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Modulex Construction Technologies Q2 FY27 results: net loss narrows to ₹3.35 crore
Modulex Construction Technologies Ltd reported consolidated revenue of ₹1.55 crore in Q2 FY27, against no revenue in the year-ago and previous quarters. The company posted a net loss of ₹3.35 crore, a smaller loss than ₹3.37 crore in Q2 FY26 and ₹4.80 crore in Q1 FY27, while the auditors highlighted a material uncertainty related to going concern.
Key points
- Consolidated revenue was ₹1.55 crore in Q2 FY27, against no revenue in Q2 FY26 and Q1 FY27
- Net loss was ₹3.35 crore in Q2 FY27, compared with ₹3.37 crore a year ago and ₹4.80 crore in the previous quarter
- EBITDA was a loss of ₹1.39 crore, an improvement of ₹1.45 crore from the year-ago quarter, with a margin of -89.7%
- Total expenses rose ₹0.84 crore to ₹4.90 crore from Q2 FY26, while employee cost fell 33.5% and finance costs fell 75.0%
- In H1 FY27, total income was ₹1.56 crore, up 113.7% from H1 FY26, while the net loss widened to ₹8.15 crore
How did Modulex Construction Technologies perform in Q2 FY27?
Modulex Construction Technologies reported consolidated revenue of ₹1.55 crore in Q2 FY27, the July–September 2026 quarter, against no revenue in Q2 FY26 and Q1 FY27. EBITDA was a loss of ₹1.39 crore, ₹1.45 crore better than the year-ago quarter and ₹1.23 crore better than the previous quarter, with an EBITDA margin of -89.7%.
The company reported a net loss of ₹3.35 crore for the quarter, compared with a net loss of ₹3.37 crore in Q2 FY26 and ₹4.80 crore in Q1 FY27. Basic EPS was -0.32, compared with -0.41 in the year-ago quarter. On the standalone basis, revenue was ₹1.55 crore and profit after tax was ₹0.9 crore, with profit before tax of -0.11 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1.55 | 0 | 0 | ||
| Other income | 0 | 0.01 | 0.69 | ||
| Total expenses | 4.90 | 4.81 | 4.06 | +20.7% | +1.9% |
| EBITDA | −1.39 | −2.62 | −2.84 | ||
| EBITDA margin | -89.7% | ||||
| Profit before tax | −3.35 | −4.80 | −3.37 | ||
| Tax | 0 | 0 | 0 | ||
| Net profit | −3.35 | −4.80 | −3.37 | ||
| EPS (₹) | −0.32 | −0.41 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Modulex Construction Technologies' costs and profit?
Total expenses for the quarter were ₹4.90 crore, up ₹0.84 crore or 20.7% from ₹4.06 crore in the year-ago quarter, and ₹0.09 crore or 1.9% higher than Q1 FY27. Cost of materials was ₹0.94 crore against no such cost in Q2 FY26, while depreciation rose ₹1.15 crore or 174.2% to ₹1.81 crore.
Employee cost fell ₹0.69 crore or 33.5% to ₹1.37 crore and finance costs fell ₹0.42 crore or 75.0% to ₹0.14 crore against the year-ago quarter. Other expenses were ₹0.64 crore, down ₹0.14 crore or 17.9%, while other income fell ₹0.69 crore to no other income. There was no exceptional item and tax was unchanged at no tax charge.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0.94 | 0 | +0.94 | |
| Employee cost | 1.37 | 2.06 | −0.69 | −33.5% |
| Finance costs | 0.14 | 0.56 | −0.42 | −75.0% |
| Depreciation | 1.81 | 0.66 | +1.15 | +174.2% |
| Other expenses | 0.64 | 0.78 | −0.14 | −17.9% |
| Total expenses | 4.90 | 4.06 | +0.84 | +20.7% |
| Other income | 0 | 0.69 | −0.69 | |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Modulex reported consolidated revenue of ₹1.55 crore and total income of ₹1.56 crore. Total income was up 113.7% from ₹0.73 crore in H1 FY26, while revenue rose from no revenue in the year-ago half.
Profit before tax and profit after tax were both a loss of ₹8.15 crore in H1 FY27, against a loss of ₹7.55 crore in H1 FY26. EPS moved to -0.89 from -1.09, and total expenses for the half rose ₹0.83 crore from ₹0.73 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1.55 | 0 | |
| Profit before tax | −8.15 | −7.55 | |
| Net profit | −8.15 | −7.55 | |
| EPS (₹) | −0.89 | −1.09 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹352.4 crore as on 30 September 2026, against ₹353.14 crore at 31 March 2026. Total equity was ₹325.64 crore, up from ₹318.32 crore, while borrowings fell to ₹5.54 crore from ₹15.05 crore. Cash was ₹0.17 crore, down from ₹0.82 crore, with inventories at ₹0.85 crore against ₹0.36 crore.
In H1 FY27, operating cash flow was an outflow of ₹4.95 crore, against an outflow of ₹6.35 crore in H1 FY26. Investing cash flow was an outflow of ₹1.96 crore compared with ₹8.32 crore, while financing cash flow was an inflow of ₹6.26 crore against ₹13.62 crore. Capital expenditure was ₹2.05 crore in H1 FY27, compared with ₹5.93 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 352.40 | 353.14 |
| Total equity | 325.64 | 318.32 |
| Borrowings | 5.54 | 15.05 |
| Cash and equivalents | 0.17 | 0.82 |
| Inventories | 0.85 | 0.36 |
| Trade receivables | 1.10 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −4.95 | −6.35 |
| Cash from investing | −1.96 | −8.32 |
| Cash from financing | 6.26 | 13.62 |
| Capital expenditure | 2.05 | 5.93 |
Source: Company's results filing (XBRL).
How has Modulex Construction Technologies done over the last 8 quarters?
Modulex reported net losses in each of the last eight quarters. The loss widened from ₹2.06 crore in Q3 FY25 to ₹4.48 crore in Q3 FY26, before narrowing and then widening again. In the latest quarter, the net loss was ₹3.35 crore, against ₹4.80 crore in Q1 FY27 and ₹2.80 crore in Q4 FY26.
Q2 FY27 was the first quarter in the series to show revenue, at ₹1.55 crore, after no revenue in the seven quarters before it. The EBITDA margin in the latest quarter was -89.7%, and the direction of profit remained a loss.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review reports, at its meeting on 29 October 2026. The same-day filing recorded the appointment of Sameerkhan Inamdar as Chief Financial Officer and Key Managerial Personnel with effect from 29 October 2026, based on the recommendation of the Nomination and Remuneration Committee and the Audit Committee.
The company stated that 32,84,745 unexercised convertible warrants were forfeited during Q2 FY 2026-27 under the board resolution dated 21 September 2026, with INR 147.81 lakhs received on them transferred to the Capital Reserve. It also said 3,38,95,810 equity shares of INR 10 each were allotted on conversion of warrants, following receipts of INR 4,723.10 lakhs by 31 March 2026 and INR 1,525.96 lakhs in Q1 FY 2026-27.
What did the auditors point out?
The auditors drew attention to a material uncertainty related to going concern. They said the Pune project through subsidiary Modulex Modular Buildings Private Limited has been delayed, that the project had not reached the commercial operations needed to offset accumulated losses, and that negative retained earnings stood at INR 723.63 lakhs as at 30 September 2026. The auditors said their conclusion was not modified with respect to this matter.
In the emphasis of matter, the auditors noted that TDS liabilities for previous years of INR 32.83 lakhs, including interest of INR 8.05 lakhs, and GST payable under the reverse charge mechanism of INR 28.86 lakhs remained unpaid. The company has provided interest of INR 5.42 lakhs on the GST dues and intends to take corrective action in the subsequent quarter.
How did Modulex Construction Technologies shares react?
The filing appeared after market hours from a previous close of ₹13.66. The price was 4.8% lower five and 15 minutes after the filing, and 6.2% lower after 30 minutes. On the reaction day the stock closed 1.4% higher than the previous close, then by the next day's close it was 2.6% lower from the pre-results close.
The Civil Construction industry median moved 1.8% lower on the reaction day, so the stock's 1.4% rise was 3.2 percentage points above the industry median. The Nifty Microcap 250 fell 2.5% on the reaction day. Earlier results-day moves were -4.5% on 5 August 2026, -4.1% on 22 May 2026, -5.7% on 11 February 2026 and -0.5% on 14 November 2025.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | −4.8% | |
| 15 minutes | −4.8% | |
| 30 minutes | −6.2% | |
| Reaction day | +1.4% | −1.8% |
| Next day | −2.6% | +0.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 5 August 2026 | −4.5% |
| 22 May 2026 | −4.1% |
| 11 February 2026 | −5.7% |
| 14 November 2025 | −0.5% |
| 12 August 2025 | −0.1% |
| 27 May 2025 | −1.6% |
| 5 July 2024 | −1.6% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Nineteen other Civil Construction companies that have filed this quarter were compared. Their median revenue growth was 9.4%, and 14 of the 19 peers reported higher profit.
The number of peers growing slower than Modulex Construction Technologies and the number growing faster than it are not given in the filing data for this quarter.
| Modulex Construction Technologies revenue growth (YoY) | not comparable |
|---|---|
| Median of 19 other Civil Construction companies | +9.4% |
| Companies whose net profit rose | 14 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Modulex Construction Technologies' revenue in Q2 FY27?
Revenue from operations was ₹1.55 crore, against ₹0 crore in Q2 FY26 (consolidated).
Did Modulex Construction Technologies make a profit in Q2 FY27?
No. It reported a net loss of ₹3.35 crore, against a net loss of ₹3.37 crore in Q2 FY26.
What was Modulex Construction Technologies' EPS in Q2 FY27?
Basic loss per share was ₹0.32, against a loss of ₹0.41 in Q2 FY26.
How did Modulex Construction Technologies shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.4% from the previous close; the median Civil Construction stock moved −1.8%.
When did Modulex Construction Technologies announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Un-Audited Financial Results For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting (BSE, 29 October 2026) · PDF
- Un-Audited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 29 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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