FMCG Stock Hits 20% Upper Circuit After Reporting 141% YoY Increase in Net Profit

Synopsis: The share of this company surged 20 percent after reporting 141 percent YoY profit growth in Q4 FY26, backed by strong ethanol business performance and optimistic FY27 guidance.

The shares of this company, which is a prominent Indian FMCG company focusing on health-conscious edible oils, premium food products, and ethanol manufacturing, came into focus after a strong Q4.

With a market capitalization of Rs 600 crore, Modi Naturals Ltd’s share made a day high of Rs 450 per share, hitting 20 percent upper circuit from its previous day’s close price of Rs 375 per share. The share of this company gave a return of 334 percent over the last five years.

Result Overview

QoQ View: The revenue from operations grew by 39.6 percent to Rs 243.1 crore in Q4 FY26 from Rs 174.1 crore in Q3 FY26, and EBITDA grew by 52.4 percent to Rs 24.5 crore in Q4 FY26 from Rs 16.0 crore in Q3 FY26. Accompanied by a net profit growth of 95.9 percent to Rs 19.7 crore in Q4 FY26 from Rs 10.0 crore in Q3 FY26, resulting in an EPS growth of 98.4 percent to Rs 15.00 per share from Rs 7.56 in Q3 FY26.

YoY View: The revenue from operations grew by 28 percent to Rs 243.1 crore in Q4 FY26 from Rs 189.9 crore in Q4 FY25, and EBITDA grew by 51.8 percent to Rs 24.5 crore in Q4 FY26 from Rs 16.1 crore in Q4 FY25. Accompanied by a net profit growth of 141.1 percent to Rs 19.7 crore in Q4 FY26 from Rs 8.2 crore in Q4 FY25, resulting in an EPS growth of 147.9 percent to Rs 15.00 per share in Q4 FY26.

Fiscal Year Comparison: The revenue from operations grew by 8.5 percent to Rs 719.2 crore in FY26 from Rs 662.9 crore in FY25, while EBITDA surged by 31.2 percent to Rs 73.5 crore from Rs 56.0 crore in the previous year. This robust operational performance led to a significant expansion in margins, with the EBITDA margin improving to 10.2 percent in FY26 from 8.4 percent in FY25. 

Consequently, net profit witnessed a substantial growth of 62.1 percent to Rs 50.3 crore compared to Rs 31.0 crore in FY25, resulting in a PAT margin of 7.0 percent for the full year against 4.7 percent in the prior fiscal. This strong bottom-line performance drove the annual EPS up by 63.5 percent to Rs 38.01 per share. 

Segment Performance in Q4 

Ethanol Division Modi Naturals Limited’s Ethanol division delivered strong growth in Q4 FY26, with revenue rising to Rs 92.2 crore from Rs 86.7 crore in Q4 FY25, while EBITDA increased to Rs 18.5 crore. EBITDA margin improved to 20.1 percent, supported by capacity expansion to 282 KLPD and a Rs 400 crore OMC order book.

Consumer Division The Consumer division reported revenue of Rs 50.9 crore in Q4 FY26 compared to Rs 48.5 crore in Q4 FY25, while EBITDA rose to Rs 4.2 crore. The company continued focusing on premium value-added products, expanding distribution channels, and strengthening brand investments to drive long-term growth.

Bulk Division The Bulk division posted a strong recovery during Q4 FY26, with revenue rising sharply to Rs 100 crore from Rs 56.1 crore in Q4 FY25. EBITDA improved to Rs 2.7 crore compared to Rs 0.9 crore last year, aided by a lean inventory strategy, improved procurement planning, and lower working capital requirements.

FY27 Growth Outlook Remains Strong

The company delivered ahead of its FY26 guidance, with revenue rising to Rs 719 crore against the guided Rs 720–730 crore range, while PAT came in at Rs 50 crore. For FY27E, the company has guided revenue between Rs 925–965 crore with EBITDA of Rs 100–105 crore and PAT of Rs 66–70 crore, indicating strong growth momentum supported by both branded and ethanol businesses.

Growth is expected to be driven by new product launches in the food category, expansion across quick commerce and modern trade channels, and higher advertising and promotional spends.

The company has also commenced the second phase of ethanol expansion, increasing capacity from 130 KLPD to 282 KLPD, which is expected to improve profitability, strengthen cash generation, and support margin expansion through premiumisation and operational efficiencies.

About the Company

Modi Naturals Ltd, incorporated in 1974, is a prominent Indian FMCG company focusing on health-conscious edible oils, premium food products, and ethanol manufacturing. Known for brands like Oleev, Rizolo, and Pipo, it has shifted from a traditional commodity firm to a branded, premium consumer goods player, with strong quarterly results in March 2026 showing high profitability

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