Modis Navnirman: Building Homes, Trust, and Strong Financials in 9M FY26

Modis Navnirman Limited has reported a period of significant growth and strategic advancement for the third quarter and nine months ended December 31, 2025 (9M FY26). The company, known for its asset-light redevelopment model, has delivered its strongest-ever nine-month results, showcasing robust financial performance and disciplined execution. Revenue from operations for 9M FY26 soared to INR 137.82 crore, marking a remarkable 103.36% year-on-year growth. This impressive top-line expansion was complemented by substantial improvements in profitability, with EBITDA growing by 102.42% to INR 30.89 crore and Profit After Tax (PAT) increasing by 105.22% to INR 24.77 crore. Notably, the nine-month PAT has already surpassed the full-year earnings of FY25, underscoring the strength of the company's execution model and revenue recognition system.

The company's financial health is further highlighted by its consistent debt-free status, which provides crucial flexibility and resilience in the current real estate market characterized by elevated funding costs. EBITDA margins improved to 22.32%, and PAT margins grew to 17.90%, reflecting effective operating leverage and prudent cost management. This strong performance is a testament to Modis Navnirman's strategic focus on high-demand micro-markets and its commitment to timely project delivery.

Strategic Momentum and Project Pipeline

Modis Navnirman's strategic progress in 9M FY26 was marked by several key developments. The company secured a significant redevelopment mandate in Borivali (West), with an estimated Gross Development Value (GDV) of approximately INR 250 crore. This acquisition reinforces its presence in Mumbai's high-demand western suburban micro-markets, where aging housing stock and strong end-user demand continue to drive redevelopment opportunities. The company's acquisition philosophy remains selective and disciplined, prioritizing projects with clear execution, margin visibility, and timely approvals.

In terms of project execution, Modis Navnirman successfully delivered and handed over 90 flats in its Rashmi Vasudeo project in Borivali West on time. This timely possession is a cornerstone of the company's brand equity and builds confidence among societies. Ongoing projects in Kandivali, Borivali, Malad, Goregaon, and Dahisar are progressing steadily, with significant advancement in projects like Rashmi Signature and Rashmi Square. The company also launched Rashmi Icon in February 2026 and plans to launch Rashmi Avenue in March 2026, further expanding its development pipeline.

Key Project Metrics for 9MFY26

Financial Performance Overview

The consolidated profit and loss statement for 9M FY26 further illustrates the company's robust financial health. Income from operations surged to INR 137.82 crore from INR 67.77 crore in 9M FY25. Total income reached INR 138.40 crore, a 100.86% increase year-on-year. Despite an increase in total raw material expenses to INR 101.65 crore, gross profit grew by 88.36% to INR 36.75 crore. The company's ability to manage costs effectively is evident in its healthy gross profit margin of 26.67%.

EBITDA saw a significant jump to INR 30.89 crore from INR 15.26 crore in the previous year, with the EBITDA margin improving slightly to 22.32%. Profit Before Tax (PBT) more than doubled to INR 30.51 crore, and Profit After Tax (PAT) mirrored this growth, reaching INR 24.77 crore. The PAT margin also saw an increase to 17.90%, demonstrating the benefits of operating leverage and disciplined financial planning.

9M FY26 Consolidated Profit and Loss

Outlook and Investor Confidence

Modis Navnirman's roadmap for the future is clear: accelerate construction across ongoing projects to maintain delivery timelines, optimize revenue realization, and continue pursuing selective development mandates in high-potential regions. The company remains committed to its debt-free status, funding expansion primarily through internal accruals and disciplined capital allocation, with margin protection as a key priority. For FY26, the company is targeting approximately INR 180 crore in revenue, with an ambitious target of INR 200-230 crore for FY27. EBITDA margins are expected to remain strong, in the range of 22-25% for the full year.

The company's recent migration to the BSE and NSE main board, coupled with the establishment of the “Modis Navnirman Foundation” in January 2026 to promote sustainable and social initiatives, reinforces its commitment to ESG values and community development. This step is expected to further strengthen its brand image and social impact. Modis Navnirman is strategically positioned to capitalize on India's growing real estate sector, driven by urbanization, regulatory transparency, and increasing institutional investment. The company's philosophy,