Modison Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,117 Cr
- P/E
- 9.55
- ROE
- 32.04%
- PEG
- 0.10
- Price to sales
- 1.14
- Debt to equity
- 0.69
- 52W high / low
- ₹545 / ₹115
- Sales growth (5Y)
- 19.45%
- EBITDA margin
- 17.49%
- Net profit margin
- 11.08%
- Promoter holding
- 52.23%
- Sales (last year)
- ₹981 Cr
Incorporated in 1975, Modison Ltd manufactures Electrical contacts in the LV, MV & HV segments[1]
Guidance scorecard · Q2 FY27 call
What Modison's management guided
and where it ranks in Electrical Equipment
RevenueQ2 FY23 call
10–20%- Since FY'20, the company has witnessed about 55% absolute growth, translating to approximately 15% CAGR.
- Growth is largely volume-driven; silver volume increased from 26 Kg to 32 Kg (25% volume growth) over three years.
- LV segment expects high double-digit growth with CAGR exceeding 15%; HV segment also to grow but at a steadier pace.
- Capacity expansions planned: LV to reach at least 50% capacity utilization; HV capacity to increase by over 20%, minimum 30%, but HV growth is gradual due to market dynamics.
- Market size: HV around US$15-20 million (expected growth); LV about US$150 million with 35% market share.
- Revenue growth potential tied more to market demand than capacity constraints.
2 more points from Modison's call on revenue
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MarginsQ2 FY23 call
FlatSee what Modison said on margins — free account, 30 seconds.
CapexQ2 FY23 call
Planned- Current CAPEX budget is around Rs. 25 crores, covering both Brownfield (Low Voltage) and Greenfield (High Voltage) expansions, expected by FY'23 end.
- Low Voltage expansion includes upgrading facilities to handle older and new RoHS-compliant contact series (AgCdO and AgSnO2-2), running production in parallel.
- High Voltage capacity will increase by at least 30%, although demand growth in HV will be slower; CAPEX is for medium to long-term investment.
2 more points from Modison's call on capex
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FundraisingQ2 FY23 call
See what Modison said on fundraising — free account, 30 seconds.
Order bookQ2 FY23 call
Rising- The company has ongoing expansions in both LV (Low Voltage) and HV (High Voltage) segments expected by FY'23 end.
- Capacity is expanding, but revenue growth is primarily market-driven, not capacity-constrained.
- In HV, capacity will increase by at least 30%, while growth in orders is expected to be gradual; HV market share is about 80%.
- LV segment is experiencing high double-digit growth (CAGR >15%).
- Customer consolidations (with big players like Siemens, Schneider, Hitachi acquiring smaller companies) have strengthened the company's position.
2 more points from Modison's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹72,673 Cr | 18.1 | |
| 2 | 40%+ | Up 2%+ | ₹21,700 Cr | 158.1 | |
| 3 | 40%+ | Up 2%+ | ₹491 Cr | 12.2 | |
| 4 | 40%+ | Up 0–2% | ₹12,434 Cr | 48.4 | |
| 5 | 40%+ | Up 0–2% | ₹2,042 Cr | 35.4 | |
| 6 | 40%+ | Up 0–2% | ₹529 Cr | 7.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingFinancials of Modison
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Modison
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 52.11% | 52.11% | 52.11% | 52.11% | 52.11% | 52.11% | 52.11% | 52.11% | 52.11% | 52.16% | 52.23% | 52.23% |
| FIIs + | 0.00% | 0.41% | 0.48% | 0.53% | 0.48% | 0.55% | 0.48% | 0.48% | 0.48% | 0.48% | 0.92% | 1.27% |
| Public + | 47.88% | 47.47% | 47.40% | 47.35% | 47.39% | 47.33% | 47.40% | 47.40% | 47.42% | 47.35% | 46.84% | 46.50% |
| No. of Shareholders | 18,205 | 19,040 | 18,380 | 21,670 | 21,836 | 21,267 | 21,115 | 21,553 | 21,549 | 21,079 | 21,401 | 23,008 |
Financials of Modison
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 97 | 108 | 114 | 116 | 122 | 121 | 130 | 134 | 145 | 144 | 287 | 270 | 279 |
| Expenses + | 90 | 99 | 104 | 108 | 112 | 110 | 115 | 126 | 127 | 125 | 216 | 220 | 248 |
| Operating Profit | 7 | 9 | 9 | 8 | 10 | 11 | 15 | 9 | 18 | 19 | 71 | 50 | 31 |
| OPM % | 8% | 8% | 8% | 7% | 8% | 9% | 12% | 6% | 13% | 13% | 25% | 19% | 11% |
| Other Income + | 2 | -0 | 2 | -4 | 4 | 0 | 2 | 2 | 1 | 13 | -18 | 2 | 7 |
| Interest | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 4 | 5 |
| Depreciation | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 |
| Profit before tax | 8 | 6 | 9 | 2 | 11 | 8 | 13 | 6 | 16 | 27 | 48 | 46 | 31 |
| Tax % | 26% | 27% | 28% | 32% | 25% | 26% | 27% | 25% | 26% | 26% | 25% | 26% | 24% |
| Net Profit + | 6 | 4 | 6 | 1 | 8 | 6 | 10 | 5 | 12 | 20 | 36 | 34 | 23 |
| EPS in Rs | 1.73 | 1.26 | 1.90 | 0.35 | 2.52 | 1.79 | 2.94 | 1.48 | 3.59 | 6.18 | 11.09 | 10.43 | 7.18 |
Financials of Modison
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 171 | 168 | 191 | 201 | 219 | 292 | 340 | 335 | 405 | 490 | 710 | 981 |
| Expenses + | 155 | 142 | 159 | 174 | 192 | 252 | 309 | 310 | 372 | 445 | 592 | 809 |
| Operating Profit | 17 | 26 | 31 | 27 | 27 | 40 | 30 | 25 | 32 | 45 | 118 | 172 |
| OPM % | 10% | 16% | 16% | 14% | 12% | 14% | 9% | 7% | 8% | 9% | 17% | 17% |
| Other Income + | 0 | 1 | 0 | 4 | 0 | -2 | -2 | -1 | 6 | 2 | -3 | 4 |
| Interest | 4 | 4 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | 6 | 9 | 14 |
| Depreciation | 7 | 6 | 6 | 6 | 6 | 6 | 7 | 6 | 6 | 8 | 10 | 10 |
| Profit before tax | 7 | 17 | 22 | 24 | 19 | 30 | 20 | 15 | 29 | 34 | 97 | 152 |
| Tax % | 31% | 37% | 35% | 30% | 20% | 25% | 26% | 27% | 27% | 26% | 25% | |
| Net Profit + | 5 | 11 | 14 | 16 | 15 | 22 | 15 | 11 | 21 | 25 | 73 | 113 |
| EPS in Rs | 1.42 | 3.35 | 4.39 | 5.05 | 4.66 | 6.92 | 4.51 | 3.45 | 6.58 | 7.61 | 22.35 | 34.88 |
| Dividend Payout % | 53% | 30% | 23% | 30% | 21% | 22% | 22% | 29% | 38% | 46% | 25% |
Financials of Modison
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 94 | 101 | 111 | 124 | 144 | 161 | 173 | 184 | 200 | 213 | 271 | 319 |
| Borrowings + | 27 | 21 | 18 | 13 | 26 | 12 | 17 | 5 | 32 | 73 | 174 | 222 |
| Other Liabilities + | 23 | 19 | 19 | 22 | 18 | 26 | 21 | 29 | 36 | 30 | 54 | 58 |
| Total Liabilities | 148 | 145 | 152 | 162 | 191 | 203 | 214 | 222 | 271 | 319 | 503 | 602 |
| Fixed Assets + | 57 | 61 | 60 | 60 | 58 | 62 | 70 | 69 | 79 | 92 | 94 | 86 |
| CWIP | 2 | 1 | 1 | 1 | 3 | 3 | 3 | 10 | 10 | 4 | 3 | 7 |
| Investments | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 2 | 2 | 0 | 0 | 3 |
| Other Assets + | 89 | 83 | 91 | 102 | 128 | 135 | 140 | 141 | 181 | 224 | 405 | 506 |
| Total Assets | 148 | 145 | 152 | 162 | 191 | 203 | 214 | 222 | 271 | 319 | 503 | 602 |
Financials of Modison
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 13 | 26 | 12 | 19 | 19 | 24 | 14 | 22 | -4 | -16 | -64 |
| Cash from Investing Activity + | -6 | -11 | -3 | -8 | -15 | -4 | -11 | -13 | -15 | -9 | -15 |
| Cash from Financing Activity + | -6 | -15 | -9 | -10 | -3 | -21 | 1 | -14 | 19 | 24 | 80 |
| Net Cash Flow | 0 | -0 | -0 | 0 | 1 | -1 | 4 | -4 | 0 | -0 | 0 |
| Free Cash Flow | 6 | 17 | 9 | 11 | 5 | 18 | 3 | 10 | -20 | -32 | -79 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 93% | 121% | 66% | 91% | 94% | 77% | 69% | 110% | 12% | -18% | -36% |
Financials of Modison
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 65 | 63 | 75 | 76 | 75 | 75 | 62 | 58 | 60 | 64 | 82 |
| Inventory Days | 130 | 132 | 120 | 124 | 146 | 104 | 90 | 109 | 109 | 121 | 152 |
| Days Payable | 11 | 15 | 11 | 16 | 11 | 10 | 9 | 13 | 11 | 9 | 11 |
| Cash Conversion Cycle | 184 | 180 | 184 | 184 | 209 | 168 | 143 | 154 | 158 | 176 | 223 |
| Working Capital Days | 81 | 90 | 104 | 119 | 126 | 119 | 105 | 117 | 97 | 92 | 91 |
| ROCE % | 17% | 20% | 17% | 20% | 14% | 10% | 12% | 15% | 31% |
Momentum score · price trend
48 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +128.8% | 95% |
| Last 6 months | +107.7% | 97% |
| Last 3 months | +28.3% | 92% |
The price is 36.9% below its all-time high of ₹545.3 (14 Oct 2026). Stocks more than 20% below their peak have their score halved, so 95 became 48.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Modison: 0.4 × 95 + 0.4 × 97 + 0.2 × 92 = 95, halved to 48 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Modison's management said in earlier quarters
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