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Modi Rubber Limited (MODIRUBBER)

₹117.31 -1.34% last close, 16 Oct

📊 NSE: MODIRUBBER 🏢 Tyres & Rubber Products 📢 Latest filing: 05 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Modi Rubber's revenue was ₹7.8 Cr (+10.1% year on year, -34.9% on the previous quarter), and net profit ₹4.2 Cr (-12.9% year on year); the operating margin was -62.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹7.8	+10.1%	-34.9%
Operating profit	₹-4.9	to loss	loss narrowed
Net profit	₹4.2	-12.9%	from loss
EPS (₹)	1.70	-12.8%	from loss
Operating margin	-62.5%	—	—

Full quarterly financials → Results calendar →

MODIRUBBER delivery percentage

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

On Fri, 16 Oct 2026, 74.22% of the MODIRUBBER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 70.07%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.

74.22%Delivery, 16 Oct

70.07%Own 20-session average

0.4×Volume vs its average

₹117.31NSE close · -1.34%

Delivery in the last 5 sessions: 84.0% · 69.3% · 72.7% · 91.3% · 74.2%

Delivery across the market →

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 Rubber 53rd AGM on Sep 30, 2026; Proposes 5-Yr Reappointment of MD and MOA Object Clause Change

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Sep 2026, 06:18 PM

Modi Rubber Limited has issued the notice for its 53rd Annual General Meeting scheduled for September 30, 2026, via Video Conferencing. Key special business items include the reappointment of Mr. Alok Modi as Managing Director for a 5-year term starting October 1, 2026, without remuneration. Additionally, the company seeks shareholder approval to amend its Memorandum of Association (MOA) object clause to include health, beauty, wellness, and salon services. The cut-off date for e-voting entitlement is September 23, 2026.

53rd AGM scheduled for September 30, 2026, at 11:30 AM IST via Video Conferencing.
Proposed reappointment of Managing Director Mr. Alok Modi for a term of 5 years from October 1, 2026, without remuneration.
Special resolution to amend Object Clause of MOA to enter health, beauty, wellness, and salon services.
Cut-off date for remote e-voting set for September 23, 2026.

💡 Track shareholder voting results following the AGM on September 30, 2026, and monitor any formal business rollout or capital allocation towards the new wellness and salon service verticals.

Modi Rubber Issues 53rd AGM Notice for Sep 30, 2026; Proposes MD Re-Appointment & MOA Alteration

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Sep 2026, 06:12 PM

Modi Rubber Limited has issued the notice for its 53rd Annual General Meeting (AGM) scheduled for September 30, 2026, via Video Conferencing. Key special resolutions include the re-appointment of Mr. Alok Modi as Managing Director for a 5-year term starting October 1, 2026, without remuneration (subject to Central Government approval). Additionally, the company is seeking shareholder approval to amend its Memorandum of Association (MOA) Object Clause to formally include health, beauty, wellness, and salon services. The cut-off date for e-voting entitlement is September 23, 2026.

53rd Annual General Meeting scheduled for September 30, 2026, at 11:30 AM via VC/OAVM
Special resolution to re-appoint Mr. Alok Modi as Managing Director for a 5-year term from October 1, 2026, without remuneration
Proposed amendment to MOA Object Clause to add health, beauty, wellness, salon, and personal care services
Cut-off date for remote e-voting set as September 23, 2026

💡 Track shareholder voting results following the AGM on September 30, 2026, and any further operational updates regarding diversification into wellness/salon operations.

Shareholders Approve Appointment of Ajay Kumar Jain as Independent Director with 99.9998% Assent

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 08:24 PM

Modi Rubber Limited has released the Scrutinizer's Report for the postal ballot concluded on August 27, 2026. Shareholders approved the Special Resolution for the appointment of Mr. Ajay Kumar Jain (DIN: 00097213) as an Independent Director with an overwhelming 99.9998% majority. Out of 2,04,36,335 total valid votes cast, 2,04,36,300 votes were in favor, while 35 votes dissented.

Special Resolution to appoint Mr. Ajay Kumar Jain as Independent Director passed with 99.9998% assent
Total of 2,04,36,335 valid equity votes cast (representing Rs 20.44 crore nominal value)
Remote e-voting window was open from July 29, 2026 to August 27, 2026
Company paid-up equity capital stood at Rs 25,04,05,320 comprising 2,50,40,532 shares of Rs 10 each

💡 Track subsequent corporate governance filings regarding committee compositions and updates in board oversight.

5-Year MD Re-appointment and Q1 FY27 Results Approved by Modi Rubber Board

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 14 Aug 2026, 04:51 PM

Modi Rubber Limited held its board meeting on August 14, 2026, to approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. A significant outcome was the re-appointment of Alok Modi as Managing Director for a further five-year term, effective October 1, 2026, ensuring leadership continuity. The board also reviewed the financial performance of its critical Joint Ventures and Associates, which historically contribute the bulk of the company's profitability compared to its standalone revenue of ₹34 Cr. Additionally, the board approved the notice for the 53rd Annual General Meeting and the Director's Report for FY26.

Approved unaudited financial results for the quarter ended June 30, 2026.
Re-appointed Alok Modi as Managing Director for a 5-year term starting October 1, 2026.
Reviewed financial statements of Wholly Owned Subsidiaries (WOS) and Joint Venture Companies (JVC) for Q1 FY27.
Approved the notice and matters for the upcoming 53rd Annual General Meeting.
Authorized the Director's Report and Corporate Governance Report for the fiscal year ended March 31, 2026.

💡 Investors should monitor the detailed Q1 FY27 financial tables to assess the performance of JV profit shares, which are the primary driver of the company's valuation given its low standalone revenue.

Modi Rubber Approves Q1 Results and Re-appoints Alok Modi as MD for 5 Years

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 14 Aug 2026, 04:47 PM

Modi Rubber's board met on August 14, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. A key outcome is the proposed re-appointment of Alok Modi as Managing Director for a further five-year term starting October 1, 2026, pending shareholder approval. The company also reviewed financial statements for its subsidiaries and joint ventures, which are critical given that JV profit shares (Rs 31.27 cr in FY25) significantly outweigh standalone operational revenue. The board further approved the notice for the 53rd Annual General Meeting and proposed alterations to the company's Objects Clause.

Proposed re-appointment of Alok Modi as Managing Director for a 5-year term starting October 1, 2026.
Approval of unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
Review of Related Party Transactions conducted between April 1, 2026, and June 30, 2026.
Initiation of the 53rd Annual General Meeting (AGM) and approval of the FY26 Director's Report.
Proposed alteration to the Objects Clause of the Memorandum of Association.

💡 Investors should review the detailed Q1 FY27 financial results once published to assess if the standalone operating margin (currently -48.7% TTM) shows any recovery, and monitor the AGM notice for details on the 'Objects Clause' alteration.

Modi Rubber Approves Q1 Results and Re-appoints MD for 5-Year Term

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 14 Aug 2026, 04:23 PM

Modi Rubber's board met on August 14, 2026, to approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. A significant management update includes the re-appointment of Alok Modi as Managing Director for a further five-year term, effective October 1, 2026, subject to shareholder approval. The board also reviewed the financial statements of its critical Joint Ventures and Associates, which are vital given that JV profit shares (INR 31.27 cr in FY25) historically exceed standalone revenue. Additionally, the company approved the notice for its 53rd Annual General Meeting.

Approved unaudited financial results for the quarter ended June 30, 2026.
Re-appointed Alok Modi as Managing Director for a 5-year term starting October 1, 2026.
Board meeting conducted over 65 minutes, starting at 3:00 PM and concluding at 4:05 PM.
Initiated the process for the 53rd Annual General Meeting (AGM) and approved the FY26 Director's Report.
Proposed alteration of the Objects Clause in the Memorandum of Association.

💡 Investors should monitor the detailed Q1 FY27 financial tables to assess if standalone operational margins (TTM OPM -48.7%) are improving and to verify the stability of dividend income from strategic JVs like Gujarat Guardian.

Modi Rubber Q1 Consolidated Profit at ₹4.25 Cr; JV Income Remains Primary Driver

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 04:21 PM

Modi Rubber Limited reported a consolidated net profit of ₹4.25 crore for the quarter ended June 30, 2026, representing a 13% decline from ₹4.88 crore in the same period last year. The company's standalone operations continue to be loss-making, posting a net loss of ₹2.89 crore on a total income of just ₹1.22 crore. Profitability is entirely sustained by its share of profits from joint ventures and associates, which contributed ₹5.20 crore this quarter. Consolidated total income saw a modest 10% year-on-year growth to ₹7.81 crore.

Consolidated Net Profit of ₹4.25 crore for Q1 FY27, down 12.9% from ₹4.88 crore in Q1 FY26.
Share of profit from Joint Ventures and Associates contributed ₹5.20 crore, exceeding the total consolidated net profit.
Standalone operations reported a net loss of ₹2.89 crore on a total income of ₹1.22 crore.
Consolidated EPS for the quarter stood at ₹1.70, compared to ₹1.95 in the year-ago quarter.
Consolidated total income for the quarter was ₹7.81 crore, approximately 23% of the TTM revenue of ₹34 crore.

💡 Investors should focus on the operational performance and dividend potential of the company's key joint ventures, such as Gujarat Guardian and Asahi Modi, as standalone operations remain insufficient to achieve profitability.

Modi Rubber Re-appoints Alok Modi as MD for 5 Years; Approves Q1 FY27 Results

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 14 Aug 2026, 04:10 PM

Modi Rubber Limited held a board meeting on August 14, 2026, to approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. A significant management update is the re-appointment of Alok Modi as Managing Director for a further five-year term effective October 1, 2026, subject to shareholder approval. The board also approved the notice for the 53rd Annual General Meeting and reviewed the financial statements of its critical Joint Ventures and subsidiaries. Given the company's high dependency on JV profits (₹31.27 Cr in FY25) compared to its small standalone revenue (₹34 Cr TTM), these reviews are central to its valuation.

Re-appointment of Alok Modi as Managing Director for a 5-year term starting October 1, 2026
Approval of unaudited financial results for the quarter ended June 30, 2026
Authorization of the notice and matters for the 53rd Annual General Meeting
Review of Related Party Transactions and investments made between April 1 and June 30, 2026
Proposed alteration of the Objects Clause in the Memorandum of Association

💡 Investors should monitor the detailed Q1 FY27 financial results to assess if standalone operating margins (currently -48.7% TTM) are improving and to verify the dividend income from strategic JVs.

Modi Rubber JV Gujarat Guardian to Install 2nd Float Glass Production Line

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 30 Jul 2026, 04:21 PM

Modi Rubber's joint venture, Gujarat Guardian Limited (GGL), has approved a major expansion project involving a second float glass production line. The project will be funded through GGL's internal accruals and bank borrowings, with Modi Rubber providing a Letter of Comfort and Undertaking for potential cost overruns. This expansion is critical as Modi Rubber's financial health is heavily dependent on GGL, which contributed ₹31.27 cr in profit share in FY25, significantly exceeding the company's standalone TTM revenue of ₹34 cr.

Installation of a second float glass production line and related facilities at JV Gujarat Guardian Limited.
Project to be financed through a mix of internal accruals and bank borrowings; total project cost not disclosed.
Modi Rubber and partner Guardian International LLC to provide a Letter of Comfort for cost overruns.
JV profit share of ₹31.27 cr in FY25 represents the primary value driver for Modi Rubber's ₹201 cr market cap.
Inter Se Agreement to be executed to define rights and obligations regarding project cost overruns.

💡 Investors should monitor the execution timeline for the second production line and subsequent updates on GGL's dividend payouts, which are the primary source of cash flow for Modi Rubber.

5-Year Appointment of Mr. Ajay Kumar Jain as Independent Director Proposed via Postal Ballot

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Jul 2026, 02:20 PM

Modi Rubber Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Ajay Kumar Jain as an Independent Director. Mr. Jain, who was inducted as an Additional Director on May 29, 2026, is proposed for a five-year term ending May 28, 2031. He brings over 40 years of legal expertise in corporate, commercial, and insolvency laws. The voting process is conducted entirely through electronic means (e-voting) between July 29 and August 27, 2026.

Proposed appointment of Mr. Ajay Kumar Jain as Independent Director for a 5-year term until May 28, 2031
E-voting period scheduled to run from July 29, 2026, to August 27, 2026
Cut-off date for shareholder voting eligibility set as July 24, 2026
Mr. Jain has over 40 years of experience in constitutional, corporate, and commercial law
The resolution is proposed as a Special Resolution requiring requisite majority approval

💡 Investors should monitor the voting results, which are expected to be announced within 48 hours of the e-voting conclusion on August 27, 2026.

Modi Rubber Appoints Advocate Ajay Kumar Jain as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 29 May 2026, 03:24 PM

Modi Rubber Limited has appointed Mr. Ajay Kumar Jain as an Additional Director in the Non-Executive Independent category, effective May 29, 2026. Mr. Jain is a seasoned legal professional with over 40 years of experience in corporate law, insolvency, and restructuring. His appointment is for a tenure of five years, subject to shareholder approval within the next three months. This move is expected to strengthen the board's legal expertise and corporate governance framework.

Appointment of Mr. Ajay Kumar Jain as Non-Executive Independent Director effective May 29, 2026.
The appointment is for a fixed term of 5 years, not liable to retire by rotation.
Mr. Jain brings over 40 years of legal experience, specializing in Corporate Affairs, Insolvency, and Recovery matters.
He currently holds directorships at Dudigital Global and The Delhi Golf Club.
Shareholder approval for the appointment is required within three months from the date of appointment.

💡 This is a routine management update and requires no immediate action. Investors should view the addition of legal expertise to the board as a positive step for governance.

Modi Rubber Announces Audited FY26 Results; Auditors Provide Clean Opinion

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 29 May 2026, 02:57 PM

Modi Rubber Limited has submitted its audited standalone and consolidated financial results for the fiscal year ended March 31, 2026. The independent auditor, P N A M & CO. LLP, issued an unmodified opinion, confirming that the statements present a true and fair view of the company's financial performance. The consolidated results include contributions from four subsidiaries and significant joint ventures such as Gujarat Guardian Limited and Asahi Modi Materials. This filing ensures compliance with SEBI Listing Obligations and Disclosure Requirements.

Auditors issued a clean, unmodified opinion for both standalone and consolidated FY26 results.
Consolidated entities include 4 subsidiaries, 3 joint ventures, and 1 associate company.
Results are prepared in compliance with Ind AS 34 and SEBI Regulation 33.
The report covers the full financial year and the final quarter ending March 31, 2026.

💡 Investors should examine the detailed numerical financial statements to evaluate revenue and profit growth trends. The clean audit report provides a baseline of reliability for the reported figures.

Modi Rubber Independent Director Tarun Agrawal Resigns Effective May 15, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 15 May 2026, 05:19 PM

Mr. Tarun Agrawal has resigned from his position as an Independent Director of Modi Rubber Limited effective May 15, 2026. The resignation is attributed to personal reasons and professional commitments, with the director confirming no other material reasons exist for his departure. Consequently, he will also step down from all board committees where he held membership. This is a routine management update and the company will need to appoint a successor to maintain board compliance.

Mr. Tarun Agrawal resigned as Independent Director effective from the close of business hours on May 15, 2026.
The resignation is cited as being due to personal reasons and other professional commitments.
The director confirmed there are no other material reasons for his departure beyond those stated in his letter.
He will cease to be a member of all Board Committees of the company immediately upon resignation.

💡 Investors should monitor the company's upcoming announcements for the appointment of a new Independent Director to ensure regulatory compliance. No immediate action is required as the resignation appears to be for routine personal reasons.

Modi Rubber Clarifies Non-Reviewed JV and Associate Results for Q2 FY25

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 10 Apr 2026, 05:32 PM

Modi Rubber Limited has provided a clarification to the National Stock Exchange regarding the inclusion of unreviewed financial results for one Joint Venture and one Associate in its consolidated statements for the quarter ended September 30, 2024. The company reported that the Group's share of profit from these entities was ₹105.39 Lacs for the quarter and ₹209.47 Lacs for the half-year. The statutory auditors, P N A M & CO. LLP, stated that these entities are not material to the Group's overall financials. Consequently, the company remains compliant with SEBI's requirement that at least 80% of consolidated revenue, assets, and profits must be audited or reviewed.

Clarified inclusion of management-certified results for 1 Joint Venture and 1 Associate.
Group share of profit from these entities was ₹105.39 Lacs for Q2 FY25.
Total comprehensive income share for the half-year ended Sept 2024 was ₹209.47 Lacs.
Auditors confirmed the entities are not material to the Group's consolidated results.
The review report remains unmodified, maintaining the integrity of the reported Q2 financials.

💡 Investors should view this as a routine regulatory compliance matter with no impact on the company's core financial health. No immediate action is required as the auditor's opinion remains unchanged.

Modi Rubber Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Mar 2026, 05:17 PM

Modi Rubber Limited has informed the stock exchanges that its trading window for dealing in company securities will be closed starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial result declaration for the year ending March 31, 2026. The window will remain shut until 48 hours after the results are made public. The specific date for the board meeting to approve these results is yet to be announced.

Trading window closure effective from Wednesday, April 1, 2026
Closure is related to the financial results for the fiscal year ending March 31, 2026
Restriction applies to all designated persons and their immediate relatives
Window to reopen 48 hours after the official announcement of financial results
Board meeting date for result approval to be communicated separately

💡 This is a routine regulatory announcement with no impact on company fundamentals. Investors should monitor for the upcoming board meeting date to review the full-year financial performance.

View All MODIRUBBER Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 30.15% YoY to INR 2,920.10 lacs in FY25 from INR 2,243.67 lacs in FY24. Other income, primarily from investments and dividends, decreased 8.33% to INR 1,656.83 lacs.

Geographic Revenue Split

100% of revenue is generated within India, with the registered office in Modinagar, Uttar Pradesh, and corporate operations in New Delhi.

Profitability Margins

Net Profit Margin for FY25 was 44.7% (INR 2,046.06 lacs profit on INR 4,576.93 lacs total revenue), a significant improvement from 5.8% in FY24 due to higher share of profit from joint ventures and lower exceptional costs.

EBITDA Margin

EBITDA Margin for FY25 was 59.16% (INR 2,707.84 lacs EBITDA on INR 4,576.93 lacs revenue), reflecting high-margin contributions from dividend income and JV profit shares.

Capital Expenditure

Capital expenditure on property, plant, and equipment and intangibles was INR 190.16 lacs in FY25, representing a 45.21% decrease from INR 347.07 lacs in FY24.

Credit Rating & Borrowing

Not disclosed in available documents; however, finance costs were INR 162.87 lacs in FY25, down 15.04% YoY.

⚙️ Operational Drivers

Raw Materials

Stock-in-trade for beverages and travel services, representing 13.15% of operational revenue (INR 383.96 lacs).

Raw Material Costs

Purchases of stock-in-trade increased 47.56% YoY to INR 383.96 lacs in FY25, representing 8.39% of total revenue.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

The company aims to achieve growth by maximizing dividend yields and profit shares from its strategic JVs (Gujarat Guardian, Asahi Modi) and scaling its wholly-owned subsidiaries in the travel (Uniglobe Mod Travels) and beverage (Vinura Beverages) sectors.

Products & Services

Industrial glass, specialized industrial materials, beverages, travel management services, and salon services.

Brand Portfolio

Uniglobe, Vinura, Marco Aldany.

Strategic Alliances

Key joint ventures include Gujarat Guardian Limited (glass), Asahi Modi Materials Private Limited (industrial materials), and Modi Marco Aldany Private Limited (salon services).

🌍 External Factors

Industry Trends

Growing demand for branded travel services and high-quality industrial glass; the company is positioned to capture this through its specialized JVs and established service brands.

Competitive Landscape

Competes with organized and unorganized players in the travel and beverage sectors; industrial glass segment has high entry barriers due to capital intensity.

Competitive Moat

Durable competitive advantage through long-term strategic partnerships with global leaders like Guardian Glass and Asahi, providing technical moats and market access that contributed INR 3,127.61 lacs in profit share in FY25.

Macro Economic Sensitivity

Highly sensitive to industrial growth and infrastructure spending, which drives demand for glass and industrial materials produced by JV partners.

Consumer Behavior

Shift toward organized travel management and premium salon services benefiting Uniglobe and Marco Aldany brands.

Geopolitical Risks

Potential trade barriers or import restrictions affecting the specialized materials segment (Asahi Modi Materials).

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, and Ind AS accounting standards.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 6.7%, likely reflecting tax-exempt dividend income and JV accounting treatments.

Legal Contingencies

Not disclosed in available documents; however, the company maintains an adequate internal financial control system as per the Guidance Note issued by ICAI.

⚠️ Risk Analysis

Key Uncertainties

High dependency on the financial performance of joint ventures, with the share of profit from JVs (INR 3,127.61 lacs) significantly exceeding the company's standalone operational revenue.