ALFA Finder
| Expanded Capacity | 600 KLPDEthanol & RS |
|---|---|
| Market Cap | ₹435.85 CrValue Stock |
| P/E TTM | 8.19Sector 29.01 |
| Revenue TTM | ₹777.67 Cr8.44% Annual Growth |
Key highlights
- Installed capacity increased from 282 KLPD to 600 KLPD at the Chhattisgarh site
- Expansion adds 318 KLPD of Ethanol and Rectified Spirit (RS) production capacity
- Facility is managed by wholly-owned subsidiary Modi Biotech Private Limited
- Project supports the Government of India’s Ethanol Blended Petrol (EBP) Programme
- Moves total revenue potential towards ₹1,100+ crore at full plant utilization
Major Capacity Boost at Chhattisgarh Biofuel Hub
Modi Naturals Ltd has achieved a significant milestone with its wholly-owned subsidiary, Modi Biotech Private Limited, successfully commencing commercial operations at its expanded grain-based ethanol plant. Located in Chhattisgarh, the facility's installed capacity has been more than doubled, rising from 282 Kilolitres Per Day (KLPD) to 600 KLPD. The expanded capacity specifically comprises 282 KLPD of Ethanol and an additional 318 KLPD of Ethanol/Rectified Spirit (RS).
This move is designed to facilitate higher production volumes and operational efficiencies, allowing the company to capitalize on the increasing demand driven by India's national ethanol blending targets.
Strategic Alignment and Growth Milestones
- The expansion follows a prior capacity increase from 130 KLPD to 282 KLPD completed in March 2026.
- Initial construction and equipment orders for this expansion phase were initiated in December 2024 with a ₹100 crore investment.
- The facility is positioned to benefit from the Ethanol Blended Petrol (EBP) Programme, targeting 20% blending by 2025-26.
- Enhanced manufacturing capabilities are expected to improve the company's long-term operational margins.
- The grain-based feedstock approach leverages local agricultural resources in the Chhattisgarh region.
Financial Context and Revenue Outlook
The production ramp-up comes as Modi Naturals maintains strong financial momentum. For the second quarter ended September 30, 2026, the company reported operating revenue of ₹204.9 crore, marking a 39.4% year-on-year increase. While the quarterly net profit stood at ₹11.02 crore, management guidance as of August 2026 suggested a consolidated revenue target of ₹925–965 crore for FY27.
With the ethanol facility now operating at its new 600 KLPD capacity, the company estimates revenue could exceed ₹1,100 crore at full utilization. The stock currently trades at a P/E of 8.19, compared to the industry average of 18.84.
| Date | Announcement | Amount |
|---|---|---|
| 25 Mar 2026 | Modi Biotech commenced commercial operations at its expanded grain-based ethanol distillery in Raipur, Chhattisgarh, scaling installed capacity from 130 KLPD to 282 KLPDSource: modinaturals.com | – |
| 16 Dec 2024 | Modi Biotech commenced construction and placed orders for an 180 KLD capacity expansion (from 130 KLD to 310 KLD) at its ethanol plant in Raipur, ChhattisgarhSource: chinimandi.com | ₹100.00 Cr |
What to watch next
- Announcement of unaudited financial results for Q3 FY27 on or before February 14, 2027
- Scaling of ethanol plant utilization to reach the projected ₹1,100+ crore revenue potential
- Expansion of the consumer branded division toward its medium-term target of ₹500 crore revenue
| Share price | ₹327.55 |
|---|---|
| Market capitalisation | ₹435.85 Cr |
| Revenue (annual) | ₹719.18 Cr |
| Net profit (annual) | ₹50.28 Cr |
| Revenue (latest quarter) | ₹204.90 Cr+31.68% vs previous quarter |
| Net profit (latest quarter) | ₹11.02 Cr-11.81% vs previous quarter |
| P/E (TTM) | 8.19×Sector 29.01× |
| Promoter holding | 69.09%0.00% QoQ |
| FII holding | 0%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Modi Naturals Ltd announcing the commencement of commercial operations at its expanded ethanol plant in Chhattisgarh. Market figures from a third-party data provider.
