The term is used in a variety of ways but yes it stands for Ministry of Defence.
One completely unofficial term used amongst police officers for instance is 'MODPlod'......which means the Ministry of Defence Police.
ex MOD could be an item or article formerly issued as part of British military equipment/stores or it could mean a person who previously for the MOD....perhaps in a civil service type role.
That is assuming you are not referring to the other MOD.......the Royal National Mod, more commonly known simply as 'the Mod'?
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