MODINATUR
Modi Naturals financials
- Market cap
- ₹471 Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 1
MODINATUR Q4 FY26
What went well
- Consolidated revenue for Q4 FY26 grew by 28% YoY to INR243 crores.
- Consolidated PAT for Q4 FY26 surged by 141% YoY to INR19.7 crores.
- FY26 EBITDA (excluding exceptional item) increased by 31.2% to INR73.5 crores, with EBITDA margin at 10.2%.
What to watch
- Management acknowledged the risk of overcapacity and underutilization in the ethanol segment, though they believe they are well-poised to manage it.
- One solvent extraction plant in Pilibhit was shut down due to non-viability of operations as part of strategic rationalization.
What Modi Naturals Limited does
Modi Naturals runs three business verticals: a Consumer/Branded division selling premium edible oils (olive oil, canola oil, rice-bran-olive blends) and ready-to-cook/ready-to-eat food products (pasta, peanut butter, popcorn, beverages) through General Trade, Modern Trade, e-commerce and CSD channels; a Bulk division that extracts and refines rice bran oil (and its by-products, de-oiled cakes and rice bran wax) from raw rice bran; and an Ethanol division operating a grain-based distillery that produces ethanol supplied mainly to oil marketing companies (OMCs) for fuel blending, alongside emerging alcohol/by-product value-addition lines.
Segments
- Consumer / Branded Division
- Bulk Division
- Ethanol Division
- Manufacturing units
- 3
- Ethanol distillation capacity
- 282 KLPD (up from 130 KLPD in FY24, ~117% increase)
- Distributor network
- 450+
- Direct retail reach
- 50,000+ retail stores
- Modern retail outlets
- 3,000+
- Consumer division channel mix
- ~50% modern trade, 40% general trade, 8-10% CSD/army channel
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- Ethanol Division Revenue open said Q4 FY26 Promised: INR950 crores for FY27 (conservative, based on 50% capacity utilization) Q4 FY26: Guidance of INR950 crores for FY27 announced, which management termed 'very conservative'.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 0.6%, net profit up 20.0% 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 | 147 | 179 | 190 | 155 | 147 +0% | 174 −3% | 243 +28% | 156 +1% |
| EBITDA | 13 | 13 | 16 | 18 | 15 +15% | 16 +23% | 24 +50% | 22 +22% |
| Net profit | 8 | 8 | 8 | 10 | 10 +25% | 10 +25% | 20 +150% | 12 +20% |
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 −4.0% YTD
YTD: ₹353.8 on 1 Jan 2026 → ₹339.7. High ₹484.75 (21 May 2026), low ₹272.25 (9 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +19.9%
- 14 May
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 grew 34.1% a year over 2 years, FY24 to FY26. Operating margin widened to 10.2%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹400 Cr | ₹664 Cr | ₹719 Cr |
| Operating profit | ₹9 Cr | ₹55 Cr | ₹73 Cr |
| Operating margin | 2.3% | 8.3% | 10.2% |
| Interest | ₹7 Cr | ₹12 Cr | ₹7 Cr |
| Depreciation | ₹4 Cr | ₹8 Cr | ₹8 Cr |
| Net profit | ₹-1 Cr | ₹31 Cr | ₹50 Cr |
| Net margin | -0.2% | 4.7% | 7.0% |
| Cash from operations | ₹-7 Cr | ₹49 Cr | ₹61 Cr |
| Free cash flow | ₹-40 Cr | ₹21 Cr | ₹-19 Cr |
| ROCE | 2.0% | 19.0% | 22.0% |
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 | ₹77 Cr | ₹129 Cr | ₹159 Cr |
| Borrowings | ₹21 Cr | ₹51 Cr | ₹142 Cr | ₹170 Cr | ₹152 Cr | ₹161 Cr |
| Other liabilities | ₹33 Cr | ₹37 Cr | ₹38 Cr | ₹46 Cr | ₹59 Cr | ₹73 Cr |
| Total liabilities | ₹121 Cr | ₹165 Cr | ₹263 Cr | ₹306 Cr | ₹353 Cr | ₹407 Cr |
| Fixed assets | ₹19 Cr | ₹26 Cr | ₹27 Cr | ₹149 Cr | ₹141 Cr | ₹214 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹91 Cr | ₹0 Cr | ₹54 Cr | ₹19 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹102 Cr | ₹139 Cr | ₹144 Cr | ₹157 Cr | ₹158 Cr | ₹174 Cr |
| Total assets | ₹121 Cr | ₹165 Cr | ₹263 Cr | ₹306 Cr | ₹353 Cr | ₹407 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 Limited 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.
Learn to analyse Modi Naturals Limited
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