Modi Rubber Ltd

₹ 124 3.33%

25 Jun 11:28 a.m.

modigroup.net BSE: 500890 NSE: MODIRUBBER

About

Incorporated in 1971, Modi Rubber Ltd manufactures automobile tyres, tubes & flaps, resin coated sand and operates salons^[1]

Key Points

Business Overview:^[1]^[2]
a) MRL is a part of Modi Group. It manufactures and sells tyres for trucks and bus.
b) It has 62 depots and 20 C&F agents, with a network of over 3000 dealers
c) Company sells products under the brand MARATHAN
d) Company also manufactures resin coated sand and operates Salons

Website BSE NSE - BE

Market Cap ₹ 310 Cr.
Current Price ₹ 124
High / Low ₹ 164 / 87.2
Stock P/E 132
Book Value ₹ 157
Dividend Yield 0.00 %
ROCE 0.94 %
ROE 0.61 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.75 times its book value
Debtor days have improved from 175 to 42.9 days.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has a low return on equity of 3.21% over last 3 years.
Earnings include an other income of Rs.30.4 Cr.
Working capital days have increased from 746 days to 4,646 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Automobile and Auto Components Auto Components Tyres & Rubber Products

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	0.52	0.56	0.56	0.41	1.19	0.64	0.63	0.71	0.77	0.71	0.80	1.25	1.23
	9.63	4.83	5.44	5.79	5.44	5.39	5.30	5.30	7.97	5.56	6.63	7.53	7.70
Operating Profit	-9.11	-4.27	-4.88	-5.38	-4.25	-4.75	-4.67	-4.59	-7.20	-4.85	-5.83	-6.28	-6.47
OPM %	-1,751.92%	-762.50%	-871.43%	-1,312.20%	-357.14%	-742.19%	-741.27%	-646.48%	-935.06%	-683.10%	-728.75%	-502.40%	-526.02%
	10.25	1.05	27.41	1.93	2.26	13.27	30.46	3.50	16.57	3.34	23.07	2.97	1.01
Interest	0.19	0.13	0.12	0.11	0.11	0.11	0.11	0.17	1.51	0.17	0.17	0.16	0.16
Depreciation	0.66	0.53	0.52	0.54	0.54	0.47	0.65	0.79	0.79	0.68	0.71	0.72	1.13
Profit before tax	0.29	-3.88	21.89	-4.10	-2.64	7.94	25.03	-2.05	7.07	-2.36	16.36	-4.19	-6.75
Tax %	-48.28%	-11.86%	21.20%	-29.51%	12.50%	26.45%	8.39%	81.46%	50.35%	30.08%	17.30%	-24.34%	-26.96%
	0.43	-3.42	17.25	-2.89	-2.98	5.83	22.93	-3.72	3.51	-3.07	13.53	-3.17	-4.93
EPS in Rs	0.17	-1.37	6.89	-1.15	-1.19	2.33	9.16	-1.49	1.40	-1.23	5.40	-1.27	-1.97
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	4.45	5.22	5.39	5.15	5.93	5.24	5.13	3.01	2.16	2.72	2.75	4.00
	18.59	17.92	18.55	19.37	23.64	20.91	19.78	16.21	23.13	21.51	23.96	27.45
Operating Profit	-14.14	-12.70	-13.16	-14.22	-17.71	-15.67	-14.65	-13.20	-20.97	-18.79	-21.21	-23.45
OPM %	-317.75%	-243.30%	-244.16%	-276.12%	-298.65%	-299.05%	-285.58%	-438.54%	-970.83%	-690.81%	-771.27%	-586.25%
	18.31	15.51	17.98	19.86	40.11	25.01	26.69	23.73	31.36	32.65	63.80	30.40
Interest	0.01	0.02	0.06	0.47	0.49	0.55	0.57	0.62	0.59	0.47	1.91	0.65
Depreciation	1.02	1.70	1.14	1.28	3.22	3.34	2.97	2.68	2.60	2.12	2.70	3.25
Profit before tax	3.14	1.09	3.62	3.89	18.69	5.45	8.50	7.23	7.20	11.27	37.98	3.05
Tax %	60.51%	-9.17%	-44.48%	-78.15%	115.20%	15.41%	33.53%	-6.64%	27.50%	29.19%	24.78%	22.62%
	1.24	1.20	5.23	6.93	-2.84	4.61	5.65	7.71	5.23	7.97	28.56	2.36
EPS in Rs	0.50	0.48	2.09	2.77	-1.13	1.84	2.26	3.08	2.09	3.18	11.41	0.94
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	-3%
5 Years:	-5%
3 Years:	23%
TTM:	45%

Compounded Profit Growth
10 Years:	-2%
5 Years:	-15%
3 Years:	-22%
TTM:	-91%

Stock Price CAGR
10 Years:	17%
5 Years:	31%
3 Years:	31%
1 Year:	19%

Return on Equity
10 Years:	3%
5 Years:	3%
3 Years:	3%
Last Year:	1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	25.04	25.04	25.04	25.04	25.04	25.04	25.04	25.04	25.04	25.04	25.04	25.04
Reserves	110.52	111.72	116.95	134.79	132.15	139.59	143.14	162.23	324.26	325.64	354.60	368.73
	2.57	3.13	3.00	3.87	3.56	3.22	3.34	4.34	3.94	3.79	6.12	5.67
	41.65	38.30	38.21	40.62	39.73	33.77	30.04	21.58	65.95	64.49	62.11	53.24
Total Liabilities	179.78	178.19	183.20	204.32	200.48	201.62	201.56	213.19	419.19	418.96	447.87	452.68
	13.45	12.77	10.29	13.03	32.30	29.39	29.47	27.01	215.55	213.74	217.68	214.32
CWIP	0.00	0.36	4.98	19.05	0.00	0.00	0.00	0.25	1.67	10.26	9.52	0.00
Investments	66.83	87.13	82.47	81.62	87.85	100.61	108.65	127.55	137.65	133.92	161.13	169.80
	99.50	77.93	85.46	90.62	80.33	71.62	63.44	58.38	64.32	61.04	59.54	68.56
Total Assets	179.78	178.19	183.20	204.32	200.48	201.62	201.56	213.19	419.19	418.96	447.87	452.68

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-0.51	6.98	-16.06	-15.01	-20.97	-19.50	-11.27	-4.14	-21.44	-16.96	-29.64	-31.33
	1.37	-7.74	17.02	13.77	32.46	16.31	9.27	-0.14	23.33	18.01	29.66	32.78
	0.02	0.35	-0.46	0.74	-0.46	-0.59	-0.29	-0.82	-0.68	-0.30	-0.78	-1.11
Net Cash Flow	0.88	-0.41	0.50	-0.50	11.03	-3.79	-2.29	-5.10	1.22	0.75	-0.75	0.33

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	50.03	121.67	171.33	204.83	68.32	29.95	81.11	95.80	50.69	300.59	181.84	42.89
Inventory Days
Days Payable
Cash Conversion Cycle	50.03	121.67	171.33	204.83	68.32	29.95	81.11	95.80	50.69	300.59	181.84	42.89
Working Capital Days	-748.04	-1,818.01	-1,603.56	-2,296.31	-2,087.82	-1,963.62	-1,659.93	1,662.51	-1,784.44	-1,926.99	-480.47	4,646.45
ROCE %	1.97%	2.09%	0.68%	2.20%	-1.58%	3.32%	5.20%	8.25%	2.73%	3.24%	9.53%	0.94%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	62.69%	62.69%	62.67%	62.69%	62.69%	59.50%	59.50%	62.69%	62.69%	62.69%	62.69%	62.69%
	0.15%	2.15%	2.15%	2.15%	2.15%	2.15%	2.10%	2.10%	2.03%	2.02%	2.02%	2.00%
	2.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%
	35.14%	35.13%	35.16%	35.15%	35.14%	38.35%	38.41%	35.20%	35.28%	35.27%	35.28%	35.28%
No. of Shareholders	13,612	13,496	13,284	13,184	13,117	13,156	13,553	13,915	14,099	14,105	14,096	14,197

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%
	0.00%	0.00%	0.49%	0.49%	0.49%	0.15%	2.15%	2.10%	2.00%
	2.93%	2.93%	2.01%	2.01%	2.01%	2.01%	0.00%	0.00%	0.01%
	34.38%	34.38%	34.80%	34.81%	34.81%	35.14%	35.15%	35.20%	35.28%
No. of Shareholders	12,962	12,067	11,951	11,848	13,127	13,618	13,184	13,915	14,197

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Modi Rubber Ltd

Modi Rubber Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

Announcements

Annual reports