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Last Updated: April 2, 2026, 4:53 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 519287 | NSE: MODAIRY

Modern Dairies Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹8.74Overvalued by 73.67%vs CMP ₹33.20

P/E (4.2) × ROE (15.0%) × BV (₹17.00) × DY (2.00%)

Defaults: ROE=15%

₹64.32Undervalued by 93.73%vs CMP ₹33.20
MoS: +48.4% (Strong)Confidence: 53/100 (Moderate)Models: 6 Under, 3 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹11.6020%Over (-65.1%)
Graham NumberEarnings₹57.8518%Under (+74.2%)
Earnings PowerEarnings₹108.2612%Under (+226.1%)
DCFCash Flow₹185.2612%Under (+458%)
Net Asset ValueAssets₹15.478%Over (-53.4%)
EV/EBITDAEnterprise₹43.2610%Under (+30.3%)
Earnings YieldEarnings₹87.508%Under (+163.6%)
ROCE CapitalReturns₹17.768%Over (-46.5%)
Revenue MultipleRevenue₹61.196%Under (+84.3%)
Consensus (9 models)₹64.32100%Undervalued
Key Drivers: EPS CAGR 32.8% lifts DCF — verify sustainability. | Wide model spread (₹12–₹185) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 32.8% · Defaults: ROE=15%

*Investments are subject to market risks

Investment Snapshot

50
Modern Dairies Ltd scores 50/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health47/100 · Moderate
ROCE 0.0% WeakROE 0.0% WeakD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money60/100 · Moderate
Promoter increased by 4.87% Positive
Earnings Quality50/100 · Moderate
OPM stable around 5% Steady
Quarterly Momentum40/100 · Moderate
Revenue (4Q): -5% YoY FlatProfit (4Q): -69% YoY Declining
Industry Rank65/100 · Strong
P/E 4.2 vs industry 62.8 Cheaper than peers3Y sales CAGR: 13% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:53 am

Market Cap 94.4 Cr.
Current Price 33.2
Intrinsic Value₹64.32
High / Low 60.9/30.0
Stock P/E4.20
Book Value 17.0
Dividend Yield0.00 %
ROCE%
ROE%
Face Value 10.0
PEG Ratio0.13

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Modern Dairies Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Modern Dairies Ltd 94.4 Cr. 33.2 60.9/30.04.20 17.00.00 %%% 10.0
Healthy Life Agritec Ltd 33.6 Cr. 6.76 46.7/5.378.90 7.250.00 %13.3 %10.6 % 10.0
Heritage Foods Ltd 2,855 Cr. 308 542/29217.5 1120.81 %25.3 %20.2 % 5.00
Dodla Dairy Ltd 6,096 Cr. 1,010 1,525/95522.5 2540.49 %26.6 %19.8 % 10.0
Vadilal Industries Ltd 3,162 Cr. 4,398 7,399/3,99025.9 1,0920.48 %25.1 %24.0 % 10.0
Industry Average5,405.17 Cr850.1362.84206.970.43%16.31%13.64%7.00

All Competitor Stocks of Modern Dairies Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 49.3180.9283.1280.6099.9597.8394.4373.8488.7691.0678.3081.9687.48
Expenses 45.9076.3379.0976.6493.7690.3689.4369.7585.6489.3275.2779.2485.09
Operating Profit 3.414.594.033.966.197.475.004.093.121.743.032.722.39
OPM % 6.92%5.67%4.85%4.91%6.19%7.64%5.29%5.54%3.52%1.91%3.87%3.32%2.73%
Other Income 1.110.350.0219.340.140.330.160.3656.040.200.140.460.35
Interest 1.021.461.321.050.760.690.540.390.450.450.240.260.31
Depreciation 0.850.860.710.911.040.760.760.740.790.870.840.840.80
Profit before tax 2.652.622.0221.344.536.353.863.3257.920.622.092.081.63
Tax % 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%-2,779.03%21.05%18.75%24.54%
Net Profit 2.652.622.0221.344.526.343.863.3257.9317.861.651.691.22
EPS in Rs 1.141.120.879.151.942.721.661.4224.846.970.640.660.48

Last Updated: March 3, 2026, 6:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 17, 2026, 12:20 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 638625497457467560766610241217362348339
Expenses 619629499461480549757600231201340334329
Operating Profit 19-3-2-4-14119101017221410
OPM % 3%-1%-0%-1%-3%2%1%2%4%8%6%4%3%
Other Income 142014000-222120571
Interest 16171817000002421
Depreciation 75555562263333
Profit before tax 9-24-24-11-1963-3551234666
Tax % -2%-7%-1%0%0%0%0%0%0%0%0%-26%
Net Profit 9-22-24-11-1963-35512348322
EPS in Rs 4.05-9.54-10.39-4.89-7.962.601.50-14.892.125.2114.6832.388.75
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-344.44%-9.09%54.17%-72.73%131.58%-50.00%-1266.67%114.29%140.00%183.33%144.12%
Change in YoY Net Profit Growth (%)0.00%335.35%63.26%-126.89%204.31%-181.58%-1216.67%1380.95%25.71%43.33%-39.22%

Modern Dairies Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-6%
5 Years:-15%
3 Years:13%
TTM:-11%
Compounded Profit Growth
10 Years:12%
5 Years:51%
3 Years:76%
TTM:48%
Stock Price CAGR
10 Years:14%
5 Years:65%
3 Years:70%
1 Year:-20%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:%

Last Updated: September 5, 2025, 3:55 pm

Balance Sheet

Last Updated: December 4, 2025, 3:08 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 23232323232323232323232626
Reserves -35-57-81-93-111-105-102-136-131-119-851518
Borrowings 17918017317716716515550018713
Other Liabilities 395359463853531381701801446963
Total Liabilities 20719917415311713613074628590117120
Fixed Assets 84827979777674343029303130
CWIP 0000002001100
Investments 0000000000002
Other Assets 1231179574405954403256598588
Total Assets 20719917415311713613074628590117120

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -7173031646717152820
Cash from Investing Activity + -1-2-2-5-3-4-5-3-2-3-5-4
Cash from Financing Activity + 8-16-22-3-11-0-2-3-9-19-22-10
Net Cash Flow 0-16-51-1-106-717
Free Cash Flow -81528-213-11315122317
CFO/OP -38%-493%-1,511%-68%-118%35%71%65%179%96%133%147%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-160.00-183.00-175.00-181.00-181.00-154.00-146.00-40.0010.0016.0014.007.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 121822227201165321922
Inventory Days 504736301410131631733938
Days Payable 121923221520181111885861
Cash Conversion Cycle 5146353061061125160-1
Working Capital Days 8-11-44-39-136-109-74-89-223-217-91-14
ROCE %9%-4%-5%-8%-20%8%4%-172%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Feb 2026
Promoters 45.71%45.71%45.71%45.71%45.71%45.71%45.71%50.59%50.59%50.59%50.59%55.46%
DIIs 0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.03%
Public 54.26%54.24%54.25%54.25%54.25%54.25%54.25%49.37%49.37%49.38%49.39%44.52%
No. of Shareholders 15,54016,37117,14916,69117,14916,97316,93416,96716,81516,85916,94116,941

Shareholding Pattern Chart

No. of Shareholders

Modern Dairies Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 35.4614.685.212.12-14.89
Diluted EPS (Rs.) 35.3214.685.212.12-14.89
Cash EPS (Rs.) 33.5616.126.644.88-5.26
Book Value[Excl.RevalReserv]/Share (Rs.) 15.73-26.42-41.06-46.25-48.42
Book Value[Incl.RevalReserv]/Share (Rs.) 15.73-26.42-41.06-46.25-48.42
Revenue From Operations / Share (Rs.) 135.66154.7693.11103.49261.18
PBDIT / Share (Rs.) 5.759.507.754.914.51
PBIT / Share (Rs.) 4.538.036.312.15-5.10
PBT / Share (Rs.) 25.6214.655.202.12-14.87
Net Profit / Share (Rs.) 32.3314.655.202.12-14.87
PBDIT Margin (%) 4.246.138.324.741.72
PBIT Margin (%) 3.335.186.782.08-1.95
PBT Margin (%) 18.889.465.582.04-5.69
Net Profit Margin (%) 23.839.465.582.04-5.69
Return on Networth / Equity (%) 205.57-55.45-12.67-4.580.00
Return on Capital Employeed (%) 23.65-35.68-15.58-4.7110.63
Return On Assets (%) 70.9538.1214.288.02-46.65
Long Term Debt / Equity (X) 0.17-0.120.00-0.010.00
Total Debt / Equity (X) 0.17-0.12-0.01-0.010.00
Asset Turnover Ratio (%) 3.374.132.963.555.54
Current Ratio (X) 0.920.370.280.160.20
Quick Ratio (X) 0.520.170.130.080.07
Inventory Turnover Ratio (X) 12.4510.137.879.2222.56
Interest Coverage Ratio (X) 8.075.817.02139.41273.55
Interest Coverage Ratio (Post Tax) (X) 15.774.915.7261.17-309.53
Enterprise Value (Cr.) 135.2175.8144.4812.2222.12
EV / Net Operating Revenue (X) 0.380.200.200.050.03
EV / EBITDA (X) 9.153.422.461.062.10
MarketCap / Net Operating Revenue (X) 0.390.190.200.070.03
Price / BV (X) 3.38-1.13-0.45-0.16-0.20
Price / Net Operating Revenue (X) 0.390.190.200.070.03
EarningsYield 0.600.490.270.27-1.48

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Modern Dairies Ltd. is a Public Limited Listed company incorporated on 22/04/1992 and has its registered office in the State of Haryana, India. Company's Corporate Identification Number(CIN) is L74899HR1992PLC032998 and registration number is 032998. Currently Company is involved in the business activities of Manufacture of other footwear. Company's Total Operating Revenue is Rs. 348.09 Cr. and Equity Capital is Rs. 25.66 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Milk & Milk Products136 KM, G.T. Road, Karnal Haryana 132001Contact not found
Management
NamePosition Held
Mr. Krishan Kumar GoyalChairman & Managing Director
Mr. Ashwani Kumar AggarwalExecutive Director
Prof. Meena SharmaIndependent Director
Prof. Sanjay KaushikIndependent Director
Dr. Surinder KumarIndependent Director

FAQ

What is the intrinsic value of Modern Dairies Ltd and is it undervalued?

As of 14 April 2026, Modern Dairies Ltd's intrinsic value is ₹64.32, which is 93.73% higher than the current market price of ₹33.20, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (%), book value (₹17.0), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Modern Dairies Ltd?

Modern Dairies Ltd is trading at ₹33.20 as of 14 April 2026, with a FY2026-2027 high of ₹60.9 and low of ₹30.0. The stock is currently near its 52-week low. Market cap stands at ₹94.4 Cr..

How does Modern Dairies Ltd's P/E ratio compare to its industry?

Modern Dairies Ltd has a P/E ratio of 4.20, which is below the industry average of 62.84. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Modern Dairies Ltd financially healthy?

Key indicators for Modern Dairies Ltd: ROCE of % is on the lower side compared to the industry average of 16.31%; ROE of % is below ideal levels (industry average: 13.64%). Dividend yield is 0.00 %.

Is Modern Dairies Ltd profitable and how is the profit trend?

Modern Dairies Ltd reported a net profit of ₹83 Cr in Mar 2025 on revenue of ₹348 Cr. Compared to ₹5 Cr in Mar 2022, the net profit shows an improving trend.

Does Modern Dairies Ltd pay dividends?

Modern Dairies Ltd has a dividend yield of 0.00 % at the current price of ₹33.20. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Modern Dairies Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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