WEBSITE BSE:500890 NSE: MODI RUBBER Inc. Year: 1971 Industry: Miscellaneous My Bucket: Add Stock
Last updated: 15:52
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1. Business Overview
Modi Rubber Ltd. was historically a prominent Indian tire manufacturer, known for its "Modistone" brand. However, its core manufacturing operations ceased many years ago. Currently, the company does not have significant active business operations in manufacturing or services. Its activities are minimal, primarily involving the management of its residual assets, investments, and potentially some rental income or interest from deposits. It is largely considered a dormant or non-operational entity on the stock exchange.
2. Key Segments / Revenue Mix
Modi Rubber Ltd. does not have active operating business segments. Its reported revenue primarily originates from "Other Income," which may include interest income from investments, rental income from properties, or other non-operating sources. There is no meaningful revenue mix from active business operations to report.
3. Industry & Positioning
Historically, Modi Rubber Ltd. operated in the highly competitive Indian tire manufacturing industry. However, with the cessation of its manufacturing operations, the company no longer holds an active position or competes within this or any other industry. It is effectively a non-operational listed entity.
4. Competitive Advantage (Moat)
The company currently possesses no discernible competitive advantages or moats. With the cessation of its core operations, its historical brand equity (Modistone) has largely faded for the listed entity. There are no benefits from scale, network effects, switching costs, or proprietary technology in its current state.
5. Growth Drivers
Given the non-operational status, traditional growth drivers are absent. Potential avenues for "growth" or value realization are highly speculative and could include:
Asset Monetization: Successful sale or development of any remaining land banks or properties held by the company.
Corporate Restructuring: A highly unlikely scenario involving a complete overhaul of the business model, significant capital infusion, and a new strategic direction from promoters.
Resolution of Legal Matters: Recovery of any old dues or favorable outcomes from long-standing legal disputes.
6. Risks
Operational Cessation: The primary risk is the lack of any active revenue-generating business operations, leading to continuous losses.
Delisting Risk: Persistent non-compliance with listing regulations, low liquidity, or continuous financial deterioration could lead to delisting from stock exchanges.
Asset Value Erosion: Inability to effectively monetize or maintain the value of any remaining non-operational assets.
Corporate Governance: Challenges related to prolonged inactivity, legal issues, and effective oversight for a non-operational entity.
Liquidity Risk: Extremely low trading volumes and liquidity for its shares, making it difficult for investors to buy or sell.
Regulatory Scrutiny: Increased scrutiny from regulators regarding its status as a listed but non-operational company.
7. Management & Ownership
Modi Rubber Ltd. is part of the broader Modi Group of companies in India. The promoter group maintains a significant ownership stake. Due to the cessation of active business operations, the management's role is largely focused on statutory compliance, managing residual assets, and addressing historical liabilities rather than driving business growth or operational efficiency.
8. Outlook
The outlook for Modi Rubber Ltd. is predominantly negative due to the prolonged cessation of its core business operations and the absence of a clear, viable future business plan. While there's a speculative possibility of value unlocking from asset monetization, this is highly uncertain and has not materialized significantly over many years. The company faces significant risks related to its dormant status, potential delisting, and lack of any active revenue streams. Investors primarily holding the stock are betting on the monetization of its residual assets, but without any operational catalysts, it remains a high-risk, illiquid investment.
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Market Cap ₹331 Cr.
Stock P/E 16.2
P/B 0.6
Current Price ₹132.2
Book Value ₹ 218.5
Face Value 10
52W High ₹167.8
Dividend Yield 0%
52W Low ₹ 98.4
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 5 | 7 | 5 | 5 | 7 | 10 | 7 | 7 | 8 | 7 |
| Other Income | 3 | 5 | 8 | 4 | 5 | 4 | 3 | 4 | 3 | 9 |
| Total Income | 8 | 12 | 13 | 9 | 12 | 15 | 10 | 12 | 11 | 16 |
| Total Expenditure | 8 | 11 | 13 | 9 | 10 | 16 | 14 | 12 | 12 | 15 |
| Operating Profit | 0 | 1 | 0 | 0 | 1 | -1 | -4 | -1 | -1 | 1 |
| Interest | 1 | 1 | 2 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | -1 | -3 | -1 | -0 | -3 | -6 | -2 | -2 | -0 |
| Provision for Tax | 4 | 1 | 3 | 1 | 3 | -2 | 0 | -0 | -0 | 0 |
| Profit After Tax | -5 | -2 | -6 | -2 | -3 | -0 | -6 | -2 | -2 | -0 |
| Adjustments | 8 | 8 | 9 | 9 | 9 | 7 | 7 | 7 | 7 | 5 |
| Profit After Adjustments | 3 | 6 | 3 | 7 | 6 | 6 | 1 | 5 | 5 | 5 |
| Adjusted Earnings Per Share | 1.3 | 2.2 | 1.3 | 2.7 | 2.5 | 2.5 | 0.5 | 2 | 1.8 | 2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 147 | 150 | 5 | 6 | 5 | 5 | 3 | 5 | 5 | 22 | 29 | 29 |
| Other Income | 13 | 11 | 9 | 9 | 20 | 11 | 13 | 8 | 10 | 18 | 17 | 19 |
| Total Income | 160 | 161 | 15 | 15 | 25 | 16 | 16 | 13 | 15 | 41 | 46 | 49 |
| Total Expenditure | 126 | 130 | 20 | 26 | 21 | 20 | 17 | 27 | 25 | 41 | 50 | 53 |
| Operating Profit | 34 | 31 | -5 | -11 | 4 | -4 | -1 | -14 | -9 | -0 | -4 | -5 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 4 | 2 | 1 |
| Depreciation | 6 | 7 | 1 | 3 | 3 | 3 | 3 | 3 | 2 | 3 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 21 | 0 | 0 | -4 | -0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 27 | 23 | -7 | 6 | -0 | -7 | 4 | 28 | 31 | 26 | 22 | -10 |
| Provision for Tax | 11 | 7 | -1 | 22 | 4 | 3 | -1 | 2 | 4 | 11 | 1 | 0 |
| Profit After Tax | 16 | 16 | -6 | -16 | -4 | -10 | 5 | 26 | 28 | 16 | 20 | -10 |
| Adjustments | 0 | 0 | 30 | 31 | 13 | 8 | 0 | 0 | 0 | 0 | 0 | 26 |
| Profit After Adjustments | 16 | 16 | 24 | 15 | 9 | -2 | 5 | 26 | 28 | 16 | 20 | 16 |
| Adjusted Earnings Per Share | 6.3 | 6.4 | 9.8 | 6.1 | 3.6 | -0.9 | 1.8 | 10.2 | 11.1 | 6.2 | 8.2 | 6.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 32% | 80% | 42% | -15% |
| Operating Profit CAGR | 0% | 0% | 0% | NAN% |
| PAT CAGR | 25% | -8% | 0% | 2% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -10% | 27% | 11% | 10% |
| ROE Average | 4% | 4% | 4% | 2% |
| ROCE Average | 4% | 6% | 5% | 4% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 326 | 339 | 395 | 406 | 416 | 407 | 434 | 619 | 638 | 655 | 688 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Borrowings | 1 | 0 | 4 | 3 | 3 | 3 | 3 | 3 | 7 | 5 | 3 |
| Other Non-Current Liabilities | -10 | -15 | -29 | -6 | -4 | -2 | -2 | 40 | 40 | 41 | 33 |
| Total Current Liabilities | 56 | 53 | 40 | 40 | 32 | 28 | 22 | 27 | 42 | 53 | 46 |
| Total Liabilities | 372 | 377 | 409 | 443 | 448 | 436 | 456 | 688 | 728 | 755 | 771 |
| Fixed Assets | 54 | 60 | 13 | 32 | 29 | 29 | 27 | 216 | 248 | 253 | 250 |
| Other Non-Current Assets | 155 | 156 | 330 | 322 | 348 | 330 | 312 | 373 | 371 | 368 | 391 |
| Total Current Assets | 164 | 161 | 66 | 88 | 70 | 77 | 117 | 100 | 109 | 134 | 130 |
| Total Assets | 372 | 377 | 409 | 443 | 448 | 436 | 456 | 688 | 728 | 755 | 771 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 9 | 4 | 1 | 12 | 8 | 6 | 1 | 2 | 8 | 7 |
| Cash Flow from Operating Activities | -1 | 1 | 0 | -13 | 21 | 4 | -6 | -25 | -18 | -22 | -29 |
| Cash Flow from Investing Activities | -5 | -3 | -3 | 25 | -25 | -6 | 2 | 27 | 24 | 25 | 36 |
| Cash Flow from Financing Activities | -2 | -2 | 1 | -0 | -1 | -0 | -1 | -1 | -1 | -4 | -6 |
| Net Cash Inflow / Outflow | -9 | -4 | -3 | 11 | -4 | -2 | -5 | 1 | 6 | -1 | 2 |
| Closing Cash & Cash Equivalent | 9 | 5 | 1 | 12 | 8 | 6 | 1 | 2 | 8 | 7 | 8 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 6.35 | 6.4 | 9.76 | 6.13 | 3.62 | -0.93 | 1.84 | 10.24 | 11.06 | 6.21 | 8.19 |
| CEPS(Rs) | 8.84 | 9.16 | -1.72 | -4.99 | -0.33 | -2.99 | 2.91 | 11.27 | 11.91 | 7.38 | 9.59 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 130 | 135.23 | 157.69 | 162.17 | 166.27 | 162.42 | 173.26 | 188.42 | 196.46 | 203.08 | 217.33 |
| Core EBITDA Margin(%) | 12.98 | 11.66 | -279.04 | -339.62 | -304.51 | -313.04 | -509.67 | -424.95 | -365.93 | -80.74 | -70.02 |
| EBIT Margin(%) | 16.89 | 14.37 | -120.64 | 113.25 | 8.94 | -139.36 | 157.36 | 548.74 | 599 | 132.33 | 81.93 |
| Pre Tax Margin(%) | 16.8 | 14.24 | -129.84 | 104.6 | -2.19 | -151.74 | 134.39 | 537.17 | 590.01 | 116.23 | 75.1 |
| PAT Margin (%) | 9.78 | 9.73 | -109.34 | -265.33 | -79.49 | -213.58 | 166.54 | 499.94 | 519.48 | 69.21 | 70.07 |
| Cash Profit Margin (%) | 13.63 | 13.92 | -83.72 | -211.03 | -15.77 | -152.83 | 263.22 | 550.61 | 559.36 | 82.21 | 82.12 |
| ROA(%) | 5.26 | 4.28 | -1.43 | -3.69 | -0.93 | -2.37 | 1.03 | 4.48 | 3.9 | 2.09 | 2.68 |
| ROE(%) | 6 | 4.83 | -1.54 | -3.93 | -1.01 | -2.54 | 1.1 | 5.66 | 5.74 | 3.11 | 3.89 |
| ROCE(%) | 10.24 | 7.06 | -1.68 | 1.66 | 0.11 | -1.64 | 1.03 | 6.17 | 6.47 | 5.74 | 4.41 |
| Receivable days | 12.53 | 24.81 | 523.35 | 123.08 | 53.5 | 41.62 | 97.2 | 38.76 | 629.99 | 329.38 | 288.5 |
| Inventory Days | 18.61 | 33.82 | 550.4 | 46.45 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 92.99 | 116.81 | 0 | 0 | 0 | 0 | 0 | 503.28 | 1064.05 | 1227.18 | 895.6 |
| PER(x) | 4.59 | 6.93 | 9.46 | 13.73 | 10.94 | 0 | 50.67 | 6.6 | 5.23 | 14.23 | 12.98 |
| Price/Book(x) | 0.22 | 0.33 | 0.59 | 0.52 | 0.24 | 0.18 | 0.54 | 0.36 | 0.29 | 0.44 | 0.49 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.42 | 0.69 | 45.44 | 33.77 | 17.55 | 14.09 | 84.34 | 33.21 | 29.22 | 10.31 | 9.3 |
| EV/Core EBITDA(x) | 1.84 | 3.4 | -47.82 | -17.8 | 24.15 | -17.92 | -285.46 | -12.45 | -16.59 | -5681.19 | -69.99 |
| Net Sales Growth(%) | 3151.24 | 1.58 | -96.56 | 15.05 | -11.63 | -6.56 | -43.36 | 84.97 | 3.84 | 321.46 | 30.15 |
| EBIT Growth(%) | 353.97 | -13.67 | -126.24 | 208 | -93.02 | -1556.51 | 163.96 | 545.04 | 13.35 | -6.9 | -19.42 |
| PAT Growth(%) | 252.24 | 0.9 | -135.13 | -179.18 | 73.52 | -151.08 | 144.16 | 455.28 | 7.9 | -43.85 | 31.77 |
| EPS Growth(%) | 252.24 | 0.9 | 52.51 | -37.19 | -40.98 | -125.73 | 297.94 | 455.27 | 8.09 | -43.85 | 31.77 |
| Debt/Equity(x) | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.04 | 0.03 | 0.03 |
| Current Ratio(x) | 2.94 | 3.01 | 1.65 | 2.2 | 2.16 | 2.72 | 5.36 | 3.72 | 2.59 | 2.51 | 2.82 |
| Quick Ratio(x) | 2.65 | 2.74 | 1.63 | 2.18 | 2.16 | 2.72 | 5.36 | 3.72 | 2.59 | 2.51 | 2.82 |
| Interest Cover(x) | 192.5 | 112.44 | -13.11 | 13.1 | 0.8 | -11.25 | 6.85 | 47.44 | 66.61 | 8.22 | 11.99 |
| Total Debt/Mcap(x) | 0.05 | 0.03 | 0.02 | 0.02 | 0.03 | 0.05 | 0.01 | 0.02 | 0.14 | 0.08 | 0.06 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 59.5 | 62.69 | 62.69 | 62.69 | 62.69 | 62.69 | 62.69 | 62.2 | 62.2 | 62.69 |
| FII | 0.1 | 0.1 | 0.03 | 0.02 | 0.02 | 0 | 0.01 | 0 | 0 | 0.01 |
| DII | 2.01 | 2.01 | 2.01 | 2.01 | 2.01 | 2.01 | 2.01 | 1.99 | 1.99 | 2.01 |
| Public | 38.39 | 35.2 | 35.27 | 35.27 | 35.27 | 35.3 | 35.29 | 35.81 | 35.81 | 35.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.49 | 1.57 | 1.57 | 1.57 | 1.57 | 1.57 | 1.57 | 1.57 | 1.57 | 1.57 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Public | 0.96 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.9 | 0.9 | 0.88 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.52 | 2.52 | 2.5 |
* The pros and cons are machine generated.
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