Modis Navnirman Ltd company name delivered robust financial performance in the first quarter of FY27, reporting a 25.81% year-on-year surge in profit after tax (PAT) to ₹8.54 crore. The Mumbai-based real estate developer saw revenue from operations climb 27.92% to ₹58.26 crore, driven by significant growth in area sold and disciplined execution across its redevelopment portfolio. This result underscores the strength of the company’s business model as it expands its project pipeline in a competitive market.

The results were filed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The unaudited consolidated financial statements reflect steady progress on ongoing projects and the addition of new assets to the pipeline, enhancing future revenue visibility.

Financial Highlights

Revenue grew sequentially by 13.15% over Q4 FY26, while EBITDA expanded sharply by 54.13% quarter-on-quarter to ₹11.65 crore. Although EBITDA margin contracted slightly year-on-year from 22.33% to 19.83%, it improved significantly from 13.93% in the preceding quarter. PAT margin also recovered to 14.54% from 8.20% in Q4 FY26.

Operational Progress and Pipeline Expansion

Operational momentum accelerated with area sold surging 780% year-on-year to 44,000 sq. ft. in Q1 FY27. Construction advanced steadily across six ongoing projects: Rashmi Square reached the 22nd slab, Rashmi Signature the 20th slab, Rashmi Delight the 14th slab, and Rashmi Manorath the 13th slab. Rashmi Icon and Rashmi Avenue remain at the plinth stage.

The company secured a new redevelopment project during the quarter, bringing its upcoming pipeline to five projects totaling 10.50 lakh sq. ft. This complements its existing portfolio of six ongoing projects (12.11 lakh sq. ft.) and 14 completed projects (7.22 lakh sq. ft.), creating a total pipeline of 25 premium residential projects across Mumbai and adjoining regions.

What the Numbers Show

The divergence between revenue growth (27.9%) and EBITDA growth (14.3%) year-on-year indicates a temporary compression in operating margins, likely due to initial costs associated with new project acquisitions or construction phases. However, the sequential recovery in both EBITDA and PAT margins suggests that operational efficiencies are stabilizing. The massive 780% jump in area sold points to successful marketing execution, which should translate into sustained revenue recognition in subsequent quarters as these units are handed over or payments are realized.

Mahek Dinesh Modi, Whole Time Director & CFO, attributed the performance to disciplined execution and the strength of the redevelopment-led model. He emphasized that the strengthened pipeline provides enhanced revenue visibility, positioning the company for sustained value creation.

modi's navnirman reported a 27% year-on-year increase in standalone net profit to ₹861.14 lakh for the quarter ended June 30, 2026, driven by higher revenue from operations and improved operational efficiency. Revenue from operations rose 28% to ₹5,825.89 lakh, compared to ₹4,554.20 lakh in Q1FY25, while EBITDA grew to ₹1,168.17 lakh from ₹1,019.75 lakh in the same period last year.

The Board of Directors approved the unaudited standalone and consolidated financial results on August 7, 2026, pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and subsequently approved by the Board. Statutory auditors D G M S & Co. issued an unmodified limited review report on the financial statements.

Financial Performance Highlights

The company’s financial performance reflects strong growth in core operations, with revenue expansion outpacing cost increases. Other income declined significantly to ₹49.39 lakh from ₹279.18 lakh in the previous quarter, but this was offset by lower finance costs and stable employee benefit expenses.

Consolidated net profit stood at ₹858.07 lakh, compared to ₹679.09 lakh in Q1FY25. Consolidated revenue from operations remained at ₹5,825.89 lakh, with consolidated EBITDA at ₹1,165.10 lakh. The subsidiary, Modi's Navnirman Foundation, contributed negligible revenue of ₹0.04 lakh during the quarter.

Key Developments

The company migrated from the SME Platform to the Main Board of the Stock Exchange effective November 14, 2025, following shareholder approval. It has adopted Indian Accounting Standards (Ind AS) with effect from April 1, 2025, with comparative figures restated under Ind AS 101. The Ministry of Corporate Affairs approved the Scheme of Merger/Amalgamation on October 16, 2025, effective from April 1, 2025.

What the Numbers Show

The divergence between revenue growth (28%) and expense growth (33%) indicates pressure on operating margins, though EBITDA growth at 15% suggests some cost control measures are taking effect. The sharp decline in other income from ₹279.18 lakh in Q4FY26 to ₹49.39 lakh in Q1FY26 highlights that the profit growth is primarily driven by core operations rather than non-operating income, signaling sustainable earnings quality.