Modis Navnirman Q2 FY27 Profit Rises 121.9% on Growth

September-quarter results are announced

Modis Navnirman Ltd announced its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The board approved the results at its meeting on October 24, 2026, along with the limited review report from the statutory auditors. The company, listed on the NSE under the symbol MODIS, operates in the realty sector. Its disclosures pointed to growth in sales, operating profit and profit after tax during the reporting period. The results were also accompanied by an investor presentation covering financial performance and project progress. The company submitted the presentation to BSE and NSE under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations. The reporting data available across disclosures distinguishes between standalone quarterly numbers and consolidated half-year figures. That distinction is important when assessing the reported performance.

Standalone revenue rose sequentially

For the September 2026 quarter, Modis Navnirman's standalone net sales were Rs 69.38 crore. This was 19.09% higher than Rs 58.26 crore reported in the June 2026 quarter. Operating profit before depreciation, interest and tax, excluding other income, increased to Rs 14.47 crore from Rs 11.19 crore. That represented a sequential increase of 29.31%. The standalone operating margin was reported at about 21%, compared with 19% in the preceding quarter. Higher sales and improved operating profitability supported the increase in quarterly earnings. Interest cost, however, rose to Rs 1.16 crore from Rs 0.02 crore in June 2026. The results therefore show that finance costs became more material during the quarter even as operating performance improved.

Standalone profit reached Rs 10.46 crore

Standalone net profit for the September 2026 quarter was reported at Rs 10.46 crore. This was up 21.91% from the previous three-month period, according to the earnings data provided. Another reported quarterly snapshot showed profit after tax of Rs 10 crore on a rounded basis and earnings per share of Rs 5.34. The variance reflects the use of rounded figures in certain result summaries. A separate headline referred to profit after tax of Rs 104.48 million, which is equivalent to Rs 10.448 crore. This is broadly consistent with the standalone quarterly net-profit figure of Rs 10.46 crore. The reported standalone quarterly tax rate was about 21%. The company had reported net profit of Rs 8.6 crore and EPS of Rs 4.36 for June 2026 in another quarterly comparison.

Consolidated half-year performance strengthened

Consolidated net sales for the half-year ended September 2026 were Rs 127.64 crore. This was 53.06% higher than Rs 83.39 crore in the corresponding half-year of the previous year. Consolidated operating profit before depreciation, interest and tax, excluding other income, rose 63.30% year-on-year to Rs 25.54 crore from Rs 15.64 crore. Consolidated profit after tax for the half-year was reported at Rs 19.08 crore. The company also reported interest expense of Rs 1.18 crore for the six-month period, compared with Rs 0.01 crore in the previous-year period. The half-year numbers indicate that profit growth was supported by a faster increase in operating profit than revenue. They also show a sharp rise in interest expense from a very low previous base. The company did not provide a project-wise financial split in the material supplied.

Reported performance at a glance

Separating quarterly and half-year data

Some market summaries described revenue of Rs 127.6 crore and net profit of Rs 19 crore as Q2 FY27 figures, alongside year-on-year growth rates of 119.1% and 121.9%, respectively. However, the separately supplied half-year snapshot identifies Rs 127.64 crore as consolidated net sales for the half-year ended September 2026 and Rs 19.08 crore as half-year profit after tax. Meanwhile, the standalone September-quarter snapshot identifies sales of Rs 69.38 crore and net profit of Rs 10.46 crore. Investors should therefore distinguish between entity-level and period-level numbers when reviewing third-party result summaries. The company has stated that it released both standalone and consolidated results for the quarter and half-year. This means that the figures are not directly interchangeable. The audited status in the supplied disclosure was unaudited, subject to the statutory auditors' limited review. Such classification is standard for quarterly reporting but remains relevant when comparing data sources.

Operating margins improved in reported summaries

A separate consolidated results analysis cited operating profit of Rs 25.5 crore and an operating margin of 20%, up 80 basis points year-on-year. It also cited profit before tax of Rs 24.8 crore, other income of Rs 0.7 crore and an effective tax rate of 23.2%. These figures were presented as a September-quarter analysis, although the revenue number cited in that summary aligns with the supplied consolidated half-year revenue snapshot. The standalone data, by contrast, showed an operating margin of approximately 21% in the September quarter. Both presentations indicate improved operating profitability, but they relate to different reported formats and should not be combined. The available disclosures support the conclusion that operating profit grew faster than sales in the consolidated half-year comparison. They also show that the company maintained positive profitability across the reported periods. No dividend, fund-raising proposal or other immediate shareholder action was identified in the supplied material.

What the results mean for investors

The September-quarter standalone figures show sequential improvement in revenue, operating profit and net profit. The consolidated half-year figures show revenue growth of 53.06% and operating-profit growth of 63.30% from the corresponding previous-year period. This pattern suggests that profitability improved during the six-month period, based on the reported operating metrics. At the same time, the increase in interest expense is a figure investors may monitor in future filings. For a realty company, reported project progress and the timing of project monetisation can affect the recognition of revenue and profit across periods. The company said its investor presentation includes project updates and forward-looking commentary, but the supplied information does not provide project-specific completion schedules or sales targets. The most reliable comparison is therefore between like-for-like standalone quarterly figures or consolidated half-year figures. Readers should also rely on the company filings hosted with BSE, NSE and its website for the complete financial statements and notes.

Compliance and next disclosures

Ahead of the results announcement, Modis Navnirman had informed BSE on October 21 that its board would consider the unaudited results on October 24. The company also certified compliance with SEBI's Prohibition of Insider Trading Regulations regarding its Structured Digital Database for the quarter ended September 30, 2026. Its stated trading-window process kept the window closed for 48 hours after declaration of results. These disclosures form part of the company's regular governance and reporting obligations. The board meeting was stated to have run from 11:30 AM to 12:30 PM on October 24. The released material included the limited review report from statutory auditors. Future quarterly disclosures will provide the next comparable update on sales, margins, finance costs and project execution. Until then, the September results establish a stronger reported earnings base for both the standalone quarter and the consolidated first half.

Conclusion

Modis Navnirman reported higher standalone September-quarter sales and profit, alongside solid consolidated growth for the first half of FY27. The available data show improving operating profit but also a rise in interest costs. The company's next financial disclosure will be important for tracking whether these trends continue across its realty operations.