Modern Insulators Ltd

₹ 542 4.99%

10 Jul - close price

About

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]

Key Points

Certification^[1]
Modern is an ISO 9001, 14001 & 45001 Certified Company and also India’s largest exporter of porcelain insulators.

Website BSE

Market Cap ₹ 2,553 Cr.
Current Price ₹ 542
High / Low ₹ 579 / 88.8
Stock P/E 30.8
Book Value ₹ 117
Dividend Yield 0.00 %
ROCE 19.9 %
ROE 16.3 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 22.4% CAGR over last 5 years

Cons

Stock is trading at 4.64 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.

* 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.

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Industrials Capital Goods Electrical Equipment Other Electrical Equipment

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	123	90	106	107	140	104	115	125	160	141	177	199	202
	111	85	101	97	125	98	110	115	142	128	157	168	170
Operating Profit	12	4	5	11	15	5	5	10	18	13	19	32	32
OPM %	10%	5%	5%	10%	11%	5%	4%	8%	11%	9%	11%	16%	16%
	3	3	3	3	3	6	10	5	-1	5	7	4	6
Interest	1	1	1	1	1	1	1	1	1	1	2	1	1
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	2
Profit before tax	11	3	6	10	15	8	12	12	13	15	22	32	34
Tax %	-10%	-14%	-7%	2%	-5%	1%	-7%	22%	32%	-5%	22%	23%	27%
	13	4	6	10	16	8	13	9	9	16	18	25	25
EPS in Rs	2.67	0.84	1.31	2.15	3.45	1.66	2.78	1.96	1.93	3.43	3.72	5.24	5.22
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	418	461	386	403	440	437	390	436	431	443	503	719
	381	419	350	371	404	401	350	414	407	408	466	624
Operating Profit	37	42	36	33	36	36	41	23	24	35	37	96
OPM %	9%	9%	9%	8%	8%	8%	10%	5%	5%	8%	7%	13%
	5	11	9	7	8	7	15	12	15	12	21	22
Interest	19	13	12	12	11	13	9	5	4	3	4	5
Depreciation	9	8	10	10	10	10	11	9	9	9	9	9
Profit before tax	14	32	23	18	24	19	36	21	26	35	45	104
Tax %	-19%	8%	32%	7%	-9%	-20%	1%	-7%	-9%	-4%	13%	20%
	17	29	15	17	26	23	35	22	28	36	39	83
EPS in Rs			3.26	3.53	5.42	4.81	7.52	4.65	6.01	7.75	8.33	17.61
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	5%
5 Years:	13%
3 Years:	19%
TTM:	43%

Compounded Profit Growth
10 Years:	13%
5 Years:	22%
3 Years:	44%
TTM:	152%

Stock Price CAGR
10 Years:	%
5 Years:	58%
3 Years:	122%
1 Year:	447%

Return on Equity
10 Years:	9%
5 Years:	10%
3 Years:	11%
Last Year:	16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	61	59	78	84	93	101	24	26	8	19	19	60
	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
	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
	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 Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-2	9	25	36	31	34	50	10	23	11	40	52
	-13	-8	-9	-30	-15	-43	37	-4	-4	-16	-37	-86
	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

Standalone Figures in Rs. Crores / View Consolidated

	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

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Insulators Installed Capacity
MTPA

xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
						xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
						xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
					xxx.xx	xxx.xx		xxx.xx		xxx.xx
					xx.xx				xx.xx	xx.xx

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Insulators Segment Revenue Share
% of total revenue

Insulators Export Revenue Share
% of insulators segment revenue

Total Export Revenue Share
% of total revenue

Order Book
INR Crore

Top Customer Revenue Concentration
% of revenue

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.18%	60.18%	60.18%
	0.31%	0.31%	0.31%	0.31%	0.31%	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%
	2.51%	2.23%	2.23%	1.94%	1.40%	1.34%	1.34%	1.34%	1.34%	1.34%	1.31%	1.19%
	36.98%	37.26%	37.26%	37.55%	38.08%	38.14%	38.13%	38.13%	38.13%	38.15%	38.18%	38.31%
No. of Shareholders	1,34,849	1,35,141	1,37,109	1,37,869	1,38,358	1,39,560	1,39,751	1,39,616	1,39,633	1,39,727	1,40,159	1,40,264

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	54.67%	58.48%	58.48%	60.20%	60.20%	60.28%	60.20%	60.20%	60.20%	60.20%	60.18%
	0.00%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.33%	0.33%
	4.61%	10.94%	10.94%	10.94%	8.01%	8.34%	3.59%	2.72%	1.94%	1.34%	1.19%
	0.00%	0.00%	0.00%	0.00%	2.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	40.73%	30.28%	30.28%	28.55%	28.55%	31.07%	35.89%	36.77%	37.55%	38.13%	38.31%
No. of Shareholders	32,369	1,36,085	1,34,512	1,33,734	1,33,562	1,33,976	1,35,147	1,35,020	1,37,869	1,39,616	1,40,264

* 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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Modern Insulators Ltd

Modern Insulators Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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Announcements

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