Modi Naturals LimitedQ1 FY27 Results & Financial Update
Modi Naturals Limited: Q1 FY27 consolidated results and company financials – revenue ₹155.61 Cr, PAT ₹12.50 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Modi Naturals Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Modi Naturals initiated FY27 with consolidated revenue from operations remaining stable at INR 155.6 crore for the quarter ended 30 June 2026, compared to INR 155.0 crore in Q1 FY26.
Consolidated EBITDA grew by 25.6% year-on-year to INR 22.2 crore from INR 17.7 crore, supported by stronger operating performance and margin expansion across business segments.
Profit After Tax (PAT) for the quarter rose by 19.1% year-on-year to INR 12.5 crore, up from INR 10.5 crore in the corresponding period of the previous year.
The Ethanol Division experienced a temporary revenue moderation to INR 74.8 crore down from INR 79.4 crore, due to a planned maintenance shutdown lasting approximately 20 days and lower FCI rice prices, but improved its EBITDA margin by 500 basis points to 22.2% on better operating efficiencies.
The Consumer Division registered revenue of INR 42.5 crore compared to INR 44.4 crore in Q1 FY26, while maintaining a strong EBITDA margin of 9.3% backed by growing traction in quick-commerce platforms for pasta and new product rollouts such as Hing.
The Bulk Division recorded revenue growth of 22.8% to INR 38.3 crore from INR 31.2 crore, alongside an EBITDA increase to INR 1.3 crore driven by a leaner inventory model and improved procurement discipline.
Finance costs stood at INR 2.99 crore and depreciation was recorded at INR 2.90 crore, reflecting ongoing capital investments and plant expansions during the quarter.
01 · Business model
What does Modi Naturals do?
Modi Naturals Limited operates across three primary business pillars: a Consumer Division focused on branded edible oils and packaged foods, a Bulk Business Division handling rice bran oil and derivatives, and an Ethanol Division driven by grain-based greenfield distilleries.
The Consumer Division houses flagship brands such as Oleev (edible oils and pasta), Olivana Wellness, Rizolo, Miller Canola Oil, and the indulgent snack brand Pipo, leveraging extensive retail distribution across general trade, modern trade, and quick-commerce channels.
The Bulk Division functions as an integrated value-addition unit in rice milling derivatives, producing rice bran oil, de-oiled cakes, and wax with a low-inventory, high-efficiency operating model centered around Pilibhit in Uttar Pradesh.
The Ethanol Division, housed under subsidiary Modi Biotech Private Limited in Chhattisgarh, converts broken and surplus food grains into fuel-grade ethanol, benefiting from proximate raw material procurement and captive power cogeneration.
02 · Historical context
What shaped the business before this quarter
The company commenced commercial operations of its first-phase grain-based ethanol plant (130 KLPD capacity) under subsidiary Modi Biotech Private Limited in November 2023.
Modi Naturals completed the second phase of its ethanol expansion in Q4 FY26, bringing total distillery capacity to 282 KLPD with an aggregate capital expenditure of INR 91 crore.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹155.61 Cr |
| Total income | ₹155.28 Cr |
| Profit before tax | ₹15.95 Cr |
| Profit after tax | ₹12.50 Cr |
| EPS | ₹9.44 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Secured additional orders worth approximately INR 140 crore from Oil Marketing Companies (OMCs) for the balance Ethanol Supply Year (ESY) period through October 2026.
Bulk division revenue expanded by 23% year-on-year to INR 38.3 crore, supported by a leaner inventory model and faster inventory turnover.
Steady traction in quick-commerce channels for the pasta category and positive initial response to new product launches like Hing offset softer commodity prices.
What drove margins
Ethanol division EBITDA margin expanded by 500 basis points year-on-year to 22.2% from 17.1%, driven by plant performance enhancements and captive husk-based power generation.
Consumer division EBITDA margin strengthened to 9.3% from 8.8% in Q1 FY26, supported by a higher mix of value-added and premium products.
Bulk division EBITDA margin improved to 3.4% from 2.4% following the adoption of leaner working capital and procurement strategies.
05 · Demand, customers & order book
Where demand is coming from
Order book strengthened with an additional INR 140 crore order from OMCs, building on previous commitments for the balance ESY period through October 2026.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Reported quarterly revenue of INR 42.5 crore and EBITDA of INR 3.9 crore, with continuous expansion across quick-commerce, modern trade, and general trade.
Generated revenue of INR 74.8 crore and EBITDA of INR 16.6 crore despite a 20-day maintenance shutdown and lower raw material prices from FCI.
Delivered revenue of INR 38.3 crore and EBITDA of INR 1.3 crore, focusing on low working capital intensity and disciplined procurement.
Geography and market mix
The company reaches over 50,000 direct retail stores, supported by more than 450 distributors, 20-plus sales depots, and 3,000-plus modern retail outlets.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Both existing and expanded ethanol plants are positioned to operate at full capacity by the end of August 2026, taking total capacity to 282 KLPD.
Maintains owned refining capacity of 100 TPD and packing capacity of 50 TPD in Pilibhit, alongside asset-light leased packing lines in Hyderabad and Sonipat.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Expanding the food category with multi-grain pasta, child-targeted peanut butter variants, flavored roasted peanuts under Pipo, and ready-to-mix beverages under the Jynx brand.
Onboarded Bollywood icon Karisma Kapoor as the brand ambassador for flagship brand Oleev to strengthen consumer positioning and promote healthy lifestyle choices.
09 · Reported developments
What changed operationally
EBITDA grew 25.6% year-on-year to INR 22.2 crore and PAT increased 19.1% to INR 12.5 crore, reflecting enhanced operational efficiencies.
Ethanol EBITDA margin improved by 500 basis points to 22.2%, demonstrating strong underlying operating leverage.
10 · Pressure points & risks
What is not going smoothly
Ethanol division revenue was temporarily impacted during the quarter by a planned maintenance shutdown of approximately 20 days and lower FCI rice prices.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Adopted a leaner inventory model across the bulk and consumer divisions to improve procurement discipline, lower inventory intensity, and reduce working capital requirements.
12 · Management guidance & targets
What management is targeting from here
Management reaffirmed its guidance for FY27, targeting consolidated revenue of INR 925-965 crore, EBITDA of INR 100-105 crore, and PAT of INR 66-70 crore.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Brand Ambassador Partnership
The company appointed Karisma Kapoor as the face of the Oleev brand marketing campaign to promote cooking oils and pasta lines.
14 · Key Q&A
The quarter, answered directly
What does Modi Naturals do?
Modi Naturals Limited operates across three primary business pillars: a Consumer Division focused on branded edible oils and packaged foods, a Bulk Business Division handling rice bran oil and derivatives, and an Ethanol Division driven by grain-based greenfield distilleries.
What is the clearest takeaway from Q1 FY27?
Modi Naturals initiated FY27 with consolidated revenue from operations remaining stable at INR 155.6 crore for the quarter ended 30 June 2026, compared to INR 155.0 crore in Q1 FY26.
What drove revenue or demand?
Secured additional orders worth approximately INR 140 crore from Oil Marketing Companies (OMCs) for the balance Ethanol Supply Year (ESY) period through October 2026.
What mattered most for margins or profitability?
Ethanol division EBITDA margin expanded by 500 basis points year-on-year to 22.2% from 17.1%, driven by plant performance enhancements and captive husk-based power generation.
What changed operationally beyond the headline numbers?
Both existing and expanded ethanol plants are positioned to operate at full capacity by the end of August 2026, taking total capacity to 282 KLPD.
What is management guiding or targeting from here?
Management reaffirmed its guidance for FY27, targeting consolidated revenue of INR 925-965 crore, EBITDA of INR 100-105 crore, and PAT of INR 66-70 crore.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Full Capacity Utilization: Monitor the complete operationalization of the 282 KLPD ethanol plant capacity by the end of August 2026.
- 02
FY27 Guidance Tracking: Track quarterly progress toward management's full-year FY27 targets of INR 925-965 crore revenue and INR 100-105 crore EBITDA.
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