Modison LimitedQ2 FY27 Results & Financial Update
Modison Limited: Q2 FY27 consolidated results and company financials – revenue ₹279.03 Cr, PAT ₹23.29 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Modison Q2 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
Modison Limited reported consolidated revenue from operations of INR 279.03 crore for the quarter ended September 30, 2026, alongside total income of INR 282.45 crore. The company posted profit before tax (PBT) of INR 30.82 crore and net profit (PAT) of INR 23.29 crore for the second quarter of fiscal 2027.
Earnings per share (basic and diluted) for the quarter stood at INR 7.18 on a face value of Re. 1 per share. The board of directors declared an interim dividend of INR 4 per equity share (400%) for the financial year 2026-27, setting October 23, 2026, as the record date.
Financial performance during the quarter was influenced by positive hedging outcomes on silver inventory, which contributed INR 36.01 crore under exceptional items. This compared with an exceptional gain of INR 10.29 crore in the corresponding quarter of the previous year and a loss of INR 2.77 crore in the preceding quarter ended June 30, 2026.
Total expenses for the quarter were INR 255.23 crore, driven by heavy consumption of raw materials amounting to INR 266.64 crore offset by a positive change in inventory of finished goods, work-in-progress, and stock-in-trade of INR 36.20 crore. Finance costs stood at INR 4.92 crore, while depreciation and amortization expenses were INR 2.36 crore.
Tax expenses for the quarter totaled INR 7.53 crore, comprising current tax of INR 8.05 crore net of a deferred tax credit of INR 0.52 crore. Other comprehensive income for the period added INR 0.30 crore, taking total comprehensive income to INR 23.32 crore.
The company completed the divestment of its entire stake in its wholly owned subsidiary, Modison Hitech Private Limited, effective June 9, 2025. Additionally, subsidiary Modison HV Private Limited was divested effective September 21, 2026, with management noting no material adverse impact on the consolidated financial statements from these portfolio rationalizations.
01 · Business model
What does Modison do?
Modison Limited manufactures electrical contacts catering to low-voltage (LV), medium-voltage (MV), high-voltage (HV), and extra-high-voltage (EHV) switchgear industries. Its product lines serve power transmission and distribution equipment manufacturers globally and domestically.
The company operates manufacturing facilities located in Vapi, Gujarat, producing specialized electrical components and contacts used in electrical switchgear, circuit breakers, and power control systems.
Modison's revenue model relies on supplying high-performance electrical components to electrical equipment OEMs, with pricing closely tied to underlying precious metal and base metal raw material costs, particularly silver.
02 · Historical context
What shaped the business before this quarter
Modison divested its entire stake in its wholly owned subsidiary, Modison Hitech Private Limited, effective June 9, 2025.
A fire incident occurred at the company's factory on February 7, 2026, resulting in the write-off of damaged property, plant, equipment, and inventories totaling INR 10.63 crore during FY26, against which insurance claims and interim payouts have been progressively accounted.
The company divested its subsidiary Modison HV Private Limited effective September 21, 2026.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹279.03 Cr |
| Total income | ₹282.45 Cr |
| Profit before tax | ₹30.82 Cr |
| Profit after tax | ₹23.29 Cr |
| EPS | ₹7.18 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 8.3% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 11.0% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹3.42 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations reached INR 279.03 crore for Q2 FY27, driven by customer demand across electrical switchgear markets.
Total income of INR 282.45 crore included INR 3.42 crore in other income generated during the quarter.
What drove margins
Cost of materials consumed stood at INR 266.64 crore, reflecting high underlying metal input requirements for electrical contact manufacturing.
Changes in inventories of finished goods, work-in-progress, and stock-in-trade provided a positive offset of INR 36.20 crore to production costs.
Other expenses were reported at INR 10.59 crore, employee benefit expenses at INR 6.91 crore, and finance costs at INR 4.92 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company's business activity falls within a single primary segment: Manufacturing of Electrical Contacts, rendering segment reporting under Ind AS-108 inapplicable.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The group streamlined its corporate structure by divesting Modison Hitech Private Limited in June 2025 and Modison HV Private Limited in September 2026.
07 · Reported developments
What changed operationally
Reported a gain of INR 36.01 crore on hedging of silver in stock during Q2 FY27.
Board declared an interim dividend of INR 4 per share (400%) for FY27.
08 · Items worth noticing
The line items that can distort a quick read
Exception items included a net gain of INR 36.03 crore, comprising INR 36.01 crore from hedging of silver in stock and INR 0.21 crore from mark-to-market gains on forward contracts.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the half year ended September 30, 2026, net cash used in operating activities stood at INR 27.19 crore, impacted by a significant build-up in inventories and trade receivables.
Inventories as of September 30, 2026, expanded to INR 308.08 crore from INR 219.80 crore as of March 31, 2026.
Capital allocation & funding
Current borrowings rose to INR 221.23 crore as of September 30, 2026, compared to INR 172.47 crore at the end of March 2026, alongside non-current borrowings of INR 1.26 crore.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Interim Dividend Record Date
The board fixed October 23, 2026, as the record date for the payment of the interim dividend of INR 4 per equity share.
11 · Previous-quarter changes
What changed since the previous quarter
PBT changed from INR 45.83 crore in Q1 FY27 to INR 30.82 crore in Q2 FY27, while PAT moved from INR 33.84 crore to INR 23.29 crore.
12 · Key Q&A
The quarter, answered directly
What does Modison do?
Modison Limited manufactures electrical contacts catering to low-voltage (LV), medium-voltage (MV), high-voltage (HV), and extra-high-voltage (EHV) switchgear industries. Its product lines serve power transmission and distribution equipment manufacturers globally and domestically.
What is the clearest takeaway from Q2 FY27?
Modison Limited reported consolidated revenue from operations of INR 279.03 crore for the quarter ended September 30, 2026, alongside total income of INR 282.45 crore. The company posted profit before tax (PBT) of INR 30.82 crore and net profit (PAT) of INR 23.29 crore for the second quarter of fiscal 2027.
What drove revenue or demand?
Revenue from operations reached INR 279.03 crore for Q2 FY27, driven by customer demand across electrical switchgear markets.
What mattered most for margins or profitability?
Cost of materials consumed stood at INR 266.64 crore, reflecting high underlying metal input requirements for electrical contact manufacturing.
What changed operationally beyond the headline numbers?
The group streamlined its corporate structure by divesting Modison Hitech Private Limited in June 2025 and Modison HV Private Limited in September 2026.
What should the next disclosure help confirm?
Track inventory normalization and short-term borrowing levels following the half-year working capital expansion.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Working Capital and Inventory Levels: Track inventory normalization and short-term borrowing levels following the half-year working capital expansion.
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Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.