Modern Dairies Ltd (MODAIRY)

Loading page…

Modern Dairies Ltd (MODAIRY) · mywealthgrid

About

Modern Dairies Ltd operates in Dairy Products within the Consumer Staples sector.

Face value: ₹10

Market cap

₹153 Cr

P/E

1.8×

P/B

2.8×

Dividend yield

ROE

10.2%

ROCE

13.9%

Debt / equity

0.21

OPM

2.9%

EPS (TTM)

₹29.2

Book value

₹19.5

52-week high

—

52-week low

—

2,093 historical price candles were omitted because the exchange source has not been verified.

₹54.0+10%1Y

Quick read

rule-based

Pros

+Strong return on equity of 76.9% (3-yr avg)

Cons

−Thin operating margin of 2.9%
−Profit declined 26.2% a year over the last 3 years
−Revenue shrank over the last 5 years (-11% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

56/100

Business quality: 37
Growth: 41
Valuation: 90

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hatsun Agro Product LimitedHATSUNHATSUN	₹24,900 Cr	₹26,997 Cr	₹9,624 Cr	₹1,166 Cr	11.6%	₹348 Cr	3.2%	18.3%	16.2%	45
Milky Mist Dairy Food LimitedMILKYMISTMILKYMIST	₹23,744 Cr	₹25,416 Cr	₹3,138 Cr	₹429 Cr	13.7%	₹127 Cr	4.1%	15.8%	32.2%	—
Kwality Wall's (India) LimitedKWILKWIL	₹9,013 Cr	₹9,063 Cr	₹2,245 Cr	₹-110 Cr	-4.9%	₹-369 Cr	-16.4%	-24.8%	-54.9%	-47
Dodla Dairy LimitedDODLADODLA	₹6,068 Cr	₹6,098 Cr	₹4,316 Cr	₹291 Cr	7.5%	₹245 Cr	6.5%	17.6%	17.3%	-3
Vadilal Industries LimitedVADILALINDVADILALIND	₹5,175 Cr	₹5,266 Cr	₹1,675 Cr	₹313 Cr	16.6%	₹219 Cr	10.3%	22.7%	22%	148
Heritage Foods LimitedHERITGFOODHERITGFOOD	₹3,739 Cr	₹4,063 Cr	₹4,727 Cr	₹254 Cr	5.9%	₹135 Cr	3.3%	15.8%	14.5%	18
Parag Milk Foods LimitedPARAGMILKPARAGMILK	₹3,316 Cr	₹3,856 Cr	₹3,911 Cr	₹267 Cr	6.7%	₹130 Cr	3.5%	17%	11.8%	84
Vadilal Enterprises LtdVADILENTVADILENT	₹892 Cr	₹937 Cr	₹340 Cr	₹16 Cr	—	₹1 Cr	0.5%	-22.1%	28.4%	36
Sheetal Cool Products LimitedSCPLSCPL	₹651 Cr	₹701 Cr	₹386 Cr	₹45 Cr	11.3%	₹21 Cr	5.2%	19.9%	13.3%	212
Milkfood LtdMLKFOODMLKFOOD	₹205 Cr	₹318 Cr	₹448 Cr	₹24 Cr	5.3%	₹5 Cr	1%	7%	2.6%	49
Modern Dairies LtdMODAIRYMODAIRY	₹153 Cr	₹165 Cr	₹348 Cr	₹14 Cr	2.9%	₹83 Cr	1.4%	13.9%	10.2%	10
Dindigul Farm Product LtdDFPLDFPL	₹72 Cr	₹91 Cr	₹90 Cr	₹8 Cr	8.6%	₹4 Cr	4.1%	9.3%	10%	3

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	496	457	467	560	766	610	242	217	362	348	340
COGS	-461	-427	-442	-507	-714	557	185	151	280	276	271
Gross profit	—	—	—	—	—	53	57	66	81	72	69
	959	890	923	1,056	1,471	43	46	49	60	58	59
	-2	-6	-13	11	9	10	11	17	22	14	10
OPM %	-0.4%	-1.3%	-2.8%	2%	1.1%	1.7%	4.6%	7.7%	6%	4%	2.9%
Depreciation	5	5	5	5	6	22	6	3	3	3	3
Interest	18	17	1	0	0	0	0	2	4	2	1
	0	0	0	0	0	-22	0	1	20	57	1
Profit before tax	-24	-13	-19	6	3	-35	5	12	34	66	7
Tax	—	—	—	—	—	0	0	0	0	-17	2
Tax %	—	—	—	—	—	0%	0%	0%	0%	-26.2%	27.5%
	-24	-13	-19	6	3	-35	5	12	34	83	5
PAT margin %	-4.9%	-2.9%	-4%	1.1%	0.5%	-5.7%	2.1%	5.6%	9.5%	23.8%	1.4%
EPS (₹)	-10.4	-5.7	-8	2.6	1.5	-14.9	2.1	5.2	14.7	32.4	1.9
EPS adjusted (₹)	—	—	—	—	1.5	-14.9	2.1	5.2	14.6	32.3	1.7
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	23	23	23	23	23	26	28
Reserves	—	-136	-131	-119	-85	15	27
	—	0	0	1	8	7	12
	—	187	170	180	144	69	65
Total equity & liabilities	—	74	62	85	90	117	132
	74	34	30	29	30	31	29
CWIP	—	0	0	1	1	0	0
Investments	—	0	0	0	0	0	6
	—	40	32	56	59	85	96
Total assets	—	74	62	85	90	117	132

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	8.7%	23.7%	30.4%	22.5%	20.6%	20.4%
EBITDA margin %	2%	1.1%	1.7%	4.6%	7.7%	6%	4%	2.9%
EBIT margin %	1.1%	0.4%	-2%	1.9%	6.2%	5%	3.1%	1.9%
PAT margin %	1.1%	0.5%	-5.7%	2.1%	5.6%	9.5%	23.8%	1.4%
Working capital
Receivable days	—	—	5	5	32	19	22	26
Inventory days	—	—	16	28	65	37	36	43
Payable days	—	—	10	10	79	55	58	59
NWC days	—	—	11	22	18	1	-0	10
Leverage
Current ratio	—	—	0.2	0.17	0.28	0.38	0.92	1.11
Debt to EBITDA	—	—	0.02	0.02	0.05	0.36	0.52	1.18
Debt to equity	—	—	-0	-0	-0.01	-0.13	0.18	0.21
Interest coverage	31.3	30.1	-297.8	63	5.9	4.9	6.3	7
Asset turnover	—	—	8.19	3.92	2.56	4.03	2.98	2.58
Return ratios
Return on assets %	—	—	-46.6%	8%	14.3%	38.1%	71%	3.7%
Return on capital employed %	—	—	10.6%	-4.7%	-15.5%	-35.7%	23.6%	13.9%
Return on equity %	—	—	30.7%	-4.6%	-12.7%	-55.5%	205.6%	8.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	45.71%	45.71%	45.71%	45.71%	45.71%	45.71%	50.59%	50.59%	50.59%	50.59%	55.45%	55.45%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.03%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	54.25%	54.25%	54.25%	54.25%	54.25%	54.25%	49.37%	49.37%	49.37%	49.37%	44.52%	44.52%
No. of shareholders	—	—	—	—	—	—	—	—	16,859	16,941	16,838	16,726

Promoter holding up 9.74 percentage points since Sep 2023.

12 deals · 15 Mar 2022 – 20 Oct 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Oct 2023	RACHANADEVI RAJU AGARWAL	Bulk	BSE	Sell	1,30,000	₹20.01	₹0.26 Cr
22 Dec 2022	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Buy	2,36,642	₹22.33	₹0.53 Cr
22 Dec 2022	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Sell	1,36,642	₹22.76	₹0.31 Cr
21 Nov 2022	LATIN MANHARLAL SECURITIES PVT LTD	Bulk	BSE	Buy	1,75,000	₹18.01	₹0.32 Cr
21 Nov 2022	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Sell	1,33,002	₹18.28	₹0.24 Cr
21 Nov 2022	CHETAN RASIKLAL SHAH	Bulk	BSE	Sell	1,21,229	₹18.25	₹0.22 Cr
21 Nov 2022	CHETAN RASIKLAL SHAH	Bulk	BSE	Buy	1,21,229	₹17.82	₹0.22 Cr
21 Nov 2022	AMIT KUMAR VAISH	Bulk	BSE	Buy	1,20,000	₹18.28	₹0.22 Cr
21 Nov 2022	AMIT KUMAR VAISH	Bulk	BSE	Sell	60,000	₹18.14	₹0.11 Cr
21 Nov 2022	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Buy	2	₹18.28	₹0.00 Cr

1–10 of 12

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. KRISHAN KUMAR GOYALExecutive Director-Chairperson-MD
Mr. ASHWANI KUMAR AGGARWALExecutive Director
Mr. SANJAY KAUSHIKNon-Executive - Independent Director
Mr. SURINDER KUMARNon-Executive - Independent Director
Mrs. MEENA SHARMANon-Executive - Independent Director
Ms. Shruti JoshiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Modern Dairies Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results11 Aug 2026

1

Bonus 1:128 Sept 2007 · ex-date

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

70 announcementsExport CSV

25 Aug 2026, 2:36 pmCorp. Action

Announcement under Regulation 30 (LODR)-Conversion of Securities

Conversion of Securities PDF

11 Aug 2026, 5:49 pmCompany Update

Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s

Appointment of Statutory Auditor/s PDF

11 Aug 2026, 4:35 pmCompany Update

Statement Of Deviation And Variation As Per Clause 32 (1), (2) And (3) For The Quarter Ended On 30Th June 2026 Under The SEBI (Listing Obligation And Disclosure Requirements), 2015

Reg. 32 (1), (3) - Statement of Deviation & Variation PDF

11 Aug 2026, 4:24 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

11 Aug 2026, 4:04 pmResult

Consideration And Approval Of Unaudited Financial Results For The Quarter Ended 30 June, 2026

Financial Results PDF

11 Aug 2026, 3:59 pmBoard Meeting

Board Meeting Outcome for Standalone Un-Audited Financial Results For Quarter Ended 30 June 2026

Outcome of Board Meeting PDF

11 Aug 2026, 3:58 pmBoard Meeting

Board Meeting Outcome for Standalone Un-Audited Financial Results For Quarter Ended 30 June 2026

Outcome of Board Meeting PDF

7 Aug 2026, 12:16 pmCompany Update

Report On The Requests For Re-Lodgement Of Transfer Of Physical Shares

General PDF

Date	Category	Subject	Filing
25 Aug 2026, 2:36 pm	Corp. Action Conversion of Securities	Announcement under Regulation 30 (LODR)-Conversion of Securities	PDF
11 Aug 2026, 5:49 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	8.7%	23.7%	30.4%	22.5%	20.6%	20.4%
EBITDA margin %	2%	1.1%	1.7%	4.6%	7.7%	6%	4%	2.9%
EBIT margin %	1.1%	0.4%	-2%	1.9%	6.2%	5%	3.1%	1.9%
PAT margin %	1.1%	0.5%	-5.7%	2.1%	5.6%	9.5%	23.8%	1.4%
Working capital
Receivable days	—	—	5	5	32	19	22	26
Inventory days	—	—	16	28	65	37	36	43
Payable days	—	—	10	10	79	55	58	59
NWC days	—	—	11	22	18	1	-0	10
Leverage
Current ratio	—	—	0.2	0.17	0.28	0.38	0.92	1.11
Debt to EBITDA	—	—	0.02	0.02	0.05	0.36	0.52	1.18
Debt to equity	—	—	-0	-0	-0.01	-0.13	0.18	0.21
Interest coverage	31.3	30.1	-297.8	63	5.9	4.9	6.3	7
Asset turnover	—	—	8.19	3.92	2.56	4.03	2.98	2.58
Return ratios
Return on assets %	—	—	-46.6%	8%	14.3%	38.1%	71%	3.7%
Return on capital employed %	—	—	10.6%	-4.7%	-15.5%	-35.7%	23.6%	13.9%
Return on equity %	—	—	30.7%	-4.6%	-12.7%	-55.5%	205.6%	8.8%

₹ Cr	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3	16	7	17	15	47	20	-5
	-5	-3	-3	-2	-3	-5	-4	-7
	-3	-11	-3	-9	-19	-41	-10	14
Net cash flow	-5	1	0	6	-7	1	7	2
Free cash flow	—	—	3	15	12	43	17	-6
CFO / Operating profit %	—	—	65.7%	151.9%	90.4%	219.3%	144.4%	-45.8%

Modern Dairies Ltd

About

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

1

1

Announcements

Not in the F&O segment

No fund holdings on record

1

1

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Modern Dairies Ltd

About

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings1

Bonus issues1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Board meetings1

Bonus issues1

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1

1

1