	7.94	7.42	8.44
Other Income	-5.82	5.52	11	6.09	15	12	14	11	20	20
Interest	12	19	13	13	9.29	5.20	4.15	3.41	4.29	4.55
Depreciation	8.24	9.39	8.25	10	11	8.73	8.68	8.62	8.73	9.01
Profit Before Tax	16	14	32	19	35	21	26	35	45	52
Tax %	10.49	-19.16	7.67	-20.07	1.07	-6.59	-8.79	-4.00	13.90	10.35
Net Profit	14	17	29	22	34	22	28	36	39	46
EPS in Rs	—	—	—	—	7.24	4.66	5.93	7.64	8.18	8.62
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	22	22	22	47	47	47	47	47	47
Reserves	197	214	243	258	291	313	342	378	416
Borrowings	49	60	59	101	24	26	8.02	19	25
Other Liabilities	85	84	78	124	128	119	107	110	115
Total Liabilities	353	380	402	530	491	506	504	554	604
Fixed Assets	132	138	135	192	182	175	168	163	172
CWIP	1.99	2.19	2.04	0.00	0.00	0.00	3.68	1.90	1.28
Investments	20	17	20	2.36	9.32	10	5.38	19	46
Other Assets	199	223	245	336	299	320	326	370	384
Total Assets	353	380	402	530	491	506	504	554	604

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	44	-1.92	9.08	27	53	14	23	12	40
Cash from Investing Activity	-19	-13	-7.67	-34	35	-8.21	-3.75	-16	-41
Cash from Financing Activity	-23	12	-1.05	-6.76	-87	-2.98	-22	7.71	1.78
Net Cash Flow	1.19	-3.08	0.36	-14	0.62	2.66	-2.73	3.19	0.31

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	0.00%	60.18%
FIIs	0.31%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.02%	0.02%	0.05%	0.02%
DIIs	2.77%	2.72%	2.82%	2.54%	2.54%	2.24%	1.71%	1.64%	1.64%	1.64%	4.13%	1.64%
Public	36.72%	36.77%	36.98%	37.26%	37.26%	37.55%	38.09%	38.13%	38.13%	38.13%	95.82%	38.15%
Total Shareholders	1,35,132	1,35,020	1,34,849	1,35,141	1,37,109	1,37,869	1,38,358	1,39,560	1,39,751	1,39,616	1,39,625	1,39,727

Projection

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Overall

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	90	106	107	140	104	115	125	160	141	176
Expenses	85	101	97	125	99	110	115	142	128	158
Operating Profit	4.26	5.44	11	15	4.57	4.99	9.92	18	13	19
OPM %	4.75	5.12	9.86	10.60	4.40	4.34	7.96	11.17	9.12	10.64
Other Income	2.54	3.08	2.59	3.33	6.20	10	4.96	-1.15	5.29	6.95
Interest	1.32	0.61	0.76	0.71	1.03	0.98	0.89	1.30	1.38	1.70
Depreciation	2.14	2.15	2.11	2.22	2.10	2.15	2.17	2.31	2.38	2.38
Profit Before Tax	3.34	5.76	10	15	7.64	12	12	13	14	22
Tax %	-14.07	-6.77	2.33	-5.04	1.18	-6.45	21.39	33.61	-5.55	23.34
Net Profit	3.81	6.15	10	16	7.55	13	9.29	8.69	15	17
EPS in Rs	0.81	1.30	2.13	3.40	1.60	2.77	1.97	1.84	1.29	3.52

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	503	458	507	440	398	442	431	443	503	541
Expenses	418	381	419	404	359	419	406	408	466	495
Operating Profit	85	77	87	36	40	23	25	35	37	46
OPM %	16.97	16.71	17.25	8.16	9.94	5.16	5.80	7.94	7.42	8.44
Other Income	-5.82	5.52	11	6.09	15	12	14	11	20	20
Interest	12	19	13	13	9.29	5.20	4.15	3.41	4.29	4.55
Depreciation	8.24	9.39	8.25	10	11	8.73	8.68	8.62	8.73	9.01
Profit Before Tax	16	14	32	19	35	21	26	35	45	52
Tax %	10.49	-19.16	7.67	-20.07	1.07	-6.59	-8.79	-4.00	13.90	10.35
Net Profit	14	17	29	22	34	22	28	36	39	46
EPS in Rs	—	—	—	—	7.24	4.66	5.93	7.64	8.18	8.62
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	22	22	22	47	47	47	47	47	47
Reserves	197	214	243	258	291	313	342	378	416
Borrowings	49	60	59	101	24	26	8.02	19	25
Other Liabilities	85	84	78	124	128	119	107	110	115
Total Liabilities	353	380	402	530	491	506	504	554	604
Fixed Assets	132	138	135	192	182	175	168	163	172
CWIP	1.99	2.19	2.04	0.00	0.00	0.00	3.68	1.90	1.28
Investments	20	17	20	2.36	9.32	10	5.38	19	46
Other Assets	199	223	245	336	299	320	326	370	384
Total Assets	353	380	402	530	491	506	504	554	604

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	44	-1.92	9.08	27	53	14	23	12	40
Cash from Investing Activity	-19	-13	-7.67	-34	35	-8.21	-3.75	-16	-41
Cash from Financing Activity	-23	12	-1.05	-6.76	-87	-2.98	-22	7.71	1.78
Net Cash Flow	1.19	-3.08	0.36	-14	0.62	2.66	-2.73	3.19	0.31

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PROSTARM	174.40	1,036 Cr	42.28	3.92	0.00	9.28	13.55	7.20
SWELECTES	612.00	932 Cr	27.58	1.05	0.49	3.78	8.03	1.99
MODINSULAT	171.35	808 Cr	16.37	1.63	0.00	10.06	12.55	7.47
GGBL	318.55	790 Cr	26.13	3.85	0.00	21.02	25.93	11.65
APS	375.60	757 Cr	13.61	5.61	0.00	41.20	45.61	20.63
PERMAGNET	850.00	731 Cr	60.11	4.85	0.24	8.06	10.92	5.83
AEPL	21.10	532 Cr	47.09	5.86	0.00	12.46	16.59	8.32

Overview

Detailed Summary

A significant corporate restructuring occurred with the demerger of its Yarn Division to Modern Polytex Limited and the amalgamation of Modern Terry Towels Limited.

MIL maintains a strong export performance, evidenced by a Certificate of Merit from CAPEXIL in 1997-98 for outstanding export achievements.

Recent business shifts include the sale of investments in Motile Power Trade Private Limited and Modern Metal High-Tech Components Private Limited ceasing to be a subsidiary.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Medium / Small

Market Cap

808 Cr

Volatility

High Risk

P/E Ratio

16.4

Industry P/E

26.8

PEG Ratio

0.8

P/B Ratio

1.6

52W High

185.80

52W Low

77.40

Sales CAGR

13.53%

4.88%

2.87%

10Y

-0.08%

Profit CAGR

7.05%

21.44%

11.61%

10Y

3.33%

ROE

TTM

10.06%

8.10%

8.13%

10Y

8.11%

ROCE

TTM

12.55%

8.30%

8.49%

10Y

9.56%