Modis Navnirman Ltd

- 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.

- 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.

- 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.

- 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.

- 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.