Modis Navnirman FY26 Revenue Surges 84% to Record High with Strong Profitability
Modis Navnirman delivered record FY26 consolidated revenue of ₹189.31 crore (+84% YoY) and PAT of ₹29.14 crore (+26% YoY), with Q4 FY26 revenue surging 158% YoY to ₹51.49 crore. The company handed over two projects, acquired two new redevelopment projects, and completed its merger with Shree Modis Navnirman Private Limited effective April 1, 2025, while also migrating to the Main Board and adopting Ind AS for the first time.
*this image is generated using AI for illustrative purposes only.
Modi's Navnirman has announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The Board of Directors approved the results during a meeting held on May 15, 2026. The company reported a significant increase in revenue and profitability for the fiscal year, driven by its real estate and redevelopment operations. The statutory auditors, D G M S & Co. (Chartered Accountants), have expressed an unmodified opinion on both the standalone and consolidated financial results. Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the extract of the audited standalone and consolidated financial results was published in The Free Press Journal and Navshakti on May 17, 2026.
Consolidated Financial Performance
For the year ended March 31, 2026, Modis Navnirman reported its highest-ever annual revenue from operations of ₹189.31 crore, reflecting 84% growth on a year-on-year basis. Consolidated EBITDA for the full year grew 35% YoY to ₹38.46 crore, while Profit After Tax (PAT) rose 26% YoY to ₹29.14 crore. Basic and diluted earnings per share (EPS) for the year stood at ₹14.89, compared to ₹11.80 in the corresponding previous period.
In the quarter ended March 31, 2026, consolidated revenue from operations surged 158% year-on-year to ₹51.49 crore, compared to ₹19.94 crore in the same quarter of the previous year. Consolidated net profit for the quarter rose 193% to ₹4.41 crore from ₹1.51 crore. EBITDA for the quarter grew 93% to ₹7.56 crore compared to ₹3.92 crore in the same quarter of the previous year.
The following table summarizes the key consolidated financial figures (₹ in crore):
| Particulars: | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Revenue from Operations: | 51.49 | 19.94 | +158% | 189.31 | 102.91 | +84% |
| EBITDA: | 7.56 | 3.92 | +93% | 38.46 | 28.47 | +35% |
| PAT: | 4.41 | 1.51 | +193% | 29.14 | 23.11 | +26% |
| Basic EPS (₹): | 2.25 | 0.77 | — | 14.89 | 11.80 | — |
Standalone Financial Performance
On a standalone basis, Modis Navnirman reported revenue from operations of ₹189.31 crore for the year ended March 31, 2026, compared to ₹102.91 crore in the previous year. Standalone EBITDA for the full year stood at ₹38.50 crore, compared to ₹28.47 crore in the previous year. Standalone PAT for the year was ₹29.22 crore, against ₹23.11 crore in the previous year. Basic and diluted EPS on a standalone basis for the year improved to ₹14.91 from ₹11.80 in the corresponding previous period.
For the quarter ended March 31, 2026, standalone revenue from operations was ₹51.49 crore, against ₹19.94 crore in the same quarter of the previous year. Standalone EBITDA for the quarter was ₹7.60 crore compared to ₹3.92 crore in the same quarter of the previous year. Standalone PAT for the quarter stood at ₹4.45 crore, compared to ₹1.51 crore in the same quarter of the previous year.
The following table summarizes the key standalone financial figures (₹ in lakhs):
| Particulars: | Q4 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|
| Revenue from Operations: | 5,149.01 | 1,993.92 | 18,931.35 | 10,290.62 |
| EBITDA: | 759.95 | 391.75 | 3,849.80 | 2,846.69 |
| Profit Before Tax: | 593.57 | 197.45 | 3,644.19 | 2,735.27 |
| PAT: | 444.64 | 151.39 | 2,921.90 | 2,311.05 |
| Basic EPS (₹): | 2.27 | 0.77 | 14.91 | 11.80 |
Balance Sheet Highlights
As at March 31, 2026, the consolidated balance sheet reflects a strong equity base and a near-debt-free position. Total consolidated assets stood at ₹30,493.61 lakhs, compared to ₹28,216.57 lakhs as at March 31, 2025. Total equity increased to ₹15,666.09 lakhs from ₹12,752.61 lakhs in the previous year, supported by equity share capital of ₹1,959.12 lakhs and other equity of ₹13,706.97 lakhs. Current borrowings remained minimal at ₹561.68 lakhs, underscoring the company's near-debt-free balance sheet.
The following table presents the key consolidated balance sheet metrics (₹ in lakhs):
| Particulars: | As at 31 March 2026 | As at 31 March 2025 |
|---|---|---|
| Total Assets: | 30,493.61 | 28,216.57 |
| Total Equity: | 15,666.09 | 12,752.61 |
| Equity Share Capital: | 1,959.12 | 1,959.12 |
| Other Equity: | 13,706.97 | 10,793.49 |
| Current Borrowings: | 561.68 | 333.94 |
| Inventories: | 14,642.21 | 10,352.10 |
| Total Current Assets: | 30,066.13 | 27,612.89 |
| Total Current Liabilities: | 14,361.14 | 15,221.39 |
Cash Flow Summary
For the year ended March 31, 2026, the consolidated cash flow statement shows net cash used in operating activities of ₹233.38 lakhs, compared to ₹2,049.54 lakhs in the previous year, reflecting improved working capital management. Net cash from investing activities was ₹224.54 lakhs, while net cash from financing activities was ₹169.69 lakhs. Cash and cash equivalents at the end of the year stood at ₹491.48 lakhs, compared to ₹330.63 lakhs at the beginning of the year.
Operational Highlights
The company successfully handed over two projects during the year — "Rashmi Vasudeo" (90 units) in H1 and "Rashmi Celestia" (81 units) in H2. During FY26, the company acquired two new redevelopment projects: Rashmi Sheetal in Borivali West and Rashmi Gold in Kandivali West. Area sold grew 23% year-on-year to 53,000 sq. ft. in FY26. The company also incorporated a wholly owned subsidiary, Modi's Navnirman Foundation, under Section 8 of the Companies Act, 2013, on January 20, 2026.
Corporate Developments
FY26 marked the company's first-time adoption of Indian Accounting Standards (Ind AS), reinforcing its commitment to enhanced financial reporting transparency and governance. Modis Navnirman migrated from the SME Platform to the Main Board of the Stock Exchange effective November 14, 2025. The Ministry of Corporate Affairs approved the Scheme of Merger/Amalgamation of Modis Navnirman Limited and Shree Modis Navnirman Private Limited on October 16, 2025, with the scheme effective from April 1, 2025. As a result, the current financial figures represent the merged (post-amalgamation) financial position of the company.
Historical Stock Returns for Modi's Navnirman
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.11% | -4.56% | +7.62% | -7.46% | -11.57% | -11.57% |
With inventories surging 41% to ₹14,642 lakhs and two new redevelopment projects acquired in FY26, how will Modis Navnirman manage project execution timelines and working capital requirements to sustain its revenue growth trajectory in FY27?
Following the migration to the Main Board in November 2025 and first-time Ind AS adoption, how might improved institutional investor visibility and enhanced disclosure standards impact the company's valuation multiples and access to capital markets going forward?
Given that EBITDA margins contracted from ~27.7% in FY25 to ~20.3% in FY26 despite record revenues, what cost pressures or project mix shifts are likely to influence profitability in upcoming quarters?
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