519003
Modi Naturals financials
- Market cap
- ₹452 Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 2
Modi Naturals Q2 FY26
Q2 Revenue ₹147 cr (+0% YoY); Q2 EBITDA ₹15 cr (+15% YoY); Q2 EBITDA Margin 10.4%. Q2 FY26 Revenue from operations stood at INR147 crores, a 0.3% YoY increase.
Read the full call →What Modi Naturals does
Modi Naturals operates across three divisions built around rice bran and grain processing. The Consumer division markets branded premium edible oils (Oleev, Olivana, Rizolo, Tarai, Miller Canola Oil) and packaged foods (Pipo popcorn, Taste Bomb, Mix'in, Jynx, pasta, peanut butter) through distributors, modern retail and e-commerce. The Bulk division manufactures rice bran oil, de-oiled cakes and rice bran wax via solvent extraction and refining at its Pilibhit plant. The Ethanol division runs a greenfield grain-based ethanol distillery in Chhattisgarh that converts broken/surplus rice into fuel-grade ethanol, using rice husk as plant fuel.
Segments
- Consumer Division
- Bulk Business Division
- Ethanol Division
- Ethanol distillery capacity
- 130 KLPD operational (Phase 1); Phase 2 of 180 KLPD in progress, taking total to 310 KLPD by Dec 2025
- Manufacturing units
- 3 (Pilibhit, Uttar Pradesh - owned; Hyderabad and Sonipat, Haryana - leased), plus a grain-based ethanol distillery in Chhattisgarh
- Distributor network
- 450+
- Direct retail store reach
- 50,000+
- Modern retail outlets
- 3,000+
- Rice bran oil solvent extraction capacity (Pilibhit)
- 800 TPD
Guidance record · Q2 FY26
what the last two calls moved 7 tracked 1 delivered 0 missed 6 open- Ethanol Division EBITDA Margin delivered said Q4 FY25 Promised: Maintain between 12% and 15% Q2 FY26: Q2 FY26 margin reported at 14.3%; H1 FY26 margin at 15.6%.
- Branded Division EBITDA Margin at risk said Q4 FY25 Promised: Between 8.5% and 9% for FY26 Q2 FY26: Q2 FY26 margin was ~7.1% (₹3.3cr on ₹46.3cr rev) and H1 FY26 is ~7.9%. Impacted by GST transition and heavy marketing spend. Needs strong H2 to hit 8.5% average.
- Consolidated Revenue on track said Q4 FY25 Promised: ₹850 crore to ₹880 crore Q2 FY26: Management confirmed confidence in achieving the target, citing a materially stronger H2 expected from bulk seasonality and new ethanol capacity.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 6.8%, net profit down 11.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 66 | 97 | 105 | 76 | 62 −6% | 93 −4% | 151 +44% | 81 +7% |
| EBITDA | 3 | 3 | 3 | 4 | 3 −6% | 2 −35% | 6 +95% | 6 +39% |
| Net profit | 2 | 3 | -0 | 3 | 3 +6% | 1 −57% | 3 +3456% | 3 −11% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −28.1% 1Y
1Y: ₹472 on 10 Sept 2025 → ₹339.5. High ₹489.35 (21 May 2026), low ₹276 (9 Mar 2026).
How the price took the results
close before → close after
- Q2 FY26
- −10.3%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 2.9% a year over 3 years, FY23 to FY26. Operating margin widened to 4.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹417 Cr | ₹358 Cr | ₹338 Cr | ₹382 Cr |
| Operating profit | ₹6 Cr | ₹6 Cr | ₹13 Cr | ₹15 Cr |
| Operating margin | 1.4% | 1.6% | 3.9% | 4.0% |
| Interest | ₹4 Cr | ₹4 Cr | ₹5 Cr | ₹3 Cr |
| Depreciation | ₹0 Cr | ₹2 Cr | ₹1 Cr | ₹2 Cr |
| Net profit | ₹2 Cr | ₹1 Cr | ₹8 Cr | ₹10 Cr |
| Net margin | 0.4% | 0.3% | 2.3% | 2.6% |
| Cash from operations | ₹12 Cr | ₹16 Cr | ₹19 Cr | ₹1 Cr |
| Free cash flow | ₹12 Cr | ₹15 Cr | ₹19 Cr | ₹-1 Cr |
| ROCE | 4.0% | 4.0% | 11.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹55 Cr | ₹65 Cr | ₹69 Cr | ₹80 Cr | ₹129 Cr | ₹97 Cr |
| Borrowings | ₹21 Cr | ₹51 Cr | ₹49 Cr | ₹45 Cr | ₹152 Cr | ₹14 Cr |
| Other liabilities | ₹33 Cr | ₹37 Cr | ₹35 Cr | ₹31 Cr | ₹59 Cr | ₹39 Cr |
| Total liabilities | ₹121 Cr | ₹165 Cr | ₹166 Cr | ₹169 Cr | ₹353 Cr | ₹164 Cr |
| Fixed assets | ₹19 Cr | ₹21 Cr | ₹20 Cr | ₹18 Cr | ₹141 Cr | ₹18 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹54 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹15 Cr | ₹27 Cr | ₹35 Cr | ₹0 Cr | ₹35 Cr |
| Other assets | ₹102 Cr | ₹129 Cr | ₹119 Cr | ₹116 Cr | ₹158 Cr | ₹110 Cr |
| Total assets | ₹121 Cr | ₹165 Cr | ₹166 Cr | ₹169 Cr | ₹353 Cr | ₹164 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count grew 7% to 6,980.
- Promoters
- 69.1%
- Public
- 30.9%
Since Jun 2025
- Public −0.02 pp
- Promoters 0.00 pp
- DIIs 0.00 pp
How it drifted, 12 quarters
Over this window DIIs fell from 1.7% to 0.0% — −1.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 67.5%, DIIs 1.7%, Public 30.8%.Dec '23: Promoters 69.1%, DIIs 0.1%, Public 30.9%.Mar '24: Promoters 69.1%, Public 30.9%.Jun '24: Promoters 69.1%, Public 30.9%.Sep '24: Promoters 69.1%, Public 30.9%.Dec '24: Promoters 69.1%, Public 30.9%.Mar '25: Promoters 69.1%, Public 30.9%.Jun '25: Promoters 69.1%, Public 30.9%.Sep '25: Promoters 69.1%, Public 30.9%.Dec '25: Promoters 69.1%, Public 30.9%.Mar '26: Promoters 69.1%, Public 30.9%.Jun '26: Promoters 69.1%, Public 30.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nikhil Kishorchandra Vora +0.13 pp 5.93% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Modi Naturals above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Nita Modi | 29.65% | unchanged |
| Anil Modi | 15.93% | unchanged |
| Akshay Modi | 15.44% | unchanged |
| Nikhil Kishorchandra Vora | 5.93% | +0.13 pp |
| DAS TRADELINK LLP(formerly DAS Tradelink Pvt Ltd) | 4.85% | unchanged |
| Anil Modi Huf | 2.00% | unchanged |
| Bilkis Zubair Hawa . | 1.15% | unchanged |
| D D Modi Huf | 0.46% | unchanged |
| Neha Agarwal | 0.44% | unchanged |
| Aditi Modi | 0.32% | unchanged |
| Rajesh Harichandra Budhrani | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q2 FY26 call →Learn to analyse Modi Naturals
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