Modi Naturals Q1 Results: PAT up 19.1% YoY to ₹12.5 crore
Modi Naturals Limited reported consolidated net profit of ₹12.5 crore in Q1FY27, up 19.1% YoY from ₹10.5 crore, on revenue from operations of ₹155.6 crore, up 0.4% YoY. Consolidated EBITDA rose 25.6% YoY to ₹22.2 crore, with EBITDA margin expanding to 14.2% from 11.4% in Q1FY26. The ethanol division received an additional ₹140 crore order from various OMCs, and total ethanol capacity is expected to reach 282 KLPD at full utilisation by end of August 2026. On a standalone basis, revenue grew 6.8% YoY to ₹80.8 crore while standalone EBITDA rose 38.1% YoY to ₹5.7 crore.
*this image is generated using AI for illustrative purposes only.
Modi Naturals Limited reported consolidated net profit of ₹12.5 crore in Q1FY27, a 19.1% increase over ₹10.5 crore in Q1FY26, as EBITDA margin expanded to 14.2% from 11.4% a year earlier. Revenue from operations grew 0.4% YoY to ₹155.6 crore. The company's ethanol division received an additional ₹140 crore order from various oil marketing companies (OMCs) for the balance ethanol supply year (ESY) period through October 2026, adding to a previous order book of ₹400 crore.
Consolidated financial performance
The consolidated profit and loss account for Q1FY27 reflects broad-based margin improvement, with gross profit rising 15.4% YoY to ₹44.8 crore and gross profit margin expanding to 28.8% from 25.1% in Q1FY26. The following table summarises key consolidated metrics:
| Metric: | Q1FY27 | Q1FY26 | YoY | Q4FY26 | QoQ | FY26 |
|---|---|---|---|---|---|---|
| Revenue from operations (₹ crore): | 155.6 | 155.0 | +0.4% | 243.1 | -36.0% | 719.2 |
| Gross profit (₹ crore): | 44.8 | 38.8 | +15.4% | 53.1 | -15.6% | 172.3 |
| Gross profit margin: | 28.8% | 25.1% | 21.9% | 24.0% | ||
| EBITDA (₹ crore): | 22.2 | 17.7 | +25.6% | 24.5 | -9.3% | 73.5 |
| EBITDA margin: | 14.2% | 11.4% | 10.1% | 10.2% | ||
| EBIT (₹ crore): | 18.9 | 15.7 | +20.7% | 22.7 | -16.5% | 66.5 |
| EBIT margin: | 12.2% | 10.1% | 9.3% | 9.2% | ||
| PBT (₹ crore): | 15.9 | 13.4 | +18.7% | 26.1 | -38.8% | 63.5 |
| PBT margin: | 10.2% | 8.7% | 10.7% | 8.8% | ||
| PAT (₹ crore): | 12.5 | 10.5 | +19.1% | 19.7 | -36.5% | 50.3 |
| PAT margin: | 8.0% | 6.8% | 8.1% | 7.0% | ||
| EPS (₹): | 9.44 | 7.87 | 15.00 | 38.01 |
Employee cost stood at ₹8.2 crore in Q1FY27 versus ₹7.5 crore in Q1FY26, while other expenses were ₹14.5 crore against ₹13.7 crore. Finance cost rose to ₹3.0 crore from ₹2.3 crore in Q1FY26. Depreciation increased to ₹2.9 crore from ₹2.0 crore, reflecting the expanded asset base following commissioning of the Phase II ethanol plant.
Standalone financial performance
On a standalone basis, revenue from operations grew 6.8% YoY to ₹80.8 crore in Q1FY27 from ₹75.7 crore in Q1FY26. Standalone EBITDA rose 38.1% YoY to ₹5.7 crore, with EBITDA margin improving to 7.0% from 5.4%. Standalone PAT, however, declined 11.1% YoY to ₹2.9 crore from ₹3.2 crore, with PAT margin at 3.6% versus 4.3% in Q1FY26.
| Metric: | Q1FY27 | Q1FY26 | YoY | Q4FY26 | QoQ | FY26 |
|---|---|---|---|---|---|---|
| Revenue from operations (₹ crore): | 80.8 | 75.7 | +6.8% | 150.9 | -46.5% | 381.8 |
| Gross profit (₹ crore): | 21.3 | 21.5 | -0.9% | 28.5 | -25.5% | 92.6 |
| EBITDA (₹ crore): | 5.7 | 4.1 | +38.1% | 6.0 | -4.9% | 15.3 |
| EBITDA margin: | 7.0% | 5.4% | 4.0% | 4.0% | ||
| PAT (₹ crore): | 2.9 | 3.2 | -11.1% | 3.0 | -4.7% | 10.0 |
| PAT margin: | 3.6% | 4.3% | 2.0% | 2.6% | ||
| EPS (₹): | 2.19 | 2.41 | 2.45 | 7.68 |
Ethanol division: capacity expansion and order visibility
The ethanol division reported EBITDA margins of 17.1% and 22.2% as disclosed in the presentation. Order visibility was strengthened with an additional ₹140 crore order from various OMCs for the balance ESY period through October 2026, on top of a previous order book of ₹400 crore. By the end of August 2026, both existing and expanded plants are expected to operate at full capacity, taking total capacity to 282 KLPD. The company operates a grain-based ethanol distillery in Chhattisgarh, with Phase I capacity of 130 KLD (capex of ₹125 crore) and Phase II capacity of 152 KLD (capex of ₹91 crore). The Phase II plant commenced operations in Q4FY26.
Consumer and bulk divisions
The consumer division reported EBITDA margins of 8.8% and 9.3% as disclosed in the presentation. Modi Naturals positions itself as the 3rd largest super-premium edible oil brand in India and the largest player in the goodness of olive oil space. The company onboarded Bollywood actor Karisma Kapoor as brand ambassador for its flagship Oleev brand. New product launches in the food business include multi-grain pasta and a range of powdered ready-to-mix beverages under the new brand "Jynx", with flavours including mango, orange, ice tea-lemon and mojito.
The bulk division reported EBITDA margins of 2.4% and 3.4% as disclosed in the presentation. The division adopted a leaner inventory model to respond more efficiently to commodity price movements, with improved procurement planning and faster inventory turnover enhancing operational agility and supply chain efficiency. The company maintained a continued focus on lower working capital requirements.
Historical consolidated financials
The table below presents the consolidated profit and loss trend over five fiscal years:
| Metric: | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue from operations (₹ crore): | 719.2 | 662.9 | 399.8 | 418.0 | 474.3 |
| Gross profit (₹ crore): | 172.3 | 151.7 | 99.8 | 88.4 | 100.4 |
| EBITDA (₹ crore): | 73.5 | 56.0 | 9.1 | 5.3 | 14.9 |
| EBITDA margin: | 10.2% | 8.4% | 2.3% | 1.3% | 3.1% |
| PAT (₹ crore): | 50.3 | 31.0 | -1.4 | 1.2 | 9.4 |
| PAT margin: | 7.0% | 4.7% | -0.3% | 0.3% | 2.0% |
| EPS (₹): | 38.01 | 23.25 | -0.92 | 1.01 | 7.4 |
FY26 consolidated revenue included an insurance claim of ₹4.9 crore received towards loss of profit arising from business interruption caused by a machinery breakdown at the ethanol plant in FY24. Modi Biotech Private Limited, the wholly owned subsidiary operating the ethanol division, commenced operations from November 2023.
Historical Stock Returns for Modi Naturals
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.27% | +3.04% | -10.80% | +23.12% | 0.0% | 0.0% |
How will the full capacity utilization of the Phase II ethanol plant by August 2026 impact Modi Naturals' consolidated EBITDA margins in subsequent quarters?
What are the potential risks associated with relying on grain-based ethanol production amidst fluctuating agricultural commodity prices and supply chain constraints?
Will the appointment of Karisma Kapoor as brand ambassador and the launch of 'Jynx' beverages significantly accelerate revenue growth in the consumer division beyond current projections?
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