Modi Naturals share price

Modi Naturals Ltd's share price was ₹346.05 at the close on 25 September 2026. It has been falling for 3 weeks. That is 10.0% below its average price over the last 200 trading days. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 12 weeks running.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Modi Naturals Ltd is in stage 4. The phase helps read everything below.

Since its first close in our records, on 17 April 2026, it has traded between ₹336 and ₹471, and at that close it sat 7% of the way up from that low.

Over the last 5 months the share price moved −4% while the NIFTY 500 moved −2%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 3 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

1. Profit up on a year earlier for 10 quarters in a row (every quarter we can compare)

   In the June 2026 quarter profit was ₹12 crore, +20% on a year earlier.

2. Best operating margin in 14 quarters

   Operating margin was 14% in the June 2026 quarter, against 11% a year earlier.

For April to June 2026 (the quarter ended 30 June 2026), Modi Naturals reported revenue of ₹156 crore, up 0.6% from ₹155 crore a year earlier, and a profit of ₹12.0 crore, up 20.0% from ₹10.0 crore.

Modi Naturals results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 14 May 2026, about January to March 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Modi Naturals closed at ₹346.05 on 25 September 2026. Its highest weekly close since April 2026 was ₹470.80 on 22 May 2026.

Modi Naturals share price: then and now

Weekly closing prices. Each change is the move from that price to the 25 Sep 2026 close. A day's intraday high or low can go beyond these weekly closes.

29 weekly closes from 17 April 2026 to 25 September 2026.

25 Sep 2026: Modi Naturals closed at ₹346.05, down 3.9% on the week and down 0.9% on the month. Results for April to June 2026: Revenue up 0.6% and profit up 20.0% on a year earlier.

Earlier

• 14 May 2026: Modi Naturals held its results call for January to March 2026. Management guided: Ethanol FY27 revenue ₹950 crore average.0% utilization of expanded capacity.

Modi Naturals has paid no dividend on the NSE since its first NSE close in our records (17 April 2026), the start of the period we checked.

No. Modi Naturals Ltd paid out 0% of its profit as dividends in each of its last 6 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 6 November 2026.

On the call for January to March 2026, held on 14 May 2026, Modi Naturals' management guided: Ethanol FY27 revenue ₹950 crore average.0% utilization of expanded capacity.

“I see no reason why this segment should not reach 500 crores in the medium term. This will be propelled by growth in the oil basket reaching 300 to 350 crores and adding 150 crores from food products. We operate only in premium categories with decent margins and grow profitably.”Akshay Modi, on the call for January to March 2026

What management guided

• Ethanol full capacity utilization scenario ₹1,100 crore-plus consolidated revenue in FY28; implies 282 KLPD at normalized run-rates translates to over ₹1,100 crore topline.
• Consumer division will grow faster from FY27 onwards vs FY26 actual 2.3%; attributed to expanded distribution reach, quick commerce penetration, and new product momentum (pasta, Hing)
• FMCG segment medium-term goal ₹500 crore (₹300-350 crores oils, ₹150 crore food); drivers: Olive Active consolidation, pasta and Hing scaling, additional food launches planned.
• Ethanol operating margin guidance 12.0%-15.0% sustainable long-term; FY26 was 17.3% (benefited from grain price softening and byproduct value add), Q4 touched 18.8% including exceptional insurance items.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for January to March 2026, 14 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.

When Modi Naturals reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Ethanol capacity utilization trajectory: goal meaningful ramp from current 150 KLPD toward 200+ KLPD through private OMC tender awards expected by end-June FY27; management confidence in exceeding ₹950 crore guidance hinges on this execution.

Modi Naturals is not on any of our India lists this week.

Modi Naturals Ltd earned ₹12.0 Cr of net profit in the Jun 2026 quarter, +20.0% on the same quarter a year earlier. That is the 6th quarter in a row of profit growth. Full-year FY26 profit was ₹50.0 Cr. Over 5 years profit has grown 35.4% a year on average. That is 7.7% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹10.0 Cr. 1 of the last 12 reported quarters were loss-making.

For the full year, FY26 profit was ₹50.0 Cr (+61.3% on the year before).

Why profit moved: revenue changed +0.6% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +55.0% and revenue +6.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Modi Naturals Ltd reported ₹156 Cr of revenue in the Jun 2026 quarter, +0.6% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 5 years it has grown 10.2% a year on average. The last full year, FY26, came in at ₹719 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹720 Cr.

FY26 revenue was ₹719 Cr, +8.4% on the year before.

Recent pace: the last four quarters grew +6.4% on average, against 10.2% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +7.3%, against +24.6% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +52.9%, against +222.5% a year (rolling over).

Modi Naturals Ltd's operating margin was 14.0% in the Jun 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 6 years it has been between 1.3% and 10.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed +2.9 percentage points on the year while gross margin changed +3.8 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

Over the last 3 years, 127% of Modi Naturals Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹61.0 Cr of operating cash against ₹50.0 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹80.0 Cr of spending on assets, free cash was −₹19.0 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 127% of profit came in as cash: the cash cycle got 16 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 6.8× depreciation over three years. The next section checks what that spending is building.

Modi Naturals Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 65 days in FY26, down from 81 days in FY21. It spent ₹135 Cr on assets over the last 3 years. Customers take 24 days to pay, and stock sits for 64 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹719 Cr, each day of that cycle ties up about ₹2.0 Cr, so roughly ₹128 Cr is tied up in the business at any time.

FY26: customers took 24 days to pay and stock sat for 64 days, about 2.1 months of sales sitting as stock, for a full cycle of 65 days, shorter than FY21's 81.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 64 days. Customers pay about 24 days after that. Suppliers are paid at 23 days. Together that makes the 65-day cycle.

Spending on assets: ₹135 Cr over the last 3 years, against ₹20.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹19.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Modi Naturals Ltd's P/E is 9.3×, about the lowest it has ever been. Its usual P/E (the middle reading) is 27.8×, over 4.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹39.29.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Worked out from its price on 13 June 2026, Modi Naturals Ltd's share price assumed profit growth of about 3.4% a year. Over the past 5 years its profit actually grew 35.4% a year. Today its P/E is 9.3×, lower than 99% of its own last 4.3 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 13 June 2026. Every other number on this page, the multiple included, uses the latest price as of 25 September 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Modi Naturals Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: revenue growth has eased from +52.3% at its peak to +7.3%, but the business is still expanding, with ROCE rising at 29.4%. This is based on 12 quarters of 3 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Modi Naturals Ltd earned a ROCE of 22% in FY26. That is up from a low of 2% in FY24. Its return on capital used (ROIC) is 4.5 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 7.0% net margin and 1.77× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 7.0% net margin × 1.77× asset turnover × 2.37× leverage (assets divided by equity) ≈ 29.4% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 16.5% − 12.0% = +4.5 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

Modi Naturals Ltd has total debt of ₹161 Cr against shareholder equity of ₹172 Cr as of Jun 2026, so its debt is 0.94× its equity. Year by year, that ratio went from 0.66 in FY22 to 0.94 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

No group of Modi Naturals Ltd's owners changed its stake by a full percentage point over the last two years. Domestic institutions moved +0.0 points over the same period, to 0.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Promoters: +0.0 points over 8 quarters, to 69.1%; Domestic institutions: +0.0 points over 8 quarters, to 0.0%.

For Modi Naturals Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

60.6 out of 100, rank 3 of 5 in Edible Oils, Agro Processing, with 59% of the evidence available.

Modi Naturals Ltd scores 60.6 out of 100 against the 5 companies it is compared with in Edible Oils, Agro Processing, ranking 3. Some evidence is missing, so the score is pulled toward the middle on purpose.

The three scored parts add up to the total exactly: 24.6 + 21.6 + 14.4 = 60.6 (no relative-strength reading this week; its 20 points are shared across the other three). This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Modi Naturals ranks 3 of 5 Edible Oils, Agro Processing companies on the 4-Factor Sector Score, with 60.6 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Edible Oils, Agro Processing, all 5 compared on one page.

Modi Naturals is the 5th largest of 5 Edible Oils, Agro Processing companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: AWL Agri Business, Gokul Agro Resources, CIAN Agro Industries & Infrastructure and Jayant Agro Organics. It is the smallest.

Edible Oils, Agro Processing companies close in size

1. AWL Agri Business Ltd ₹21,337 crore
2. Gokul Agro Resources Ltd ₹6,329 crore
3. CIAN Agro Industries & Infrastructure Ltd ₹4,145 crore
4. Jayant Agro Organics Ltd ₹712 crore
5. Modi Naturals Ltd ₹451 crore

All 5 Edible Oils, Agro Processing companies, largest first

Companies close in size in other industries

2119. Focus Lighting & Fixtures Ltd ₹452 crore · Capital Goods - Electric General
2120. Prevest Denpro Ltd ₹452 crore · Medical Equipment
2121. Modi Naturals Ltd ₹451 crore
2122. Mcleod Russel India Ltd ₹450 crore · Tea
2123. E to E Transportation Infrastructure Ltd ₹447 crore · Engineering - Heavy - General

Sector Alpha, written by code from the published numbers. Data as of 25 September 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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