Modis Navnirman Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Modis Navnirman Ltd filed with BSE on 13 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Modis Navnirman reported Q1 FY27 revenue from operations of INR58.26 crores, up 27.92% year-on-year, with EBITDA of INR11.65 crores and profit after tax of INR8.54 crores. Management said EBITDA margin declined from 22.3% to nearly 19.8% due to cost pressures related to the war situation earlier in the quarter, which it said has since stabilized. The company added one new project during the quarter and discussed the status of its six ongoing, five upcoming and 14 completed projects across Mumbai.
Numbers mentioned
Revenue from operations: INR58.26 crores (Q1 FY27)
p. 3
“The revenue from operations grew 27.92% year-on-year to INR58.26 crores compared to what it was last year Q1 FY26, INR45.54 crores, and it has grown 13.15% from the Q4 of FY26.”
Mahek Modi, page 3 of the filed PDF · View the filing
EBITDA: INR11.65 crores (Q1 FY27)
p. 3
“EBITDA grew 14.25% year-on-year to INR11.65 crores from INR10.20 crores given in Q1 FY26, and 1ose 54% subsequently in Q4 FY26.”
Mahek Modi, page 3 of the filed PDF · View the filing
Profit after tax: INR8.54 crores (Q1 FY27)
p. 3
“The profit after tax grew 25.81% year-on-year to INR8.54 crores compared to INR6.79 crores which was given in Q1 FY26, and rose 92.04% in Q4 FY26.”
Mahek Modi, page 3 of the filed PDF · View the filing
Basic EPS: INR4.36 (Q1 FY27)
p. 3
“Basic EPS for the quarter stood INR4.36 against the Q1 FY26 of INR 3.47”
Mahek Modi, page 3 of the filed PDF · View the filing
Area sold: around 44,000 square feet (Q1 FY27)
p. 3
“One number I want to specifically mention is the area sold, which in Q1 FY27, we have sold around 44,000 square feet.”
Mahek Modi, page 3 of the filed PDF · View the filing
EBITDA margin: 19.8% (Q1 FY27)
p. 10
“So, our margins came from 22.3% to nearly 19.8%.”
Yash Parker, page 10 of the filed PDF · View the filing
GDV of upcoming projects: upwards of INR800 crores
p. 10
“See, if you sce the GDV of all the four projects, it is nearly upwards of INRS00 crores, which we'vealready given, it will be an upwards of INR800 crores.”
Mahek Modi, page 10 of the filed PDF · View the filing
Rashmi Square inventory sold: around 80%
p. 8
“See, Rashmi Square has been nearly sold off around 80%.”
Mahek Modi, page 8 of the filed PDF · View the filing
Rashmi Signature inventory sold: nearly 50%
p. 9
“Rashmi Signature has been nearly sold off 50%. Then goes Rashmi Delight, Rashmi Delight has nearly gone around 40%.”
Mahek Modi, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Number of new projects added in FY27 — FY27
stated conditionally by Mahek Modi
p. 4
“So, I can't promise on the number which we are undertaking, but, Yes, probably we arc in good positions in two to three development stages, wherein we are in the top three category.”
Mahek Modi, page 4 of the filed PDF · View the filing
Rashmi Signature and Rashmi Square handover — handing over with OC · third quarter
stated conditionally by Mahek Modi
p. 6
“In FY - in the third quarter, we'll be probably handing over with OC.”
Mahek Modi, page 6 of the filed PDF · View the filing
Project margins — 20% to 30%
stated as an aspiration by Mahek Modi
p. 10
“But a healthy margins of around 20% to 30% should be expected in every project.”
Mahek Modi, page 10 of the filed PDF · View the filing
Rashmi Paradise project start — this quarter
stated firmly by Mahek Modi
p. 10
“The Rashmi Paradise will be starting in this quarter.”
Mahek Modi, page 10 of the filed PDF · View the filing
Rashmi Gold and Sheetal project start — third quarter
stated conditionally by Mahek Modi
p. 10
“Rashmi Gold and Shectal probably in the third quarter, and the Khar in the fourth quarter and Govind Dalvi will be there are some government issues, govemment has put stay in the whole area of that section 500 meter.”
Mahek Modi, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said it cannot commit to a number given the tender-based redevelopment process but noted it is in strong positions on two to three development stages.
Answered by Mahek Modi
Asked by Rohit Mehra: How many new projects are expected to be added during FY27?
p. 4
“FY27, sce, in redevelopment there is no guarantee how much projects, when - because, sce, it is a tender process wherein we fill our tenders, then society takes their time to study, to select, do everything.”
Mahek Modi, page 4 of the filed PDF · View the filing
Management said pricing has remained stable and is dependent on micro-market and project specifics.
Answered by Mahek Modi
Asked by Rohit Mehra: Are there changes in pricing trends across key micro-markets?
p. 4
“No, there are no price ~ pricing trends have been similar to what it is. Pricing depends micro-market and project-specific.”
Mahek Modi, page 4 of the filed PDF · View the filing
Management said supply has increased somewhat due to government clarity on MHADA and SRA lands but does not see demand drying up.
Answered by Mahek Modi
Asked by Mahesh Kumar: How is demand shaping up given increased supply in the residential market?
p. 5
“Supply has boosted up a lttle bit because the government has made their positions clear on the MHADA land, SRA lands and everything, so supply has a bit increased. But Idon't see any issue in the demand.”
Mahek Modi, page 5 of the filed PDF · View the filing
Management attributed growth to new project launches and completion of Rashmi Celestia along with strong performance in Rashmi Signature and Rashmi Square nearing completion.
Answered by Mahek Modi
Asked by Mahesh Kumar: What drove the 28% revenue growth?
p. 5
“See, launching of new projects, then completion of projects. So, we completed Rashmi Celestia in the last quarter, so the inventory was ready to move in.”
Mahek Modi, page 5 of the filed PDF · View the filing
Management attributed the margin decline to war-related material cost increases and shortages, which it said have since stabilized.
Answered by Mahek Modi
Asked by Yash Parker: Why did EBITDA margin decline despite revenue growth, and where will margins normalize?
p. 10
“Because war situation happened, the cost of materials and everything increased. There were panic buying buys going in the market, people material shortages were there, labour shortages were there.”
Mahek Modi, page 10 of the filed PDF · View the filing
Management said margins are slightly below assumptions due to procurement costs during the war period but expects no major impact over the project timeline.
Answered by Mahek Modi
Asked by Yash Parker: Are Rashmi Square and Rashmi Signature margins tracking original underwriting assumptions?
p. 11
“Itis a litle below, because both the projects were nearly at a stage where the projects were on a completion higher side.”
Mahek Modi, page 11 of the filed PDF · View the filing
Management gave inventory booking percentages for both projects.
Answered by Mahek Modi
Asked by Juzer Haveliwala: What is the current booking status of Rashmi Square and Rashmi Signature?
p. 12
“Tn Rashmi Square, around 80% of the inventory has been booked, and Rashmi Signature probably 63%-70% of the inventory 65% will be has been booked.”
Mahek Modi, page 12 of the filed PDF · View the filing
Management said it currently sees no major challenges, noting earlier war-related disruptions have subsided.
Answered by Mahek Modi
Asked by Nimish Pandey: What key challenges or risks does management foresee as the business grows?
p. 7
“Ithink there are no challenges we are as of now facing. The war, thing which has now subsided, initially during the first quarter in April:May, there were few challenges, but now everything has subsided.”
Mahek Modi, page 7 of the filed PDF · View the filing
Risks flagged
War-related cost increases and material/labour shortages impacted margins in Q1
p. 10
“Because war situation happened, the cost of materials and everything increased. There were panic buying buys going in the market, people material shortages were there, labour shortages were there.”
Mahek Modi, page 10 of the filed PDF · View the filing
Government stay order affecting the Rashmi Govind Dalvi project area
p. 11
“Rashmi Govind Dalvi project is a little on hold.”
Mahek Modi, page 11 of the filed PDF · View the filing
Redevelopment project pipeline timing is uncertain due to the tender and society selection process
p. 4
“FY27, sce, in redevelopment there is no guarantee how much projects, when - because, sce, it is a tender process wherein we fill our tenders, then society takes their time to study, to select, do everything.”
Mahek Modi, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.