Modis Navnirman LtdQ1 FY27
Modis Navnirman Ltd Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹377P/E: 27.7Market Cap: ₹807 CrSector: Realty
Management growth scorecard
Revenue
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Margin
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Fundraise
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Order
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Capex
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0 of 0 growth signals are positive — mixed outlook.
Full analysisRevenue guidance
- →Modis Navnirman expects continued demand growth in Mumbai's redevelopment market, especially in western suburbs like Kandivali, Borivali, Malad, Santacruz, Khar, Ghatkopar, and nearby regions.
- →The Gross Development Value (GDV) of upcoming projects is around INR 800 crores, with expected profit margins of 19%-20%.
- →The company plans to add 2-3 new redevelopment projects in FY27, with opportunities under tendering and pipeline stages.
- →Revenue growth drivers include launching new projects and completion of existing ones, such as Rashmi Celestia, Rashmi Square, and Rashmi Signature.
- →Despite cost pressures during wartime, margins are expected to normalize with stabilization in material and labor costs.
- →Management remains confident in a 20%-30% margin range for projects and anticipates scaling regionally while staying focused on affordability.
- →Sales area in Q1 FY27 was about 44,000 sq. ft., reflecting steady customer demand and project execution.
Margin guidance
- →Modis Navnirman Limited is confident about its growth roadmap for FY27 and beyond.
- →The company expects continued scaling of regional projects while maintaining affordability.
- →Revenue from operations grew 27.92% YoY in Q1 FY27, with EBITDA growing 14.25% YoY.
- →Profit after tax in Q1 FY27 grew 25.81% YoY; Basic EPS increased from INR 3.47 to INR 4.36.
- →New projects in pipeline have a Gross Development Value (GDV) of around INR 800 crores.
- →The company aims to maintain project margins of about 19%-20%, expecting stable profitability.
- →Margins faced minor pressure due to war-related material cost increases but are expected to normalize.
- →The company maintains healthy margin expectations of 20%-30% per project over 2-3 years.
- →Management plans disciplined execution and financial prudence to sustain growth and profitability.
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Fundraise plans
- There is no specific mention of any current or planned fundraising through debt or equity in the transcript.
- Management has not discussed any leverage ceiling or capital employed per project as they stated that every project has different economics and they have not yet planned capital structure changes.
- No explicit statement was made about raising new capital or issuing equity.
- The company continues to focus on asset-light redevelopment projects and financial prudence, prioritizing construction and completion over holding land.
In summary, based on the call transcript as of August 2026, Modis Navnirman Limited has not announced or indicated any intended fundraising through debt or equity in the near future.
Order book
- →Modis Navnirman Limited has approximately 12.11 lakh square feet under construction and an additional 10.5 lakh square feet in the upcoming pipeline.
- →The Gross Development Value (GDV) of the upcoming projects is around INR 800 crores.
- →The company maintains project margins around 19%-20%, with expected profitability aligned accordingly.
- →Four new projects are in the pipeline with a combined GDV upwards of INR 800 crores.
- →Project timelines for these upcoming projects include: Rashmi Paradise starting this quarter, Rashmi Gold and Shectal expected in Q3, Khar project in Q4, while the Rashmi Govind Dalvi project faces government-related delays.
- →The company is cautious in acquiring new projects, aiming to take on 2-3 redevelopment projects this year.
- →Due to varying project economics, the management has not fixed specific capital employed or leverage ceilings per project.
Capex plans
- →The company has not detailed any specific current or future capital expenditure plans or strategic investments as of now.
- →Capital employed per project varies due to differing project economics; no fixed capital planning has been finalized.
- →Modis Navnirman follows an asset-light redevelopment model, partnering with societies rather than buying land, which keeps land costs low and emphasizes investment in construction rather than land.
- →Expansion focus is on Mumbai and its suburbs, particularly the western suburbs and areas like Khar, Parle, and Ghatkopar; no major moves into other cities or parts of Maharashtra currently.
- →The company plans to continue acquiring redevelopment projects through tenders, expecting to add 2-3 projects in FY27, but exact numbers depend on tender selections.
- →Working capital needs and leverage ceilings are not pre-determined due to variable project economics and stages.
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