NSE Listed Modi Naturals Ltd, maker of premium edible-oil brand Oleev and a growing grain-based ethanol producer, is targeting 25-32 per cent revenue growth in FY27 to ₹900-950 crore, powered primarily by higher utilisation of its expanded ethanol capacity after completing a major ₹100-crore capital expenditure cycle.
As the additional capacity ramps up, the company expects the business to reach an annualised revenue run-rate of around ₹1,100 crore, compared with consolidated revenue of ₹719.2 crore in FY26.
Akshay Modi, Managing Director of Modi Naturals Ltd and Modi Biotech Pvt Ltd told businessline that he expects company’s FY27 growth to be driven by the two engines the company has built, higher utilisation of its expanded ethanol capacity and continued scaling of the Oleev-led consumer business. “With the major ethanol capex cycle completed, our focus has shifted to monetising the additional capacity while expanding Oleev’s presence in premium edible oils and building newer packaged-food categories”, he indicated.
The strategy, Modi indicated, is to use the ethanol business to deliver scale and cash generation while strengthening the consumer portfolio through premiumisation, wider distribution and expansion into adjacent food categories. Oleev’s established position in olive and super-premium edible oils gives the company a base from which to scale the consumer business alongside the faster-growing ethanol operation
The growth target follows a strong improvement in profitability last year. Revenue from operations increased 8.5 per cent to ₹719.2 crore from ₹662.9 crore, while EBITDA rose 31.2 per cent to ₹73.5 crore. Net profit jumped 62.1 per cent to ₹50.3 crore from ₹31 crore, though FY26 profit included a ₹4.9-crore insurance claim settlement relating to an earlier operational interruption at the ethanol plant.
Oleev provides second growth engine
The consumer business gives Modi Naturals a second growth lever. Oleev has built a presence across olive oil, olive-pomace oil and premium blended edible oils, placing it in one of the faster-growing, higher-value parts of India’s edible-oil market.
Company and industry estimates put Modi Naturals’ share of India’s olive-oil market at around 16-18 per cent, with Oleev among the top two brands in the olive-pomace category.The Indian olive-oil market itself is estimated at around ₹880 crore, with Figaro remaining the largest player and Borges another significant competitor.
Modi Naturals has also sought to broaden the addressable market through products such as Oleev Active, a blend of 20 per cent olive oil and 80 per cent rice-bran oil, offering a lower-priced alternative to pure imported olive oil for health-conscious consumers. The company positions Oleev as the third-largest brand in India’s broader super-premium health-oil segment.
The strategy also reduces its dependence on the relatively small pure olive-oil market while allowing the company to compete with established premium edible-oil brands.
The consumer business now reaches more than 50,000 retail outlets through over 450 distributors, supplemented by quick commerce, e-commerce and modern trade. Modi Naturals is also expanding beyond oils into pasta, peanut butter, popcorn, spices and other packaged foods.
Ethanol capacity kicks in
The principal growth driver will be Modi Biotech Pvt Ltd, Modi Naturals’ wholly owned ethanol subsidiary. Following the completion of its major capex cycle of approximately ₹100 crore, the expanded grain-based distillery at Raipur commenced commercial operations in March 2026, taking ethanol capacity from 130 KLPD to 282 KLPD.
With the capacity now operational, the focus has shifted from investment to utilisation. Modi Biotech has an order book of around ₹400 crore from oil marketing companies, covering approximately 49,700 KL for the Ethanol Supply Year, providing revenue visibility as production ramps up.
The March-quarter performance translates into a simple annualised revenue pace of about ₹972 crore, providing a stronger base as the company enters FY27. Cash flow from operations increased 25.2 per cent to ₹61.1 crore in FY26 from ₹48.8 crore, while its working-capital cycle improved to 62 days from 66 days.