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Ethanol industry overcapacity
View Risks →Modi Naturals Ltd — Q4 FY26
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.
bullish
high
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2-Minute Summary
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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.
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Ethanol capacity
282 KLPD
+117% YoY
Expanded from 130 KLPD to 282 KLPD in FY26; full benefits expected from FY27.
Consumer division revenue (Q4)
₹50.9 Cr
+5% YoY
Highest ever quarterly revenue for consumer division; driven by pasta and new launches.
Ethanol order book
47.9 KL
N/A
Orders received for ESY cycle one from PSU OMCs; more expected from private OMCs.
Working capital days
62 days
-4 days YoY
Improved from 66 days in FY25, reflecting tighter operational control.
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Guidance and risk preview
Based on conservative 50% utilization of expanded ethanol capacity; management expects to exceed this.
Surge in ethanol capacity over last three years may lead to underutilization and margin pressure.
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