NSE: MODIS · BSE: 543539
MODIS NAVNIRMAN LTD
Redevelops aging housing societies in Mumbai's western suburbs (Borivali, Kandivali, Malad, Goregaon) into new residential and commercial projects, and sells the resulting units. FY26 revenue of Rs 189.31 crore came from handing over two projects — Rashmi Vasudev (90 units, Borivali West) and Rashmi Celestia (81 units plus 10,500 sq ft of commercial space, Borivali) — with average selling prices (ASPs) in the Rs 25,000-27,000 per sq ft range. The company operates six ongoing projects including newly launched Rashmi Icon and Rashmi Avenue, with a future pipeline targeting higher-priced South Mumbai (Khar) projects at Rs 45,000-50,000 per sq ft. Construction materials and raw inputs dominate the cost base at 100.4% of revenue, while employee costs sit at 2.0% and other operating expenses at 1.8%. The company runs an asset-light, debt-free model, with borrowings of about Rs 6 crore against capital employed of Rs 80-90 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential unit sales, Commercial space sales. Asset-light, debt-free residential and commercial redevelopment developer in Mumbai.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 42 | 57 | 87 | 189 |
| EBITDA (ex other income) | — | — | — | 35 |
| margin % | — | — | — | 18.5 |
| Owners' profit | — | — | — | 29 |
| EPS, as reported (₹) | 3.47 | 3.92 | 6.25 | 14.89 |
| ROE % · ROCE % | — · 20.0 | — · 9.9 | — · 15.4 | 18.6 · 23.6 |
| Debt / equity (x) | — | — | — | 0.04 |
| Cash from operations | (7) | (25) | (22) | (4) |
| Capex | — | — | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 23 | 24 | 33 | 37 | 50 | 51 | 58 |
| Profit before tax | 4 | 4 | 4 | 5 | 6 | 10 | 6 | 12 |
| Net profit | — | — | — | — | — | — | 4 | 9 |
| EPS (₹) | 6.84 | 1.72 | 1.67 | 2.26 | 2.38 | 3.94 | 2.25 | 4.36 |
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. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.6 | 20.5 | 39 of 57 | 32% |
| P/B | 4.8 | 1.9 | 61 of 64 | 5% |
| ROCE | 22.6 | 6.4 | 4 of 66 | 95% |
| ROE | 18.6 | 8.0 | 7 of 64 | 91% |
| Debt / Equity | 0.0 | 0.4 | 12 of 64 | 83% |
| EBITDA margin | 20.0 | 29.6 | 41 of 66 | 39% |
| Revenue growth | 79.1 | 12.8 | 14 of 67 | 80% |
| Market cap | 750 | 1781 | 43 of 67 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Audio recording of Q2 and H1 FY 2026-27 earnings call shared | investor communications | low | — | — |
| 26 Oct 2026 · September quarter profit rises 21.9%; six-month EPS reaches Rs 9.72 | compliance | minimal | — | — |
| 24 Oct 2026 · H1 FY27 revenue up 53%, EBITDA margin improves to 20.5% | investor communications | medium | — | — |
| 24 Oct 2026 · H1 FY27 revenue rises 53% and PAT 59% as project pipeline expands | compliance | low | — | — |
| 24 Oct 2026 · Q2 revenue and profit jump; operating cash flow remains negative | results | high | — | — |
| 24 Oct 2026 · Revenue and profit surge in September 2026 quarter | results | high | — | — |
| 21 Oct 2026 · Modis Navnirman schedules Q2 and H1 FY27 earnings call on Oct 26 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting on Oct 24 to consider Q2 FY26 results | results | low | — | — |
| 10 Oct 2026 · SDD Compliance Certificate for Q2 FY26 - All Requirements Met | compliance | minimal | — | — |
| 10 Oct 2026 · Compliance certificate under Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
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.