Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Modi Naturals Limited (BSE: 519003) Q4 2026 Earnings Call dated May. 14, 2026
Corporate Participants:
Akshay Modi — Joint Managing Director
Amit Jaware — Unidentified Participant
Praveen Sharma — Unidentified Participant
Analysts:
Ankit Kanodia — Analyst
Manpreet Singh — Analyst
Darshil Javeri — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Modi Natural Limited Q4FY26 earning conference call. As a reminder, all participant lines are with a listen only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Akshay Modi, joint Managing Director.
Thank you. And over to you sir.
Akshay Modi — Joint Managing Director
Good morning ladies and gentlemen. Thank you Julius. Thank you for joining us for the Modi Naturals Limited Q4 and FY26 earnings conference call. I trust you have had an opportunity to review our financial results and investor presentation, both available on the company’s website and stock exchanges. Sga, our Investor Relations Advisor is joining me on this call. Over the years, we at Moti Naturals Limited have steadily evolved from being primarily an edible oils company into a diversified and integrated business with presence across consumer products, bulk oils and ethanol.
Our journey has always been guided by adaptability, disciplined execution and the ability to identify emerging opportunities ahead of the curve. At the foundation stage of our journey, our focus was on establishing a strong operational base and building credibility within the edible oils industry. As consumer preference gradually shifted towards healthier and trusted branded products, we consciously transformed the business into a more value added and scalable model. Alongside this, we continue to strengthen operational efficiency and improve capital discipline and create long term growth drivers across our businesses.
Over time the company has undergone a significant transformation journey focused on strengthening manufacturing infrastructure, improving operational efficiencies, optimizing working capital management and building stronger business fundamentals. FY26 represents an important milestone in this journey as several strategic initiatives have now started translating into visible operational and financial improvements. FY26 was particularly significant for the company as we achieved multiple important milestones, namely successfully commissioned phase two of our ethanol expansion.
Increasing capacity from 130 kilo to 282 kiloliters per day. We got listed on the National Stock Exchange successfully achieved FY26 guidance across revenue, EBITDA and FAT despite delayed ramp up of expanded ethanol capacities recorded a highest ever quarterly revenue of 50 crores in the consumer division. The ethanol industry also witnessed strong momentum in FY26 supported by favorable government policies and India’s increasing focus on energy security. The achievement of the E20 blending target ahead of schedule and discussions around higher blending levels create a strong long term structural opportunity for the industry grain Based ethanol continues to gain importance with maize emerging as a key feedstock for production.
The expanded ethanol facility commenced commercial operations towards the latter part of the year. Therefore, the contribution from enhanced capacities during FY26 remain limited. We expect the operational and financial benefits of the expanded facility to become more visible from FY27 onwards as utilization levels improve and operations stabilize. We believe the company is now well positioned to participate meaningfully in this long term growth opportunity. Across the business, our focus remained equally balanced between growth and improving the quality of operations.
We implemented several initiatives to enhance operational discipline, improve procurement efficiencies, reduce inventory intensity and strengthen cash flow generation. Within the consumer business, the momentum continued to improve steadily. Our pasta category remains one of the top performing categories on quick commerce platforms reflecting strong consumer acceptance and brand resilience. We also expanded our packaged foods portfolio with the launch of newer categories such as HING which received a strong market response.
At the same time, we continued strengthening our distribution reach across Tier 1 and Tier 2 cities while improving brand visibility and product accessibility helping us build a stronger Pan India presence. The bulk business also witnessed meaningful operational improvements. A leaner inventory led model helped optimize procurement cycles, improve operational agility and reduce working capital intensity. This sharper focus on efficient capital utilization has significantly strengthened the company’s overall financial profile.
As part of our strategic rationalization initiatives, we undertook the shutdown of one of our solvent extraction plants in Pilibit due to nonviability of operations. This decision reflects our disciplined approach towards capital allocation and continued focus on improving asset productivity and and operational efficiency across the organization. In Q4FY26, we also received an insurance claim amounting to rupees 4.9 crore towards loss of profit arising from business interruption due to a machinery breakdown at the ethanol plant in FY24.
The receipt of this claim partially offset the impact of the earlier disruption. Overall, FY26 has been a year of strengthening the platform for the future. The company today stands on a significantly stronger operational and financial foundation supported by expanded ethanol manufacturing capacities, improving operational efficiencies across businesses, better working capital management and stronger cash flow generation, stronger capital productivity and return ratios, a growing branded and premiumized consumer portfolio and a more focused and scalable business model.
As we move into FY27, our focus will remain firmly on discipline, growth, operational excellence, premiumization and sustainable profitability. We believe the combination of a strengthened manufacturing base, improved efficiencies, stronger balance sheet discipline and favorable industry tailwinds positions Modi Naturals Limited well for the next phase of growth now Moving on to our financial performance, Coming to our Consolidated Financial Performance Q4 FY26 Performance Highlights Revenue from operations is up by 28% to Rs.
243 crore. Year on year, EBITDA grew by 51.8% to Rs. 24.5 crore. Year on year, Ebitda margin stood at 10.1%. PAT grew by 141% to Rupees 19.7 crore. Year on year FY26 Performance Highlights Revenue from operations Is up by 8.5% to Rs. 719 crore. EBITDA grew by 31.2% to Rupees 73.5 crore. This is without the exceptional item. EBITDA margin stood at 10.2%. PACS grew by 62.1% to rupees 50.3 crore. Year on year, return on capital employed improved to 19.9% in FY26 from 18.3% in FY25, reflecting stronger capital productivity and improved earnings quality.
Working capital days Further improved to 62 days as of 31st March 2026 as compared to 66 days from last year, demonstrating tighter operational control and more efficient utilization of resources. Healthy cash generation remained another key highlight during the year, with cash flow from operations increasing to Rs. 61.1 crore in FY26 compared to Rupees 48.8 crore in FY25. This strong cash generation provides greater financial flexibility to support future growth initiatives while maintaining balance sheet discipline.
Coming to our Divisional Performance Consumer division, revenue for Q4FY26 stood at rupees 50.9 crore compared to rupees 48.5 crore in Q4FY25 and FY26 stood at 183.5 crore compared to Rs. 179.4 crore in FY25. EBITDA for Q4FY26 stood at Rupees 4.2 crore as compared to Rs. 3 crore in Q4FY25 and for FY26 stood at Rs. 15.2 crore as compared to Rupees 15.1 crore in FY25. Overall, the demand is improving driven by expanded distribution innovation and new product launches in our Food basket bulk division.
In Q4FY26, our revenue stood at Rs. 100 crore as compared to Rs. 56.1 crore in Q4FY26 and FY26 stood at Rs. 198.3 crore as compared to Rs. 158.6 crore. In FY25 EBITDA stood at rupees 2.7 crore. In Q4FY26 as compared to rupees 0.9 lakhs in Q4FY25 and in FY26 EBITDA stood at 2.6 crore as compared to Rs. 1.17 crore. In FY25 ethanol division. In Q4FY26 our revenue stood at Rs. 92.2 crore and for FY26 stood at rupees 337.4 crore. EBITDA for Q4 stood at rupees 18.5 crore and for FY26 stood at Rupees 58.2 crore.
With this now we can open the floor for question and answers.
Operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask question may press Star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handset while asking a question. Ladies and gentlemen will wait for a moment while the question queue assemble. The first question is from the line of Ankit Kanodia from Zen Nivesh Advisor Private Limited. Please go ahead.
Questions and Answers:
Ankit Kanodia
Thank you so much for taking my question and congratulations on good set of numbers. My first question is related to both the division consumers and ethanol because I think increasingly these are the two divisions which will drive the value. So of course the numbers have been great and all the initiatives which we were taking over the last few years now is starting to show up in the numbers. But if I have to take a slightly longer term, maybe six to eight quarters down the line, what are the risks and challenges which you see in both these segments?
If you can just throw some more color on that, that would be very useful. It could be something related to industry, it could be something company specific, but if you can throw more light on that, that would be very helpful. Thank
Akshay Modi
You. Sure. So in terms of risks and challenges, can start by the ethanol segment. So in the ethanol segment I think risk, as has been highlighted in media over the last few months, is that of overcapacity and under utilization. However, I think we are well poised to take care of that because we already expanded significantly. So the growth is definitely going to come from previous year. And that said, I think there’s a lot of tailwind given the geopolitical landscape for the government to further expand ethanol Consumption So I don’t see that in the medium term as a risk.
And in consumer division the risk is purely on execution. So we have some great brands and we have some great product already and we have some great new product lineups as well. So it’s purely the risk is execution, nothing else.
Ankit Kanodia
Yeah, that was very helpful in the consumer division. I think the last time you mentioned or hinted towards possible acquisition because now the balance sheet is also reasonably healthy. So any color on that? Do we, are we nearing anything or is there anything there which you want to throw light upon? We’ve
Akshay Modi
Evaluated a few opportunities in the food sector but nothing that we have formed up yet and we will let the community know as well.
Ankit Kanodia
Okay, just one last question before I come back to the queue in the ethanol any near term plans of going into value added which can maybe by end of FY27 or early FY28 we can expect something that to start showing up in the revenues.
Akshay Modi
Yes. So we are already planning on value addition on product side, which is on the alcohol side. So from ethanol we could look at either on the portable or the chemical side. So that’s something we’re already considering. And on the byproduct side, as mentioned on previous calls, we’ve already done some innovation on value added products. So one of our innovations already happened and which is helping us achieve good EBITDA margins. And another second one is underway which should be completed in a few months.
But there’s not much detail I can share on that.
Ankit Kanodia
Yeah, thank you so much. That is it from my side and all the best.
Akshay Modi
Thank you.
Operator
Thank you. The next question is from the line of Amit Jaware for an individual investor. Please go ahead.
Amit Jaware
Yeah, hi, am I audible, sir?
Operator
Yes sir, you are. Please go ahead sir. Thank you.
Amit Jaware
Okay, sir, I’m referring to Your slide number 10 in which you have mentioned your issued order for, for 47.9 kilo KL. So now that we have extended capacity. So from a point of view of, you know, your stakeholders, the concern is, you know, how confident are we to, you know, use this 182 KLPD capacity fully? And so that is one. And secondly, this order which you have mentioned, 400 crores till what time this order we have to complete and what after that.
Akshay Modi
So as far as capacity utilization is concerned, I think there is significant headroom for growth in consumption. Plus I think we are very strategically located from where we can supply around the country and not only to PSUs but also to private OMCs. And we already registered with the private OMCs and we will be participating in their tenders in the upcoming cycle as well. So and the orders that we received is for the ongoing ESY in the cycle one tender of PSU OMCs alone and this is till 31st October of this year, that’s the ESY cycle.
It’s an all sugar year. If you track the sector it’s from first November to the 31st of October. So this is the order that we’ve already received. And other than that in this ESY alone we expect to get more orders from private as well as PSU OMCs. And of course from the 1st of November we will be rebidding for the next cycle and that happens in the September October period.
Amit Jaware
Okay, second question sir, on the consumer division, out of the total 184, how much is from our olive brand and how much is from, you know, other Ready to Eat or you know, any other brands?
Akshay Modi
We typically don’t share this breakup but just to give you a range, our food products contribute a free 10% and 90% comes from our oil portfolio.
Amit Jaware
And how is it EBITDA margin sir in these two
Akshay Modi
We don’t give the breakup but at the consumer division level it’s about 8.3% of the demand.
Amit Jaware
Yeah, no, but basically sir, are we in the green as far as the food product is concerned? That’s what I’m trying to understand.
Akshay Modi
Yes, absolutely. We don’t intend to enter into loss making categories and the way we build brands and categories is in a profitable manner from year one or year two itself. So we are not in losses.
Amit Jaware
Okay. And this time you have not mentioned any, you know, brand celebrity engagements in the ppt. So has that ended or that is still continuing?
Akshay Modi
I didn’t understand your question. Sorry, can you repeat that?
Amit Jaware
Is the celebrity engagement for the brand still? Yes,
Akshay Modi
Our brand ambassador is Karishma Kapoor and that is ongoing.
Praveen Sharma
All right, thank you sir.
Operator
Thank you. The next question is from the line of Manpreet Singh from Aurora Wealth Advisor. Please go ahead.
Manpreet Singh
Yeah, thank you for the opportunity. So just continuing from the previous participants question. So if you look at the slide of ethanol division where you mentioned received order for 47.9k kilolitres. Now if we do a back of the envelope mathematics it comes to around close to 130k PD which is, which was our capacity before we increased to 282. So you know, how do you see the capacity utilization ramping up for the, for our new capacities? Because you mentioned that operating
Akshay Modi
At about 330 days at 150Ks.
Manpreet Singh
Okay. Yeah. Okay. So. So, yeah, but that’s continuing on my thing. How do you see the ramp up for the additional capacity? Because you mentioned that in October, November only, we’ll be able to beat for the next year psy. And you know, since there is oversupply in the market, what we are hearing is that everyone is not getting the full quota of their capacities as well. So. Yes. So basically, how do you see the ramp up happening? Do you see it ramping up only by October, November time frame, or should we be looking at ramping up in the interim as well?
Akshay Modi
I think I answered this on the previous question. In the ongoing ESY, we can get orders from private OMCs, which we chose not to bid for in the previous cycle because our plant was not ready. So instead of 150kl, we got 150kl orders despite not having the plant up and running. So in the ongoing ESY, we will get orders from private OMCs as well as participate in the PSU OMC’s tender, the upcoming tenders in the current cycle as well. So right now, only cycle one tender has happened in October. Since then, no new tender has come out, which we expect to come out over the next couple of months
Manpreet Singh
For the private omc. Keep tangling in the meanwhile.
Akshay Modi
Yes. So I expect that by end of June, private as well as PSU will come out with fresh tinders for the ongoing esi.
Manpreet Singh
And sir, we’re also hearing about government allowing exports of ethanol. You know, we’re in talks with Nepal and some of the other countries.
Akshay Modi
There’s a lot of exposure happening at geopolitical level which will affect the ethanol policy, whether it’s to do with domestic consumption or permitting exports that we will see over the next few weeks. But there’s definitely a lot of stuff happening.
Manpreet Singh
Okay, so can you throw a little bit more light on that? You know, is it only for 2G ethanol or the ethanol that we produce will also be allowed and does It need any 2G
Akshay Modi
Ethanol? Not of relevance at the moment. We’re only talking about the one GS now.
Manpreet Singh
Okay. And will we need certain licenses for that and are we ready if the exports are allowed or it will take some time? I wouldn’t
Akshay Modi
Be able to comment on that. That would be speculation.
Manpreet Singh
No, I’m talking about our, our, you know, our increased capacities. Our plants, are they. Will they be authorized for exports or will we need. Let’s see. I don’t know
Akshay Modi
What the policy will come, but it will be the same for everybody.
Manpreet Singh
Thank you. Thank you very much.
Operator
Thank you. The next question is from the line of Chirag Vikaria from Buddharani Finance Ltd. Please go ahead.
Amit Jaware
Division that we have specified. When you say, you know we are targeting a turnover of around 950 crore for 27. How much are we building the revenue from the ethanol segment? That is one number two for similar turnover in FY25 we did 13% margin. This time around we have done 17% margin. So why the increase in margin? And third is what is the sustainable level of margin in this segment?
Akshay Modi
You’re talking about EBITDA margin.
Amit Jaware
Yeah, slide number nine.
Akshay Modi
Sure. So as far as the guidance is concerned, the top line guidance of an average of 950 crores is also very conservative in nature. And we have factored in only about 50% capacity utilization of the extension. So if all goes well I think we will far exceed our numbers. And as far as EBITDA margin is concerned this year, I mean on previous calls I’ve maintained that we will achieve between 12% to 15% EBITDA in this division on a sustainable basis. However, this year’s particular nature because I think grain prices softened a little bit and we did do some value addition in our byproducts and in the last quarter we have an exceptional item which actually increased our ebitda margin to 18.8%.
So my guidance still remains that on a long term basis it’s going to be 12 in the range of 12 to 15%. And of course in some quarters we will beat that as well.
Amit Jaware
Okay. And sir, the last thing is what growth rate do we see in the consumer division segment?
Akshay Modi
Consumer division last year is about 2% revenue growth. But I think going forward it will grow faster because in Q4 we have grown faster and the momentum is now built.
Praveen Sharma
Okay. Okay. Thank you.
Operator
Thank you. The next question is from the line of Sandeep Dixit from AJA Partners. Please go ahead.
Amit Jaware
Just a clarification on the numbers. Maybe I’m wrong on this but your P and L that you published today shows a EBIT of 2465 lakhs. But the segment quarterly shows EBITDA of sorry three three zero something 3037. What is the gaping.
Akshay Modi
There’s a difference of netting off from the. The interest. Inter. Inter division interest. So that has happened in the console results but not in the segment results. That’s the only difference.
Amit Jaware
Okay. So that’s the only difference. Okay, thank you.
Operator
Thank you. The next question is from the line of Darshil Javeri from Crown Capital. Please go ahead.
Darshil Javeri
Hello.
Amit Jaware
Good morning, sir. Thank you so much for taking my question. Firstly, congratulations on a great set of results. I just wanted to, you know, hard up a bit more upon the ethanol division. So out there we are just factoring around 60% utilization. That’s why our revenue guidance is a bit lower. Right. But on a full utilization, what is the peak potential revenue we can get? Like maybe not this year, but FY28. Surely we will be able to do that. Right? So ethanol, what is the expectation?
Akshay Modi
I think with full capacity utilization, our consolidated revenue will cross 1100 crores.
Amit Jaware
Okay. Okay, fair enough. And you were saying a bit about, you know, more value added products and alcohol. I think this is. Could you elaborate? What is the planning out there? We are doing in
Akshay Modi
What is the.
Amit Jaware
What are you planning? Like in what segment are you more inclined towards going
Darshil Javeri
On
Akshay Modi
The portable side? You know, you have rs ENA bottling. All these options are available to you. And on the chemical side, there are a host of downstream chemicals that one can get into.
Amit Jaware
Kind of risk to speak up
Akshay Modi
A bit. There’s a lot of background noise on your line.
Operator
Hello. Sorry. Is that better, sir?
Akshay Modi
This is much better.
Operator
Yeah. Yeah. So just like last question from a. In the ethanol
Amit Jaware
Division, do you feel that, you know, the over capacity issue, like maybe can hit a few like a year or two down the line because a lot of people are coming with the capacity. So just wanted to, you know, get your thoughts in that, sir. How do you see the industry or, you know, the grain prices and everything also, sir, like overall, do you see any kind of risk in that? Sir,
Akshay Modi
I think a surge in capacity happened over the last three years and going forward it won’t be as much, number one. Number two, I think we’re well positioned in terms of our strategy to even handle a scenario of overcapacity due to our. The way we operate our plants, our geography and the value addition we are doing on the product and by product side. So I think we’re well positioned to navigate all of this.
Amit Jaware
Okay. Okay. Fair. That’s it. From my side. Thank you so much. All the best. Thank
Akshay Modi
You.
Operator
Thank you. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Praveen Sharma and Indujala Nishta. Please go ahead.
Amit Jaware
Yeah. Hi. Good morning, Akshay.
Akshay Modi
Good morning.
Amit Jaware
Yeah. First of all, congratulations on the great set of numbers. You know, you have been, you know, you know, putting your neck out and giving the guidance and you are actually delivering it. And next year guidance also looks very promising. Congratulations to you because I don’t see many, you know, promoters or management people coming out and giving guidance like that. Hearty congratulations and thank you very much. My first question is, you know, regarding the compressed biogas. I read your article in Chinimandi and did some my own research.
It looks very promising. Do we see any traction towards that? Because it will just flow into our bottom line if I’m right.
Akshay Modi
So for us it will be a separate business model for sugar mills. You know, they are doing biogas from besmud which is their byproduct. For us there is no, there’s no, it’s not part of our process. It will be a separate capex altogether.
Praveen Sharma
Okay.
Akshay Modi
There’s no synergy as such, but my comment was more related to the ecosystem as such.
Praveen Sharma
I
Akshay Modi
Think a lot of work still needs to be done on piped gas before this can scream up. It’s a bit of a chicken and egg, but it’s happening. I think there’s a huge policy push for this. I think you might hear some more polishing policy measures in the next few weeks.
Amit Jaware
So in our case, you know, when we, you know, our. We don’t have something like a spent wash wherein, you know, we. Which has to be discharged or you know, everything is used in DDGs, nothing is left out.
Praveen Sharma
That’s correct.
Amit Jaware
Okay, so the second question is regarding our edible oil business, the branded one. Are we seeing any, you know, are we able to pass on the prices, you know, because I saw that raw material prices have been increasing quite a bit. So are we able to pass on the increase in our raw material prices or we face, you know, are we facing any pressure from the market? How do you see that business going out?
Akshay Modi
So we have passed it on to some extent. For example, there’s a huge increase in packaging material costs
Amit Jaware
That we
Akshay Modi
Have passed on raw material wise in the food category. We don’t see as much inflation on the edible oil side. While rice bran prices have gone up, olive oil prices have come down. So it’s not hurting us as much. We’ve passed on in some of our SKUs. So I think we are managing just fine.
Amit Jaware
Okay. Okay. And you know, a lot of answers are actually questions have been answered through your guidance only. So I hope, you know, we will not only meet them but you know, we will be able to exceed whatever, you know.
Praveen Sharma
Yeah,
Amit Jaware
Yeah, you know, we, you have been delivering. So kudos to you. Thank you. That’s all from my side.
Praveen Sharma
Thank You.
Operator
Thank you. A reminder to all participants that you may press star and want to ask question. The next question is from the line of Ganesh Kumar and individual investor. Please go ahead.
Praveen Sharma
Please accept my hearty congratulations for the amazing set of numbers. You have made investors like me really proud. Not only have you beaten your own guidance, the cash flow is also excellent. It’s you know, I think about 20% more than the net profit even truly fantastic. So as a doctor of cardiovascular surgeon to the specifics, I vouch for your olive active. I believe there is a huge market for your healthy SMCG segment and we have all the makings of, you know, SMCG junk in this space. Utilizing the tail winds from ethanol side.
I’m sure your vision is also the same. So in this regard I have a couple of things basically first is that I’d like to see you know, more TV ads for your flagship brand Olioactive. So because it’s such a wonderful, it’s there on the quick commerce like etc. But it’s still not well known to, you know, the masses. So people still go for palmolin oil and things like that. So when there is a such a wonderful which can, you know, also improve the overall kidec health of, you know, our population. So it’s still not selected chosen by the masses simply because probably it’s not on the, you know, large scale advertisement yet.
So probably I think TVX would be the same is what I feel. That’s a first thing. And second is that as a cardiovascular super specialist who regularly advises people what to eat and what not to eat, I also have several contributory ideas in this healthy SMCG space that can expand the healthy basket that we already have and take it to much greater heights and also to stay ahead of the curve. So if there’s any specific number of email to connect to detail this, please do let me know. Thank you very much.
Akshay Modi
So to answer your first question regarding TV ads, you’re absolutely right. Awareness building is the function of our marketing efforts. You see, over the years marketing has changed. Earlier you only had one option to go on mass television. But now with digital marketing we can really segment the audience not only by geography but also socio economic and gender basis. So we believe that our core TG is actually, let’s say female audience for instance. So they may see the ads but you may not. So having said that, we’re advertising in a big way on platforms like jio, Hotstar and all to the female audiences in our core pg.
And that’s probably why you don’t see it on the second question, I didn’t fully understand your question. If you could just speak up a bit, please, that would be great.
Praveen Sharma
Yeah, so what I was telling is that I saw Cardiac Skill is super specialist who regularly advises, you know, people what to eat and what not to eat. So I have, you know, contributory ideas. You know, in this healthy SMCG space, I know you are already into quite a bit. So this can, you know, help expand your healthy backstage further and take to, you know, greater heights to stay ahead of the curve. So if there is any specific number or email to connect, you know, I can detail this so that, you know, I can share more ideas which I hope.
I mean we’re
Akshay Modi
Always open to ideas. So feel free to write to us that our corporate email ID on the website and it’ll filter through to us.
Praveen Sharma
Okay, sure. Yeah. Thank you so much. Thank you
Akshay Modi
Very much.
Operator
Thank you. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Amit Jaware, an individual investor. Please go ahead.
Amit Jaware
Sir, just to follow up from the last question, out of the total internal market in India, how much percentage Is from government OMCs and how much is from private OMCs?
Akshay Modi
I think 90% is PSU OMCs and 10% is private.
Amit Jaware
Okay. All right, thank you sir.
Operator
Thank you. A reminder to all participants that you may press star and want to ask question. The next question is from the line of Manpreet Singh from Aurora Wealth Advisor. Please go ahead.
Manpreet Singh
Yeah, thank you for the follow up. Responded. Now your capex plans for the next year.
Akshay Modi
We don’t have any large CAPEX envisaged for this financial year. We’re looking at investing up to 20 crores in a value addition project in our byproduct stream in the ethanol division. But other than that we have no large CapEx plans.
Manpreet Singh
All right. And on your consumer division, sir, if you can give some high level metrics on our distribution reach right now and where do we want to take it in the next year, that will be really helpful.
Akshay Modi
So earlier the conversation on distribution used to be purely on general trade terms, but now with QCOM coming in, I think we’re very proud to say that we are present in qcom across all the apps as well as across geographies. So we’re present across the country and we’re also present in neighboring markets like Bhutan and Nepal. Bhutan we started a couple of years back so we are doing well over there. Nepal, we have started recently so we have to scale up. And for other channels, general trade, for instance, we cover directly about 50,000 outlets.
So we may have presence in 25 out of those 50,000. And our endeavor is to constantly increase that. And in terms of CSD cpc, so we’re also part of the army CSD canteens and for offline modern trade stores with present across all channels across the country.
Manpreet Singh
All right. And would it be fair to say that the qcom, the modern channels, have a larger share at percentage if we break out, break up our channels? So
Akshay Modi
We have a good mix. We have about 50% modern trade, 40% general trade, and 10, about 8, 10% comes from our army channel.
Manpreet Singh
Okay. And we see this mix remaining the same over the next year. Or if you can talk about your strategy,
Akshay Modi
I do see E Commerce ramping up faster because of the trend of the category. But I feel that in general trade, we are still under penetrated. So for us, GT will also grow at a good pace. But definitely, I think QCOM is changing the landscape quite a bit.
Manpreet Singh
So for the consumer division, the growth will come from new products as well as increasing our reach.
Akshay Modi
Absolutely. It will be a mix of both. We will consolidate our leadership position in the goodness of olive oil category, where we enjoy fairly significant market shares in some of the subcategories. And growth will also come from the launched, recently launched categories like pasta and hing. And then we do have some new products slated to be launched later this year.
Praveen Sharma
Thank you. Thank you very much.
Operator
Thank you. The next question is from the line of Ankit Minochia from ADC Ventures family office. Please go ahead.
Amit Jaware
Hi, good morning, Akshay, and congratulations. I’m kind of trying to understand where we get the upside, the large upside on EBITDA guidance for next year considering, I mean, if we’ll be running at 50% capacity utilization potentially for ethanol that you kind of mentioned to the other participants and the numbers for the consumer and the other business. So if you can just kind of help us bridge this gap or to kind of understand. Yeah, so the 50% number
Akshay Modi
Was for the expanded capacity, not the total. So for example, if it’s 130 and another, let’s say 150, we’re looking at about 230kl is what on the conservative side that we’ve taken for the guidance, But I’m fairly confident we’ll beat that number.
Praveen Sharma
Okay. All right, thanks. And my second question with regard to. So I think a couple of days back or yesterday, an auditor change and recognition of the previous one. So could you just add Some color on the top, please.
Akshay Modi
Sorry, could you just repeat your question? May I request you to speak up a bit please? It’s a bit muffled.
Amit Jaware
Yeah. Is it better now?
Akshay Modi
Yes, this is better.
Amit Jaware
Yeah. So my second question was with regard to the auditor resignation that was reported a couple of days back and on the appointment of a new auditor. So could you just add some.
Akshay Modi
Sure. I mean, so this was always planned. I think this was more of a succession which we started. This journey started two to three years back. So the auditors who’ve been appointed were already auditing our MODI biotech results for the last two, three years. And the idea was to transition even MNL to them. So that was already the plan. It’s more of a succession than anything else.
Praveen Sharma
Okay, thank you.
Operator
Thank you. The next question is from the line of uncle and individual investor. Please go ahead.
Praveen Sharma
Yeah, Hi sir. Thanks for the opportunity. Sir, I wanted to know what is our current advertising spend? Hello, Am I audible?
Akshay Modi
Yes. So your total ad spend for this year. Is 12 crores.
Praveen Sharma
Okay.
Akshay Modi
It’s about six and a half percent. This is what I think we had projected. Anyway,
Praveen Sharma
This is purely only
Akshay Modi
Advertising. We are not talking about other below the line advertising. This is purely above the line advertising.
Praveen Sharma
Understood. And anything specifically on how much have you spent on quick commerce?
Akshay Modi
I think it’s a 6040 split. That’s typically what’s advised in the category these days. 60% on external advertising, 40% on QCOM.
Praveen Sharma
Understood, sir. Understood. Another question would be on the side. How big do you see the FMCG division becoming in the coming odd years?
Akshay Modi
So over the last few calls I have mentioned, I don’t see any reason why this segment for us should not get to 500 crores in the medium term. This will be propelled by growth within the oil basket as well as food products. So I think oil can easily grow to about 300 to 350 crores and add about 150 crores from food in the medium term. So this is what we used to go to. Mind you, we do operate only in the premium category with decent margins and without any loss making categories. So we’re growing this business in a profitable manner.
Praveen Sharma
Got it, sir. Got it, sir. Wish you all the best. Thank you so much.
Akshay Modi
Thank you.
Operator
Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Amit Jaware
This call is no longer.
Akshay Modi
Thank you everyone. I hope we have been able to answer all your questions satisfactorily. However, if you need any further clarifications or want to know more about the company, please contact sga, our investor relations advisors. Thank you once again for taking the time to join us during this call today. Have a nice day.
Operator
Thank you on behalf of Modi Natural limited that concludes this conference. Thank you for joining us. You may now disconnect your lines.