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Modi Rubber Overview

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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Modi Rubber Key Financials

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

Modi Rubber Share Price

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Volume
Price

Modi Rubber Quarterly Price

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Modi Rubber Peer Comparison

Modi Rubber Quarterly Results

#(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

Modi Rubber Profit & Loss

#(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

Growth Rates

# 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%

Modi Rubber Balance Sheet

#(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

Modi Rubber Cash Flow

#(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

Modi Rubber Ratios

# 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

Modi Rubber Shareholding Pattern

# 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

Modi Rubber News

Modi Rubber Pros & Cons

Pros

  • Stock is trading at 0.6 times its book value
  • Debtor days have improved from 1227.18 to 895.6days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 4% over the last 3 years.
  • Earnings include an other income of Rs. 17 Cr.
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