Modi Naturals Ltd

- No large capital expenditure is planned for the financial year, indicating no immediate need for major fundraising. - The company plans to invest up to INR 20 crores in a value addition project in the byproduct stream of the ethanol division, which seems manageable without significant new funding. - Akshay Modi mentioned evaluating acquisition opportunities in the food sector but has not firmed up anything yet, suggesting no current fundraising related to acquisitions. - There is no mention in the transcript of any current or planned equity or debt fundraising exercises. - The company emphasizes strong cash generation and balance sheet discipline, indicating reliance on internal accruals for growth and investments in the near term.

- Modi Naturals Limited does not have any large capex planned for the current financial year. - The company plans to invest up to INR 20 crores in a value addition project in the byproduct stream of the ethanol division. - There is ongoing planning for value addition on the product side in the ethanol division, focusing on alcohol (portable and chemical side) to start showing revenue impact by end of FY27 or early FY28. - Some innovation on value-added products on the byproduct side has already been completed, contributing positively to EBITDA margins, with a second innovation underway. - The company has evaluated a few acquisition opportunities in the food sector but nothing has been finalized yet. Any developments will be communicated to stakeholders in due course.

- Consumer division targeted to reach INR 500 crores in medium term, driven by oil basket growth (INR 300-350 crores) and food products (INR 150 crores). - Consumer division revenue growth expected to accelerate beyond 2%, fueled by innovative products and expanded distribution, especially via quick commerce and modern trade. - Ethanol division conservatively guided at INR 950 crores revenue for FY27, expecting to exceed with anticipated higher capacity utilization. - Full capacity utilization in ethanol division could push consolidated revenue beyond INR 1,100 crores by FY28. - Quick commerce channels expected to ramp up faster; general trade also set for growth due to current under-penetration. - New product launches in consumer division planned for the year to further drive growth. - Value addition in ethanol products on both potable and chemical sides targeted to enhance future revenues.

- **Earnings Growth:** FY26 saw EBITDA grow 31.2% and PAT grow 62.1% year-on-year, indicating strong momentum. - **Ethanol Division:** Expected to ramp up capacity utilization; conservative guidance of INR950 crores turnover with potential to exceed. Sustainable EBITDA margin targeted between 12-15%. - **Consumer Division:** Revenue growth expected to accelerate beyond last year's 2%, driven by expanded distribution, innovation, and new product launches. - **Operational Efficiency:** Ongoing improvements in procurement, inventory, and cash flow management to support profitability. - **New Value-Added Products:** Planned launches in consumer and ethanol byproduct streams to drive incremental profits. - **Capex:** Limited to INR20 crores for value addition, maintaining balance sheet discipline. - **Overall Outlook:** Focus on disciplined growth, operational excellence, premiumization, and sustainable profitability positions the company well for continued earnings expansion.

- Current order received for ethanol division is for 47.9 kilo kiloliters (KL), valued at around INR400 crores. - This order corresponds to about 130 KL per day capacity before expansion. - Modi Naturals currently operates at an expanded capacity of 282 KL per day. - Orders for the ongoing Ethanol Sugar Year (ESY) cycle one tender have been received, valid till October 31, 2026. - Additional orders expected from private and PSU OMCs within the ongoing ESY cycle. - Fresh tenders for the next ESY cycle are anticipated in September-October 2026. - Private OMCs continue tendering in the interim period. - Company confident of securing further orders by end of June 2026 from both private and PSU OMCs for ongoing ESY. - Capacity utilization ramp-up expected post October-November 2026 with upcoming tenders.