BSE: 504273
MODULEX CONSTRUCTION TECHNOLOG
Classified under civil construction, this company is building a modular construction facility and remains in pre-commercial phase. Standalone revenue from operations was nil in FY26, with only Rs 250.09 lakh of other income recorded on the standalone books. A subsidiary referred to as MMBPL has completed Phase 1 construction of Shed 2 at the Pune factory and commenced trial production, with commercial sales expected shortly. The company reported a consolidated net loss of Rs 1,482.58 lakh for FY26 against a profit of Rs 463.16 lakh in the prior year. Auditors flagged material uncertainty on going concern because of accumulated losses and current liabilities exceeding current assets at subsidiary MMBPL, with unpaid TDS of Rs 30.22 lakh and GST under RCM of Rs 28.77 lakh also flagged. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Modular construction (planned), Other income. Pre-commercial civil construction company in development phase, asset-heavy facility build-out
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (5) | (6) | (7) | (6) | (12) |
| margin % | — | — | — | — | — |
| Owners' profit | (8) | (9) | (7) | 4 | (15) |
| EPS, as reported (₹) | (1.60) | (1.76) | (1.03) | 1.28 | (2.08) |
| ROE % · ROCE % | (3.0) · (1.9) | (3.5) · (2.4) | (2.5) · (2.1) | 1.6 · 2.2 | (4.7) · (4.1) |
| Debt / equity (x) | 0.07 | 0.07 | 0.02 | 0.06 | 0.05 |
| Cash from operations | (4) | (4) | (9) | (2) | (14) |
| Capex | (3) | 0 | 0 | (23) | (12) |
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 | 11 | (2) | (2) | (3) | (4) | (3) | (4) | (3) |
| Net profit | 11 | (2) | (2) | (3) | (4) | (3) | (4) | (3) |
| EPS (₹) | 1.61 | (0.22) | (0.29) | 0.66 | (0.60) | (0.41) | (0.64) | (0.48) |
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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.3 | 1.2 | 4 of 85 | 95% |
| ROCE | (4.7) | 10.0 | 104 of 107 | 3% |
| ROE | (4.7) | 9.1 | 84 of 87 | 4% |
| Debt / Equity | 0.1 | 0.4 | 17 of 87 | 81% |
| Profit growth | (2.7) | 2.7 | 49 of 84 | 42% |
| Market cap | 97 | 465 | 74 of 107 | 31% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 3 Oct 2026 · Compliance certificate for share dematerialisation, Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Modulex Construction bags Rs 14.72 Cr domestic order | business updates | high | — | — |
| 30 Sept 2026 · CFO Mahendra Kumar Bhurat resigns citing age, effective 30 Sep 2026 | management changes | high | — | — |
| 21 Sept 2026 · Forfeiture of unexercised convertible warrants worth Rs 1.48 crore | fund raising | medium | — | — |
| 6 Aug 2026 · Modulex Q1 FY27 results published; standalone turns profit at Rs 40.62 lakh | compliance | minimal | — | — |
| 5 Aug 2026 · Modulex Q1 FY27 results: zero revenue, consolidated loss widens | results | high | — | — |
| 5 Aug 2026 · Modulex Q1 FY27 results: standalone profit, consolidated loss widens | results | high | — | — |
| 30 Jul 2026 · Board meeting on 05 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 23 Jul 2026 · 53rd AGM voting results: Both resolutions passed with 96% majority | board shareholder meetings | low | — | — |
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.