Modis Navnirman FY26 revenue jumps 84% to ₹189.31 cr

Overview: record FY26, but Q4 margins drew attention

Modis Navnirman Ltd reported its audited standalone and consolidated results for the quarter and year ended March 31, 2026. The board approved the results in its meeting on May 15, 2026. The company delivered its highest-ever annual revenue, driven by real estate and redevelopment execution. FY26 also included key corporate milestones, including a merger becoming effective from April 1, 2025, a shift to the stock exchange Main Board, and first-time Ind AS adoption. While the full-year numbers showed strong growth, commentary and data points around Q4 highlighted sharp quarter-on-quarter profitability pressure.

FY26 headline performance: revenue at ₹189.31 crore

For FY26, Modis Navnirman reported consolidated revenue from operations of ₹189.31 crore, up 84% year-on-year from ₹102.91 crore. Consolidated EBITDA rose 35% YoY to ₹38.46 crore (FY25: ₹28.47 crore). Profit after tax (PAT) increased 26% to ₹29.14 crore (FY25: ₹23.11 crore). Basic and diluted EPS for the year stood at ₹14.89, compared with ₹11.80 in the corresponding previous period. The company described FY26 as a landmark year, citing disciplined project execution and a redevelopment-led model.

Q4 FY26: strong YoY growth, weaker sequential profitability signals

In Q4 FY26, consolidated revenue from operations rose 158% year-on-year to ₹51.49 crore (Q4 FY25: ₹19.94 crore). Consolidated net profit rose 193% to ₹4.41 crore from ₹1.51 crore, while EBITDA increased 93% to ₹7.56 crore from ₹3.92 crore. Separately, another disclosed data set pointed to a sharp sequential profit contraction in Q4 FY26, with net profit of ₹4.41 crore down 65.47% QoQ and revenue down 5.40% sequentially to ₹51.49 crore from ₹54.43 crore in Q3 FY26. The same data set reported an operating margin of 9.24% for Q4 FY26 and a PAT margin of 8.56%, indicating a meaningful compression versus the immediately preceding quarter.

Consolidated financial snapshot (as reported)

Standalone results broadly mirrored consolidated numbers

On a standalone basis, FY26 revenue from operations was also ₹189.31 crore versus ₹102.91 crore in FY25. Standalone EBITDA for FY26 stood at ₹38.50 crore (FY25: ₹28.47 crore), and standalone PAT came in at ₹29.22 crore (FY25: ₹23.11 crore). Standalone basic and diluted EPS improved to ₹14.91 from ₹11.80.

For Q4 FY26, standalone revenue was ₹51.49 crore (Q4 FY25: ₹19.94 crore). Standalone EBITDA was ₹7.60 crore (Q4 FY25: ₹3.92 crore), and standalone PAT stood at ₹4.45 crore (Q4 FY25: ₹1.51 crore). Another standalone disclosure cited net sales of ₹51.49 crore in March 2026, up 296.93% from ₹12.97 crore in March 2025, along with net profit of ₹4.45 crore versus ₹0.24 crore and EBITDA of ₹7.60 crore versus ₹1.30 crore.

Operational delivery: two handovers, two new redevelopment additions

The company said it handed over two projects during the year: “Rashmi Vasudeo” (90 units) in H1 and “Rashmi Celestia” (81 units) in H2. During FY26, it 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 referenced sales momentum across projects such as Rashmi Square, Rashmi Signature, Rashmi Delight, Rashmi Mandarat, Rashmi Celestia, and Rashmi Vasudeo.

Corporate milestones: Ind AS adoption, Main Board migration, merger

FY26 was the company’s first-time adoption of Indian Accounting Standards (Ind AS), which it positioned as a step toward improved transparency and governance. Modis Navnirman migrated from the SME Platform to the Main Board effective November 14, 2025. The Ministry of Corporate Affairs approved the merger or amalgamation scheme of Modis Navnirman Limited and Shree Modis Navnirman Private Limited on October 16, 2025, with the scheme effective from April 1, 2025. The company also incorporated a wholly owned Section 8 subsidiary, Modi’s Navnirman Foundation, on January 20, 2026.

Margin and earnings-quality discussion centered on Q4

In management commentary, Modis Navnirman said margins saw moderation due to project mix, execution factors, and construction expenses linked to larger projects. A separate performance note highlighted that other income contributed ₹2.79 crore in Q4 FY26, up from ₹0.16 crore in Q3 FY26, and stated that non-operating income represented 46.97% of profit before tax in Q4 FY26. The same note also stated that operating profit excluding other income fell to ₹4.76 crore in Q4 FY26 from ₹14.69 crore in Q3 FY26, and that the gross profit margin declined sequentially to 11.61% from 27.14%. These disclosures are likely to remain a focus area for investors tracking the sustainability of quarterly profitability.

Market reaction: mixed signals across reported price metrics

Following the May 15, 2026 results announcement, one cited market update said the shares declined 0.51% to close at ₹361.90. The same update also referenced a 47.71% gain over the past year. Another disclosure stated the shares closed at ₹363.55 on May 13, 2026 (NSE) and showed -7.83% returns over the last 6 months and -7.83% over the last 12 months. While these return figures differ across referenced sources, the common thread is that the Q4 margin trajectory became part of the immediate post-results conversation.

Key dates and actions (FY26)

What to watch next, based on disclosed updates

The company indicated a focus on accelerating execution, timely completion, selective redevelopment pipeline expansion, and operational efficiencies as it moves into FY27. It also referenced recently acquired projects Rashmi Sheetal and Rashmi Gold, and mentioned projects under pipeline and approval stage, including Rashmi Paradise and Rashmi Govind Dalvagar. In commentary, it reiterated a debt-free model and low leverage approach, while another disclosure stated total borrowings of ₹5.62 crore as of March 31, 2026. Investors tracking subsequent quarters are likely to compare the pace of execution and revenue recognition with any recovery in operating margins from Q4 FY26 levels.

Conclusion

Modis Navnirman’s FY26 results combined record revenue and higher profitability with a sharper debate on Q4 margins and the role of other income in quarterly earnings. With Main Board migration, Ind AS adoption, and the merger now completed and effective, the next set of updates will be watched for execution progress and margin stability as the company moves through FY27.