543539
Modi's Navnirman financials
- Market cap
- ₹716 Cr
- Sector
- Realty
- Calls analysed
- 1
Modi's Navnirman Q2 FY26
What went well
- Revenue of ₹83.39 crores, up 128% YoY.
- EBITDA of ₹16.04 crores, up 164% YoY.
- PAT of ₹12 crores, up 165% YoY, matching previous full year's profit.
What Modi's Navnirman does
Modis Navnirman is a real estate developer focused on society redevelopment in Mumbai's western suburbs — Borivali, Kandivali, Malad and Dahisar. It runs an asset-light, partnership-driven model: it takes on MHADA, SRA and cooperative-society redevelopment rights, then designs, constructs and hands over premium residential towers (with some retail/office components) under the 'Rashmi' project brand, earning from the sale of flats, shops and offices in these projects.
Segments
- Residential redevelopment (MHADA/SRA/Society)
- Retail & office space within projects
- Premium residential project portfolio
- 20+ projects across Mumbai & adjoining regions
- Area delivered
- 5.90+ lakh sq. ft.
- Area under construction (ongoing)
- 7.40+ lakh sq. ft.
- Area in upcoming pipeline
- 10+ lakh sq. ft.
- Units handed over (H1 FY26)
- 90 units (Rashmi Vasudeo, Shimpoli, Borivali West)
- Geographic footprint
- Mumbai western suburbs: Borivali, Kandivali, Malad, Dahisar
Guidance record · Q2 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Full Year FY26 Profitability open said Q2 FY26 Promised: Similar to or better than H1 FY26 results (PAT of ₹12 crores) Q2 FY26: Target set to maintain or slightly improve upon H1 performance due to upcoming project delivery.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 27.9%, net profit up 26.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37 | 32 | 20 | 46 | 38 +3% | 54 +70% | 51 +158% | 58 +28% |
| EBITDA | 5 | 8 | 3 | 10 | 6 +9% | 15 +89% | 5 +54% | 11 +11% |
| Net profit | 5 | 7 | 2 | 7 | 5 +15% | 13 +82% | 4 +195% | 9 +27% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +35.5% 1Y
1Y: ₹271.5 on 10 Sept 2025 → ₹367.8. High ₹417.25 (17 Aug 2026), low ₹271.5 (10 Sept 2025).
How the price took the results
close before → close after
- Q2 FY26
- −1.4%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹189 Cr |
| Operating profit | ₹35 Cr |
| Operating margin | 18.6% |
| Interest | ₹2 Cr |
| Depreciation | ₹0 Cr |
| Net profit | ₹29 Cr |
| Net margin | 15.4% |
| Cash from operations | ₹-2 Cr |
| Free cash flow | ₹-2 Cr |
| ROCE | 26.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹3 Cr | ₹3 Cr | ₹17 Cr | ₹19 Cr | ₹20 Cr | ₹20 Cr |
| Reserves | ₹0 Cr | ₹0 Cr | ₹9 Cr | ₹56 Cr | ₹108 Cr | ₹137 Cr |
| Borrowings | ₹1 Cr | ₹1 Cr | ₹4 Cr | ₹5 Cr | ₹4 Cr | ₹6 Cr |
| Other liabilities | ₹4 Cr | ₹3 Cr | ₹2 Cr | ₹15 Cr | ₹150 Cr | ₹142 Cr |
| Total liabilities | ₹7 Cr | ₹7 Cr | ₹32 Cr | ₹96 Cr | ₹282 Cr | ₹305 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹11 Cr | ₹3 Cr | ₹1 Cr |
| Other assets | ₹7 Cr | ₹7 Cr | ₹32 Cr | ₹85 Cr | ₹278 Cr | ₹303 Cr |
| Total assets | ₹7 Cr | ₹7 Cr | ₹32 Cr | ₹96 Cr | ₹282 Cr | ₹305 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.92 pp while DIIs added +0.88 pp. The shareholder count grew 27% to 1,380.
- Promoters
- 63.8%
- FIIs
- 9.5%
- DIIs
- 1.4%
- Public
- 25.3%
Since Jun 2025
- FIIs −0.92 pp
- DIIs +0.88 pp
- Public +0.03 pp
How it drifted, 12 quarters
Over this window FIIs went from 0.0% to 9.5% — +9.5 pp.
Ownership split by quarter, oldest first. Jun '23: Promoters 70.2%, Public 29.8%.Sep '23: Promoters 71.0%, Public 29.0%.Mar '24: Promoters 71.0%, Public 29.0%.Jun '24: Promoters 63.8%, Public 36.2%.Sep '24: Promoters 63.8%, FIIs 4.9%, Public 31.3%.Dec '24: Promoters 63.8%, FIIs 6.4%, Public 29.8%.Mar '25: Promoters 63.8%, FIIs 6.9%, Public 29.3%.Jun '25: Promoters 63.8%, FIIs 10.4%, DIIs 0.5%, Public 25.3%.Sep '25: Promoters 63.8%, FIIs 11.5%, DIIs 0.8%, Public 24.0%.Dec '25: Promoters 63.8%, FIIs 11.2%, DIIs 1.2%, Public 23.9%.Mar '26: Promoters 63.8%, FIIs 8.8%, DIIs 1.2%, Public 26.2%.Jun '26: Promoters 63.8%, FIIs 9.5%, DIIs 1.4%, Public 25.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Aegis Investment Fund, Pcc - Niveza FPI fund +2.33 pp 8.42% held
- Npb Neue Privat Bank Ag-Client Bank newly disclosed 1.07% held
- Niveza Small Cap Fund AIF +0.21 pp 1.37% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Modi's Navnirman above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Dineshkumar Chunilal Modi | 30.78% | unchanged |
| Rashmi Dineshkumar Modi | 17.59% | unchanged |
| Mahek Dinesh Modi | 15.42% | unchanged |
| Aegis Investment Fund, Pcc - Niveza FPI fund | 8.42% | +2.33 pp |
| F3 Advisors Private Limited | 1.69% | unchanged |
| Ramneek Sehgal And Sons Huf . | 1.40% | −1.17 pp |
| Niveza Small Cap Fund AIF | 1.37% | +0.21 pp |
| Ramesh Uttamchand Ramchandani | 1.34% | unchanged |
| Npb Neue Privat Bank Ag-Client Bank | 1.07% | newly disclosed |
| Ketan Chhaganlal Patel | 1.00% | unchanged |
| Payal Samir Sheth | 0.01% | unchanged |
| Rinkle Urvish Doshi | 0.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Modi's Navnirman
Guides on how to read this kind of business and the numbers that matter.