Consolidated Financial Performance (H1FY27)

  • Revenue from Operations: ₹361.95 crores, up 19.29% YoY from ₹303.41 crores in H1FY26
  • EBITDA: ₹40.79 crores, up 25.14% YoY from ₹32.60 crores in H1FY26
  • EBITDA Margin: 11.27% vs 10.74% in H1FY26
  • PAT: ₹23.53 crores, up 14.39% YoY from ₹20.57 crores in H1FY26
  • PAT Margin: 6.50% vs 6.78% in H1FY26
  • EPS: ₹17.77 vs ₹15.45 in H1FY26

Consolidated Financial Performance (Q2FY27)

  • Revenue from Operations: ₹204.90 crores, up 38.94% YoY from ₹147.47 crores in Q2FY26
  • EBITDA: ₹18.62 crores, up 23.19% YoY from ₹15.11 crores in Q2FY26
  • EBITDA Margin: 9.09% vs 10.25% in Q2FY26
  • PAT: ₹11.02 crores, up 9.45% YoY from ₹10.07 crores in Q2FY26
  • PAT Margin: 5.38% vs 6.83% in Q2FY26
  • EPS: ₹8.33 vs ₹7.58 in Q2FY26

Management Commentary

Mr. Akshay Modi, Joint Managing Director, commented that H1FY27 was encouraging with growth across businesses. Q2FY27 saw sharp raw material price increases (~52% QoQ) particularly in edible oil and grains, which impacted profitability as selling price adjustments lagged cost increases. Input prices have started normalizing, expected to ease cost pressures in coming quarters.

Business Division Updates

Ethanol Division (Modi Biotech)
  • Received orders worth ~₹495 crore for ~7.82 crore litres from various OMCs for upcoming Ethanol Supply Year
  • Expanded facility progressing well and contributing to revenue growth
  • Phase II expansion commissioned in March 2026, increasing total capacity to 282 KLPD
Consumer Division
  • Focus on premiumisation, improving product mix, and expanding distribution reach
  • Continued association with Karisma Kapoor as Oleev's brand ambassador for another year
  • New products in snacking and high-protein categories in pipeline
  • Raw material cost increased ~52% QoQ in Q2FY27, impacting profitability
Bulk Division
  • Revenue growth driven by higher realizations following commodity price increases
  • With prices now correcting, realizations expected to moderate toward normalized levels
  • Focus on lean inventory management and improved procurement planning

Financial Position (Consolidated)

Balance Sheet (as of September 2026)
  • Total Assets: ₹448.22 crores (vs ₹406.24 crores in March 2026)
  • Total Equity: ₹195.79 crores (vs ₹172.14 crores in March 2026)
  • Non-Current Borrowings: ₹111.56 crores (vs ₹120.35 crores in March 2026)
  • Current Borrowings: ₹54.66 crores (vs ₹40.86 crores in March 2026)
  • Inventories: ₹88.94 crores (vs ₹89.02 crores in March 2026)
  • Trade Receivables: ₹82.39 crores (vs ₹47.00 crores in March 2026)
  • Cash and Cash Equivalents: ₹2.25 crores (vs ₹1.83 crores in March 2026)
Cash Flow (H1FY27)
  • Net Cash from Operating Activities: ₹8.68 crores
  • Net Cash from Investing Activities: -₹7.52 crores
  • Net Cash from Financing Activities: -₹0.74 crores
  • Net Increase in Cash: ₹0.42 crores

Standalone Financial Performance

H1FY27 Standalone
  • Revenue from Operations: ₹168.25 crores vs ₹137.94 crores in H1FY26
  • PAT: ₹2.91 crores vs ₹5.87 crores in H1FY26
  • EPS: ₹2.24 vs ₹4.39 in H1FY26
Q2FY27 Standalone
  • Revenue from Operations: ₹87.44 crores vs ₹62.29 crores in Q2FY26
  • PAT: ₹0.02 crores vs ₹2.63 crores in Q2FY26
  • EPS: ₹0.05 vs ₹1.97 in Q2FY26

FY27 Guidance

  • Revenue: ₹925-965 crores (vs ₹719 crores in FY26)
  • EBITDA: ₹100-105 crores (vs ₹74 crores in FY26)
  • PAT: ₹66-70 crores (vs ₹50 crores in FY26, which included ₹4.9 crore insurance claim)

Business Overview

  • 3rd largest premium edible oil brand in India
  • Largest player in "Goodness of olive oil" segment
  • 2nd ranked super-premium refined oil brand on large e-commerce platform
  • 3 manufacturing units, 450+ distributors, 50,000+ retail store reach
  • Product portfolio includes Oleev, Tarai, Rizolo, Miller, Olivana wellness brands
  • Expanding into pasta, peanut butter, ready-to-mix beverages, and snacks under Pipo brand

Management Team

  • Mr. Anil Modi: Chairperson & Managing Director (founding member, 3+ decades experience)
  • Mr. Akshay Modi: Joint Managing Director (conceptualized consumer edible oil brands)
  • Ms. Aditi Modi: Whole Time Director (finance professional with 12 years investment banking experience)
  • Independent Directors: Udit Jain, Ankita Singal, Ankit Garg

Historical Financials (Consolidated)

| Metric | FY26 | FY25 | FY24 | FY23 | FY22 |

| Revenue (₹Cr) | 719.2 | 662.9 | 399.8 | 418.0 | 474.3 |

| EBITDA (₹Cr) | 73.5 | 56.0 | 9.1 | 5.3 | 14.9 |

| PAT (₹Cr) | 50.3 | 31.0 | -1.4 | 1.2 | 9.4 |

| EPS | 38.01 | 23.25 | -0.92 | 1.01 | 7.4 |

FY26 PAT includes ₹4.9 crore insurance claim received towards loss of profit from machinery breakdown at ethanol plant in FY24.