Modern Insulators
Modern Insulators
Capital GoodsKey Fundamentals
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Key Insights
Strengths
2- Company is expected to give good quarter
- Company has delivered good profit growth of 22.4% CAGR over last 5 years
Weaknesses
3- Stock is trading at 3.86 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 11.2% over last 3 years.
Growth Rate
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 90 | 106 | 107 | 140 | 104 | 115 | 125 | 160 | 141 | 177 | 199 | 202 | 187 |
| Expenses | 85 | 101 | 97 | 125 | 98 | 110 | 115 | 142 | 128 | 157 | 168 | 170 | 157 |
| Operating Profit | 4 | 5 | 11 | 15 | 5 | 5 | 10 | 18 | 13 | 19 | 32 | 32 | 30 |
| OPM % | 4.8% | 5% | 10% | 11% | 5% | 4.3% | 8% | 11% | 9% | 11% | 16% | 16% | 16% |
| Other Income | 3 | 3 | 3 | 3 | 6 | 10 | 5 | -1 | 5 | 7 | 4 | 6 | 9 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| PBT | 3 | 6 | 10 | 15 | 8 | 12 | 12 | 13 | 15 | 22 | 32 | 34 | 37 |
| Tax % | -14% | -7% | 2% | -5% | 1% | -7% | 22% | 32% | -5% | 22% | 23% | 27% | 21% |
| Net Profit | 4 | 6 | 10 | 16 | 8 | 13 | 9 | 9 | 16 | 18 | 25 | 25 | 29 |
| EPS in Rs | 0.84 | 1.31 | 2.15 | 3.45 | 1.66 | 2.78 | 1.96 | 1.93 | 3.43 | 3.72 | 5.24 | 5.22 | 6.15 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 418 | 461 | 386 | 403 | 440 | 437 | 390 | 436 | 431 | 443 | 503 | 719 | 765 |
| Expenses | 381 | 419 | 350 | 371 | 404 | 401 | 350 | 414 | 407 | 408 | 466 | 624 | 652 |
| Operating Profit | 37 | 42 | 36 | 33 | 36 | 36 | 41 | 23 | 24 | 35 | 37 | 96 | 113 |
| OPM % | 9% | 9% | 9% | 8% | 8% | 8% | 10% | 5% | 5% | 8% | 7% | 13% | 15% |
| Other Income | 5 | 11 | 9 | 7 | 8 | 7 | 15 | 12 | 15 | 12 | 21 | 22 | 26 |
| Interest | 19 | 13 | 12 | 12 | 11 | 13 | 9 | 5 | 4 | 3 | 4 | 5 | 5 |
| Depreciation | 9 | 8 | 10 | 10 | 10 | 10 | 11 | 9 | 9 | 9 | 9 | 9 | 9 |
| PBT | 14 | 32 | 23 | 18 | 24 | 19 | 36 | 21 | 26 | 35 | 45 | 104 | 125 |
| Tax % | -19% | 8% | 32% | 7% | -9% | -20% | 1% | -7% | -9% | -4% | 13% | 20% | — |
| Net Profit | 17 | 29 | 15 | 17 | 26 | 23 | 35 | 22 | 28 | 36 | 39 | 83 | 96 |
| EPS in Rs | — | — | 3.26 | 3.53 | 5.42 | 4.81 | 7.52 | 4.65 | 6.01 | 7.75 | 8.33 | 17.61 | 20.33 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 22 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 |
| Reserves | 214 | 243 | 194 | 211 | 236 | 258 | 293 | 315 | 343 | 380 | 419 | 502 |
| Borrowings | 61 | 59 | 78 | 84 | 93 | 101 | 24 | 26 | 8 | 19 | 19 | 60 |
| Other Liabilities | 84 | 78 | 108 | 114 | 105 | 123 | 128 | 119 | 106 | 108 | 114 | 148 |
| Total Liabilities | 380 | 402 | 427 | 456 | 481 | 530 | 491 | 507 | 505 | 554 | 599 | 757 |
| Fixed Assets | 138 | 135 | 202 | 195 | 190 | 192 | 182 | 175 | 168 | 161 | 157 | 156 |
| CWIP | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Investments | 17 | 20 | 1 | 0 | 2 | 2 | 9 | 10 | 5 | 24 | 51 | 119 |
| Other Assets | 223 | 245 | 225 | 261 | 289 | 336 | 300 | 322 | 331 | 370 | 391 | 481 |
| Total Assets | 380 | 402 | 427 | 456 | 481 | 530 | 491 | 507 | 505 | 554 | 599 | 757 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -2 | 9 | 25 | 36 | 31 | 34 | 50 | 10 | 23 | 11 | 40 | 52 |
| Investing | -13 | -8 | -9 | -30 | -15 | -43 | 37 | -4 | -4 | -16 | -37 | -86 |
| Financing | 12 | -1 | -17 | -5 | -2 | -5 | -87 | -3 | -22 | 8 | -4 | 36 |
| Net Cash Flow | -3 | 0 | -1 | 0 | 14 | -14 | 1 | 3 | -3 | 3 | -1 | 2 |
| Free Cash Flow | -17 | 4 | 17 | 33 | 26 | 23 | 55 | 11 | 22 | 10 | 35 | 44 |
| CFO/OP | -5 | 22 | 70 | 110 | 84 | 96 | 123 | 43 | 100 | 31 | 121 | 80 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 56 | 61 | 99 | 92 | 76 | 71 | 88 | 84 | 89 | 93 | 88 | 77 |
| Inventory Days | 184 | 129 | 244 | 257 | 289 | 400 | 353 | 340 | 306 | 271 | 324 | 283 |
| Days Payable | 66 | 54 | 115 | 109 | 84 | 147 | 130 | 110 | 83 | 85 | 99 | 99 |
| Cash Conversion Cycle | 174 | 136 | 227 | 240 | 280 | 323 | 310 | 313 | 312 | 279 | 314 | 261 |
| Working Capital Days | 39 | 41 | 64 | 61 | 56 | 82 | 128 | 129 | 161 | 169 | 155 | 186 |
| ROCE % | 12% | 13% | 9% | 9% | 10% | 9% | 10% | 6% | 8% | 9% | 9% | 20% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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37 extracted metrics + investor summaries across FY15–FY26.
Documents
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Company Information
Modern Insulators is an arm of the Modern group of Industries and was set up in 1985 in collaboration with Siemens, Germany. Modern Insulators is also India’s largest manufacturer and exporter of porcelain insulators and is closely associated with National and Regional Utilities, Indian Railways, OEMs & EPC companies worldwide.[1]
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