diff --git a/doc/release/upcoming_changes/27695.improvement.rst b/doc/release/upcoming_changes/27695.improvement.rst
new file mode 100644
index 000000000000..95584b6e90ce
--- /dev/null
+++ b/doc/release/upcoming_changes/27695.improvement.rst
@@ -0,0 +1,5 @@
+``f2py`` handles multiple modules and exposes variables again
+-------------------------------------------------------------
+A regression has been fixed which allows F2PY users to expose variables to
+Python in modules with only assignments, and also fixes situations where
+multiple modules are present within a single source file.
diff --git a/numpy/f2py/tests/src/regression/assignOnlyModule.f90 b/numpy/f2py/tests/src/regression/assignOnlyModule.f90
new file mode 100644
index 000000000000..479ac7980c22
--- /dev/null
+++ b/numpy/f2py/tests/src/regression/assignOnlyModule.f90
@@ -0,0 +1,25 @@
+      MODULE MOD_TYPES
+        INTEGER, PARAMETER :: SP = SELECTED_REAL_KIND(6, 37)
+        INTEGER, PARAMETER :: DP = SELECTED_REAL_KIND(15, 307)
+      END MODULE
+!
+      MODULE F_GLOBALS
+         USE MOD_TYPES
+         IMPLICIT NONE
+         INTEGER, PARAMETER :: N_MAX = 16
+         INTEGER, PARAMETER :: I_MAX = 18
+         INTEGER, PARAMETER :: J_MAX = 72
+         REAL(SP) :: XREF
+      END MODULE F_GLOBALS
+!
+       SUBROUTINE DUMMY ()
+!
+       USE F_GLOBALS
+       USE MOD_TYPES
+       IMPLICIT NONE
+!
+       REAL(SP) :: MINIMAL
+       MINIMAL = 0.01*XREF
+       RETURN
+!
+       END SUBROUTINE DUMMY
diff --git a/numpy/f2py/tests/test_regression.py b/numpy/f2py/tests/test_regression.py
index cbc81508ae42..335c8470d2af 100644
--- a/numpy/f2py/tests/test_regression.py
+++ b/numpy/f2py/tests/test_regression.py
@@ -151,3 +151,15 @@ def test_gh25784():
         )
     except ImportError as rerr:
         assert "unknown_subroutine_" in str(rerr)
+
+
+@pytest.mark.slow
+class TestAssignmentOnlyModules(util.F2PyTest):
+    # Ensure that variables are exposed without functions or subroutines in a module
+    sources = [util.getpath("tests", "src", "regression", "assignOnlyModule.f90")]
+
+    @pytest.mark.slow
+    def test_gh27167(self):
+        assert (self.module.f_globals.n_max == 16)
+        assert (self.module.f_globals.i_max == 18)
+        assert (self.module.f_globals.j_max == 72)