Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹243 Cr
verified against source
Revenue YoY
28%
reported change
EBITDA
₹24.5 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Modi Naturals delivered a strong Q4 FY26 with revenue up 28% YoY to ₹243 crore, EBITDA up 51.8% to ₹24.5 crore, and PAT surging 141% to ₹19.7 crore. The ethanol division drove performance with revenue of ₹92.2 crore and EBITDA of ₹18.5 crore, benefiting from expanded capacity (282 KLPD) and value-added byproducts. Consumer division revenue grew to ₹50.9 crore, with pasta leading e-commerce performance. Management guided for FY27 consolidated revenue of ~₹950 crore, assuming only 50% utilization of expanded ethanol capacity, implying significant upside. Risks include potential overcapacity in ethanol and execution challenges in consumer. The company plans no major capex beyond ₹20 crore for byproduct value addition.
Colored figures show movement against the previous available record.
Guidance to track
- Based on conservative 50% utilization of expanded ethanol capacity; management expects to exceed this.
- Long-term margin guidance for ethanol division, excluding exceptional items; Q4 margin was 18.8% due to one-offs.
- Oil basket to reach ₹300-350 crore and food products ₹150 crore, driven by premiumization and distribution expansion.
- No large capex planned; small investment in ethanol byproduct value addition project.
Risks flagged
- Surge in ethanol capacity over last three years may lead to underutilization and margin pressure.
- Management cited execution as the primary risk; new product launches and distribution expansion may not meet targets.
- Any adverse change in blending mandates or export policy could impact ethanol demand and pricing.
Key quotes
- We have evaluated a few opportunities in the food sector but nothing that we have firmed up yet.
- The 50% number was for the expanded capacity not the total. We're looking at about 230 kl on a conservative side for the guidance.
- I don't see any reason why this segment for us should not get to 500 crores in the medium term.
Research modules