Modis Navnirman Limited has been appointed as the developer for the redevelopment of Neel Kiran Co-operative Housing Society Ltd., located in Khar West, Mumbai. The project is expected to contribute approximately ₹250 crore to the company's Gross Development Value (GDV) pipeline, strengthening its presence in the city's premium redevelopment segment. The appointment follows a selection process conducted by the society, where members chose Modis Navnirman Limited as their preferred partner.

Project Details

Neel Kiran CHSL is situated in a strategic location within Khar West, a residential market characterized by strong demand and established social infrastructure. The redevelopment aims to deliver modern residential infrastructure and enhanced amenities for existing members while creating long-term value. The project is subject to the execution of definitive documentation and receipt of requisite approvals from the society and relevant authorities.

Management Commentary

Mr. Dinesh Modi, Chairman & Managing Director of Modis Navnirman Limited, emphasized the partnership aspect of the initiative. He stated that the company's focus extends beyond construction to enhancing the quality of life for residents and unlocking the potential of urban land parcels. Modi expressed confidence that the development would reflect the aspirations of the society members and stand as a landmark addition to Khar West.

Strategic Impact

The mandate marks a significant milestone for Modis Navnirman Limited as it expands its footprint into one of Mumbai's most prestigious residential markets. The company continues to focus on responsible urban renewal and execution excellence across the western suburbs.

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. Management noted that while margins saw some moderation due to project mix, ongoing construction expenses associated with larger projects, and raw material cost inflation — particularly on Rashmi Square and Rashmi Signature — this impact is considered temporary.

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. The acceleration in Q4 was primarily driven by the completion and handover of Rashmi Vasudeo and the receipt of the Occupancy Certificate for Rashmi Celestia, which enabled conversion of a larger portion of sales. 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):

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):

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):

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, the latter also comprising more than 10,500 sq. ft. of commercial area including 23 commercial shops. As of FY26, Modis Navnirman has cumulatively delivered around 7.25 lakh sq. ft. and currently has 12.5 lakh sq. ft. under construction, with an additional 9 lakh sq. ft. in the pipeline across a total portfolio of 24 residential and commercial projects. Area sold grew 23% year-on-year to 53,000 sq. ft. in FY26.

During FY26, the company acquired two new redevelopment projects — Rashmi Sheetal in Borivali West and Rashmi Gold in Kandivali West. Two additional projects, Rashmi Icon (4,500 sq. meters plot) and Rashmi Avenu (4,900 sq. meters layout in Dahisar), were started in February and March respectively, bringing the total ongoing project count to six. The company also incorporated a wholly owned subsidiary, Modi's Navnirman Foundation, under Section 8 of the Companies Act, 2013, on January 20, 2026.

The following table presents the current project-wise booking status:

Out of the total project portfolio of 7.5 lakh sq. ft., 4.92 lakh sq. ft. is booked and 2.40 lakh sq. ft. remains as available inventory.

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. The company restated its FY25 financials in line with Ind AS policy, and management confirmed that the restated figures are on par with the previously reported numbers. 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.

Management Commentary

In an earnings conference call held on May 18, 2026, CFO Mahek Modi highlighted that the company remains debt-free despite rapid growth, with total capital employed across all projects estimated at upwards of ₹80–₹90 crore. The average selling price realization for FY26 was in the range of ₹25,000 to ₹27,000 per sq. ft. For projects nearing completion such as Rashmi Square, the company is targeting a higher realization of ₹27,000–₹28,000 per sq. ft. For the planned project in Khar, the targeted sale rate is ₹45,000–₹50,000 per sq. ft.

Management noted a reverse trend where non-resident Indians are increasingly investing in properties in India, which has supported sales traction. Margins are expected to bounce back to previous levels in FY27 as the impact of raw material cost inflation stabilizes. Raw material cost pressures are currently limited to Rashmi Square and Rashmi Signature, which are at an advanced stage of construction requiring higher-cost materials. For Rashmi Signature, where approximately 50% of carpet area is booked, management expressed confidence of reaching around 75% booking by the second and third quarter of FY27, aided by the creation of sample flats in Q3 and Q4 of FY26 which improved conversion rates.

On geographic expansion, the company is targeting projects in Khar and Dadar in the premium western and central Mumbai markets, and is among the top bidders for projects in Parla. Management also indicated aspirations for a township project outside Mumbai, subject to availability of clear-title land. On dividends, the Board has prioritized capital reinvestment into ongoing projects over dividend distribution at this stage. The company is targeting the delivery of Rashmi Square in FY27 and Rashmi Signature in the first quarter of FY27, with Rashmi Delight and Rashmi Manorath targeted for completion the following year. Two pipeline projects — Rashmi Paradies and Govind Dalvi Nagar — are under approval, with Rashmi Paradies execution expected to commence in the second quarter of FY27.