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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹54.43 Cr
verified against source
Revenue YoY
103%
reported change
EBITDA
₹30.89 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Modi's Navnirman delivered a stellar 9M FY26 with revenue of ₹137 Cr (+103% YoY), EBITDA of ₹30.89 Cr (+102% YoY), and PAT of ₹24.77 Cr (+105% YoY). The quarter was boosted by the completion of the Rashi Vasuv project (90 flats delivered) and a shift to Ind AS revenue recognition, which accelerated revenue booking. Management guided for FY26 full-year revenue of ~₹180 Cr and FY27 revenue of ₹200-230 Cr, with EBITDA margins sustaining at 22-25%. The company remains debt-free and secured a new redevelopment mandate in Borivali West (GDV ₹250 Cr). Key risks include potential construction cost volatility and competition in Mumbai's redevelopment market, though management expressed confidence in demand and pricing stability.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q4 FY26 revenue to maintain the 9M run rate, implying ~₹43 Cr in Q4.
- Driven by completion of Rashmi Square and Celestia, and new launches like Rashmi Icon and Avenue.
- Management expects margins to remain in this range due to debt-free status and timely project deliveries.
- Company will continue to fund projects through internal accruals and timely sales.
Risks flagged
- Rising steel and copper prices could pressure margins if not managed through project selection.
- High competition may lead to pricing pressure or slower acquisition of new mandates.
- Shift to Ind AS ties revenue to completion percentage; any delays could defer revenue recognition.
Key quotes
- We don't sell at initial discount levels... we hold on to the sale value.
- Our 9-month profit has already surpassed our full-year earnings of FY25.
- We just don't build walls, we create homes.
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