MODIS
Modis Navnirman financials
- Market cap
- ₹784 Cr
- Sector
- Realty
- Calls analysed
- 3
Modis Navnirman Limited Q1 FY27
What went well
- Revenue from operations grew 27.92% YoY to INR 58.26 crores, and 13.15% QoQ.
- EBITDA grew 14.25% YoY to INR 11.65 crores, and 54% QoQ.
- Profit after tax grew 25.81% YoY to INR 8.54 crores, and 92.04% QoQ.
What to watch
- EBITDA margin compressed from 22.39% in Q1 FY26 to 19.99% in Q1 FY27, primarily due to increased material costs from 'the war'.
- Management stated they have not yet thought about capital employed per project, working capital, or leverage ceiling for larger redevelopment projects.
What Modis Navnirman Limited does
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
- Residential
- Residential & Commercial (mixed-use)
- Total project portfolio
- 24 premium residential/mixed-use projects across Mumbai and adjoining regions
- Completed projects
- 14 projects, 7.22 lakh sq. ft. delivered
- Ongoing projects
- 6 projects, 12.11 lakh sq. ft.
- Upcoming projects
- 4 projects, 9.00 lakh sq. ft.
- Area booked to date
- 4.92 lakh sq. ft. (of 7.35 lakh sq. ft. total carpet area)
- Available inventory
- 2.43 lakh sq. ft.
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 2 delivered 3 missed 10 open- Project Launch missed said Q3 FY26 Promised: Launch Rashmi Avenue in the next month (Q4 FY26) Q1 FY27: Missed. The project was not launched in Q4 FY26 as promised. It was reported to be in the 'initial plinth stages' in Q1 FY27, confirming the delay.
- EBITDA Margin revised down said Q4 FY26 Promised: Return to previous levels (FY25: ~28%) in FY27 Q1 FY27: Revised down. Q1 FY27 margin was 19.99%. Management abandoned the recovery target and issued new guidance to 'maintain everything a 19%-20% margins'.
- Revenue from Operations on track said Q3 FY26 Promised: INR 200 crores to INR 230 crores in FY27 Q1 FY27: On track. Q1 revenue of INR 58.26 crores annualizes to INR 233 crores, which is at the upper end of the guided range.
All 15 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 +6.4% YTD
YTD: ₹343.45 on 1 Jan 2026 → ₹365.5. High ₹415.6 (17 Aug 2026), low ₹290.3 (16 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.3%
- 10 Aug
- Q4 FY26
- −2.9%
- 18 May
- Q3 FY26
- −2.6%
- 17 Feb
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 Modis Navnirman Limited 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.
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Modis Navnirman Limited
Guides on how to read this kind of business and the numbers that matter.