Modis Navnirman Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Modis Navnirman Ltd filed with BSE on 21 May 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 FY26 revenue growth of nearly 84% year-on-year to INR189 crores, with EBITDA up 35% to INR38.46 crores and profit after tax up 26% to INR29.14 crores. Management attributed the growth to strong execution and sales momentum across projects including Rashmi Square, Signature, Delight, Manorath, Celestia and Vasudev, and noted margin moderation due to project mix and rising construction costs. The company also discussed handover of two completed projects, new project acquisitions, and its continued debt-free capital structure.
Numbers mentioned
Revenue from operations: INR189 crores (FY26)
p. 3
“Our revenue from operations grew significantly by nearly 84% year-on-year to INR189 crores in FY26 compared to INR102 in”
Mahek Modi, page 3 of the filed PDF · View the filing
EBITDA: INR38.46 crores (FY26)
p. 4
“Our EBITDA has increased by 35% year-on-year to INR38.46 crores compared to INR28.47 crotes in FY25.”
Mahek Modi, page 4 of the filed PDF · View the filing
Profit after tax: INR29.14 crores (FY26)
p. 4
“Our profit after tax rose by 26% to INR29. 14 crores versus INR23.11 crores in the previous year.”
Mahek Modi, page 4 of the filed PDF · View the filing
Earnings per share: INR14.89 (FY26)
p. 4
“Our caming per share has improved to INR14.89 reflecting stronger carnings generation.”
Mahek Modi, page 4 of the filed PDF · View the filing
Total project portfolio: 7.5 lakh square feet, 4.92 lakh booked, 2.40 lakh available (FY26)
p. 4
“Our total project portfolio consists of 7.5 lakh square feet, out of which 4.92 is booked and 2.40 lakh available inventory.”
Mahek Modi, page 4 of the filed PDF · View the filing
Rashmi Square booking: nearly 69% (FY26)
p. 4
“Rashmi Square has achieved nearly 69% booking and Rashmi Signature has approximately reached 50% booking.”
Mahek Modi, page 4 of the filed PDF · View the filing
Q4 revenue: INR51.49 crore (Q4 FY26)
p. 8
“My first question is in Q4 the revenue came at INRS1.49 crore, that was 158% year-on-year growth.”
Myra Mital, page 8 of the filed PDF · View the filing
Average selling price (blended, FY26): 25,000 to 27,000 (FY26)
p. 6
“‘We were achieving around 25,000 to 27,000.”
Mahek Modi, page 6 of the filed PDF · View the filing
Total capital employed: upwards around INR80, INR90 crores (as on 31st March)
p. 12
“Tl have to see the numbers, but it will be upwards around INR80, INR90 crores.”
Mahek Modi, page 12 of the filed PDF · View the filing
Borrowings: around INR5 to INR6 crores
p. 10
“So, borrowings have remained low like around INRS to INR6 crores right now.”
Rohit Mehra, page 10 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.
Rashmi Square handover — delivery of the project · FY27
stated firmly by Mahek Modi
p. 4
“We will be delivering that project in FY27.”
Mahek Modi, page 4 of the filed PDF · View the filing
Rashmi Signature handover — handed over to the society · first quarter of FY27
stated firmly by Mahek Modi
p. 4
“So we arc targeting this project Rashmi Signature to be handed over to the society in the first quarter of <27, Rashmi Delight and Rashmi Manorath both are on the verge of half of completion,”
Mahek Modi, page 4 of the filed PDF · View the filing
Rashmi Paradise execution start — start execution · second quarter of this financial year
stated firmly by Mahek Modi
p. 5
“Rashmi Paradics in the quarter, in this quarter or the second quarter of this financial year we'll be starting exceution.”
Mahek Modi, page 5 of the filed PDF · View the filing
Average selling price — 27,000, 28,000 · next four to five, six months
stated conditionally by Mahek Modi
p. 6
“So we are targeting to take it on a higher scale to 27,000, 28,000.”
Mahek Modi, page 6 of the filed PDF · View the filing
EBITDA margins — same EBITDA margins as prior year · this year
stated as an aspiration by Mahek Modi
p. 9
“So, what had happened is the money which were pumped in had more on the expense side rather than the income side. So that bad a little cffect on our EBITDA margins and we are in this year, this year we arc again try going to be on track or hoping to be on the same EBITDA margins which we had.”
Mahek Modi, page 9 of the filed PDF · View the filing
Margins recovery — previous levels · FY27
stated firmly by Mahek Modi
p. 7
“No, no, we'll bounce back to our previous levels.”
Mahek Modi, page 7 of the filed PDF · View the filing
Khar project sale rate — 45,000 to 50,000
stated as an aspiration by Mahek Modi
p. 12
“No, 1o, that I'm talking about my sale rate which we'll be targeting in that project. 45,000 to 50,000 will be our target range.”
Mahek Modi, page 12 of the filed PDF · View the filing
New land acquisition — none currently planned · FY27
stated conditionally by Mahek Modi
p. 11
“Yes, as of now new land there arc nothing in pipeline for this year o we have not thought anything. If we get a good opportunity of agood land or anything we might take over it.”
Mahek Modi, page 11 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 only two projects, Rashmi Square and Signature, are seeing minor cost hits from raw material inflation, with other projects unaffected.
Answered by Mahek Modi
Asked by Urmish Shah: How much did raw material price inflation impact realizations and how much was passed through?
p. 6
“See, in terms of the raw material cost, we are just minorly suffering on Rashmi Square project and Rashmi Signature.”
Mahek Modi, page 6 of the filed PDF · View the filing
Management said margins will bounce back to previous levels.
Answered by Mahek Modi
Asked by Urmish Shah: Will margins for FY26/Q4 stabilize or bounce back in FY27?
p. 7
“No, no, we'll bounce back to our previous levels.”
Mahek Modi, page 7 of the filed PDF · View the filing
Management attributed it to project completions (Rashmi Vasudeo and Rashmi Celestia) and post-merger consolidation effects.
Answered by Mahek Modi
Asked by Myra Mital: What drove the 158% YoY Q4 revenue growth?
p. 8
“Iwill tell you two major factors were the project completion. Rashmi Vasudeo was completed and handed over.”
Mahek Modi, page 8 of the filed PDF · View the filing
Management confirmed minor cost hits limited to two projects at a certain completion stage.
Answered by Mahek Modi
Asked by Myra Mital: Raw material expenses surged 184% — is this cost volatility or input cost pressure?
p. 9
“So, what has happened is only Rashmi Square and Rashmi Signature I'm taking minor-minor hits on the cost of materials.”
Mahek Modi, page 9 of the filed PDF · View the filing
Management said margins were impacted by rising construction costs and initial-stage expenses on two newly started projects, and expects to return to prior margin levels.
Answered by Mahek Modi
Asked by Mahesh Kumar: Why did EBITDA and PAT margins decline despite 84% revenue growth, and what margin profile should investors expect?
p. 9
“EBITDA margins were impacted litfle on the construction the materials and which had happened.”
Mahek Modi, page 9 of the filed PDF · View the filing
Management said no, citing strong internal fund generation from high-margin projects.
Answered by Mahek Modi
Asked by Rohit Mehra: Is structured debt needed for Rashmi Icon or Avenue given the combined scale?
p. 10
“No, 1o, no. Our capital allocation is very good because Il tell you one thing we don't our execution is very strong.”
Mahek Modi, page 10 of the filed PDF · View the filing
Management said FY25 figures were reinstated under Ind AS and the old and new results are on par.
Answered by Mahek Modi
Asked by Shrawan Modi: Did adoption of Ind AS cause material restatements affecting reported growth?
p. 11
“So, if you'll sce the old result and new result are on par with Ind AS, Indian Accounting Standards.”
Mahek Modi, page 11 of the filed PDF · View the filing
Management indicated a target sale rate range for the Khar project.
Answered by Mahek Modi
Asked by Manish Shah: What pricing is being targeted for the Khar project bid?
p. 12
“Yes, Khar will be around 45,000, 50,000.”
Mahek Modi, page 12 of the filed PDF · View the filing
Management said the board has prioritized reinvestment into projects over dividends given the current environment.
Answered by Mahek Modi
Asked by Manish Shah: Is there any dividend policy given improved profits?
p. 12
“In the dividend scctor we were as the board were of the opinion that we should be focusing more on the projects, then little bit we'll be seeing on the dividend side.”
Mahek Modi, page 12 of the filed PDF · View the filing
Risks flagged
Raw material price inflation affecting two ongoing projects
p. 6
“Those two projects are at the stage where the raw material prices which have increased and everything, we are taking a it hit on that two projects.”
Mahek Modi, page 6 of the filed PDF · View the filing
Rising construction costs pressuring EBITDA margins
p. 9
“EBITDA margins were impacted litfle on the construction the materials and which had happened.”
Mahek Modi, page 9 of the filed PDF · View the filing
Initial-stage costs on newly started projects weighing on margins before revenue conversion
p. 9
“So those two projects with which we'll be sceing traction and conversion later because we received CC and everything post in the month of end of March.”
Mahek Modi, page 9 of the filed PDF · View the filing
Difficulty finding good, clear-title land for township expansion
p. 10
“Yes, so townships we arc looking we have in mind township, but we are not getting good opportunity or a good land, clear title lands, so we are not moving fast in that segment.”
Mahek Modi, page 10 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.