Modis Navnirman Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹768 Cr
- P/E
- 24.77
- ROE
- 20.53%
- PEG
- 0.04
- Price to sales
- 3.81
- Debt to equity
- 0.04
- 52W high / low
- ₹418 / ₹290
- EBITDA margin
- 18.00%
- Net profit margin
- 15.41%
- Promoter holding
- 63.79%
- Sales (last year)
- ₹202 Cr
Incorporated in 2010, Modi’s Nav Nirman Ltd is in the business of real estate development[1]
Guidance scorecard · Q2 FY27 call
What Modis Navnirman Ltd's management guided
and where it ranks in Realty
Realty
RevenueQ2 FY27 call
20–40%- The company targets adding projects with an annual GDV of around INR 500 crores or more, indicating steady scale expansion.
- Sales bookings in H1 FY27 were approximately INR 202 crores with 78,560 sq.ft. sold, driven by both ongoing and new projects.
- Major new launches like Rashmi Leon and Rashmi Avenue contributed around 40% to sales growth.
- Average realizations per square foot are increasing, with new project launches expected in the range of INR 27,000 to INR 30,000/sq.ft, supporting higher sales value.
- Strong sales momentum and rising realization rates suggest revenue growth of over 50% year-on-year.
- Completion and sales of ongoing projects are expected to contribute about INR 200 crores in revenue in H2 FY27.
2 more points from Modis Navnirman Ltd's call on revenue
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MarginsQ2 FY27 call
FlatSee what Modis Navnirman Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- The company is executing multiple redevelopment projects simultaneously, including five upcoming residential-cum-commercial projects.
- They have plans to procure projects annually with an average GDV of around INR 500 crores, targeting steady growth without requiring debt.
- The five upcoming projects have a combined GDV of approximately INR 1000 crores, which will be self-funded without raising debt.
2 more points from Modis Navnirman Ltd's call on capex
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FundraisingQ2 FY27 call
None plannedSee what Modis Navnirman Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Rising- As of September 30, 2026, Modis Navnirman Limited has revenue visibility of approximately INR 661 crores from ongoing projects.
- This includes INR 156 crores of revenue yet to be recognized from committed sales and an estimated INR 505 crores potential value from unsold inventory.
- The company has a portfolio of 25 residential-cum-commercial projects, with 14 completed projects covering 7.22 lakh sq.ft, 6 ongoing projects covering 12.11 lakh sq.ft, and 5 upcoming projects in the pipeline.
- The 5 upcoming projects represent around INR 500 crores+ GDV (Gross Development Value) and development agreements for most are either signed or near finalization.
2 more points from Modis Navnirman Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Realty
on management's own guidance
- Sobha LtdGood growth2
- Strong growth1
- Man Infraconstruction LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Realty companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹12,035 Cr | 41.1 | |
| 2 | Sobha Ltd | 20–40% | Up 2%+ | ₹12,548 Cr | 54.4 |
| 3 | Man Infraconstruction Ltd | 20–40% | Up 2%+ | ₹4,602 Cr | 21.2 |
| 4 | 20–40% | Up 2%+ | ₹1,157 Cr | 12.7 | |
| 5 | 20–40% | Flat | ₹1.06L Cr | 25.6 | |
| 6 | 20–40% | Flat | ₹61,922 Cr | 23.4 |
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Pro shows every company guiding 40%+ revenue growth →Full Realty rankingFinancials of Modis Navnirman Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Modis Navnirman Ltd
Shareholding breakup across reporting periods.
| Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 71.03% | 71.03% | 63.79% | 63.79% | 63.79% | 63.79% | 63.79% | 63.79% | 63.79% | 63.79% | 63.79% | 63.79% |
| FIIs + | 0.00% | 0.00% | 0.00% | 4.90% | 6.43% | 6.94% | 10.42% | 11.51% | 11.17% | 8.82% | 9.50% | 12.27% |
| DIIs + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.49% | 0.75% | 1.16% | 1.16% | 1.37% | 1.37% |
| Public + | 28.96% | 28.97% | 36.20% | 31.30% | 29.77% | 29.26% | 25.30% | 23.96% | 23.87% | 26.24% | 25.33% | 22.56% |
| No. of Shareholders | 602 | 793 | 897 | 826 | 856 | 797 | 1,088 | 1,005 | 1,158 | 1,218 | 1,380 | 3,456 |
Financials of Modis Navnirman Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 32 | 20 | 46 | 38 | 54 | 51 | 58 | 69 |
| Expenses + | 24 | 17 | 35 | 32 | 40 | 47 | 47 | 55 |
| Operating Profit | 8 | 3 | 10 | 6 | 15 | 5 | 11 | 14 |
| OPM % | 24% | 16% | 22% | 15% | 27% | 9% | 19% | 21% |
| Other Income + | 0 | 1 | 0 | 0 | 0 | 3 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 1 |
| Depreciation | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 8 | 2 | 10 | 6 | 14 | 6 | 12 | 13 |
| Tax % | 11% | 24% | 33% | 11% | 12% | 25% | 25% | 21% |
| Net Profit + | 7 | 2 | 7 | 5 | 13 | 4 | 9 | 10 |
| EPS in Rs | 3.58 | 0.77 | 3.47 | 2.65 | 6.52 | 2.27 | 4.39 | 5.33 |
Financials of Modis Navnirman Ltd
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 3 | 22 | 0 | 0 | 21 | 103 | 189 | 234 |
| Expenses + | 2 | 20 | 0 | 2 | 20 | 76 | 154 | 188 |
| Operating Profit | 0 | 2 | 0 | -2 | 0 | 27 | 35 | 45 |
| OPM % | 18% | 10% | 100% | -7% | 2.2% | 26% | 19% | 19% |
| Other Income + | 0 | 0 | 0 | 2 | 2 | 2 | 3 | 4 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | 0 | 2 | 0 | 0 | 3 | 27 | 36 | 45 |
| Tax % | 27% | 28% | 31% | -11% | 11% | 16% | 20% | |
| Net Profit + | 0 | 1 | 0 | 0 | 3 | 23 | 29 | 36 |
| EPS in Rs | 0.08 | 0.05 | 1.35 | 11.80 | 14.91 | 18.51 | ||
| Dividend Payout % | 0% | 0% | 0% | 1,880% | 0% | 0% | 0% |
Financials of Modis Navnirman Ltd
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 3 | 17 | 19 | 20 | 20 | 20 |
| Reserves | 0 | 0 | 0 | 9 | 56 | 108 | 137 | 156 |
| Borrowings + | 9 | 2 | 1 | 4 | 5 | 4 | 6 | 24 |
| Other Liabilities + | 4 | 7 | 3 | 2 | 15 | 150 | 142 | 248 |
| Total Liabilities | 13 | 10 | 7 | 32 | 96 | 282 | 305 | 448 |
| Fixed Assets + | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 11 | 3 | 1 | 0 |
| Other Assets + | 13 | 10 | 7 | 32 | 85 | 278 | 303 | 447 |
| Total Assets | 13 | 10 | 7 | 32 | 96 | 282 | 305 | 448 |
Financials of Modis Navnirman Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -3 | 8 | -4 | -10 | -33 | -20 | -2 |
| Cash from Investing Activity + | 0 | 0 | -0 | -0 | -10 | -3 | 2 |
| Cash from Financing Activity + | 4 | -8 | 4 | 30 | 48 | 4 | 2 |
| Net Cash Flow | 0 | -0 | 0 | 19 | 4 | -19 | 2 |
| Free Cash Flow | -3 | 8 | -4 | -10 | -33 | -20 | -2 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -664% | 403% | -2,977% | 631% | -7,146% | -59% | 8% |
Financials of Modis Navnirman Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 6 | 6 | 842 | 13 | 5 | 17 | |
| Inventory Days | 555 | 1,134 | |||||
| Days Payable | 66 | 87 | |||||
| Cash Conversion Cycle | 6 | 496 | 842 | 1,060 | 5 | 17 | |
| Working Capital Days | 1,266 | 19 | -4,436 | 783 | 428 | 293 | |
| ROCE % | 37% | 1% | 5% | 26% | 26% |
Guidance history
How Modis Navnirman Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 20–40% | Flat | Planned | None planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | None planned | Rising |
| Q3 FY26 call → | 10–20% | Flat | None planned | None planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
66 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +26.9% | 78% |
| Last 6 months | −0.7% | 54% |
| Last 3 months | −0.2% | 67% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Modis Navnirman Ltd: 0.4 × 78 + 0.4 × 54 + 0.2 × 67 = 66.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Modis Navnirman Ltd's management said in earlier quarters
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