BSE: 503776
MODIPON LTD.
Permanently discontinued manufacturing operations in May 2007 and has been non-operating since, with movable assets disposed of by 2009-10. The entity, classified under Realty (Residential, Commercial Projects), reported zero revenue from operations for FY26. The company is engaged in legacy wind-down, with unresolved disputes including Punjab National Bank litigation (NCLT/DRT proceedings), related-party transactions with Ashoka Mercantile Limited involving Rs 725.16 lakhs unallocated, land sold for Rs 1,021.15 lakhs without bank approval, and 15% redeemable preference shares due since March 1996 that remain unredeemed. Auditors issued a Qualified Opinion citing multiple unresolved matters including unprovided interest of Rs 1,000.54 lakhs to a supplier and unprovided excise duty liability. Listed on BSE (scrip code 503776), the entity continues to file routine SEBI compliance disclosures while carrying accumulated losses and a deeply negative net worth. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Realty (Residential, Commercial Projects). Non-operating shell entity undergoing legacy wind-down with accumulated losses
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (1) | (1) | (1) | (1) | (1) |
| margin % | — | — | — | — | — |
| Owners' profit | 1 | (1) | (1) | (1) | (1) |
| EPS, as reported (₹) | 0.57 | (0.53) | (0.50) | (0.57) | (0.44) |
| ROE % · ROCE % | (0.7) · (1.1) | 0.7 · 1.0 | 0.6 · 0.9 | 0.7 · 1.0 | 0.6 · 0.8 |
| Debt / equity (x) | (0.49) | (0.49) | (0.49) | (0.49) | (0.50) |
| Cash from operations | (0) | 0 | 0 | 0 | 0 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| Net profit | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| EPS (₹) | (0.19) | (0.16) | (0.15) | (0.09) | (0.08) | (0.10) | (0.13) | (0.14) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| Profit growth | (45.8) | (48.8) | 38 of 79 | 53% |
| Market cap | 45 | 30 | 35 of 88 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · No investor complaints for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 21 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 1 Oct 2026 · Modipon 59th AGM: All 4 resolutions passed, new auditor appointed | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Modipon Ltd 59th AGM proceedings held on Sep 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 27 Sept 2026 · Trading window closure ahead of Q2 FY26 results | compliance | minimal | — | — |
| 8 Sept 2026 · 59th AGM notice published, remote e-voting and book closure announced | compliance | minimal | — | — |
| 7 Sept 2026 · AGM on Sep 29, 2026 and KYC update request to shareholders | compliance | minimal | — | — |
| 7 Sept 2026 · 59th AGM on Sep 29, book closure Sep 23-29, new auditor and related party loans | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Modipon 59th AGM on Sept 29 - auditor change and two RPT loan approvals | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · Modipon FY26 Annual Report and 59th AGM Notice filed with BSE | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.