515008 - Modern Insulator
Financial Performance
Revenue Growth by Segment
Not disclosed in available documents.
Geographic Revenue Split
The company has a significant export presence with foreign exchange earnings of INR 179.43 Cr against a foreign exchange outgo of INR 14.02 Cr for the year ended March 31, 2025. This indicates that a substantial portion of revenue is derived from international markets, though the exact percentage split is not disclosed.
Profitability Margins
The average net profit of the company for the preceding three financial years (as per Section 135(5)) was INR 27.22 Cr. Specific gross, operating, and net margins for the current year are not disclosed.
EBITDA Margin
Not disclosed in available documents.
Capital Expenditure
Not disclosed in available documents.
Credit Rating & Borrowing
Not disclosed in available documents.
Operational Drivers
Raw Materials
Not disclosed in available documents.
Import Sources
Not disclosed in available documents.
Key Suppliers
Not disclosed in available documents.
Capacity Expansion
Not disclosed in available documents.
Raw Material Costs
Not disclosed in available documents.
Manufacturing Efficiency
Not disclosed in available documents.
Logistics & Distribution
Not disclosed in available documents.
Strategic Growth
Expected Growth Rate
Not disclosed in available documents.
Growth Strategy
The company focuses on maintaining its position in the insulator market through compliance with international standards and ethical business practices. It leverages its status as a net foreign exchange earner (INR 179.43 Cr) to serve global markets. Growth is supported by a 12% increase in average salaries for non-managerial employees, aligning with industry benchmarks to retain talent.
Products & Services
Insulators (specifically porcelain and hollow insulators used in electrical power transmission and distribution systems).
Brand Portfolio
Modern Insulators.
New Products/Services
Not disclosed in available documents.
Market Expansion
Not disclosed in available documents.
Market Share & Ranking
Not disclosed in available documents.
Strategic Alliances
Not disclosed in available documents.
External Factors
Industry Trends
The industry is focused on electrical infrastructure; the company's reliance on indigenous technology (no technology imports in 3 years) suggests a stable, established manufacturing process in a mature industry.
Competitive Landscape
Not disclosed in available documents.
Competitive Moat
The company's moat is built on its established manufacturing presence in Rajasthan and its ability to meet international demand, evidenced by significant export earnings. However, the sustainability of this moat is challenged by a qualified audit opinion on tax matters.
Macro Economic Sensitivity
The company is sensitive to global infrastructure and power sector spending, as evidenced by its high foreign exchange earnings of INR 179.43 Cr.
Consumer Behavior
Not disclosed in available documents.
Geopolitical Risks
Not disclosed in available documents.
Regulatory & Governance
Industry Regulations
The company must comply with the Petroleum Act 1934 and various SEBI (LODR) regulations. It was fined INR 1.76 Lacs by the Stock Exchange for non-compliance with SEBI (LODR) over the last three financial years.
Environmental Compliance
Not disclosed in available documents.
Taxation Policy Impact
The company is currently facing a qualified audit opinion due to a provision for taxation, including interest, estimated at INR 19.15 Cr.
Legal Contingencies
The company has disclosed pending litigations in its financial statements, with a major estimated tax-related contingency of INR 19.15 Cr impacting the auditor's opinion.
Risk Analysis
Key Uncertainties
The primary uncertainty is the resolution of the INR 19.15 Cr tax provision and the accuracy of Expected Credit Loss (ECL) measurements on trade receivables, which are identified as key audit matters.
Geographic Concentration Risk
The company's operations are concentrated in Abu Road, Sirohi, Rajasthan, though its revenue is globally distributed with INR 179.43 Cr in foreign earnings.
Third Party Dependencies
Not disclosed in available documents.
Technology Obsolescence Risk
The company has not imported technology in the last three years, which may indicate a risk of falling behind if global insulator technology shifts rapidly, though current operations appear stable.
Credit & Counterparty Risk
There is significant credit exposure to trade receivables, requiring an allowance for Expected Credit Losses based on customer aging and credit history.