Modis Navnirman Ltd

Financial Performance

• Revenue from operations for Q1 FY27 was INR 58.26 crores, up 27.92% YoY.
• EBITDA at INR 11.65 crores, up 14.25% YoY.
• PAT at INR 8.54 crores, up 25.81% YoY.
• Basic EPS for the quarter: INR 4.36.
• Area sold: about 44,000 square feet.

Operational Update & Pipeline

• Six ongoing, 14 completed, five upcoming projects; portfolio of 25 in Bombay region.
• Expanded to Necl Kiran Society in Santacruz West; broadening Mumbai footprint.
• Upcoming GDV around INR 800 crores; Rashmi Paradise starts this quarter; Rashmi Gold/Shectal in Q3; Khar in Q4.
• Inventory: Rashmi Square ~80% booked; Rashmi Signature ~63–70% booked; Rashmi Delight ~40%; Manorath ~20–25%.

Market Dynamics and Margin Outlook

• Demand remains in Mumbai redevelopment; supply increased due to MHADA/SRA; no issue.
• Healthy per-project margins targeted at 20–30%; Q1 EBITDA margin about 19.8%, down from 22.3% due to war; normalization expected.

Q&A Highlights

• FY27: 2–3 development-stage projects expected; exact number depends on tenders.
• Pricing trends stable; no significant volatility.
• Labor availability and costs are not an issue.
• Expansion across Mumbai; exploring Parle and Ghatkopar; none finalized.
• Revenue recognition follows Ind AS percentage completion method.
• Rashmi Square/Sig nature booking status: ~80% and ~63–70% booked respectively.
• Upcoming projects: Rashmi Paradise starts this quarter; Rashmi Gold/Shectal in Q3; Khar in Q4.
• Capital employed per project varies; no fixed leverage ceiling yet.

Outlook & Guidance

• Management is confident in the FY27 growth roadmap.
• Margins to normalize; on-time project completions remain a priority.

Meeting Details

• Date of conference call: August 10, 2026; exact time not disclosed.
• Type and mode: group earnings call; virtual audio conference.
• Event organizer: Modis Navnirman Limited.
• Key participants: company management team.
• Purpose: discuss unaudited standalone and consolidated results for Q1 FY 2026-27.
• Recording availability: audio recording accessible (link provided; no transcript specified).

Business Overview

• Premium residential real estate developer in Mumbai suburbs with asset-light, redevelopment-led model.
• Portfolio spans 25 premium projects; 7.22 lakh sq ft delivered, 12.11 lakh sq ft under construction, 10.50 lakh sq ft upcoming.
• Focus on MHADA and SRA redevelopment; reinvestment in premium housing and recurring income assets.
• Strong cash flows, improving margins, low leverage, disciplined financial management.

Operational Highlights

• Q1 FY27 revenue from operations rose 27.9% to ₹58.26 crore; EBITDA ₹11.65 crore; PAT ₹8.54 crore.
• Construction progressed across Rashmi Square, Rashmi Signature, Rashmi Delight, Rashmi Manorath, Rashmi Icon, Rashmi Avenue.
• Rashmi Square/Signature/Delight slabs completed; Rashmi Icon and Rashmi Avenue at plinth stage.
• Secured another redevelopment project in Q1, expanding redevelopment pipeline to five projects.

Financial Performance

• Revenue from operations ₹58.26 crore; total income ₹58.75 crore; YoY growth 27.9%.
• Cost of projects ₹44.92 crore; total expenditure ₹47.10 crore; gross profit ₹13.88 crore.
• Gross margin 23.62%; EBITDA ₹11.65 crore; EBITDA margin 19.83%.
• PAT ₹8.54 crore; PAT margin 14.54%; basic EPS ₹4.36.

Capital Structure & Liquidity

• Asset-light, scalable model supports low leverage and disciplined financial management.

Strategic Priorities & Outlook

• Accelerate project execution; selectively expand redevelopment portfolio; maintain financial discipline; deliver sustainable value.
• Strengthen position in mid-income housing; leverage MHADA/SRA redevelopment.
• Pursue large-scale high-rise and mixed-use projects; align with RERA, PMAY, and redevelopment push.

Risks & Mitigation

• Foreign FDI pullback; luxury concentration; office supply overhang; regulatory patchwork; global trade headwinds.
• Redevelopment-led, asset-light model provides resilience against these risks.

Governance & Leadership

• Chairman & MD: Dinesh Modi; Company Secretary: Nishi Modi.

Financial Highlights

• Revenue from operations: ₹58.26 crore, up 27.9% YoY.
• EBITDA: ₹11.65 crore, up 14.25% YoY; margin 19.83%.
• PBT: ₹11.52 crore, up 13.10% YoY.
• PAT: ₹8.54 crore, up 25.81% YoY; Basic EPS ₹4.36.
• PAT margin: 14.54%.
• Area sold: 44,000 sq ft, up 780% YoY.

Development & Pipeline

• New redevelopment project secured; pipeline now 5 projects totaling 10.50 lakh sq ft.
• Ongoing projects advanced: Rashmi Square (22nd slab) and Rashmi Signature (20th slab).
• Rashmi Delight (14th slab), Rashmi Manorath (13th slab); Rashmi Icon & Rashmi Avenue at plinth stage.
• Total portfolio: 25 premium residential projects across Mumbai and adjoining regions.

Outlook & Management Commentary

• Focus on accelerating project execution and selective redevelopment expansion.
• Maintain financial discipline and deliver sustainable value to stakeholders.

Standalone results

• Revenue from operations 5,825.89 lakhs; total income 5,875.28 lakhs.
• EBITDA 1,168.17; PBT 1,155.43; tax 294.29; PAT 861.14.
• EPS basic 4.38, diluted 4.38.

Consolidated results

• Consolidated revenue 5,825.89 lakhs; total income 5,875.32 lakhs.
• EBITDA 1,165.10; PBT 1,152.36; tax 294.29; PAT 858.07.
• EPS basic 4.36, diluted 4.36.

Corporate actions & accounting changes

• Merger approval by MCA on 16 Oct 2025; effective 1 Apr 2025.
• Migration from SME Platform to Main Board on 14 Nov 2025.
• Consolidated results include Modi's Navnirman Foundation; incorporated 20 Jan 2026.
• Ind AS adoption from Apr 1, 2025; prior periods restated.
• Single segment: Real Estate - Construction & Redevelopment; no segment info required.

Other notes

• Results reviewed by Audit Committee; unmodified limited review report.
• Trading window closed 48 hours after results declaration.

Meeting Details

• Date and time: Monday, 10 August 2026, 1:30 PM IST
• Mode and type: Virtual earnings conference call
• Organizer: Modis Navnirman Limited
• Key participant: Whole-Time Director & CFO
• Purpose: Discuss Q1 FY 2026-27 operational and financial performance
• Availability: Invite enclosed; information on company website

SDD/PIT compliance status

• PIT Regulations 2015 compliance confirmed; Structured Digital Database (SDD) is in place.
• Access controls exist; only authorized personnel can access the SDD.
• All UPSI from the previous quarter captured in the database.
• System records capture UPSI nature along with date and time.
• Audit trail maintained; database non-tamperable with 8-year retention.
• Three events were captured for the quarter; no non-compliances observed.

Dematerialisation/rematerialisation status

• RTA confirmed Regulation 74(5) compliance for the period.
• Not applicable; entire holding in demat form, and no rematerialisation requests were received.

AGM details

• AGM on Aug 5, 2026 at 11:00 AM IST (physical at Kandivali, Mumbai).
• Remote e-voting available; record date July 29, 2026; voting window Aug 1–4, 2026.

Ordinary business resolutions

• Adopt standalone financial statements for year ended March 31, 2026.
• Adopt consolidated financial statements for year ended March 31, 2026.
• Re-appointment of Mr. Dinesh Modi as director, retiring by rotation.