# Modi Naturals share price (Modi Naturals Ltd, NSE: MODINATUR)

> Modi Naturals share price: ₹346.05 at the NSE close on 25 September 2026, the latest close in our records. Modi Naturals (NSE: MODINATUR) trades at a P/E of 9.3. > Modi Naturals Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. MODINATUR · Edible Oils, Agro Processing · data as of 25 September 2026. Page: https://www.sectoralpha.in/stocks/modi-naturals-ltd

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## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: ₹346.05
- P/E: 9.3× (lower than 99% of the last 4.3 years)
- Revenue (Jun 2026): ₹156 Cr (+0.6% on a year ago)
- Profit (Jun 2026): ₹12.0 Cr (+20.0% on a year ago)
- Operating margin: 14.0% (+3.0 points on a year ago)
- ROCE: 22%, FY26
- ROIC: 16.5%, against a 12.0% cost of capital: +4.5 points

Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. ## What is the 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. 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. ## What changed at Modi Naturals this quarter? 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. ## What are Modi Naturals' latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹156 crore | ₹155 crore | +0.6% |
| Profit | ₹12.0 crore | ₹10.0 crore | +20.0% |
| Earnings per share | ₹9.39 | ₹7.88 | +19.2% |
| Operating margin | 14.0% | 11.0% | +3.0 points |

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.)

## What is the Modi Naturals share price history? 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

| When | Close | Change to 25 Sep 2026 |
| --- | --- | --- |
| 1 week ago · 18 Sep 2026 | ₹359.95 | −3.9% |
| 1 month ago · 28 Aug 2026 | ₹349.20 | −0.9% |
| Earliest weekly close in our records · 17 Apr 2026 | ₹359.45 | −3.7% |
| Highest weekly close since April 2026 · 22 May 2026 | ₹470.80 | −26.5% |
| Lowest weekly close since April 2026 · 21 Aug 2026 | ₹336.00 | +3.0% |

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.)

## What is the latest news on Modi Naturals? 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. ## What dividend does Modi Naturals pay? 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 4 November 2026.)

## What did Modi Naturals management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/2038/Conference Call/CC-May26.pdf). (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.)

## What to watch in Modi Naturals' next results? 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. - What to check (from the call)
- 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. - Consumer division growth acceleration: FY27 growth rate vs FY26 actual 2.3%; management signaled faster growth expected but no point estimate provided; April to June 2026 print will validate momentum claim and new product (Hing, pasta) contribution. - Byproduct value-addition revenue contribution: first innovation yielding results (no magnitude disclosed), second underway completion within months; track incremental revenue and margin impact as innovations scale through ethanol customer base. - assess leanness model applicability across cycles and whether procurement discipline persists. ## Which stock lists is Modi Naturals on? Modi Naturals is not on any of our India lists this week. ## Is Modi Naturals profitable? 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. 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. ## How much revenue does Modi Naturals make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Modi Naturals keep? 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. 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. ## Is Modi Naturals' profit turning into cash? 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. 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. ## Where does Modi Naturals' cash go? 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. 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. ## What is Modi Naturals' P/E ratio, and how does it compare with its own history? 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. 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. ## What growth does the Modi Naturals share price assume? 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 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. ## Is the Modi Naturals business getting better or worse? 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. 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. ## How much does Modi Naturals earn on its capital? 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). 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. ## Does Modi Naturals have too much debt? 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. ## What is the Modi Naturals shareholding pattern? 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. 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%. ## How far is Modi Naturals from balance-sheet trouble? 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. ## How does Modi Naturals rank in its industry? 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. ## Which companies is Modi Naturals compared with? Modi Naturals ranks 3 of 5 Edible Oils, Agro Processing companies on the 4-Factor Sector Score, with 60.6 out of 100. 1. [Gokul Agro Resources Ltd](https://www.sectoralpha.in/stocks/gokul-agro-resources-ltd) GOKULAGRO · losing its lead · Most evidence points up · 100% evidence 75.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.5/35 · Revenue 14.8% · Profit 58.5% · Operating margin change 0.7 points · 100% evidence Capital efficiency 18.3/25 · ROCE 36.7% · Operating margin 3.5% · 100% evidence Valuation 14.1/20 · P/E 13.6× · PEG 0.26 · 100% evidence Relative strength 17.4/20 · Lead over its industry 11.4% · Lead over NIFTY 500 10.3% · 1 year 24.9% · 100% evidence · 3 of 12 weeks ahead Exact sum: 25.5 + 18.3 + 14.1 + 17.4 = 75.3 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [CIAN Agro Industries & Infrastructure Ltd](https://www.sectoralpha.in/stocks/cian-agro-industries-infrastructure-ltd) CIANAGRO · Too little evidence to rank firmly · 58% evidence 65.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 37.1/43.75 · Revenue 51.8% · Profit 100% · Operating margin change 12 points · 83% evidence Capital efficiency 12.7/31.25 · ROCE 12.3% · Operating margin 34% · 76% evidence Valuation 15.4/25 · P/E 12.9× · PEG n/a · 50% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 37.1 + 12.7 + 15.4 = 65.2 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 3. Modi Naturals Ltd this page MODINATUR · Too little evidence to rank firmly · 59% evidence 60.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.6/43.75 · Revenue 7.3% · Profit 52.9% · Operating margin change 3 points · 88% evidence Capital efficiency 21.6/31.25 · ROCE 22.2% · Operating margin 14% · 100% evidence Valuation 14.4/25 · P/E 9.3× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 24.6 + 21.6 + 14.4 = 60.6 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 4. [Jayant Agro Organics Ltd](https://www.sectoralpha.in/stocks/jayant-agro-organics-ltd) JAYAGROGN · quiet · Evidence leans down · 78% evidence 48.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.1/35 · Revenue 1.9% · Profit 0% · Operating margin change 0.4 points · 83% evidence Capital efficiency 8.8/25 · ROCE 11.6% · Operating margin 4.9% · 76% evidence Valuation 11.7/20 · P/E 11.7× · PEG n/a · 50% evidence Relative strength 20.0/20 · Lead over its industry 8.2% · Lead over NIFTY 500 7.4% · 1 year -8.9% · 100% evidence · 4 of 12 weeks ahead Exact sum: 8.1 + 8.8 + 11.7 + 20 = 48.6 · What this means: Relative strength against the index is 7.4%, and revenue and profit growth are weak. 5. [AWL Agri Business Ltd](https://www.sectoralpha.in/stocks/awl-agri-business-ltd) AWL · quiet · Most evidence points down · 93% evidence 32.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.6/35 · Revenue 18.1% · Profit 6.2% · Operating margin change -1.1 points · 100% evidence Capital efficiency 9.4/25 · ROCE 18.3% · Operating margin 2.8% · 100% evidence Valuation 4.3/20 · P/E 18.2× · PEG 2.76 · 65% evidence Relative strength 6.0/20 · Lead over its industry -14.5% · Lead over NIFTY 500 -14.7% · 1 year -40.3% · 100% evidence · 1 of 12 weeks ahead Exact sum: 12.6 + 9.4 + 4.3 + 6 = 32.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 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](https://www.sectoralpha.in/sectors/edible-oils-agro-processing), all 5 compared on one page. ## Which companies are close to Modi Naturals in size? 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](https://www.sectoralpha.in/stocks/awl-agri-business-ltd) ₹21,337 crore
2. [Gokul Agro Resources Ltd](https://www.sectoralpha.in/stocks/gokul-agro-resources-ltd) ₹6,329 crore
3. [CIAN Agro Industries & Infrastructure Ltd](https://www.sectoralpha.in/stocks/cian-agro-industries-infrastructure-ltd) ₹4,145 crore
4. [Jayant Agro Organics Ltd](https://www.sectoralpha.in/stocks/jayant-agro-organics-ltd) ₹635 crore
5. Modi Naturals Ltd ₹451 crore

[All 5 Edible Oils, Agro Processing companies, largest first](https://www.sectoralpha.in/sectors/edible-oils-agro-processing#all-companies)

### Companies close in size in other industries

1. [Focus Lighting & Fixtures Ltd](https://www.sectoralpha.in/stocks/focus-lighting-fixtures-ltd) ₹452 crore · Capital Goods - Electric General
2. [Prevest Denpro Ltd](https://www.sectoralpha.in/stocks/prevest-denpro-ltd) ₹452 crore · Medical Equipment
3. Modi Naturals Ltd ₹451 crore
4. [Mcleod Russel India Ltd](https://www.sectoralpha.in/stocks/mcleod-russel-india-ltd) ₹450 crore · Tea
5. [E to E Transportation Infrastructure Ltd](https://www.sectoralpha.in/stocks/e-to-e-transportation-infrastructure-ltd) ₹447 crore · Engineering - Heavy - General

## What else do people ask about Modi Naturals? ### What is Modi Naturals's share price? Modi Naturals Ltd's share price is ₹346.05. The whole company is worth ₹451 Cr on the market. In the last 52 weeks it traded between ₹336 to ₹471; today it is 7% of the way up from the low, 10.0% below its 200-day average. The price has been falling for 3 weeks (as of 25 September 2026). ### What were Modi Naturals's latest quarterly results? Modi Naturals Ltd reported revenue of ₹156 Cr and net profit of ₹12.0 Cr for the Jun 2026 quarter. Revenue rose 0.6% and profit rose 20.0% compared with a year earlier. Earnings per share were ₹9.39. The operating margin was 14.0%, 3.0 percentage points higher than a year earlier (as of 25 September 2026). ### What is Modi Naturals's market cap? Modi Naturals Ltd's market capitalisation is ₹451 Cr at a share price of ₹346.05. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 25 September 2026). ### What is Modi Naturals's P/E ratio? Modi Naturals Ltd's P/E is 9.3×, higher than 1% of its own last 4 years. Its usual level (the middle reading) is 27.8×. This compares the price with the company's own past; it is not a view on what the shares are worth (as of 25 September 2026). ### How is Modi Naturals valued against its own history? Against its own history, Modi Naturals Ltd's valuation is low: its P/E of 9.3× has been lower only 1% of the time in 4 years (usual level 27.8×). This compares the price with the company's own past; it is not a view on what the shares are worth or where the price goes next. One thing to keep in mind: margins are the best this company has ever reported, and a multiple can look low when profit is at a record (as of 25 September 2026). ### How is Modi Naturals performing? Modi Naturals Ltd's share price has been falling for 3 weeks. In its latest quarter, revenue rose 0.6% and profit rose 20.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 12 weeks running (as of 25 September 2026). ### Is Modi Naturals in an uptrend? No, the price has been falling for 3 weeks (stage 4 of 4), 10.0% below its 200-day average, and 7% of the way up its 52-week range. A share price tends to move through four phases: moving sideways, rising, stalling and falling (as of 25 September 2026). ### Will Modi Naturals's share price go up? This page does not forecast Modi Naturals Ltd's share price. What it shows instead: the share price is ₹346.05, and it has been falling for 3 weeks. Its P/E of 9.3× is higher than 1% of its own last 4 years (as of 25 September 2026). ### Does Modi Naturals have too much debt? Modi Naturals Ltd has a moderate amount of debt: its debt is 0.94× its equity, and its operating profit is 9 times its interest bill. FY26 borrowings were ₹161 Cr against equity of ₹172 Cr. Keep that borrowing in mind when reading the returns on this page (as of 25 September 2026). ### Where is Modi Naturals in its business cycle? Modi Naturals Ltd's FY26 operating margin was 10.0%, against a 6-year range of 1.3% to 10.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 14.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 25 September 2026). ### What could break the Modi Naturals story? Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 25 September 2026). ### Is Modi Naturals a stock worth studying right now? What the numbers show: Modi Naturals Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 25 September 2026). ### Is there a Modi Naturals share price forecast for 2026? What management itself guided: Ethanol FY27 revenue ₹950 crore average.0% utilization of expanded capacity. This is research, not advice. We’re not SEBI-registered.