Modi Naturals Limited (MODINATUR)

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Modi Naturals Limited (MODINATUR) · mywealthgrid

About

Modi Naturals Limited operates in agricultural products and food sectors within Consumer Staples, with market cap of ₹506.26 Cr and consolidated revenues of ₹243.08 Cr (Mar 2026). The company is promoter-led (69.09% holding) and operates through multiple entities where consolidated operations generate stronger margins than standalone. Recent quarters show accelerating revenue and improving profitability.

Face value: ₹10

Market cap

₹432 Cr

P/E

8.6×

P/B

2.5×

Dividend yield

ROE

34.2%

ROCE

26.4%

Debt / equity

0.94

OPM

10.2%

EPS (TTM)

₹37.8

Book value

₹129.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM ranged from 1.49% (Sep 2020) to 10.06% (Mar 2026), suggesting operational inconsistency; verify if recent margin levels are sustainable
Financial leverage with thin profitability: D/E of 0.94 combined with historical 2-5% OPM average limits financial flexibility if margins revert
Negative shareholder returns: -10.44% one-year return despite 34.24% ROE signals market concerns; verify if recent profit growth addresses underlying issues
No institutional backing: 0% FII and DII holdings with 69.09% promoter concentration create liquidity and governance validation risks

Generated analysis · source review pending

Growth drivers

Revenue acceleration: 40% quarterly growth (₹243.08 Cr Mar 2026 vs ₹174.09 Cr Dec 2025); verify sustainability
Margin expansion: OPM at 10.06% (Mar 2026) vs 2-5% historical average; verify structural basis for improvement
Earnings growth: EPS doubled to ₹15 (Mar 2026) from ₹7.56 via combined revenue and margin expansion; verify repeatable drivers
Consolidated entity strength: ₹19.67 Cr net profit indicates scalable higher-margin businesses; verify growth and scaling pathway

Generated analysis · source review pending

2,149 historical price candles were omitted because the exchange source has not been verified.

₹324.5-4.5%1Y

Quick read

rule-based

Pros

+Strong return on equity of 20.6% (3-yr avg)
+Profit CAGR of 36.7% over the last 5 years
+High promoter holding of 69.1% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

81/100

Business quality: 59
Growth: 90
Valuation: 94

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
Lt Foods LimitedLTFOODSLTFOODS	₹13,862 Cr	₹14,836 Cr	₹11,633 Cr	₹1,247 Cr	10.6%	₹640 Cr	5.7%	20.1%	14.9%	176
Krbl LimitedKRBLKRBL	₹8,604 Cr	₹8,774 Cr	₹6,009 Cr	₹992 Cr	14.8%	₹758 Cr	10.6%	15.5%	11.7%	323
Gujarat Ambuja Exports LimitedGAELGAEL	₹7,233 Cr	₹7,667 Cr	₹6,032 Cr	₹602 Cr	8.1%	₹416 Cr	5.3%	13.2%	9.7%	84
Trualt Bioenergy LimitedTRUALTTRUALT	₹3,812 Cr	₹5,458 Cr	₹2,051 Cr	₹381 Cr	16.8%	₹149 Cr	5.6%	10.8%	6.3%	170
Kaveri Seed Company LimitedKSCLKSCL	₹3,676 Cr	₹3,676 Cr	₹1,279 Cr	₹292 Cr	24.2%	₹250 Cr	21.2%	18.2%	18.2%	396
Amir Chand Jagdish Kumar (Exports) LimitedAEROPLANEAEROPLANE	₹2,156 Cr	₹2,914 Cr	₹2,287 Cr	₹225 Cr	9.9%	₹103 Cr	4.5%	24.1%	11.2%	253
Sanstar LimitedSANSTARSANSTAR	₹2,063 Cr	₹2,083 Cr	₹821 Cr	₹54 Cr	4.8%	₹44 Cr	4.4%	5.5%	5.1%	53
Grm Overseas LimitedGRMOVERGRMOVER	₹1,613 Cr	₹1,979 Cr	₹1,869 Cr	₹102 Cr	5.1%	₹77 Cr	4.2%	23.7%	14.5%	212
Chaman Lal Setia Exports LimitedCLSELCLSEL	₹1,401 Cr	₹1,484 Cr	₹1,478 Cr	₹171 Cr	10.9%	₹125 Cr	8%	19%	14.6%	197
Avt Natural Products LimitedAVTNPLAVTNPL	₹1,338 Cr	₹1,452 Cr	₹822 Cr	₹114 Cr	12.6%	₹84 Cr	9.1%	16.9%	12.2%	327
Gulshan Polyols LimitedGULPOLYGULPOLY	₹1,009 Cr	₹1,401 Cr	₹2,260 Cr	₹134 Cr	4.7%	₹43 Cr	1.2%	7.5%	4.1%	49
Regaal Resources LimitedREGAALREGAAL	₹883 Cr	₹1,493 Cr	₹1,090 Cr	₹133 Cr	11.2%	₹60 Cr	4.9%	15%	15.2%	50

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Financials

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

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	443	474	418	400	663	719
COGS	363	374	330	300	511	547
Gross profit	80	100	88	100	152	172
	67	86	83	91	96	99
	13	15	5	9	56	73
OPM %	2.9%	3.1%	1.3%	2.3%	8.5%	10.2%
Depreciation	1	1	2	4	8	8
Interest	1	2	4	7	12	8
	4	1	2	1	1	6
Profit before tax	14	13	2	-2	38	64
Tax	3	4	1	-0	7	13
Tax %	24.7%	27.7%	42.5%	-20.2%	17.7%	20.9%
	11	9	1	-1	31	50
PAT margin %	2.4%	2%	0.3%	-0.4%	4.7%	7%
EPS (₹)	8.3	—	—	—	—	38
EPS adjusted (₹)	8.3	7.4	0.9	-1	23.3	37.8
Annual report	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	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	13	13	13	13	13	13
Reserves	—	65	69	77	108	159
	—	51	143	170	149	161
	—	37	38	46	59	73
Total equity & liabilities	—	165	263	306	330	407
	19	26	27	149	145	214
CWIP	—	0	91	0	16	19
Investments	—	0	0	0	0	0
	—	139	144	157	169	174
Total assets	—	165	263	306	330	407

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9	-13	-6	-7	49	61
	2	-13	-91	-32	-28	-72
	-12	30	95	37	-21	12
Net cash flow	-1	4	-2	-2	-0	2
Free cash flow	8	-22	-100	-41	29	-19
CFO / Operating profit %	73%	-87.5%	-110%	-75.2%	87.1%	83.1%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Ethanol	337.35	56.99	278.12	181.73	96.39	59.12
Bulk	198.29	1.35

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	18%	21.2%	21.2%	25%	22.9%	24%
EBITDA margin %	2.9%	3.1%	1.3%	2.3%	8.5%	10.2%
EBIT margin %	2.6%	2.8%	0.9%	1.2%	7.3%	9.1%
PAT margin %	2.4%	2%	0.3%	-0.4%	4.7%	7%
Working capital
Receivable days	—	15	17	25	26	24
Inventory days	—	92	94	117	60	59
Payable days	—	12	20	31	20	21
NWC days	—	94	91	111	66	62
Leverage
Current ratio	—	1.59	1.53	1.24	1.22	1.66
Debt to EBITDA	—	3.43	27.35	18.71	2.66	2.19
Debt to equity	—	0.66	1.74	1.87	1.22	0.94
Interest coverage	11.7	8.2	1.5	0.8	4.2	8.5
Asset turnover	—	2.87	1.59	1.31	2.01	1.77
Return ratios
Return on assets %	—	5.7%	0.4%	-0.5%	9.4%	12.4%
Return on capital employed %	—	17.9%	4.2%	3.1%	26%	26.4%
Return on equity %	—	12.1%	1.3%	-1.5%	25.5%	29.2%

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.

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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
	67.5%	69.09%	69.09%	69.09%	69.09%	69.09%	69.09%	67.61%	69.09%	69.09%	69.09%	69.09%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	1.99%	0.3%	0.25%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	30.51%	30.61%	30.66%	30.91%	30.91%	30.91%	30.91%	32.39%	30.91%	30.91%	30.91%	30.91%
No. of shareholders	—	—	—	—	—	—	—	—	6,794	6,859	6,886	6,980

Promoter holding up 1.59 percentage points since Sep 2023.

10 deals · 18 Nov 2021 – 28 Dec 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Dec 2023	NIKHIL VORA	Bulk	BSE	Buy	1,10,000	₹248.15	₹2.73 Cr
28 Dec 2023	CHAITALI N VORA	Bulk	BSE	Sell	1,10,000	₹248.14	₹2.73 Cr
11 Sept 2023	NIKHIL VORA	Bulk	BSE	Buy	90,000	₹239.00	₹2.15 Cr
11 Sept 2023	CHAITALI N VORA	Bulk	BSE	Sell	90,000	₹239.00	₹2.15 Cr
23 Feb 2022	OWN INFRACON PRIVATE LIMITED	Bulk	BSE	Sell	64,191	₹193.51	₹1.24 Cr
23 Dec 2021	ZAKI ABBAS NASSER	Bulk	BSE	Sell	75,000	₹188.34	₹1.41 Cr
18 Nov 2021	NIKHIL VORA	Bulk	BSE	Buy	3,36,482	₹125.50	₹4.22 Cr
18 Nov 2021	PENTAGON BUILDERS PVT LTD	Bulk	BSE	Sell	2,00,000	₹125.58	₹2.51 Cr
18 Nov 2021	VARUN PRAMOD DAGA	Bulk	BSE	Sell	1,16,565	₹125.50	₹1.46 Cr
18 Nov 2021	KAUSHIK DAGA	Bulk	BSE	Sell	83,435	₹126.08	₹1.05 Cr

1–10 of 10

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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. Anil ModiExecutive Director-Chairperson related to Promoter-MD
Mr. Akshay ModiExecutive Director-MD
Mr. Ankit GargNon-Executive - Independent Director
Mrs. Aditi ModiExecutive Director
Mr. Udit JainNon-Executive - Independent Director
Ms. Ankita SingalNon-Executive - Independent Director
Mr. Pradeep KapoorChief Financial Officer
Mr. Rajan Kumar SinghCompany Secretary & Compliance Officer

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

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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.

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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 Modi Naturals Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

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

Announcements

Annual reports

Credit ratings

Credit Rating29 Apr 2026

Investor Presentation and earnings call

May 2026Transcript AI Summary PPT REC
Nov 2025Transcript AI Summary PPT

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

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Events

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

1

Board meeting to consider results14 Aug 2026

1

Bonus 1:114 Oct 2009 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

30 announcementsExport CSV

22 Sept 2026, 10:09 amCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

7 Sept 2026, 5:10 pmCompany Update

Report On Transfer Requests Of Physical Shares Relodged Under The Special Window

General PDF

17 Aug 2026, 8:50 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

17 Aug 2026, 8:40 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

15 Aug 2026, 11:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

14 Aug 2026, 7:33 pmResult

Financial Results For The Quarter Ended 30Th June, 2026

Financial Results PDF

14 Aug 2026, 7:25 pmBoard Meeting

Board Meeting Outcome for Outcome Of Meeting Of Board Held On 14.08.2026

Outcome of Board Meeting PDF

7 Aug 2026, 9:42 amBoard Meeting

Board Meeting Intimation for Intimation Of Board Meeting

Exchange filing PDF

Date	Category	Subject	Filing
22 Sept 2026, 10:09 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Sept 2026, 5:10 pm	Company Update General	Report On Transfer Requests Of Physical Shares Relodged Under The Special Window

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Modi Naturals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

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

Credit ratings

Investor Presentation and earnings call

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

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Branded · revenue

1

1

1

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