Modis Navnirman Limited disclosed the transcript of its Q1 FY27 earnings conference call held on August 10, 2026, pursuant to Regulation 30 of SEBI LODR Regulations. The call was led by Mr. Mahek Modi, Whole-Time Director and Chief Financial Officer.

Financial Performance Q1 FY27

  • Revenue from operations grew 27.92% year-on-year to ₹58.26 crores compared to ₹45.54 crores in Q1 FY26, and grew 13.15% from Q4 FY26.
  • EBITDA grew 14.25% year-on-year to ₹11.65 crores from ₹10.20 crores in Q1 FY26, but decreased 54% from Q4 FY26.
  • Profit after tax grew 25.81% year-on-year to ₹8.54 crores compared to ₹6.79 crores in Q1 FY26, and rose 92.04% from Q4 FY26.
  • Basic EPS for the quarter stood at ₹4.36 compared to ₹3.47 in Q1 FY26.
  • Area sold in Q1 FY27 was approximately 44,000 square feet.
  • EBITDA margin compressed to 19.8% from 22.3% in the previous year, primarily due to war-related cost pressures on construction materials and labor in April-May 2026.

Operational and Business Update

  • The company added one new project in Q1 FY27: Neel Kiran Society in Santacruz West, marking expansion beyond western suburbs into new areas of Mumbai.
  • Current portfolio includes 6 ongoing projects, 14 completed projects, and 5 upcoming projects across Mumbai and its region, totaling 25 premium residential projects.
  • Key micro-markets include Malad, Kandivali, Borivali, Dahisar, Goregaon, and now Khar.
  • The company follows an asset-light redevelopment model partnering with societies rather than acquiring land in open market.

Project Execution Update

  • Rashmi Square: Completed 22 slabs, approximately 80% sold
  • Rashmi Signature: Completed 20th slab, approximately 50-65% sold
  • Rashmi Delight: Completed 14th slab, approximately 40% sold
  • Rashmi Manorath: Completed 13th slab, approximately 20-25% sold
  • Rashmi Icon and Rashmi Avenue: Progressing at plinth stage, sales just started

Future Outlook and Guidance

  • Management expects to add 2-3 new projects in FY27, currently in advanced stages of evaluation.
  • Upcoming pipeline includes Rashmi Paradise (Q2 start), Rashmi Gold and Sheetal (Q3 start), Khar project (Q4 start).
  • Rashmi Govind Dalvi project is on hold due to government stay order on the entire 500-meter area.
  • Total GDV of upcoming projects is approximately ₹800 crores.
  • Management expects sustainable margins of 20-30% on projects, with normalization expected after Q1 cost pressures.

Demand and Market Conditions

  • Management maintains positive demand outlook for Mumbai redevelopment market, noting that demand has never gone down in Bombay.
  • Supply has increased due to government clarity on MHADA and SRA lands, but demand remains strong.
  • Pricing remains stable with no significant volatility, dependent on micro-market and project specifics.
  • No current operational challenges regarding labor availability or costs.

Accounting and Financial Policies

  • Revenue recognition follows Ind AS percentage completion method.
  • The company has 6 ongoing projects, 5 in pipeline, and 14 completed projects.

Capital Structure and Strategy

  • Management has not established specific leverage ceilings, as each project has different economics.
  • Working capital requirements vary by project, with no predetermined capital employed per project.
  • Focus remains on disciplined execution, financial prudence, and gradual expansion within Mumbai.

Brand and Customer Strategy

  • Primary focus on timely project delivery rather than brand visibility.
  • Utilizing word-of-mouth marketing through satisfied customers.
  • Increasing digital presence, channel partner meets, broker meets, and sales lounges for brand positioning.