Modi Naturals Ltd(MODINATUR)

NSE: MODINATURBSE: 519003

₹ 341.1+3.99%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 454 crWebsite: www.modinaturals.comUpdated: 24 Oct 2026

About

Modi Naturals operates three businesses: grain-based ethanol, bulk edible oils and branded consumer foods, including Oleev olive oil and Oleev Kitchen products. FY26 revenue was Rs 719.18 cr. Ethanol made up 46.9% of it, bulk 27.6% and branded 25.5%. Both ethanol plants are expected to run at full capacity by the end of August 2026, taking total capacity to 282 KLPD.^[1][2][3]

Business segments

Ethanol: Rs 337.35 cr of revenue in FY26, or 46.9% of the total, with an EBIT margin of 16.9%.^[2]
Bulk: Rs 198.29 cr of revenue in FY26, or 27.6% of the total, with an EBIT margin of 0.7%.^[2]
Branded (consumer): Rs 183.54 cr of revenue in FY26, or 25.5% of the total, with an EBIT margin of 8.1%.^[2]
Ethanol revenue fell 6% to Rs 74.8 cr in Q1 FY27 because of a roughly 20-day maintenance shutdown and lower FCI rice prices.^[3]
Consumer division revenue fell 4% to Rs 42.5 cr in Q1 FY27.^[3]
Bulk division revenue rose 23% to Rs 38.3 cr in Q1 FY27. Management credits a leaner inventory model and tighter procurement.^[3]

Products and brands

Under the Oleev brand, the company is described as working to consolidate its olive oil leadership while scaling newer food categories.^[4]
Food products made up about 10% of consumer division revenue in FY26.^[4]
Pasta continued to perform well on quick commerce platforms in Q1 FY27. The hing launch under Oleev Kitchen (June 2025) received a strong market response.^[3][5]
Planned launches: multi-grain (4-grain) pasta and new shapes; flavoured roasted peanuts in 5 flavours under PIPO; and instant masala in 6 variants under Taste Bomb.^[4]
Oleev Junior Peanut Butter, aimed at children aged 4-13, is in pilot. Its distribution is to be scaled up.^[4]

Operations and capacity

Ethanol capacity went from 130 KLPD to 282 KLPD after Phase 2 (152 KLPD, capex Rs 91 cr) began commercial operations in late FY26.^[4]
Both the existing and the expanded ethanol plants are expected to run at full capacity by the end of August 2026, a total of 282 KLPD.^[3]
FY27 ethanol utilisation guidance assumes about 230 KLPD, against 282 KLPD of potential capacity.^[4]
In FY26 one solvent extraction plant in Pilibhit, UP, was shut down because its operations were not viable.^[4]

Key operating numbers

Ethanol EBITDA margin was 22.2% in Q1 FY27, against 17.1% in Q1 FY26. The company credits better plant performance and efficiencies.^[3]
Consumer division EBITDA margin was 9.3% in Q1 FY27, against 8.8% in Q1 FY26, helped by a more premium mix. It was 8.3% for FY26.^[3][4]
Bulk division EBITDA margin was 3.4% in Q1 FY27, against 2.4% a year earlier.^[3]
Consolidated gross margin was 28.8% in Q1 FY27, against 25.1% in Q1 FY26.^[3]
Advertising spend was Rs 12 cr in FY26, about 6.5% of consumer revenue.^[4]
Net working capital days were 62 as of 31 March 2026, against 66 a year earlier.^[4]

Customers and distribution

The consumer division reaches 50,000+ outlets through 450+ distributors, as stated in Q1 FY27.^[3]
Consumer channel mix in Q4 FY26: modern trade about 50%, general trade about 40%, army about 8-10%.^[4]
As of Q1 FY26, 8 products were listed in the Canteen Store Department (CSD) network.^[5]
In October 2025 the company won ethanol and by-product orders worth Rs 400 cr (about 49.7k KL) from oil marketing companies (OMCs).^[6]
In Q1 FY27 it secured about Rs 140 cr of additional OMC orders, to be executed over the rest of the ethanol supply year through October 2026.^[3]

Expansion plans

Up to Rs 20 cr of capex is planned in FY27 for an ethanol by-product value-addition project. No other large capex is planned.^[4]
The company is evaluating potable alcohol (RS/ENA, bottling) or downstream chemicals from ethanol, as well as a food-sector acquisition. Nothing has been firmed up.^[4]
Consumer growth is to come from wider reach in Tier 1 and Tier 2 cities, new categories and a higher share of premium products, according to the Q1 FY27 call.^[3]
The long-term revenue target for the consumer division is Rs 500 cr: Rs 300-350 cr from oil and Rs 150 cr from food.^[4]

Recent developments

Credit ratings were upgraded in FY26: long-term facilities to IVR BBB/Stable and short-term facilities to IVR A3+.^[4]
Phase 2 ethanol commissioning slipped from December 2025 to late FY26 while regulatory approvals were pending.^[6]
The ethanol plant had a maintenance shutdown of about 20 days in Q1 FY27.^[3]
Actress Karisma Kapoor was brought in as brand ambassador for Oleev during FY26.^[6]
FY27 guidance: revenue Rs 925-965 cr, EBITDA Rs 100-105 cr, PAT Rs 66-70 cr.^[4]

Market Cap

₹454 Cr

High / Low

₹526 / 261

Stock P/E

8.2

Price / Book

2.5

Book Value

₹129

EPS

₹37.8

No. of Shares

1.33 Cr

ROCE

22.0%

ROE

34.2%

OPM

9.2%

Debt / Equity

0.94

Sales

₹719 Cr

Net Profit

₹50 Cr

Promoter holding

69.1%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials