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MODIS · price
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Modis Navnirman, a Mumbai-focused real estate developer, reported FY26 revenue of INR189 crore, up 84% YoY from INR102 crore. EBITDA grew 35% to INR38.46 crore while PAT rose 26% to INR29.14 crore. The company completed two projects (Rashmi Vasudev with 90 units and Rashmi Celestia with 81 units plus commercial) and currently has 12.5 lakh sq ft under construction across multiple projects. Management attributed margin compression to raw material cost pressures on Rashmi Square and Rashmi Signature projects, plus initial costs of newly launched Rashmi Icon and Rashmi Avenue. Average selling price is INR25,000-27,000 per sq ft, expected to move upward. The company remains debt-free with no plans for external debt. New projects in Khar are targeted at INR45,000-50,000 per sq ft pricing.
Strong top-line growth of 84% validates execution capability, but margin compression due to input costs and new project ramp-up is a near-term headwind. Management guidance for margin recovery to previous levels in FY27 provides some visibility. The stock trades at a small-cap real estate developer with redevelopment focus in high-demand Mumbai suburbs.