Mumbai redevelopment-focused real-estate developer building residential and mixed residential-commercial towers under the 'Rashmi' brand across the western suburbs.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 69.0 | +81.6% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 21.0 | +6.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 10.0 | +100.0% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 20.45 | −2.3 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -1.07 | +18.3 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | −307.0 pts | Trailing twelve months | TTM to Sept 2026 | Not in the analysed materials. No older figure is substituted. |
Guidance
3 of 5 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Rashmi Signature Handover | Handover to society in Q1 FY27 | Q4 FY26 | The Q1 FY27 earnings call (Aug 10) did not mention the handover. Instead, it noted construction progress (20 slabs), implying the target was not met within the quarter. | Missed |
| EBITDA Margin | 22-25% | Q3 FY26 | Q1 FY27 margin was 19.99%. Management now guides for '19%-20% margins which we maintain', effectively lowering the target from the original 22-25%. | Diluted |
| Full Year FY26 PAT | Similar to or better than H1 FY26 results (PAT of ₹12 crores), implying FY26 PAT >= ₹24 cr | Q2 FY26 | Final FY26 PAT was ₹29.14 crores, comfortably exceeding the guidance. | Achieved |
2 of Modis Navnirman Limited's 15 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 12 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹305 on 24 Oct 2025 → ₹385.75. High ₹418.35 (14 Oct 2026), low ₹290.3 (16 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Modis Navnirman Limited is a Mumbai-based real estate developer focused on redevelopment of residential and mixed residential-commercial buildings under the 'Rashmi' brand, concentrated in the western suburbs of Borivali, Kandivali, Malad and Dahisar. It follows an asset-light, partnership-driven redevelopment model centred on MHADA, SRA and Society Redevelopment schemes, which keeps land acquisition cost low. It earns by constructing and selling residential flats, shops and office units within these redeveloped buildings.
Segments
close before → close after
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.
Guidance
3 of 5 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Rashmi Signature Handover | Handover to society in Q1 FY27 | Q4 FY26 | The Q1 FY27 earnings call (Aug 10) did not mention the handover. Instead, it noted construction progress (20 slabs), implying the target was not met within the quarter. | Missed |
| EBITDA Margin | 22-25% | Q3 FY26 | Q1 FY27 margin was 19.99%. Management now guides for '19%-20% margins which we maintain', effectively lowering the target from the original 22-25%. | Diluted |
| Full Year FY26 PAT | Similar to or better than H1 FY26 results (PAT of ₹12 crores), implying FY26 PAT >= ₹24 cr | Q2 FY26 | Final FY26 PAT was ₹29.14 crores, comfortably exceeding the guidance. | Achieved |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
Modis Navnirman Limited Q1 FY27
Modis Navnirman Limited reported strong financial growth in Q1 FY27, with revenue up 27.92% YoY to INR 58.26 crores and PAT increasing 25.81% YoY to INR 8.54 crores. The company sold 44,000 square feet and expanded its project footprint with a new launch in Santacruz West. While margins faced pressure due to higher material costs, management expressed confidence in future growth and maintaining healthy project margins.
Read the full callMODIS Q4 FY26
Modis Navnirman Limited reported a landmark FY26, achieving its highest-ever revenue and profitability with significant year-on-year growth across key financial metrics. The company successfully completed and handed over two major projects while expanding its pipeline. Despite strong performance, margins experienced some moderation due to construction costs and project mix, which management views as temporary.
Read the full callMODIS Q3 FY26
Modis Navnirman Limited reported a strong Q3 & 9M FY26, with revenue, EBITDA, and PAT growing over 100% year-on-year. The company maintained its debt-free status and improved margins, reflecting efficient execution and cost management. Strategic milestones included a subsidiary merger, main board migration, and securing a significant redevelopment mandate in Borivali West, contributing to a robust project pipeline.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +100% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 32 | 20 | 46 | 38 | 54 | 51 | 58 | 69 |
| Expenses | 24 | 17 | 35 | 32 | 40 | 47 | 47 | 55 |
| Operating profit | 8 | 3 | 10 | 6 | 15 | 5 | 11 | 14 |
| Operating margin | 24.2% | 16.0% | 22.0% | 15.0% | 27.0% | 9.0% | 19.0% | 21.0% |
| Other income | 0 | 1 | 0 | 0 | 0 | 3 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 1 |
| Depreciation | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 8 | 2 | 10 | 6 | 14 | 6 | 12 | 13 |
| Tax rate | 11.0% | 24.0% | 33.0% | 11.0% | 12.0% | 25.0% | 26.0% | 21.0% |
| Net profit | 7 | 2 | 7 | 5 | 13 | 4 | 9 | 10 |
| EPS (₹ per share) | 3.58 | 0.77 | 3.47 | 2.65 | 6.52 | 2.25 | 4.38 | 5.34 |
| Line item | Mar 2026 |
|---|---|
| Sales | 189 |
| Expenses | 154 |
| Operating profit | 36 |
| Other income | 3 |
| Interest | 2 |
| Depreciation | 0 |
| Profit before tax | 36 |
| Net profit | 29 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 3 | 17 | 19 | 20 | 20 | 20 |
| Reserves | 1 | 15 | 56 | 108 | 137 | 156 |
| Borrowings | 20 | 7 | 5 | 4 | 6 | 24 |
| Other liabilities | 8 | 20 | 15 | 150 | 142 | 248 |
| Total liabilities | 31 | 59 | 96 | 282 | 305 | 448 |
| Fixed assets | 0 | 0 | 0 | 1 | 1 | 1 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 1 | 11 | 3 | 1 | 0 |
| Other assets | 31 | 59 | 85 | 278 | 303 | 447 |
| Total assets | 31 | 59 | 96 | 282 | 305 | 448 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 0 | -16 | -7 | -33 | -20 | -2 |
| Cash from investing | 0 | 0 | 0 | -10 | -3 | 2 |
| Cash from financing | 1 | 17 | 9 | 48 | 4 | 2 |
| Net cash flow | 0 | 1 | 1 | 4 | -19 | 2 |
| Free cash flow | 0 | -16 | -7 | -33 | -20 | -2 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 9 | 13 | 9 | 13 | 5 | 17 |
| Inventory days | 43 | 3256 | 778 | 1134 | — | — |
| Days payable | 107 | 405 | 65 | 87 | — | — |
| Cash conversion cycle | -55 | 2865 | 722 | 1060 | 5 | 17 |
| Working capital days | -62 | 663 | 311 | 783 | 428 | 293 |
| Return on capital employed | — | 8.0% | 30.0% | 5.0% | 26.0% | 26.0% |
| Dividend payout | 0.0% | 0.0% | 29.0% | 0.0% | 0.0% | 0.0% |
Ownership
Promoters hold 63.79% as of Sept 2026; institutions added 2.77 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Modis Navnirman Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 30.78% | unchanged | |
| 17.59% | unchanged | |
| 15.42% | unchanged | |
| FPI fund | 9.93% | +1.51 pp |
| AIF | 1.37% | unchanged |
| 1.34% | unchanged | |
| FPI fund | 1.28% | newly disclosed |
| Bank | 1.07% | unchanged |
| 1.00% | unchanged | |
| 0.01% | unchanged | |
| 0.01% | unchanged | |
| — | off the list |
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.
Your own record
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