GDV of new Borivali West mandate
₹250 Cr
N/A
New redevelopment project secured in Q3, strengthening western suburban presence.
MODISNAVNIRMAN
Diversified
09 Feb 2026
Modi's Navnirman Ltd — Q3 FY26
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).
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
GDV of Rashmi Square
₹130 Cr
N/A
Ongoing project; ~₹45-50 Cr booked so far.
GDV of Rashmi Icon
₹190-200 Cr
N/A
Newly launched project; revenue recognition expected from H2 FY27.
Average sale price per sq ft
₹25,000-27,000
N/A
Management holds pricing discipline; no pre-sales discounts.
Management Guidance
FY26 full-year revenue target of ~₹180 Cr
Management expects Q4 FY26 revenue to maintain the 9M run rate, implying ~₹43 Cr in Q4.
Management guidance revenueFY27 revenue target of ₹200-230 Cr
Driven by completion of Rashmi Square and Celestia, and new launches like Rashmi Icon and Avenue.
Management guidance revenueEBITDA margin to sustain at 22-25%
Management expects margins to remain in this range due to debt-free status and timely project deliveries.
Management guidance marginsNo debt financing planned
Company will continue to fund projects through internal accruals and timely sales.
Management guidance capexKey Risks
Construction cost volatility
Rising steel and copper prices could pressure margins if not managed through project selection.
medium · analyst_questionCompetition in Mumbai redevelopment
High competition may lead to pricing pressure or slower acquisition of new mandates.
medium · analyst_questionRevenue recognition dependency on project completion
Shift to Ind AS ties revenue to completion percentage; any delays could defer revenue recognition.
low · data_observationNotable 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.
Frequently Asked Questions
What was Modi's Navnirman's revenue in Q3 FY26?
Modi's Navnirman reported revenue of ₹137 Cr in Q3 FY26, representing a +103% change compared to the same quarter last year.
What guidance did Modi's Navnirman management give for FY27?
FY26 full-year revenue target of ~₹180 Cr: Management expects Q4 FY26 revenue to maintain the 9M run rate, implying ~₹43 Cr in Q4. FY27 revenue target of ₹200-230 Cr: Driven by completion of Rashmi Square and Celestia, and new launches like Rashmi Icon and Avenue. EBITDA margin to sustain at 22-25%: Management expects margins to remain in this range due to debt-free status and timely project deliveries. No debt financing planned: Company will continue to fund projects through internal accruals and timely sales.
What are the key risks for Modi's Navnirman in FY27?
Key risks include Construction cost volatility — Rising steel and copper prices could pressure margins if not managed through project selection.; Competition in Mumbai redevelopment — High competition may lead to pricing pressure or slower acquisition of new mandates.; Revenue recognition dependency on project completion — Shift to Ind AS ties revenue to completion percentage; any delays could defer revenue recognition..
Did Modi's Navnirman meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Modi's Navnirman Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.