Any current/future new fundraising through debt or equity?

Modis Navnirman Limited is currently **debt-free** and does not plan to raise any debt for funding future projects. The company funds expansion primarily through **internal accruals** and **disciplined capital allocation**. There is **no current intention** to onboard institutional investors or raise equity capital. Management focuses on delivering results rather than increasing trading volume or seeking new equity investors. Financial discipline and maintaining a conservative capital structure are priorities to ensure stability and flexibility in elevated funding cost environments.

Any current/future capex/capital investment/strategic investment?

Modis Navnirman Limited maintains an asset-light redevelopment model with minimum upfront land acquisition costs, preserving margins. The company focuses on internally funded expansion through disciplined capital allocation and avoids debt. No plans to raise debt for future projects; funding is primarily through internal accruals. Project launches include Rashmi Icon and Rashmi Avenue, with Rashmi Paradise in approval stages targeting post-rainy season start. Rashmi Gold and Rashmi Sheetal projects expected for Q3/Q4 FY 2027. Emphasis on selective and disciplined acquisition of redevelopment m

Future growth expectations in sales/revenue/volumes?

Revenue from operations for the fourth quarter of FY26 is targeted around INR180 crores, up from INR138 crores in the first nine months. For FY27, revenue recognition is targeted between INR200 crores to INR230 crores. EBITDA margins are expected to remain strong, targeted around 22% to 25%, maintaining the current robust margin profile. Growth driven by completion and launch of projects like Rashmi Square, Rashmi Icon, and Rashmi Avenue, contributing to steady revenue recognition. New redevelopment projects in high-demand locations such as Borivali West with a GDV of approximately INR250 cror

Future growth expectations in earnings/operating earnings/profits/EPS?

Modis Navnirman Limited targets continued strong revenue growth, with FY '26 revenue expected around INR180 crores and FY '27 targeting INR200-230 crores. EBITDA margins are expected to stay strong, maintaining a range of 22% to 25%, supported by efficient project execution and debt-free status. PAT margin for the nine months of FY '26 was 17.9%, with profit growth exceeding 105% YoY, indicating robust earnings momentum. Management plans disciplined growth driven by internal accruals, avoiding debt to maintain financial stability and margin protection. New project launches (Rashmi Icon, Rashmi

Current/ Expected Orderbook/ Pending Orders?

The company’s ongoing and upcoming project portfolio (excluding completed ones) has a Gross Development Value (GDV) of over INR 1000 crores. Specific projects like Rashmi Sheetal and Rashmi Icon have GDVs of approximately INR 250 crores and INR 190-200 crores respectively. Rashmi Square has a GDV of around INR 130 crores and Manorath around INR 60 crores. The company does not follow pre-sales; thus, no revenue is booked before completion stages. Revenue recognition for new projects like Rashmi Icon and Rashmi Avenue is expected starting Q3 or Q4 of FY 2027 after 25% project cost is incurred. T

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Modis Navnirman LtdQ4 FY27Realty

Modis Navnirman Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹346P/E: 24.4Market Cap: ₹711 CrSector: Realty

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

N/A

Capex

0 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Revenue from operations for the fourth quarter of FY26 is targeted around INR180 crores, up from INR138 crores in the first nine months.
→For FY27, revenue recognition is targeted between INR200 crores to INR230 crores.
→EBITDA margins are expected to remain strong, targeted around 22% to 25%, maintaining the current robust margin profile.
→Growth driven by completion and launch of projects like Rashmi Square, Rashmi Icon, and Rashmi Avenue, contributing to steady revenue recognition.
→New redevelopment projects in high-demand locations such as Borivali West with a GDV of approximately INR250 crores will bolster growth.
→No plans to raise debt imply growth will be fueled by internal accruals and timely project completions.
→Focus remains on disciplined, calibrated growth emphasizing timely deliveries and financial prudence over volume-driven expansion.

Margin guidance

Category 3

→Modis Navnirman Limited targets continued strong revenue growth, with FY '26 revenue expected around INR180 crores and FY '27 targeting INR200-230 crores.
→EBITDA margins are expected to stay strong, maintaining a range of 22% to 25%, supported by efficient project execution and debt-free status.
→PAT margin for the nine months of FY '26 was 17.9%, with profit growth exceeding 105% YoY, indicating robust earnings momentum.
→Management plans disciplined growth driven by internal accruals, avoiding debt to maintain financial stability and margin protection.
→New project launches (Rashmi Icon, Rashmi Avenue) and ongoing projects (Rashmi Square, Rashmi Signature) are expected to contribute to steady revenue and profit recognition.
→Timely project completions and minimal pre-sales ensure sustainable cash flows, supporting steady EPS growth.
→Overall, the company emphasizes consistent, calibrated earnings improvement driven by operational excellence and prudent capital management.

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Fundraise plans

→Modis Navnirman Limited is currently **debt-free** and does not plan to raise any debt for funding future projects.
→The company funds expansion primarily through **internal accruals** and **disciplined capital allocation**.
→There is **no current intention** to onboard institutional investors or raise equity capital.
→Management focuses on delivering results rather than increasing trading volume or seeking new equity investors.
→Financial discipline and maintaining a conservative capital structure are priorities to ensure stability and flexibility in elevated funding cost environments.

Order book

→The company’s ongoing and upcoming project portfolio (excluding completed ones) has a Gross Development Value (GDV) of over INR 1000 crores.
→Specific projects like Rashmi Sheetal and Rashmi Icon have GDVs of approximately INR 250 crores and INR 190-200 crores respectively.
→Rashmi Square has a GDV of around INR 130 crores and Manorath around INR 60 crores.
→The company does not follow pre-sales; thus, no revenue is booked before completion stages.
→Revenue recognition for new projects like Rashmi Icon and Rashmi Avenue is expected starting Q3 or Q4 of FY 2027 after 25% project cost is incurred.
→The company targets revenue booking of INR 180 crores for FY 2026 and around INR 200-230 crores for FY 2027 from these projects.
→Rashmi Paradise is in approval stages, expected to start post-monsoon, and Rashmi Gold & Sheetal expected launches in Q3/Q4 FY 2027.

Capex plans

→Modis Navnirman Limited maintains an asset-light redevelopment model with minimum upfront land acquisition costs, preserving margins.
→The company focuses on internally funded expansion through disciplined capital allocation and avoids debt.
→No plans to raise debt for future projects; funding is primarily through internal accruals.
→Project launches include Rashmi Icon and Rashmi Avenue, with Rashmi Paradise in approval stages targeting post-rainy season start.
→Rashmi Gold and Rashmi Sheetal projects expected for Q3/Q4 FY 2027.
→Emphasis on selective and disciplined acquisition of redevelopment mandates with clear execution visibility and margin sustainability.
→No specific mention of large capital or strategic investments outside ongoing and upcoming redevelopment projects.
→Focus remains on accelerating construction and delivery timelines across ongoing and future projects.

How does Modis Navnirman Ltd rank vs peers in Realty?

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1Modis Navnirman Ltd

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