Modis Navnirman · risk themes across the available quarters.
Bear-case history
Rashmi Square and Rashmi Signature are at construction stages requiring significant raw material procurement where costs have increased due to geopolitical factors. Management acknowledged taking 'minor hits' on these two projects, representing concentrated execution risk.
Analyst directly questioned low booking levels in Rashmi Manarat relative to inventory. Management admitted weaker traction and stated they are implementing corrective measures including hiring channel partners, indicating pent-up demand hasn't materialized as expected at this project.
Analyst raised supply-side concerns about increased developer activity in Borivali-Kandivali-Malad and Santa Cruz as buildings age. Management acknowledged that buyers have become 'choosy' with more options available, requiring amenities differentiation. This competitive pressure was not proactively raised by management.
Analyst directly questioned the absence of dividends given accumulated profits. Management deflected by stating the board's focus is on project reinvestment, with no clear dividend policy articulated. This suggests capital return uncertainty for investors.