Modern Insulators Ltd (MODINSU)

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Modern Insulators Ltd (MODINSU) · mywealthgrid

About

Modern Insulators manufactures electrical equipment within the industrials sector, competing in the 'Other Electrical Equipment' segment. The company operates at a quarterly revenue scale of ₹100–160 Cr (standalone), positioning it as a niche player within the broader electrical-equipment market.

Face value: ₹10

Market cap

₹1,994 Cr

P/E

25.0×

P/B

3.7×

Dividend yield

ROE

15.9%

ROCE

18.7%

Debt / equity

0.13

OPM

13.2%

EPS (TTM)

₹16.9

Book value

₹115.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme valuation relative to weak fundamentals: PE of 99.96 with ROE of 6.29%; verify if 370% 1y return reflects justified improvement or speculative repricing
Earnings quality concerns: despite ₹159.93 Cr revenue (highest) and 11.14% OPM (highest) in Mar 2025, EPS was 0 (vs. ₹3.44 a year prior); verify if capital structure, one-time charges, or operational issues caused disconnect
Earnings volatility: net profit ranged ₹3.96–₹16.23 Cr across eight quarters; verify underlying demand stability and order visibility in electrical-equipment cycles
Capital efficiency: ROE of 6.29% significantly lags typical cost of capital; verify if growth translates to improved returns or remains cyclical and low-margin

Generated analysis · source review pending

Growth drivers

Revenue growth of 78% from ₹89.75 Cr (Jun 2023) to ₹159.93 Cr (Mar 2025); verify if driven by market share gains, new orders, or cyclical expansion
OPM improved to 11.14% (Mar 2025) vs. 4.27% (Sep 2024); verify if cost discipline or pricing is enabling margin recovery
Low leverage (D/E 0.07) permits reinvestment or expansion; verify capital allocation strategy for growth
Electrical-equipment sector demand in infrastructure capex cycles; verify order book visibility and contract pipeline

Generated analysis · source review pending

1,526 historical price candles were omitted because the exchange source has not been verified.

₹423.4-3.6%1Y

Quick read

rule-based

Pros

+Profit CAGR of 18.5% over the last 5 years
+Comfortable interest coverage of 18.1×
+High promoter holding of 60.2% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

68/100

Business quality: 62
Growth: 87
Valuation: 55

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
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

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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
	398	442	431	443	503	720
COGS	123	135	140	142	140	200
Gross profit	275	307	291	301	363	520
	232	284	267	266	326	425
	43	23	23	35	37	95
OPM %	10.8%	5.1%	5.4%	7.9%	7.4%	13.2%
Depreciation	11	9	9	9	9	10
Interest	9	5	4	3	4	6
	11	12	15	12	21	22
Profit before tax	35	21	26	35	45	101
Tax	0	-1	-2	-1	6	21
Tax %	1.1%	-6.6%	-8.8%	-4%	13.9%	20.9%
	34	22	28	36	39	80
PAT margin %	8.6%	5%	6.5%	8.1%	7.7%	11.1%
EPS (₹)	7.2	4.7	5.9	7.7	8.2	16.9
EPS adjusted (₹)	7.2	4.7	5.9	7.7	8.2	16.9
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	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	47	47	47	47	47	47	47
Reserves	—	291	313	342	378	416	496
Minority interest	—	0	0	—	0	—	—
	—	24	26	8	19	25	68
	—	128	119	107	110	115	150
Total equity & liabilities	—	491	506	504	554	604	762
	192	182	175	168	163	172	178
CWIP	—	0	0	4	2	1	1
Investments	—	9	10	5	19	46	114
	—	299	320	326	370	384	469
Total assets	—	491	506	504	554	604	762

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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 %	69%	69.4%	67.5%	68%	72.1%	72.2%
EBITDA margin %	10.8%	5.1%	5.4%	7.9%	7.4%	13.2%
EBIT margin %	8.2%	3.2%	3.4%	6%	5.7%	11.8%
PAT margin %	8.6%	5%	6.5%	8.1%	7.7%	11.1%
Working capital
Receivable days	86	83	89	93	88	77
Inventory days	345	332	306	271	325	291
Payable days	126	108	83	85	99	102
NWC days	305	307	312	279	314	266
Leverage
Current ratio	2.48	2.8	3.88	3.77	3.82	3.75
Debt to EBITDA	0.55	1.14	0.34	0.54	0.68	0.72
Debt to equity	0.07	0.07	0.02	0.05	0.05	0.13
Interest coverage	4.7	5	7.2	11.2	9.8	18.1
Asset turnover	0.81	0.87	0.86	0.8	0.83	0.94
Return ratios
Return on assets %	7%	4.3%	5.5%	6.5%	6.4%	10.5%
Return on capital employed %	11.2%	6.4%	7%	8.4%	8.6%	18.7%
Return on equity %	10.1%	6.1%	7.2%	8.5%	8.3%	14.7%

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
	60.2%	60.2%	60.2%	60.2%	60.2%	60.2%	60.2%	0%	60.18%	60.18%	60.18%	60.18%
	0.31%	0.31%	0.31%	0.31%	0.33%	0.33%	0.33%	0.84%	0.33%	0.33%	0.33%	0.4%
	2.23%	2.23%	1.93%	1.39%	1.33%	1.33%	1.33%	3.34%	1.33%	1.31%	1.18%	1.07%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	37.26%	37.26%	37.56%	38.1%	38.14%	38.14%	38.14%	95.82%	38.16%	38.18%	38.31%	38.35%
No. of shareholders	—	—	—	—	—	—	—	—	1,39,727	1,40,159	1,40,264	1,40,887

Promoter holding down 0.02 percentage points since Sep 2023.

Mr. SACHIN RANKAExecutive Director-Chairperson-MD
Mr. SHREYANS RANKAExecutive Director-MD
Mr. ANIMESH BANERJEEExecutive Director
Mr. P. SRIDHARANExecutive Director
Mr. SURESHKUMAR SHARMANon-Executive - Independent Director
Mr. GANPATHY VISHWANATHAN KALPATHYNon-Executive - Independent Director
Mrs. MEENU SACHETINon-Executive - Independent Director
Sureshkumar Mohanlal SharmaNon-Executive Independent
Mr. RAHUL SINGHVINon-Executive - Independent Director
Mr. Alok JainChief Financial Officer
Ms. Harshita HetawalCompany 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 Modern Insulators Ltd. 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

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Events

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

1

Board meeting to consider results10 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

10 announcementsExport CSV

1 Oct 2026, 5:42 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 3:15 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

28 Sept 2026, 9:40 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

8 Sept 2026, 3:26 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

7 Sept 2026, 6:36 pmAGM/EGM

Annual General Meeting To Be Held On September 30, 2026

AGM PDF

7 Sept 2026, 5:50 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

20 Aug 2026, 7:08 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

10 Aug 2026, 8:41 pmResult

Result For The Quarter Ended June 30, 2026

Financial Results PDF

Date	Category	Subject	Filing
1 Oct 2026, 5:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
30 Sept 2026, 3:15 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	69%	69.4%	67.5%	68%	72.1%	72.2%
EBITDA margin %	10.8%	5.1%	5.4%	7.9%	7.4%	13.2%
EBIT margin %	8.2%	3.2%	3.4%	6%	5.7%	11.8%
PAT margin %	8.6%	5%	6.5%	8.1%	7.7%	11.1%
Working capital
Receivable days	86	83	89	93	88	77
Inventory days	345	332	306	271	325	291
Payable days	126	108	83	85	99	102
NWC days	305	307	312	279	314	266
Leverage
Current ratio	2.48	2.8	3.88	3.77	3.82	3.75
Debt to EBITDA	0.55	1.14	0.34	0.54	0.68	0.72
Debt to equity	0.07	0.07	0.02	0.05	0.05	0.13
Interest coverage	4.7	5	7.2	11.2	9.8	18.1
Asset turnover	0.81	0.87	0.86	0.8	0.83	0.94
Return ratios
Return on assets %	7%	4.3%	5.5%	6.5%	6.4%	10.5%
Return on capital employed %	11.2%	6.4%	7%	8.4%	8.6%	18.7%
Return on equity %	10.1%	6.1%	7.2%	8.5%	8.3%	14.7%

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	53	14	23	14	40	47
	35	-8	-4	20	-41	-83
	-87	-3	-22	15	2	37
Net cash flow	1	3	-3	49	0	1
Free cash flow	52	11	17	8	21	26
CFO / Operating profit %	121.9%	61.1%	98.3%	39.2%	106.4%	49.3%

Modern Insulators Ltd

About

Key insights

Key risks

Growth drivers

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

Events

1

Announcements

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Modern Insulators Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1