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Construction cost volatility
View Risks →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).
bullish
high
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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.
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GDV of new Borivali West mandate
₹250 Cr
N/A
New redevelopment project secured in Q3, strengthening western suburban presence.
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.
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Guidance and risk preview
Management expects Q4 FY26 revenue to maintain the 9M run rate, implying ~₹43 Cr in Q4.
Rising steel and copper prices could pressure margins if not managed through project selection.
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