Any current/future new fundraising through debt or equity?

For the ethanol capacity expansion (Rs 100 crore CAPEX), about Rs 50 crore is expected to be funded through internal accruals. The remaining Rs 50 crore will be raised either through debt or equity. The management has not yet made a final decision on the mix of debt and equity for this funding. No specific mention of any immediate or additional fundraising through debt or equity beyond this planned capital raise.

Any current/future capex/capital investment/strategic investment?

Modi Naturals Limited is expanding its Ethanol division capacity from 130 KLPD to 310 KLPD, adding 180 KLPD. Estimated capital expenditure for this expansion is approximately Rs. 100 crores. Engineering work for the new plant is completed; construction is expected to start around Q3 FY25 and complete by the second half of FY26. Funding for the Rs. 100 crore capex will be partly through internal accruals (around Rs. 50 crores) and the remainder via debt or equity, with the final decision pending. The company plans increased ad spends and investments in the Consumer division, aiming for faster g

Future growth expectations in sales/revenue/volumes?

FY25: Guided for 75% revenue growth, targeting Rs. 700 crore consolidated revenue (from Rs. 400 crore in FY24). FY26-27: High growth expected driven by Ethanol and Consumer divisions. Ethanol division capacity expansion from 130 KL to 310 KL by H2 FY26 will boost growth for FY26 and FY27. Consumer division anticipated to continue consistent growth with increased ad spends and new product launches. Bulk business margins expected to improve; steady EBITDA margin targeted around 5%-6%. Overall focus on scaling Consumer division via quick commerce, modern trade, and general trade channel

Future growth expectations in earnings/operating earnings/profits/EPS?

Modi Naturals forecasts a consolidated revenue growth of 75% for FY25, targeting Rs. 700 crores (up from Rs. 400 crores in FY24). EBITDA for FY25 is guided at Rs. 50 crores, with PAT expected at Rs. 30 crores, a significant improvement from prior years. The Ethanol division is expected to maintain 10-12% EBITDA margins in the near-to-medium term, with potential operational leverage as new capacity comes online in H2 FY26. ROCE for FY25 is approximately 18.5% on a consolidated basis, suggesting healthy capital efficiency. Expansion of Ethanol capacity from 130 KL to 310 KL by H2 FY26 wi

Current/ Expected Orderbook/ Pending Orders?

The company has received a confirmed order for 41,600 kiloliters in the Ethanol division. This confirmed order comes with purchase orders released quarterly, starting with the 1st quarter. The total order value is approximately Rs. 300 crores, translating to around Rs. 72 per liter based on current tender prices. Price adjustments during the year can occur through corrigenda, though none have been issued yet. There is no expectation of a shortfall from the allocated order volume, barring operational inefficiencies.

Modi Naturals LtdQ2 FY25Agricultural Food & other Products

Modi Naturals Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹332.5P/E: 9.1Market Cap: ₹442 CrSector: Agricultural Food & other Products

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

Yes

Order

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

FY25: Guided for 75% revenue growth, targeting Rs. 700 crore consolidated revenue (from Rs. 400 crore in FY24).
FY26-27: High growth expected driven by Ethanol and Consumer divisions.
Ethanol division capacity expansion from 130 KL to 310 KL by H2 FY26 will boost growth for FY26 and FY27.
Consumer division anticipated to continue consistent growth with increased ad spends and new product launches.
Bulk business margins expected to improve; steady EBITDA margin targeted around 5%-6%.
Overall focus on scaling Consumer division via quick commerce, modern trade, and general trade channels.
New products like multi-grain pasta, peanut butter, and ready-to-mix beverages are being scaled up.
Revenue split expectation FY25: Consumer Rs. 210 crore, Bulk Rs. 215 crore, Ethanol Rs. 275 crore.

Margin guidance

Category 1

Modi Naturals forecasts a consolidated revenue growth of 75% for FY25, targeting Rs. 700 crores (up from Rs. 400 crores in FY24).
EBITDA for FY25 is guided at Rs. 50 crores, with PAT expected at Rs. 30 crores, a significant improvement from prior years.
The Ethanol division is expected to maintain 10-12% EBITDA margins in the near-to-medium term, with potential operational leverage as new capacity comes online in H2 FY26.
ROCE for FY25 is approximately 18.5% on a consolidated basis, suggesting healthy capital efficiency.
Expansion of Ethanol capacity from 130 KL to 310 KL by H2 FY26 will contribute to growth in FY26 and FY27.
Consumer division growth is supported by increased ad spends, new product launches, and expanded distribution, targeting faster growth.
The Bulk division is expected to stabilize EBITDA margins around 5-6% moving forward, recovering from past losses.

See what Modi Naturals Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

For the ethanol capacity expansion (Rs 100 crore CAPEX), about Rs 50 crore is expected to be funded through internal accruals.
The remaining Rs 50 crore will be raised either through debt or equity.
The management has not yet made a final decision on the mix of debt and equity for this funding.
No specific mention of any immediate or additional fundraising through debt or equity beyond this planned capital raise.

Order book

The company has received a confirmed order for 41,600 kiloliters in the Ethanol division.
This confirmed order comes with purchase orders released quarterly, starting with the 1st quarter.
The total order value is approximately Rs. 300 crores, translating to around Rs. 72 per liter based on current tender prices.
Price adjustments during the year can occur through corrigenda, though none have been issued yet.
There is no expectation of a shortfall from the allocated order volume, barring operational inefficiencies.

See what Modi Naturals Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Modi Naturals Limited is expanding its Ethanol division capacity from 130 KLPD to 310 KLPD, adding 180 KLPD.
Estimated capital expenditure for this expansion is approximately Rs. 100 crores.
Engineering work for the new plant is completed; construction is expected to start around Q3 FY25 and complete by the second half of FY26.
Funding for the Rs. 100 crore capex will be partly through internal accruals (around Rs. 50 crores) and the remainder via debt or equity, with the final decision pending.
The company plans increased ad spends and investments in the Consumer division, aiming for faster growth fueled by enhanced cash flows.
No current plans for further capacity expansion beyond the 310 KLPD ethanol plant at the current location have been considered yet.

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Modi Naturals Ltd Q2 FY25 Earnings Call Analysis

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