Modis Navnirman Limited

Modis Navnirman Limited delivered its strongest ever nine-month results, with revenue from operations reaching INR137 crores, marking a robust 103% year-on-year growth. EBITDA surged by over 102% to INR30.89 crores, and PAT increased by approximately 105% to INR24.77 crores. The company's nine-month profit has already surpassed its full-year earnings of FY25, highlighting strong execution and financial discipline.

The company demonstrated improved profitability with EBITDA margins expanding to 22.32% and PAT margins growing to 17.9%. This margin expansion is attributed to operating leverage and disciplined cost management. Crucially, Modis Navnirman maintained its debt-free status, providing significant financial stability and flexibility in the current real estate market where funding costs remain elevated.

The period was marked by significant strategic developments, including the completion of the merger of its wholly-owned subsidiary, Shri Modis Navnirman Private Limited, into the listed entity. This merger is expected to enhance operational alignment and strengthen the balance sheet. Additionally, the company successfully migrated to the BSE and NSE main boards, which has improved governance standards, increased visibility among institutional investors, and strengthened overall market credibility.

Modis Navnirman secured a key redevelopment mandate in Borivali West with an estimated Gross Development Value (GDV) of approximately INR250 crores, strengthening its presence in high-demand micro-markets. The company also launched Rashmi Icon on February 9, 2026, and plans to launch Rashmi Avenue in the next month. The total GDV of ongoing and upcoming projects (excluding completed ones) is estimated to be upwards of INR1000 crores.

The company employs an asset-light redevelopment model and a conservative sales strategy, opting not to engage in pre-sales activities. Management stated, 'We don't do pre-sales... because we are a debt-free company, so we don't have to do channel partner events and all the events and then pre-sell the property.' Revenue recognition follows Ind AS, with revenue booked once 25% of the project cost is incurred, and also from day one for old flat owners.

For the full year FY26, the company is targeting revenue from operations of around INR180 crores. Looking ahead to FY27, revenue recognition is targeted between INR200 crores and INR230 crores. Management expects to maintain EBITDA margins in the range of 22% to 25% for the full year and beyond, driven by continuous project completion cycles and disciplined capital allocation.