As filed with the Securities and Exchange Commission on February 27, 2026 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 MODULAR MEDICAL INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Nevada 3841 87-0620495 (I.R.S. Employer Identification Number) 10470 Thornmint Road ...

Financial Data and Key Metrics Changes - Net sales increased by 2.5% year over year to $1,050 million, with operating margin improving by 120 basis points to 13.5% [20][21] - Diluted earnings per share rose by 21.2% to $4.98, marking a notable improvement compared to historical third-quarter performance [5][19] - Gross profit margin increased by 80 basis points to 30.4% [20] Business Line Data and Key Metrics Changes - Infrastructure sales grew by 6.6% to $808.3 million, with utility sales increasing by 12.3% driven by pricing and higher volumes [22] - Agriculture sales decreased by 9% year over year to $241.3 million, primarily due to lower irrigation equipment volumes and economic pressures in Brazil [24] - Telecommunications sales grew by 37%, supported by a quick turn order strategy [22] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by data center expansion, manufacturing onshoring, and broader electrification, with transmission CapEx expected to grow at a 9% CAGR through 2029 [10] - The agriculture market in North America remains soft, with the USDA expecting a 2.5% decline in crop receipts for 2025 [13][14] - International sales in agriculture showed double-digit growth year to date, despite challenges in specific regions [16] Company Strategy and Development Direction - The company is focused on simplifying its business, directing resources to high-return initiatives, and enhancing performance through disciplined execution [5][6] - Valmont aims to lead the North American utility market through capacity expansions and operational improvements [6][27] - The strategy includes investing in aftermarket parts and technology to improve margins and support long-term growth [7][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business, despite near-term macro pressures [17][18] - The company is raising its full-year earnings guidance, projecting net sales of approximately $4.1 billion and adjusted diluted earnings per share in the range of $18.7 to $19.5 [30][31] - Management highlighted the importance of maintaining flexibility in capacity to respond to customer needs while ensuring operational efficiency [44][45] Other Important Information - The company recorded $11 million in bad debt expense in the agriculture segment, impacting operating income and margins [25][83] - Cash and liquidity remain strong, with approximately $226 million in cash and net debt leverage below one times [26] - The company is investing in a project to simplify its legal entity structure to improve efficiency and reduce compliance burdens [29] Q&A Session Summary Question: What are the main opportunities for margin expansion in the infrastructure segment? - Management indicated that margin improvements stem from pricing and cost actions, with utility expansions contributing significantly to operating margins [35][36] Question: Can you discuss the capacity additions in the utility segment? - Management confirmed that capacity additions are tracking above expectations, with plans to exceed the benchmark of $100 million in additional revenue for every $100 million of capacity [39][40] Question: What is the outlook for pricing trends in the utility segment? - Management expects strong pricing trends to continue due to a tight demand-supply balance and healthy margins in the bid market [81] Question: What is driving current demand in the utility segment? - Demand is strong across all product lines, driven by electrification, AI, and grid connectivity, with a well-diversified customer base [73][74] Question: What are the expectations for agriculture margins moving forward? - Management anticipates that while Q4 may be challenging, margins should improve in Q1 as bad debt issues are resolved [84]