MODIRUBBER - Modi Rubber

📊 NSE: MODIRUBBER 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 9:55

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 30.15% YoY to INR 2,920.10 lacs in FY25 from INR 2,243.67 lacs in FY24. Other income, primarily from investments and dividends, decreased 8.33% to INR 1,656.83 lacs.

Geographic Revenue Split

100% of revenue is generated within India, with the registered office in Modinagar, Uttar Pradesh, and corporate operations in New Delhi.

Profitability Margins

Net Profit Margin for FY25 was 44.7% (INR 2,046.06 lacs profit on INR 4,576.93 lacs total revenue), a significant improvement from 5.8% in FY24 due to higher share of profit from joint ventures and lower exceptional costs.

EBITDA Margin

EBITDA Margin for FY25 was 59.16% (INR 2,707.84 lacs EBITDA on INR 4,576.93 lacs revenue), reflecting high-margin contributions from dividend income and JV profit shares.

Capital Expenditure

Capital expenditure on property, plant, and equipment and intangibles was INR 190.16 lacs in FY25, representing a 45.21% decrease from INR 347.07 lacs in FY24.

Credit Rating & Borrowing

Not disclosed in available documents; however, finance costs were INR 162.87 lacs in FY25, down 15.04% YoY.

⚙️ Operational Drivers

Raw Materials

Stock-in-trade for beverages and travel services, representing 13.15% of operational revenue (INR 383.96 lacs).

Raw Material Costs

Purchases of stock-in-trade increased 47.56% YoY to INR 383.96 lacs in FY25, representing 8.39% of total revenue.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

The company aims to achieve growth by maximizing dividend yields and profit shares from its strategic JVs (Gujarat Guardian, Asahi Modi) and scaling its wholly-owned subsidiaries in the travel (Uniglobe Mod Travels) and beverage (Vinura Beverages) sectors.

Products & Services

Industrial glass, specialized industrial materials, beverages, travel management services, and salon services.

Brand Portfolio

Uniglobe, Vinura, Marco Aldany.

Strategic Alliances

Key joint ventures include Gujarat Guardian Limited (glass), Asahi Modi Materials Private Limited (industrial materials), and Modi Marco Aldany Private Limited (salon services).

🌍 External Factors

Industry Trends

Growing demand for branded travel services and high-quality industrial glass; the company is positioned to capture this through its specialized JVs and established service brands.

Competitive Landscape

Competes with organized and unorganized players in the travel and beverage sectors; industrial glass segment has high entry barriers due to capital intensity.

Competitive Moat

Durable competitive advantage through long-term strategic partnerships with global leaders like Guardian Glass and Asahi, providing technical moats and market access that contributed INR 3,127.61 lacs in profit share in FY25.

Macro Economic Sensitivity

Highly sensitive to industrial growth and infrastructure spending, which drives demand for glass and industrial materials produced by JV partners.

Consumer Behavior

Shift toward organized travel management and premium salon services benefiting Uniglobe and Marco Aldany brands.

Geopolitical Risks

Potential trade barriers or import restrictions affecting the specialized materials segment (Asahi Modi Materials).

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, and Ind AS accounting standards.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 6.7%, likely reflecting tax-exempt dividend income and JV accounting treatments.

Legal Contingencies

Not disclosed in available documents; however, the company maintains an adequate internal financial control system as per the Guidance Note issued by ICAI.

⚠️ Risk Analysis

Key Uncertainties

High dependency on the financial performance of joint ventures, with the share of profit from JVs (INR 3,127.61 lacs) significantly exceeding the company's standalone operational revenue.