MODIS Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹51.49 Cr
verified against source
Revenue YoY
84%
reported change
EBITDA
₹38.46 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Modis Navnirman delivered a landmark FY26 with 84% revenue growth to Rs 188.89 crore and 35% EBITDA growth to Rs 38.46 crore, driven by strong execution on projects including Rashmi Vasuv OC and Rashmi Celestia completion. PAT rose 26% to Rs 29.14 crore. Q4 standalone revenue of Rs 51.49 crore represented 158% YoY growth. However, EBITDA margins compressed approximately 754 bps YoY to ~20.4% due to raw material cost inflation impacting Rashmi Square and Rashmi Signature, along with initial construction costs for newly launched Rashmi Icon and Rashmi Avenue. Management characterizes this margin pressure as temporary, expecting stabilization in FY27 as these projects progress. The company maintains its debt-free, asset-light model with 7.5 lakh sq ft portfolio (4.92 lakh booked, 2.43 lakh available inventory). New project pipeline includes Rashmi Sheetal, Rashmi Gold, and upcoming projects in Khar targeting Rs 45,000-50,000 per sq ft pricing. Risks include raw material cost volatility, slower sales traction in early-stage projects, and intensifying competition in Mumbai's redevelopment market.
Colored figures show movement against the previous available record.
Guidance to track
- Management explicitly stated margins will bounce back to previous levels in FY27 as Rashmi Square and Rashmi Signature approach completion and new projects ramp up.
- Rashmi Square targeted for delivery in FY27; Rashmi Signature targeted for society handover in Q1 FY27 with both towers completing construction.
- Management indicated Q1 FY27 will show healthy results as December-January conversions from sample flat launches at Rashmi Signature and improved footfall traction will reflect in the quarter.
- Management targets Rashmi Signature bookings to reach approximately 75% by Q2-Q3 FY27 from current 50-57% following sample flat launches and improved conversion rates.
Risks flagged
- 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.
Key quotes
- This margin compression is temporary and our long-term margin profile remains healthy. Our most importantly our profitability growth continues to be backed by actual project execution and sales conversion not financial engineering.
- The war situation has made Indian scenarios a lot better for investment purposes because people have been more and more conservative and looking for India as a better opportunity to invest.
- We are still debt-free despite rapid growth. We continue to maintain our debt-free model. We operate on a low leverage model, high healthy operating cash flows which we have seen in our projects.
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