Modi Naturals

- No explicit mention of any upcoming new fundraising through debt or equity for the future. - Past funding details include: - First-phase CAPEX: Equity funded through internal accruals; Rs. 105 crore debt taken. - Second-phase CAPEX: Equity funded through internal accruals; Rs. 88 crore long-term debt secured and disbursed. - Expansion and operational funding are currently managed through internal accruals and existing debt facilities. - No plans revealed for fresh equity issuance or additional debt raising at this time. - The company is focused on utilizing existing resources for capacity expansion and operations.

- Modi Naturals is expanding its ethanol production capacity from 130 KL to 310 KL per day, with the second phase of the ethanol facility expected to commence by Q3 FY ‘26. - The total CAPEX for the Ethanol division is about Rs. 250 crores. - Equity for the expansion is funded through internal accruals, and long-term debt of Rs. 88 crore from HDFC Bank has been secured and disbursed. - The expansion is happening on the same premises with sufficient land bank and infrastructure planned for scalability. - For non-oil products like popcorn and pasta, the company is currently working on an asset-light model with leased plants and third-party manufacturing, with potential CAPEX considered only when volumes justify it. - Advertising spend in the Consumer division increased by 30% in FY ‘25 and is intended to double in FY ‘26, focusing on brand building.

- Modi Naturals expects consolidated revenue in FY ‘26 to be in the range of Rs. 850 crore to Rs. 880 crore driven by increased volume across both oil and non-oil portfolios and higher ethanol capacity utilization. - Growth will be supported by expanded distribution, innovation, and new product launches, particularly in the food basket like the Pasta portfolio under Oleev Kitchen. - The Consumer division anticipates higher growth from a 360-degree approach involving distribution expansion, core portfolio growth, and new product development. - Ethanol division capacity expansion from 130 KL to 310 KL per day expected to boost volumes and revenue, with phased ramp-up reaching around 90% utilization in Q4 FY ‘26. - Year-on-year growth is expected in both Consumer and Bulk divisions, supported by enhanced marketing spends and operational efficiencies. - Additional growth potential exists from scale-up in non-oil products such as popcorn and pasta through asset-light models.

- **Revenue Guidance for FY '26**: Expected in the range of Rs. 850 crore to Rs. 880 crore, driven by volume growth in oil and non-oil portfolios and higher ethanol capacity utilization. - **EBITDA Expectation**: Rs. 80 crore to Rs. 85 crore, supported by improved product mix, operational efficiencies, and higher margin contribution. - **PAT Projection**: Rs. 42 crore to Rs. 48 crore, aided by cost rationalization, margin expansion, and improved working capital management. - **Ethanol Division Margins**: EBITDA margin expected between 12% and 15%, with seasonality linked to raw material prices. - **Branded Consumer Division**: EBITDA margin forecasted between 8.5% and 9% for FY '26. - **Ethanol Capacity Expansion**: Plant capacity increasing from 130 KL to 310 KL per day by Q3 FY '26, expected to boost revenue and EBITDA. - **Advertising Spend**: To double in FY '26, aiming to accelerate growth, especially in Consumer division. - **Asset Turn**: Post ethanol expansion expected at approximately 3.4x, indicating efficiency in capital use.

- Modi Naturals Limited's Ethanol Division has received an order worth Rs. 300 crore for 41,000 KL from various Oil Marketing Companies (OMCs). - This order extends through to October 2025. - The ethanol distillery is currently operating at its optimum capacity, supporting this order fulfillment. - No specific mention of orderbook or pending orders for other divisions was provided in the transcript.