Overview

Detailed Summary

Modi Naturals Limited manufactures and markets edible oils, branded food products, rice‑bran based bulk oil, and grain‑based ethanol through three verticals: Consumer (Oleev and allied brands), Bulk (rice bran oil and by‑products) and Ethanol (Modi Biotech distillery), operating integrated rice to oil and grain‑to‑ethanol value chains across owned and leased facilities.
Ethanol is a strategic growth engine: Phase‑1 130 KLD became operational in 2024 and Phase‑2 of 180 KLPD is slated to bring capacity to 310 KLPD with ~Rs 86–100 crore incremental capex; commissioning delays revised revenue guidance, but secured Rs 400 crore OMC orders demonstrate tangible demand for the enlarged asset base.
Consolidated financials show stable top line at Rs 476.1 crore for 9M FY26 while profitability expanded meaningfully: EBITDA rose 22.9% to Rs 49.0 crore and PAT increased 33.9% to Rs 30.6 crore, driven by softer raw material costs, operating leverage and lower finance costs after debt repayment and reduced working capital utilisation.
The consumer branded portfolio, led by Oleev (third‑largest premium edible oil), is expanding into pasta, peanut butter and RTE snacks while maintaining 8–10% A&P spend; distribution covers 50,000+ outlets and 450+ distributors, though short‑term volumes were impacted by GST rationalisation in October 2025 with recovery trends improving across channels.
Balance sheet actions and guidance: Modi Naturals has reduced borrowings and finance costs improving financial flexibility, revised FY26 revenue guidance downward to Rs 720–730 crore due to ethanol commissioning delay while maintaining PAT guidance; management expects margin expansion from stronger ethanol utilisation and a higher‑margin branded mix.

Sector: Agricultural Food & other Products
Industry: Other Agricultural Products
Market Cap: 552 Cr
Volatility: Low Risk
P/E Ratio: 11.0
Industry P/E: 33.2
PEG Ratio: 0.0
P/B Ratio: 3.3
52W High: 526.30
52W Low: 261.00

Sales CAGR

1Y: 65.80%
3Y: -10.68%
5Y: -2.74%
10Y: 2.45%

Profit CAGR

1Y: 2348.55%
3Y: -6.66%
5Y: 10.57%
10Y: 16.27%

ROE

TTM: 29.21%
3Y: 3.53%
5Y: 7.05%
10Y: 5.75%

ROCE

TTM: 21.33%
3Y: 8.83%
5Y: 12.49%
10Y: 11.37%

Technicals

‌

Forecasts

Peers

Fast Moving Consumer Goods Fast Moving Consumer Goods Other Agricultural Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
REGAAL		80.50	827 Cr	14.88	1.69	0.31	11.35	9.50	4.16
MODINATUR		425.00	565 Cr	11.24	3.28	0.00	29.21	21.33	12.36
MGEL		16.70	555 Cr	12.28	2.24	0.06	14.68	16.16	5.62
SUKHJITS		171.55	540 Cr	19.97	0.95	0.00	4.76	6.98	2.48
SARVESHWAR		3.59	439 Cr	13.80	0.92	0.00	6.66	9.55	2.92
ACLD		154.00	313 Cr	14.71	2.58	0.00	16.94	15.49	8.47
NATHBIOGEN		165.00	311 Cr	7.12	0.46	1.22	5.32	6.87	3.98
Median: 7 Co.	—	154.00	540 Cr	13.80	1.69	0.00	11.35	9.55	4.16

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	114	120	148	147	179	190	155	147	174	243
Expenses	113	114	134	133	166	174	137	132	158	219
Operating Profit	0.88	5.57	13	13	13	16	18	15	16	24
OPM %	0.77	4.65	8.98	9.10	7.43	8.48	11.38	10.44	9.21	10.06
Other Income	0.11	0.89	0.56	0.72	1.26	0.14	0.04	0.71	0.03	5.07
Interest	0.59	3.40	3.14	3.11	3.62	3.30	2.26	2.16	1.92	1.45
Depreciation	0.39	1.72	1.96	2.03	2.01	1.82	1.99	2.01	2.01	1.99
Profit Before Tax	0.01	1.35	8.73	8.91	8.92	11	13	12	12	26
Tax %	0.00	6.67	14.43	14.93	12.33	26.68	21.95	15.15	17.30	24.54
Net Profit	0.01	1.26	7.46	7.58	7.82	8.16	10	10	10	20
EPS in Rs	0.01	1.11	5.61	5.70	5.88	6.05	7.51	7.58	7.56	15.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	443	474	418	400	663	671
Expenses	430	459	413	391	607	610
Operating Profit	13	15	5.22	9.07	56	60
OPM %	2.87	3.13	1.25	2.27	8.45	9.01
Other Income	3.94	1.31	1.73	1.15	1.21	2.16
Interest	1.30	1.81	3.53	7.74	12	12
Depreciation	1.38	1.42	1.56	4.21	7.82	7.85
Profit Before Tax	14	13	1.86	-1.73	38	42
Tax %	24.71	27.69	42.51	20.31	17.69	19.69
Net Profit	11	9.37	1.07	-1.38	31	34
EPS in Rs	—	7.02	0.89	2.29	23.24	37.65
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	13	13	13	13	13
Reserves	55	65	69	77	108
Borrowings	21	51	143	170	149
Other Liabilities	33	37	38	46	59
Total Liabilities	121	165	263	306	330
Fixed Assets	19	26	27	149	145
CWIP	0.00	0.00	91	0.03	16
Investments	0.00	0.00	0.00	0.00	0.00
Other Assets	102	139	144	157	169
Total Assets	121	165	263	306	330

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	9.28	-13	-5.73	-6.81	49
Cash from Investing Activity	2.17	-13	-91	-32	-28
Cash from Financing Activity	-12	30	95	37	-21
Net Cash Flow	-0.62	4.02	-2.17	-1.92	-0.07

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Oct 2023	Nov 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	68.54%	68.54%	69.09%	69.09%	69.09%	69.09%	69.09%	69.09%	67.61%	69.09%	69.09%	69.09%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	1.92%	1.92%	0.30%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	29.53%	29.53%	30.61%	30.66%	30.91%	30.91%	30.91%	30.91%	32.39%	30.91%	30.91%	30.91%
Total Shareholders	6,167	6,167	6,464	6,338	6,304	6,102	6,708	6,558	6,504	6,634	6,794	6,886

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan