Modern Insulators Ltd

₹ 116 -1.28%

11 Sep - 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 ₹ 545 Cr.
Current Price ₹ 116
High / Low ₹ 173 / 85.0
Stock P/E 13.5
Book Value ₹ 98.3
Dividend Yield 0.00 %
ROCE 9.05 %
ROE 7.40 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 1.18 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of 2.74% over past five years.
Tax rate seems low
Company has a low return on equity of 7.84% over last 3 years.
Earnings include an other income of Rs.19.1 Cr.

* 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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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	101	100	107	123	90	106	107	140	104	115	125	160	141
	100	97	97	111	85	101	97	125	99	110	115	142	128
Operating Profit	1	3	10	12	4	5	11	15	5	5	10	18	13
OPM %	1%	3%	9%	10%	5%	5%	10%	11%	5%	4%	8%	11%	9%
	2	4	3	3	3	3	3	3	6	10	5	-2	5
Interest	1	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	2
Profit before tax	0	4	10	11	3	6	10	15	8	12	12	13	14
Tax %	-536%	-17%	3%	-10%	-14%	-7%	2%	-5%	1%	-6%	21%	34%	-6%
	1	5	10	12	4	6	10	16	8	13	9	9	15
EPS in Rs	0.19	0.99	2.11	2.64	0.81	1.30	2.13	3.40	1.60	2.77	1.97	1.84	3.23
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	459	418	461	440	398	442	431	443	503	541
	418	381	419	404	359	419	406	408	465	495
Operating Profit	41	37	42	36	40	23	25	35	38	46
OPM %	9%	9%	9%	8%	10%	5%	6%	8%	8%	9%
	-6	5	11	6	15	12	14	12	19	19
Interest	12	19	13	13	9	5	4	3	4	5
Depreciation	8	9	8	10	11	9	9	9	9	9
Profit before tax	16	14	32	19	34	21	26	35	45	52
Tax %	10%	-19%	8%	-20%	1%	-7%	-9%	-4%	14%
	14	17	29	22	34	22	28	36	39	46
EPS in Rs				4.76	7.24	4.66	5.93	7.64	8.18	9.81
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	2%
5 Years:	3%
3 Years:	4%
TTM:	18%

Compounded Profit Growth
10 Years:	7%
5 Years:	4%
3 Years:	20%
TTM:	3%

Stock Price CAGR
10 Years:	%
5 Years:	61%
3 Years:	34%
1 Year:	-16%

Return on Equity
10 Years:	%
5 Years:	8%
3 Years:	8%
Last Year:	7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	22	22	22	47	47	47	47	47	47
Reserves	197	214	243	258	291	313	342	378	416
	49	61	59	101	24	26	8	19	25
	85	84	78	124	128	119	107	110	115
Total Liabilities	353	380	402	530	491	506	504	554	604
	132	138	135	192	182	175	168	163	172
CWIP	2	2	2	0	0	0	4	2	1
Investments	20	17	20	2	9	10	5	19	46
	199	223	245	336	299	320	326	370	384
Total Assets	353	380	402	530	491	506	504	554	604

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	44	-2	9	27	53	14	23	12	40
	-19	-13	-8	-34	35	-8	-4	-16	-41
	-23	12	-1	-7	-87	-3	-22	8	2
Net Cash Flow	1	-3	0	-14	1	3	-3	3	0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	52	56	61	70	86	83	89	93	88
Inventory Days	125	214	156	415	345	332	306	271	325
Days Payable	55	66	54	147	126	108	83	85	99
Cash Conversion Cycle	122	204	163	338	305	307	312	279	314
Working Capital Days	45	51	51	80	123	125	154	166	180
ROCE %		12%	13%		10%	6%	7%	9%	9%

Shareholding Pattern

Numbers in percentages

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%	60.20%
	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.33%	0.33%	0.33%	0.33%
	2.82%	2.77%	2.72%	2.51%	2.23%	2.23%	1.94%	1.40%	1.34%	1.34%	1.34%	1.34%
	36.66%	36.72%	36.77%	36.98%	37.26%	37.26%	37.55%	38.08%	38.14%	38.13%	38.13%	38.13%
No. of Shareholders	1,35,192	1,35,132	1,35,020	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

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Jun 2025
	54.67%	58.48%	58.48%	60.20%	60.20%	60.28%	60.20%	60.20%	60.20%	60.20%	60.20%
	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%	1.34%
	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%	38.13%
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	1,39,633

* 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

Shareholding Pattern

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