MODISON LIMITED (MODISONLTD) share price

₹464.40 on NSE as of 2026-10-08. -4.99% on the day. market cap ₹1,507 Cr. P/E 14.8. 52-week range ₹114.59 to ₹520.65. Capital Goods.

www.modisonltd.com

What the company does

L51900MH1983PLC029783) was founded as a trading unit in 1965, by Mr. G.L. Modi, to deal in tool steels and general merchandise. A decade later in 1975, Mr. G.L. Modi established the first manufacturing facility in Mumbai for refining of Silver and exporting it to bankers and dealers in Europe and USA. Within two years, the promoters started manufacturing electrical contacts after realizing vast potential in this segment. From 1983 to 1996, Modison had technical collaboration with DODUCO and with its support Modison developed many hi-tech products, which were hitherto, imported by India Switchgear industry. These electrical contacts are specially made tipping points that make and break electrical current. ML is the leading manufacturer for low voltage (LV) and sole manufacturer of high voltage (HV) switchgears in India. ML has an installed capacity of 250 thousand arcing contacts for HV and 33 tonnes per annum of LV contacts at its Vapi plant.

Filed by CARE Ratings, page 9.

Modison Q1 FY27: Sales Up 102% to ₹270 Cr, Net Profit ₹34 Cr, and a P/E of 13.2

At a glance

Modison makes electrical contacts. These are small metal parts, mostly silver, copper and tungsten, that sit inside electrical switches. A contact is the point where a switch makes or breaks a circuit. This section covers the three months to June 2026.

In those three months, sales came to ₹270.47 crore. The same three months a year earlier brought in ₹134.14 crore. Sales roughly doubled. A samosa stall that sold two plates last June sold four this June.

After paying for metal, salaries, power and other running costs, ₹50.10 crore was left. That figure is called operating profit. A year earlier it was ₹8.56 crore.

Net profit is what remains after interest, wear and tear, and tax. It came to ₹33.84 crore, against ₹4.81 crore a year earlier. This year's figure is just over seven times as large. Each share's slice of that profit, called earnings per share, was ₹10.43.

The previous year was busy too. A fire hit the Vapi factory in February 2026. The company sold a plot of land to its promoter group, meaning the founding family and its firms. In September 2026 it sold a small subsidiary as well. Each event has its own section below.

The stock market values the whole company at ₹1,411.56 crore.

Introduction

The story begins in 1965. Girdharilal Modi started a trading business, according to CARE, a credit-rating agency. The first factory came ten years later, in Mumbai in 1975, to refine silver. Refining means cleaning impure silver until it is pure enough to use. From 1978 the company also began making electrical contacts.

An electrical contact is a small metal part inside a switch. Silver, copper and tungsten do most of the work. Each time the switch moves, two of these parts touch or pull apart.

Modison turns refined silver into those contacts itself. Few companies handle both the raw metal and the finished part. It is like a dairy that also owns the cows.

The main factory today sits in Vapi, Gujarat, and covers 10,450 square metres. The company works with DODUCO, a German firm, under a technology agreement. Such an agreement lets one company use another's designs and know-how. Management says no royalty has been paid to that partner so far.

Customers include ABB, Siemens, Mitsubishi and Toshiba. BHEL and Larsen & Toubro buy from the company as well. All of them are large electrical and engineering names. Management says General Electric gave Modison its best supplier award. Exports went to 23 countries last year, according to management.

In the year to March 2026 the company sold ₹710.33 crore of goods. Management says it hopes for about ₹880 crore in the year to March 2027. It has also set a target of ₹1,365 crore by 2030. Both of those figures are company goals rather than results.

Business model

Every time a switch turns on or off, two metal pieces touch or pull apart. Those pieces are the contacts. They must carry electricity without melting, sticking or wearing out. Modison makes them.

A switch in a house carries very little power. A switch in a power grid carries enough electricity for a small town. Such large switches are called switchgear. The company sorts its work by the size of the switch.

Low voltage covers contacts for factory switches, motors and building panels. The metal is mostly silver mixed with nickel, tin or graphite. Rivets, the small mushroom-shaped contacts, come from this line.

Medium voltage means copper-chromium discs used inside vacuum interrupters. A vacuum interrupter is a sealed tube where a switch opens with no air inside.

High voltage means copper-tungsten parts, called plugs and tulips, for giant grid breakers. A breaker is a switch that cuts power automatically when something goes wrong.

Low and medium voltage together bring in about 80% of sales, according to CARE. High voltage brings in about 20%. The company also makes silver chemicals and parts for defence. It sells silver powder used in solar panels, too.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for MODISON LIMITED.

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