Ethanol capacity
282 KLPD
+117% YoY
Expanded from 130 KLPD to 282 KLPD in FY26; full benefits expected from FY27.
MODINATURALS
Other
15 May 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
FY27 consolidated revenue guidance of ~₹950 crore
Based on conservative 50% utilization of expanded ethanol capacity; management expects to exceed this.
Management guidance revenueEthanol EBITDA margin sustainable at 12-15%
Long-term margin guidance for ethanol division, excluding exceptional items; Q4 margin was 18.8% due to one-offs.
Management guidance marginsConsumer division medium-term target of ₹500 crore
Oil basket to reach ₹300-350 crore and food products ₹150 crore, driven by premiumization and distribution expansion.
Management guidance growthCapex of up to ₹20 crore for byproduct value addition
No large capex planned; small investment in ethanol byproduct value addition project.
Management guidance capexKey Risks
Ethanol industry overcapacity
Surge in ethanol capacity over last three years may lead to underutilization and margin pressure.
medium · analyst_questionExecution risk in consumer division
Management cited execution as the primary risk; new product launches and distribution expansion may not meet targets.
medium · management_commentaryDependence on government ethanol policy
Any adverse change in blending mandates or export policy could impact ethanol demand and pricing.
high · data_observationNotable 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.
Frequently Asked Questions
What was Modi Naturals's revenue in Q4 FY26?
Modi Naturals reported revenue of ₹243 Cr in Q4 FY26, representing a +28% change compared to the same quarter last year.
What guidance did Modi Naturals management give for FY27?
FY27 consolidated revenue guidance of ~₹950 crore: Based on conservative 50% utilization of expanded ethanol capacity; management expects to exceed this. Ethanol EBITDA margin sustainable at 12-15%: Long-term margin guidance for ethanol division, excluding exceptional items; Q4 margin was 18.8% due to one-offs. Consumer division medium-term target of ₹500 crore: Oil basket to reach ₹300-350 crore and food products ₹150 crore, driven by premiumization and distribution expansion. Capex of up to ₹20 crore for byproduct value addition: No large capex planned; small investment in ethanol byproduct value addition project.
What are the key risks for Modi Naturals in FY27?
Key risks include Ethanol industry overcapacity — Surge in ethanol capacity over last three years may lead to underutilization and margin pressure.; Execution risk in consumer division — Management cited execution as the primary risk; new product launches and distribution expansion may not meet targets.; Dependence on government ethanol policy — Any adverse change in blending mandates or export policy could impact ethanol demand and pricing..
Did Modi Naturals meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Modi Naturals Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.