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Modi Naturals Limited (MODINATUR)

₹372.85 -0.41% last close, 16 Oct

📊 NSE: MODINATUR 🏢 Other Agricultural Products 📢 Latest filing: 06 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Modi Naturals' revenue was ₹156 Cr (+0.4% year on year, -36.0% on the previous quarter), and net profit ₹12.5 Cr (+19.1% year on year); the operating margin was 14.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹156	+0.4%	-36.0%
Operating profit	₹22.2	+25.6%	-7.6%
Net profit	₹12.5	+19.1%	-37.5%
EPS (₹)	9.44	+19.9%	-36.1%
Operating margin	14.2%	—	—

Full quarterly financials → Results calendar →

MODINATUR delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 41.29% of the MODINATUR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.83%. That is lower than usual for this stock. It traded 2.3 times its average daily volume. It closed at a price band (circuit) on 1 session in about the last 20.

41.29%Delivery, 16 Oct

74.83%Own 20-session average

2.3×Volume vs its average

₹372.85NSE close · -0.41%

Delivery in the last 5 sessions: 77.0% · 69.4% · 69.8% · 36.3% · 41.3%

Delivery across the market →Unusual volume today →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Modi Naturals Reports Nil Physical Share Transfer Requests Under Special Window for Sept 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 03:58 PM

Modi Naturals Limited submitted its monthly status report for September 2026 regarding physical share transfer-cum-demat requests re-lodged under SEBI's special window circular. The company's Registrar and Transfer Agent, Skyline Financial Services, reported 0 requests received, processed, approved, or rejected during the month from September 1, 2026, to September 30, 2026. Consequently, the average processing time for the period was reported as 0 days. This filing is purely compliance-driven and has no financial or operational impact.

0 requests received during the month of September 2026
0 requests processed, approved, or rejected
Average processing time stood at 0 days
Reporting period spans from 01-09-2026 to 30-09-2026 per SEBI circular dated January 30, 2026

💡 No action is required as this is a routine secretarial disclosure. Investors should track core operating performance and the status of ethanol capacity expansion.

Modi Naturals Reports Nil Physical Share Transfer Requests for August 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Sep 2026, 05:18 PM

Modi Naturals Limited submitted its monthly status report from Registrar and Transfer Agent Skyline Financial Services regarding physical share transfer requests re-lodged under SEBI's special window. For the reporting period between 01-08-2026 and 31-08-2026, the company reported zero requests received, processed, approved, or rejected. This is a standard monthly regulatory disclosure with no operational or financial impact on the company.

Zero physical share transfer requests received during August 2026 (01-08-2026 to 31-08-2026)
Nil requests processed, approved, or rejected during the month
Average processing time recorded as 0 days by RTA Skyline Financial Services Private Limited
Filing submitted in compliance with SEBI Circular dated January 30, 2026

💡 No action required. Investors should track core business metrics such as ethanol capacity expansion timelines (target of 310 KLPD) and quarterly financial results.

Modi Naturals Bags ₹140 Cr Additional Ethanol Order; ESY 2025-26 Book Reaches ~₹540 Cr

🟢 POSITIVE ⭐ 9/10

OTHER 📅 17 Aug 2026, 08:53 PM

Modi Naturals' wholly owned subsidiary, Modi Biotech Private Limited (MBPL), has secured an additional allocation of 1.98 crore litres of ethanol with an estimated value of ₹140 crore for ESY 2025-26 from Oil Marketing Companies (OMCs). Supplies under this allocation are scheduled to run until October 2026. This award is incremental to the existing order of approximately ₹400 crore (~47.9k KL), taking the cumulative ESY 2025-26 order book to ~₹540 crore. The ₹140 crore incremental win constitutes ~42.4% of the company's TTM revenue of ₹330 crore, offering strong top-line visibility.

Received an additional allocation of 1.98 crore litres of ethanol for ESY 2025-26 via subsidiary Modi Biotech.
Estimated value of the new order is ₹140 crore, equivalent to ~42.4% of TTM revenue (₹330 crore).
Supply period for the additional volume runs until October 2026.
Builds on an existing order of around ₹400 crore (~47.9k KL), lifting total ESY 2025-26 allocation to ~₹540 crore.

💡 Track quarterly ethanol execution volumes and operating margins in upcoming quarterly results, alongside progress on feedstock procurement and capacity utilization through October 2026.

Modi Naturals Q1 FY27 PAT up 19% to ₹12.5 Cr; Secures ₹140 Cr Additional Ethanol Order

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 17 Aug 2026, 08:48 PM

Modi Naturals reported a 25.6% YoY rise in consolidated EBITDA to ₹22.2 Cr and a 19.1% YoY increase in PAT to ₹12.5 Cr for Q1 FY27, despite flat revenue at ₹155.6 Cr. Profitability was driven by the Ethanol division, where EBITDA margins expanded 510 bps YoY to 22.2% even with a 20-day maintenance shutdown. The company secured an additional ₹140 Cr order from OMCs for the balance Ethanol Supply Year (ESY) through October 2026, representing ~42.4% of TTM revenue (₹330 Cr). The expanded ethanol capacity of 282 KLPD (up from 130 KLPD in FY24) is scheduled to be fully operational by the end of August 2026.

Q1 FY27 consolidated PAT grew 19.1% YoY to ₹12.5 Cr on EBITDA of ₹22.2 Cr (+25.6% YoY) with revenue at ₹155.6 Cr (+0.4% YoY).
Ethanol division EBITDA expanded 22% YoY to ₹16.6 Cr with margins improving to 22.2% from 17.1% in Q1 FY26.
Bagged fresh ethanol supply orders worth ~₹140 Cr for the balance ESY period through October 2026.
Ethanol production capacity scaled to 282 KLPD (+117% over FY24) and is set to be fully operational by August 2026 end.

💡 Monitor the commercial ramp-up of the expanded 282 KLPD ethanol facility post-August 2026 and track delivery timelines of the ₹140 Cr OMC order book.

Q1 Net Profit Up 19.1% YoY to ₹12.50 Cr; Revenue Flat at ₹155.61 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 07:35 PM

Modi Naturals reported a 19.1% YoY increase in consolidated Net Profit to ₹12.50 Cr for Q1 FY27 (quarter ended June 30, 2026), compared to ₹10.49 Cr in Q1 FY26. Consolidated Revenue from Operations remained virtually flat at ₹155.61 Cr versus ₹155.03 Cr in the year-ago period. Standalone edible oil business contributed ₹80.80 Cr in revenue and ₹2.88 Cr in PAT, with wholly owned subsidiary Modi Biotech Private Limited driving the remainder of consolidated performance. Diluted EPS rose to ₹9.44 from ₹7.87 in Q1 FY26.

Consolidated PAT increased 19.1% YoY to ₹12.50 Cr (₹1,250.12 lakhs) from ₹10.49 Cr in Q1 FY26
Consolidated Revenue from Operations stood at ₹155.61 Cr vs ₹155.03 Cr in Q1 FY26
Profit Before Tax (PBT) expanded 18.7% YoY to ₹15.95 Cr vs ₹13.44 Cr
Diluted EPS improved to ₹9.44 per share compared to ₹7.87 in Q1 FY26

💡 Track capacity utilization and policy developments in the ethanol subsidiary (Modi Biotech), alongside branded consumer volume growth in upcoming quarterly results.

Modi Naturals Q1 Cons. PAT Rises 19.1% YoY to ₹12.50 Cr; Revenue Flat at ₹155.61 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 07:29 PM

Modi Naturals reported consolidated revenue from operations of ₹155.61 Cr for the quarter ended June 30, 2026, up marginally by 0.37% YoY from ₹155.03 Cr. Consolidated Profit After Tax (PAT) grew 19.14% YoY to ₹12.50 Cr compared to ₹10.49 Cr in Q1 FY26, supported by operational efficiency. Diluted EPS expanded to ₹9.44 from ₹7.87 in the corresponding quarter of the previous year. On a standalone basis, revenue stood at ₹80.80 Cr with a PAT of ₹2.88 Cr.

Consolidated revenue from operations stood at ₹155.61 Cr vs ₹155.03 Cr in Q1 FY26 (+0.37% YoY)
Consolidated PAT increased 19.14% YoY to ₹12.50 Cr from ₹10.49 Cr
Consolidated basic and diluted EPS improved to ₹9.44 from ₹7.87 YoY
Standalone revenue grew 6.81% YoY to ₹80.80 Cr with Standalone PAT of ₹2.88 Cr

💡 Monitor capacity utilization at subsidiary Modi Biotech's ethanol operations and volume growth across the branded consumer oil portfolio in upcoming quarters.

Modi Naturals reports 1 physical share transfer request in July 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Aug 2026, 03:22 PM

Modi Naturals Limited has submitted its monthly report regarding physical share transfer requests for July 2026, as mandated by SEBI's special window for dematerialization. During the period from July 1, 2026, to July 31, 2026, the company received exactly 1 request. This single request was processed and subsequently rejected by the Registrar and Transfer Agent (RTA). The average processing time for the request was 12 days.

1 request for physical share transfer received during the month of July 2026
1 request was rejected by the RTA, Skyline Financial Services Private Limited
12 days was the average time taken for processing the transfer request
Reporting period strictly covers 01-07-2026 to 31-07-2026

💡 This is a routine administrative filing with no impact on company fundamentals. Investors should instead monitor the progress of the ethanol capacity expansion to 310 KLPD expected by December 2025.

Modi Naturals Clarifies Delayed Submission of 52nd AGM Proceedings

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Aug 2026, 05:44 PM

Modi Naturals Limited has submitted a clarification to BSE regarding a delay in filing the proceedings of its 52nd Annual General Meeting (AGM) held on July 31, 2026. The company stated the delay was unintentional and reaffirmed its commitment to regulatory compliance. During the AGM, which was attended by 120 members, routine business including the adoption of FY26 audited financial statements and auditor appointments were discussed. The meeting concluded within 43 minutes, and no adverse remarks were reported by the statutory or secretarial auditors.

AGM held on July 31, 2026, with 120 members attending via virtual mode
Meeting commenced at 02:30 PM and concluded at 03:13 PM (43-minute duration)
Remote e-voting was conducted between July 28, 2026, and July 30, 2026
Resolutions included adoption of FY26 Audited Financial Statements (Revenue: Rs 329.12 Cr)
Appointment of M/s B. Chhawcharia & Co. as Statutory Auditors for a 5-year term was proposed

💡 Investors should monitor the final voting results of the AGM resolutions to confirm the formal adoption of financial statements and auditor appointments.

Shareholders Approve Appointment of M/s B. Chhawchharia & Co. as Statutory Auditors for 5 Years

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Aug 2026, 02:22 PM

Modi Naturals Limited has received shareholder approval at its 52nd Annual General Meeting (AGM) held on July 31, 2026, for the appointment of M/s B. Chhawchharia & Co. as Statutory Auditors. The appointment is for a five-year term, spanning from the conclusion of the 52nd AGM to the 57th AGM. This follows the Board's earlier recommendation on July 6, 2026. The firm, established in 1966, will be responsible for auditing the company's financials as it targets a revenue scale-up from its current TTM level of Rs 329 Cr.

Appointment of M/s B. Chhawchharia & Co. for a 5-year consecutive term
Shareholder approval obtained at the 52nd AGM held on July 31, 2026
Auditor firm established in 1966 with experience in domestic and international clients
Company maintains a TTM revenue of Rs 329 Cr and TTM PAT of Rs 21 Cr

💡 Investors should treat this as a routine governance update; focus remains on the company's execution of its ethanol capacity expansion to 310 KLPD by December 2025.

Modi Naturals Appoints M/s B. Chhawchharia & Co. as Statutory Auditors for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Aug 2026, 02:20 PM

Modi Naturals Limited has received shareholder approval at its 52nd Annual General Meeting (AGM) to appoint M/s B. Chhawchharia & Co. as the company's Statutory Auditors. The appointment is for a first term of 5 consecutive years, effective from the conclusion of the 52nd AGM until the 57th AGM. This follows the Board's recommendation on July 6, 2026, and ensures compliance with Section 139 of the Companies Act, 2013. The firm, established in 1966, will oversee the financial reporting for the company, which currently has a TTM revenue of ₹329 Cr.

Appointment approved for a term of 5 consecutive years starting July 31, 2026.
Shareholder approval obtained during the 52nd Annual General Meeting.
The appointed firm, M/s B. Chhawchharia & Co., was established in 1966.
The Board of Directors had previously recommended the appointment on July 6, 2026.
The auditor will serve until the conclusion of the 57th Annual General Meeting.

💡 No immediate action required as this is a routine administrative update. Investors should monitor the quality and timeliness of future financial disclosures under the new auditors.

Modi Naturals Concludes 52nd AGM; Shareholders Vote on FY26 Financials and Auditor Appointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Aug 2026, 02:07 PM

Modi Naturals Limited held its 52nd Annual General Meeting (AGM) on July 31, 2026, with 120 members attending virtually. The meeting transacted routine business, including the adoption of FY26 audited financial statements where the company reported a TTM revenue of ₹329.12 cr and PAT of ₹20.54 cr. Key resolutions included the reappointment of Mrs. Aditi Modi as Director and the appointment of M/s B. Chhawcharia & Co. as Statutory Auditors for a five-year term. The Chairman addressed shareholder queries, and final voting results are expected within two working days.

52nd Annual General Meeting held virtually on July 31, 2026, with 120 members in attendance.
Proposed appointment of M/s B. Chhawcharia & Co. as Statutory Auditors for a 5-year term.
Adoption of FY26 financial statements (Revenue: ₹329.12 cr, PAT: ₹20.54 cr) put to vote.
Remote e-voting was conducted from July 28 to July 30, 2026, for members as of the July 24 cut-off date.
Statutory and Secretarial Auditor reports were confirmed to have no qualifications or adverse remarks.

💡 Monitor the upcoming filing of the consolidated voting results within two working days to confirm the formal approval of all resolutions.

52nd AGM Proceedings: Modi Naturals Approves FY26 Financials and Auditor Appointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Aug 2026, 02:05 PM

Modi Naturals Limited concluded its 52nd Annual General Meeting (AGM) on July 31, 2026, via video conferencing. Shareholders voted on six key resolutions, including the adoption of FY26 audited financial statements and the appointment of B. Chhawcharia & Co. as Statutory Auditors for a five-year term. The company reported that auditor reports contained no qualifications or adverse remarks. Management addressed shareholder queries during the session, which saw participation from 120 members.

120 members attended the 52nd AGM held virtually on July 31, 2026
Statutory Auditors B. Chhawcharia & Co. proposed for a 5-year term to fill a casual vacancy
Remote e-voting was conducted between July 28, 2026, and July 30, 2026
Auditors' reports for FY26 were confirmed to have zero qualifications or adverse remarks
Company is currently targeting an ethanol capacity expansion to 310 KLPD by December 2025

💡 Investors should monitor the final voting results to be published within two working days and track the execution of the 180 KLPD ethanol capacity expansion scheduled for December 2025.

Modi Naturals Concludes 52nd AGM; Approves FY26 Financials and 5-Year Auditor Appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Aug 2026, 12:55 PM

Modi Naturals Limited held its 52nd Annual General Meeting on July 31, 2026, via video conferencing with 120 members in attendance. Shareholders voted on the adoption of FY26 audited financial statements, which reported a revenue of ‑329.12 Cr and a PAT of ‑20.54 Cr. A key resolution included the appointment of M/s B. Chhawcharia & Co. as Statutory Auditors for a five-year term. The management addressed shareholder queries, and no qualifications or adverse remarks were noted in the auditor reports.

120 members attended the virtual meeting held on July 31, 2026
Appointment of M/s B. Chhawcharia & Co. as Statutory Auditors for a 5-year term
Adoption of FY26 Audited Financial Statements (Revenue: ‑329.12 Cr)
Ratification of remuneration for Cost Auditors for the FY 2026-27 period
Remote e-voting was conducted from July 28 to July 30, 2026

💡 Investors should monitor the formal voting results expected within two working days and track the progress of the ethanol capacity expansion to 310 KLPD slated for December 2025.

Modi Naturals Appoints Independent Director to Material Subsidiary Modi Biotech

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Jul 2026, 06:49 PM

Modi Naturals has appointed Mrs. Ankita Singal as a Non-Executive Independent Women Director for its material subsidiary, Modi Biotech Private Limited, effective July 30, 2026. Mrs. Singal brings approximately 20 years of experience in finance, marketing, and general business management. This appointment, approved at the subsidiary's 5th AGM, ensures regulatory compliance for the entity responsible for the company's ethanol business. The subsidiary is currently a key growth driver, with plans to expand ethanol capacity from 130 KLPD to 310 KLPD by December 2025.

Appointment of Mrs. Ankita Singal as Non-Executive Independent Women Director effective July 30, 2026
Appointee possesses approximately 20 years of experience in finance and marketing
Modi Biotech is an unlisted material subsidiary central to the company's ethanol expansion strategy
The subsidiary is targeting a capacity increase to 310 KLPD by December 2025 from the current 130 KLPD

💡 Investors should focus on the execution of the ethanol capacity expansion at Modi Biotech, which is the primary driver for the company's projected 28-32% growth rate.

Modi Naturals Schedules 52nd AGM for July 31, 2026; Releases FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 03:02 PM

Modi Naturals Limited has scheduled its 52nd Annual General Meeting (AGM) for July 31, 2026, to be held via video conferencing. The company has released the web-link and QR codes for the Annual Report for the financial year 2025-26 for all shareholders. The e-voting period for the meeting is set from July 28 to July 30, 2026. This filing is a procedural requirement to ensure all shareholders, including those with unregistered email addresses, have access to the annual report and voting instructions.

52nd Annual General Meeting (AGM) to be held on July 31, 2026, at 02:30 P.M.
Cut-off date for determining e-voting eligibility is Friday, July 24, 2026.
Remote e-voting window opens on July 28, 2026 (10:00 AM) and closes on July 30, 2026 (5:00 PM).
Annual Report for FY 2025-26 and AGM Notice made available via dedicated web links and QR codes.
Mandatory KYC update reminder issued for physical shareholders as per SEBI circulars.

💡 Investors should review the FY 2025-26 Annual Report to monitor the progress of the ethanol capacity expansion from 130 KLPD to 310 KLPD, which is expected to be operational by December 2025.

View All MODINATUR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 2.7% YoY to INR 302.0 Cr in H1 FY26. The Ethanol division is the primary growth engine, while the Bulk Business Division achieved an EBITDA turnaround to INR 1.2 Cr in H1 FY26 from a loss of INR 1.5 Cr YoY. The Consumer Division is targeting a long-term revenue of INR 500 Cr.

Geographic Revenue Split

Not disclosed in available documents; operations are primarily focused on the Indian domestic market through its consumer and ethanol divisions.

Profitability Margins

Gross Profit Margin improved to 26.2% in H1 FY26 from 23.7% YoY. PAT Margin increased to 6.8% in H1 FY26 compared to 5.1% in H1 FY25, driven by better operational alignment and the high-margin ethanol segment.

EBITDA Margin

EBITDA Margin stood at 10.9% for H1 FY26, a significant increase from 9.0% in H1 FY25. Absolute EBITDA grew 24.0% YoY to INR 33.0 Cr, reflecting improved efficiency in the bulk segment and robust ethanol performance.

Capital Expenditure

The company is executing a major debt-funded expansion of its ethanol plant (Modi Biotech) to increase capacity by 180 KLPD. Total project completion is expected by December 2025, bringing total capacity to 310 KLPD.

Credit Rating & Borrowing

Assigned IVR BBB-/Stable for long-term and IVR A3 for short-term facilities. Finance costs decreased 17% YoY to INR 4.4 Cr in H1 FY26 due to improved debt management, with a Debt/Equity ratio of 1.07x.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include crude edible oils for the consumer/bulk divisions and feedstocks (grains/rice) for ethanol production. Raw material costs (COGS) represented 73.8% of revenue in H1 FY26 (INR 222.8 Cr).

Import Sources

Not disclosed in available documents, though the edible oil industry typically relies on imports for crude oil and domestic sourcing for grains.

Capacity Expansion

Current ethanol capacity is 130 KLPD; expanding to 310 KLPD with an additional 180 KLPD unit expected to commence operations by December 2025.

Raw Material Costs

COGS as a percentage of revenue decreased from 76.3% in H1 FY25 to 73.8% in H1 FY26, reflecting better procurement planning and a strategic transition to a lower-inventory operating model.

Manufacturing Efficiency

ROCE improved significantly to 19.1% in H1 FY26 from 11.5% in H1 FY25, indicating higher efficiency in utilizing capital for production following the stabilization of the ethanol plant.

📈 Strategic Growth

Expected Growth Rate

28-32%

Growth Strategy

Growth will be achieved by more than doubling ethanol capacity to 310 KLPD by Dec '25, participating in new tender rounds for ethanol, and scaling the FMCG business through a 30% increase in advertising spend (INR 9.15 Cr in H1 FY26) to reach a segment target of INR 500 Cr.

Products & Services

Edible oils, food products, ethanol, and ethanol byproducts.

Brand Portfolio

Branded consumer products (including oils and niche food categories) under the Consumer Division.

New Products/Services

Launch of new products in niche food categories and expansion of assortment on quick commerce and modern trade platforms.

Market Expansion

Expansion of distribution through quick commerce and hiring a new brand ambassador to increase market penetration for the branded division.

🌍 External Factors

Industry Trends

The ethanol industry is benefiting from favorable government policy support for blending; the company expects the industry to move toward incremental capacity additions following a period of rapid augmentation.

Competitive Landscape

Intense competition in the edible oil industry leads to thin margins; the company is pivoting toward branded FMCG and ethanol to escape this commodity trap.

Competitive Moat

Moat is built on experienced promoters (4 decades of experience), a well-established supply chain, and a first-mover advantage in grain-based ethanol in its region.

Macro Economic Sensitivity

Highly sensitive to commodity price fluctuations in the edible oil market and government ethanol blending policies.

Consumer Behavior

Shift toward quick commerce and modern trade for food products, prompting the company to increase A&P spend to 10% of revenue.

Geopolitical Risks

Exposure to international edible oil price volatility which affects the input costs for the bulk and consumer divisions.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to government ethanol blending mandates and pricing, as well as food safety standards for the consumer division.

Taxation Policy Impact

Effective tax rate for H1 FY26 was approximately 18.6% (INR 4.7 Cr tax on INR 25.3 Cr PBT).

Legal Contingencies

The auditor's report indicates no material uncertainty regarding the company's ability to meet liabilities and no modified opinions from outgoing auditors.

⚠️ Risk Analysis

Key Uncertainties

Project execution and stabilization risk for the 180 KLPD ethanol expansion; risk of decline in ethanol offtake prices which could impact the subsidiary's profitability.