New Risk • May 31
New major risk - Revenue and earnings growth Earnings have declined by 12% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (₹3.35b market cap, or US$35.3m). Reported Earnings • May 31
Full year 2026 earnings released: EPS: ₹0.26 (vs ₹8.19 in FY 2025) Full year 2026 results: EPS: ₹0.26 (down from ₹8.19 in FY 2025). Revenue: ₹488.1m (up 67% from FY 2025). Net income: ₹6.40m (down 97% from FY 2025). Profit margin: 1.3% (down from 70% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • May 30
Modi Rubber Limited Announces Appointment of Ajay Kumar Jain as Non-Executive Independent Director, Effective May 29, 2026 Modi Rubber Limited had approved the appointment of Mr. Ajay Kumar Jain as an Additional Director in the category of Non-Executive Independent Director of the Company with effect from May 29, 2026. Mr. Jain was appointed in terms of the applicable provisions of Companies Act, 2013, and Listing Regulations. Mr. Ajay Kumar Jain confirmed that he was not debarred from holding the office of Directors pursuant to any SEBI order or any other such authority. Mr. Ajay Kumar Jain holds an LLB (Hons) 1st Class from Meerut University (1983) and a B. Com. from Shriram College of Commerce, Delhi University (1980). He has been engaged in private practice and consultancy since September 1983, with practice areas including Constitutional Law, Contracts (Governments & Private), Taxation, Property & Commercial Law, Recovery Law and Economic Offences. He specializes in corporate affairs, corporate restructuring, insolvency, and recovery matters. He has practiced before the Supreme Court of India, High Court of Delhi and other High Courts of India, as well as before DRT, DRAT, NCLT & NCLAT. He has handled matters before Arbitration Tribunals and also served as an Arbitrator. He was formerly Legal Advisor of Tuberculosis Association of India, Member of Ethics Committee, Medical Council of India, and Independent Director of the Board of Insolvency Professionals Agency of Institute of Cost Accountants of India. He is presently Independent Director of Dudigital Global and Director at The Delhi Golf Club. He is a member of Bar Council of Delhi, Bar Association of Supreme Court of India, Bar Association of High Court of Delhi, Insol International, and Indian Council of Arbitration (ICA). Mr. Ajay Kumar Jain is not related to any Director on the Board of the Company. Board Change • May 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Nadira Hamid was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 19
Modi Rubber Limited to Report Q4, 2026 Results on May 29, 2026 Modi Rubber Limited announced that they will report Q4, 2026 results on May 29, 2026 Announcement • Feb 06
Modi Rubber Limited to Report Q3, 2026 Results on Feb 14, 2026 Modi Rubber Limited announced that they will report Q3, 2026 results at 12:15 PM, Indian Standard Time on Feb 14, 2026 New Risk • Dec 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (52% net profit margin). Revenue is less than US$5m (₹323m revenue, or US$3.6m). Market cap is less than US$100m (₹3.18b market cap, or US$35.6m). Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹127, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 32x in the Auto Components industry in India. Total returns to shareholders of 92% over the past three years. New Risk • Nov 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 54% Last year net profit margin: 86% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (54% net profit margin). Revenue is less than US$5m (₹312m revenue, or US$3.5m). Market cap is less than US$100m (₹2.91b market cap, or US$32.8m). New Risk • Oct 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 4.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.2% average weekly change). Revenue is less than US$5m (₹310m revenue, or US$3.5m). Market cap is less than US$100m (₹2.86b market cap, or US$32.3m). Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹139, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 34x in the Auto Components industry in India. Total returns to shareholders of 83% over the past three years. Announcement • Sep 08
Modi Rubber Limited, Annual General Meeting, Sep 30, 2025 Modi Rubber Limited, Annual General Meeting, Sep 30, 2025, at 11:30 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: ₹1.95 (vs ₹2.71 in 1Q 2025) First quarter 2026 results: EPS: ₹1.95 (down from ₹2.71 in 1Q 2025). Revenue: ₹115.5m (up 116% from 1Q 2025). Net income: ₹48.8m (down 28% from 1Q 2025). Profit margin: 42% (down from 127% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • Aug 06
Modi Rubber Limited to Report Q1, 2026 Results on Aug 12, 2025 Modi Rubber Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Reported Earnings • Jun 03
Full year 2025 earnings released: EPS: ₹8.19 (vs ₹6.20 in FY 2024) Full year 2025 results: EPS: ₹8.19 (up from ₹6.20 in FY 2024). Revenue: ₹457.7m (up 97% from FY 2024). Net income: ₹204.6m (up 32% from FY 2024). Profit margin: 45% (down from 67% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • May 23
Modi Rubber Limited to Report Q4, 2025 Results on May 30, 2025 Modi Rubber Limited announced that they will report Q4, 2025 results on May 30, 2025 Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹150, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 32x in the Auto Components industry in India. Total returns to shareholders of 136% over the past three years. New Risk • Apr 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (₹284m revenue, or US$3.3m). Market cap is less than US$100m (₹3.23b market cap, or US$37.7m). Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹126, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 28x in the Auto Components industry in India. Total returns to shareholders of 85% over the past three years. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹2.48 (vs ₹2.24 in 3Q 2024) Third quarter 2025 results: EPS: ₹2.48 (up from ₹2.24 in 3Q 2024). Revenue: ₹147.0m (up 104% from 3Q 2024). Net income: ₹61.9m (up 11% from 3Q 2024). Profit margin: 42% (down from 77% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Feb 07
Modi Rubber Limited to Report Q3, 2025 Results on Feb 14, 2025 Modi Rubber Limited announced that they will report Q3, 2025 results on Feb 14, 2025 Reported Earnings • Nov 16
Second quarter 2025 earnings released: EPS: ₹2.53 (vs ₹1.27 in 2Q 2024) Second quarter 2025 results: EPS: ₹2.53 (up from ₹1.27 in 2Q 2024). Revenue: ₹115.9m (up 132% from 2Q 2024). Net income: ₹63.2m (up 99% from 2Q 2024). Profit margin: 55% (down from 64% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Nov 06
Modi Rubber Limited to Report Q2, 2025 Results on Nov 14, 2024 Modi Rubber Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Announcement • Oct 02
Modi Rubber Limited Approves the Appointment of Tarun Agarwal as Independent Director Modi Rubber Limited at its AGM held on September 30, 2024, announced that recommendation of the Nomination and Remuneration Committee and that of the Board, Mr. Tarun Agarwal, who was appointed as an Additional Director in the capacity of an Independent Director with effect from August 14, 2024, who meets the criteria for independence under Section 149(6) of the Act and the Rules made thereunder and Regulation 16(1)(b) of the LODR Regulations and in respect of whom the Company has received a notice in writing from a member under Section 160 of the Act, be and is hereby appointed as an Independent Director of the Company for a period of 5 years till August 13, 2029. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹119, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 34x in the Auto Components industry in India. Total returns to shareholders of 65% over the past three years. Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: ₹2.71 (vs ₹1.44 in 1Q 2024) First quarter 2025 results: EPS: ₹2.71 (up from ₹1.44 in 1Q 2024). Revenue: ₹90.9m (up 90% from 1Q 2024). Net income: ₹67.9m (up 88% from 1Q 2024). Profit margin: 75% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Aug 15
Modi Rubber Limited Approves Board Changes Modi Rubber Limited at its meeting of the Board of Directors held on 14 August 2024 approved the resignation of Mr. Amrit Kapur, Non-Executive Independent Director due to health issues. The company approved the appointment of Mr. Tarun Agrawal as Independent Non-executive Director for a period of 5 years. Announcement • Aug 14
Modi Rubber Limited, Annual General Meeting, Sep 30, 2024 Modi Rubber Limited, Annual General Meeting, Sep 30, 2024. Announcement • Aug 02
Modi Rubber Limited to Report Q1, 2025 Results on Aug 14, 2024 Modi Rubber Limited announced that they will report Q1, 2025 results on Aug 14, 2024 Reported Earnings • May 30
Full year 2024 earnings released: EPS: ₹6.21 (vs ₹11.04 in FY 2023) Full year 2024 results: EPS: ₹6.21 (down from ₹11.04 in FY 2023). Revenue: ₹405.1m (up ₹345.1m from FY 2023). Net income: ₹155.3m (down 44% from FY 2023). Profit margin: 38% (down from 461% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • May 22
Modi Rubber Limited to Report Q4, 2024 Results on May 28, 2024 Modi Rubber Limited announced that they will report Q4, 2024 results on May 28, 2024 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹103, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 31x in the Auto Components industry in India. Total returns to shareholders of 8.4% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹102, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 31x in the Auto Components industry in India. Total loss to shareholders of 23% over the past three years. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹2.24 (vs ₹3.33 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.24 (down from ₹3.33 in 3Q 2023). Revenue: ₹117.7m (up ₹103.6m from 3Q 2023). Net income: ₹55.9m (down 33% from 3Q 2023). Profit margin: 48% (down from 594% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 12
Modi Rubber Limited to Report Q3, 2024 Results on Feb 12, 2024 Modi Rubber Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹1.27 (vs ₹2.51 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.27 (down from ₹2.51 in 2Q 2023). Net income: ₹31.8m (down 50% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹96.15, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 29x in the Auto Components industry in India. Total returns to shareholders of 210% over the past three years. Announcement • Nov 03
Modi Rubber Limited to Report Q2, 2024 Results on Nov 10, 2023 Modi Rubber Limited announced that they will report Q2, 2024 results on Nov 10, 2023 Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹83.90, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 29x in the Auto Components industry in India. Total returns to shareholders of 168% over the past three years. New Risk • Aug 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 200% Last year net profit margin: 532% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (200% net profit margin). Revenue is less than US$5m (₹108m revenue, or US$1.3m). Market cap is less than US$100m (₹1.74b market cap, or US$20.9m). Reported Earnings • Aug 16
First quarter 2024 earnings released: EPS: ₹1.44 (vs ₹3.91 in 1Q 2023) First quarter 2024 results: EPS: ₹1.44 (down from ₹3.91 in 1Q 2023). Net income: ₹36.1m (down 63% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Aug 15
Modi Rubber Limited, Annual General Meeting, Sep 29, 2023 Modi Rubber Limited, Annual General Meeting, Sep 29, 2023. Announcement • Aug 04
Modi Rubber Limited to Report Q1, 2024 Results on Aug 14, 2023 Modi Rubber Limited announced that they will report Q1, 2024 results on Aug 14, 2023 Announcement • May 19
Modi Rubber Limited to Report Q4, 2023 Results on May 26, 2023 Modi Rubber Limited announced that they will report Q4, 2023 results at 3:30 PM, Indian Standard Time on May 26, 2023 Reported Earnings • Feb 17
Third quarter 2023 earnings released: EPS: ₹3.33 (vs ₹2.31 in 3Q 2022) Third quarter 2023 results: EPS: ₹3.33 (up from ₹2.31 in 3Q 2022). Net income: ₹83.5m (up 44% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Announcement • Feb 06
Modi Rubber Limited to Report Q3, 2023 Results on Feb 14, 2023 Modi Rubber Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Reported Earnings • Nov 20
Second quarter 2023 earnings released: EPS: ₹2.51 (vs ₹3.90 in 2Q 2022) Second quarter 2023 results: EPS: ₹2.51 (down from ₹3.90 in 2Q 2022). Net income: ₹63.0m (down 36% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Non-Executive Independent Director Umesh Khaitan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 18% share price gain to ₹67.05, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 23x in the Auto Components industry in India. Total returns to shareholders of 61% over the past three years. Reported Earnings • Jun 03
Full year 2022 earnings released: EPS: ₹10.24 (vs ₹1.84 in FY 2021) Full year 2022 results: EPS: ₹10.24 (up from ₹1.84 in FY 2021). Net income: ₹256.3m (up 455% from FY 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Non-Executive Independent Director Umesh Khaitan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 16
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.31 (up from ₹1.52 in 3Q 2021). Net income: ₹57.8m (up 52% from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Second quarter 2022 earnings released: EPS ₹3.90 (vs ₹0.27 loss in 2Q 2021) Second quarter 2022 results: Net income: ₹97.7m (up ₹104.5m from 2Q 2021). Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₹71.85, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 20x in the Auto Components industry in India. Total returns to shareholders of 26% over the past three years. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS ₹2.62 (vs ₹2.66 loss in 1Q 2021) First quarter 2022 results: Net income: ₹65.5m (up ₹132.2m from 1Q 2021). Reported Earnings • Jul 06
Full year 2021 earnings released: EPS ₹1.84 (vs ₹0.93 loss in FY 2020) Full year 2021 results: Net income: ₹46.2m (up ₹69.5m from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 25
New 90-day high: ₹146 The company is up 360% from its price of ₹31.80 on 27 November 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 25% over the same period. Reported Earnings • Feb 15
Third quarter 2021 earnings released: EPS ₹1.52 (vs ₹0.48 loss in 3Q 2020) Third quarter 2021 results: Net income: ₹38.1m (up ₹50.1m from 3Q 2020). Is New 90 Day High Low • Jan 08
New 90-day high: ₹38.00 The company is up 27% from its price of ₹30.00 on 09 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: ₹37.55 The company is up 33% from its price of ₹28.30 on 18 September 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: ₹33.05 The company is up 1.0% from its price of ₹32.75 on 03 September 2020. The Indian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 18% over the same period.