Modis Navnirman H1 Revenue Grows 53% to ₹127.6 Cr; Surges on Redevelopment Velocity

Key numbers

Net Profit H1	₹19.08 CrUp 172% YoY
Market Cap	₹733.2 CrSmall Cap
PE TTM	20.25Sector PE 33.54
Avg Realization	₹25,724Per sq. ft.

Key highlights

• H1 FY27 revenue from operations stood at ₹127.64 crore, a 53% increase over the previous year
• Net profit for the first half reached ₹19.08 crore, reflecting a 172% year-on-year surge
• Company sold 78,560 square feet in H1 FY27 with a total sales value of ₹202 crore
• EBITDA margins expanded to 20.96% in Q2 FY27 from 20% in the previous quarter
• Management maintains a debt-free status, funding all ongoing projects through internal accruals

Strong Sales Momentum and Revenue Visibility

Modis Navnirman demonstrated significant operating momentum in the first half of FY27, clocking sales of 78,560 square feet. This volume-led growth resulted in a sales value of ₹202 crore, with realizations improving to ₹25,724 per square foot. The company currently has total revenue visibility of ₹661 crore across its current project portfolio.

This includes ₹156 crore of revenue yet to be recognized from committed sales and an estimated ₹505 crore of potential value from unsold units. Revenue for the September quarter reached ₹69.38 crore, a 19.1% increase over the June quarter, indicating a steady ramp-up in project execution.

Project Execution Status in Mumbai Micro-Markets

• Rashmi Square (Borivali) has reached 80% completion with occupancy certificates expected in Q3 FY27
• Rashmi Signature (Malad) is 61% complete, having recorded sales of 89,500 sq ft in H1
• Ongoing projects currently cover 1.21 million square feet across six sites
• Upcoming project pipeline represents approximately 1.05 million square feet of development
• Rashmi Paradise (Malad) launch targeted for late October 2026 with realizations cited between ₹27,000 to ₹30,000 per sq ft

Strategic Focus on Asset-Light Redevelopment

Our approach remains rooted in redevelopment partnerships with housing societies and institutions rather than MHADA or SRA where it is a distressed strategy. This keeps us asset-light in our approach to manage land-related capital expenditure and directs our resources more towards construction and delivery of timely homes.

Financial Discipline and Institutional Interest

The company maintains a healthy financial profile with a debt-free balance sheet, a rare feat in the capital-intensive realty sector. EBITDA for H1 FY27 increased 63% to ₹26.19 crore, outpacing revenue growth and suggesting positive operating leverage. This efficiency is mirrored in institutional interest, as Foreign Institutional Investor (FII) holding increased by 2.77% during the quarter to 12.27%.

With a PEG ratio of 0.24 compared to the sector average of 2.09, the market data indicates that the company is achieving its profit growth at a valuation significantly lower than its peers.

What to watch next

• Occupancy Certificate (OC) and possession handover for Rashmi Square and Rashmi Signature projects targeted in Q3 FY27
• Launch of Rashmi Paradise project scheduled for late October 2026
• Signing of development agreements for five upcoming projects including Rashmi Sheetal and Rashmi Royal post-Diwali 2026
• Targeted revenue contribution of approximately ₹200 crore from projects scheduled for completion in H2 FY27

“The third quarter of FY27 is also going strong, the festive season has picked up post-Navratri and everything, so we are going for a strong Q3 results as well.”

“Since the founder Dinesh C. Modi established Modis Navnirman in 2009, we have held on a simple belief: we don't build walls, we build homes.”

Modis Navnirman · financial snapshot

Share price	₹374.25
Market capitalisation	₹733.20 Cr
Revenue (annual)	₹189.31 Cr
Net profit (annual)	₹29.18 Cr
Revenue (latest quarter)	₹69.38 Cr+19.09% vs previous quarter
Net profit (latest quarter)	₹10.46 Cr+21.88% vs previous quarter
P/E (TTM)	20.25×Sector 33.54×
Promoter holding	63.79%0.00% QoQ
FII holding	12.27%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.