Modi Naturals Limited (MODINATUR) Financial Results — Revenue ₹243 Cr

Investor Takeaways

Revenue grew 28% YoY to ₹243 crores in Q4 FY26

PAT surged 141% YoY to ₹19.7 crores in Q4 FY26

Consumer division EBITDA margin at 8.3%

⚠️ No specific risks identified in this filing

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹243 Cr	28%
Net Profit	₹19.7 Cr	141%
EBITDA	₹24.5 Cr	N/A
EPS	Not available
OPM	Not available

What Changed

Modi Naturals reported robust Q4 FY26 performance with revenue increasing 28% YoY to ₹243 crores and PAT rising 141% YoY to ₹19.7 crores. Full-year FY26 revenue reached ₹719 crores, supported by expansion in the ethanol segment. EBITDA for the year stood at ₹73.5 crores, resulting in an improved EBITDA margin of 10.2%. The ethanol business demonstrated strong operational momentum, with capacity increased to 282 KLPD and utilization maintained at 330 days. Consumer segment EBITDA margin was recorded at 8.3%, with food products contributing 10% of total revenue. Order intake for ethanol reached 47.9 KL with a value of INR400 crores. Capex of INR20 crores is planned for ethanol value addition, and distribution has reached 50,000 general trade outlets. Market share in ethanol stands at 90% in PSU OMCs and 10% in private sector. The company targets INR950 crores in ethanol revenue by FY27, with sustainable EBITDA margins targeted at 12-15%. Full-year revenue guidance is set at INR1,100 crores by FY28 under full utilization, supported by a 50% capacity utilization assumption in forward planning. Upcoming tender cycles in September-October and export policy discussions for 1G ethanol are expected to drive further growth.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Modi Naturals	Not available	Not available	Not available	563.19
Hindustan Unilever	36.79	29.38%	27.39%	5,33,874.13
ITC	11.06	50.02%	38.91%	3,87,724.39
Nestle India	84.59	81.33%	93.64%	2,75,845.36

Modi Naturals operates in a different segment within FMCG with a focus on ethanol and agricultural products, showing lower scale but higher growth momentum compared to large-cap peers.