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Modi Naturals Ltd (MODINATUR)

Fast Moving Consumer Goods · Edible Oil · NSE · Updated 2 September 2026
By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings
₹338.6 ↓ 30.35% (1Y)

🎯 Key Takeaways

  • Modi Naturals Ltd is transitioning from a mature FMCG player into a growth-oriented enterprise with strategic expansion in ethanol and premium product segments, despite flat overall revenue growth. The company is leveraging operational efficiencies and margin expansion to drive profitability, targeting significant PAT growth in FY27.
  • Revenue declined 36% QoQ to ₹156 in Q1FY27.
  • ⚠️ 1) Revenue growth is entirely dependent on ethanol capacity ramp-up and premium product traction, which may face execution or market adoption risks. 2
Market Cap
₹451
P/E Ratio
8.6
P/B Ratio
2.62
ROE
30.4%
ROCE
22.4%
Debt/Equity
0.94
Promoter
69.1%
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📖 The Story

Modi Naturals Ltd is transitioning from a mature FMCG player into a growth-oriented enterprise with strategic expansion in ethanol and premium product segments, despite flat overall revenue growth. The company is leveraging operational efficiencies and margin expansion to drive profitability, targeting significant PAT growth in FY27. It remains cash flow positive and capital-efficient, with a conservative balance sheet and no reliance on external equity markets.

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📰 What's Happening

In Q1FY27, Modi Naturals reported consolidated revenue of ₹155.6 crores, up 0.4% YoY, but EBITDA rose 25.6% to ₹22.2 crores and PAT increased 19.1% to ₹12.5 crores, indicating strong margin improvement. The Ethanol division achieved a 500 bps margin expansion to 22.2% despite operational disruptions, and secured ₹140 crores in new orders for the ESY period. Bulk and Consumer divisions also saw margin improvements to 9.3% each, driven by lean inventory and premium product traction. Management confirmed Phase II ethanol capacity expansion to 282 KLPD will be operational by August 2026, underpinning future growth.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

MetricJun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue155147174243156
Operating Profit1613142219
OPM %10.1%9.1%8.1%9.2%12.4%
Net Profit1110102013
EPS₹7.87₹7.58₹7.56₹15.00₹9.44

Revenue has shown volatility but remains flat YoY in Q1FY27 at ₹155.6 crores, while profitability metrics have improved significantly — OPM rose to 12.4% from 9.2% in the prior quarter, and PAT grew 19% despite lower revenue in earlier quarters. This trend aligns with management’s focus on margin expansion through operational discipline and higher-margin segments like ethanol, rather than volume growth. The sequential decline in revenue from ₹243 crores in Q4FY26 to ₹156 crores in Q1FY27 appears to be a consolidation phase ahead of capacity ramp-up, not a structural downturn.

🔮 Management Outlook & What's Next

Management has provided clear FY27 guidance, targeting revenue of ₹719-740 crores and PAT of ₹66-70 crores, reflecting confidence in scalable profitability from ethanol and premium product launches. They also announced the operationalization of Phase II ethanol capacity expansion to 282 KLPD by August 2026, which is expected to drive volume growth and margin resilience. This forward-looking guidance, tied to specific capacity milestones, signals a structured transition from stabilization to growth execution.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

ItemMar 2025Mar 2025Mar 2026Mar 2026
Equity Capital13131313
Reserves92108129159
Borrowings146149152161
Total Liabilities299330353407
Fixed Assets146145141214
Investments0000
Total Assets299330353407

The balance sheet shows stable equity of ₹13 crores and reserves growing from ₹108 crores to ₹159 crores over two years, indicating retained earnings are being reinvested rather than distributed. Borrowings have slightly increased from ₹149 crores to ₹161 crores, but total assets have risen only marginally, suggesting capital efficiency. There is no aggressive deleveraging or large-scale capex disclosed, implying investments are phased and aligned with capacity expansion plans rather than debt-funded expansion.

💰 Cash Flow Statement (₹ Cr)

ItemMar 2026
Operating+61
Investing-72
Financing+124
Net Cash Flow+113

👥 Shareholding Pattern

CategoryQ2FY26Q3FY26Q4FY26Q1FY27
Promoters69.1%69.1%69.1%69.1%
FII0.0%0.0%0.0%0.0%
DII0.0%0.0%0.0%0.0%
Public27.5%27.6%27.6%28.1%
# Shareholders6,7946,8596,8866,980

Promoter holding remains stable at 69.09% over the last five quarters, with no FII or DII holdings reported in Q1FY27, suggesting limited institutional interest or confidence at this stage. The public shareholding base has gradually increased from 27.49% to 28.08%, and the number of shareholders has grown from 6,794 to 6,980, indicating retail interest but no major institutional accumulation. There are no signs of promoter pledging or significant exits.

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⚖️ Peer Comparison — Edible Oil

Company MCap (₹ Cr) P/E ROCE ROE D/E
GOKULAGRO 6,983 11.7 46.9% 40.7% 0.51
519477 3,817 11.8 15.5% 16.4% 0.66
543373 1,136 74.9 10.4% 15.9% 1.91
MODINATUR 451 8.6 22.4% 30.4% 0.94
GOKUL 410 19.8 9.8% 6.0% 0.80
VIJSOLX 221 9.3 10.7% 7.0% 0.10
519216 186 13.0 15.1% 9.1% 0.00
MKPL 153 31.3 7.7% 6.8% 0.54
519471 134 13.3 24.7% 28.9% 0.75
544708 132 — — — 2.24

🔗 Peer Stock Analyses

⚠️ Risk Factors

1) Revenue growth is entirely dependent on ethanol capacity ramp-up and premium product traction, which may face execution or market adoption risks. 2) Ethanol margins, while currently expanding, are vulnerable to commodity price volatility and regulatory changes in the biofuel sector. 3) The company’s reliance on a single large ethanol order (₹140 crores) for ESY period introduces concentration risk in near-term order visibility. 4) Flat revenue trends over multiple quarters suggest limited organic demand growth in core FMCG segments.

📋 Recent Filings

🧠 Analyst's Read

Modi Naturals is executing a disciplined turnaround focused on margin expansion and strategic capacity growth in ethanol, with FY27 guidance indicating confidence in scalable profitability. Investors should monitor the rollout of Phase II ethanol capacity and the commercial performance of premium products as key catalysts for future growth.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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