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1. At a Glance
Revenue from operations for the quarter ended June 30, 2026 came in at ₹58.26 crore, up 27.92% from ₹45.54 crore a year earlier and up 13.15% over the ₹51.49 crore of the March quarter. PAT was ₹8.54 crore on a consolidated basis, up 25.81% YoY and up 92.04% QoQ. Basic consolidated EPS: ₹4.36, against ₹3.47 in Q1 FY26.
EBITDA, per the company’s own presentation, was ₹11.65 crore, up 14.25% — a growth rate that trailed revenue’s, with EBITDA margin (including other income) moving from 22.33% to 19.83%. Management attributed the compression to material cost increases, panic buying, material shortages and labour shortages during April–May, which it described as “major hit was because of the war,” and said things had “stabilized now.”
Area sold was about 44,000 sq ft, which management framed as its most on-the-ground demand indicator. One new redevelopment project was secured in the quarter — Neel Kiran Society, Santacruz West — bringing the stated footprint to 6 ongoing, 14 completed and 5 upcoming projects, i.e. 25 premium residential projects, all of them in and around Mumbai and all of them, with commendable brand discipline, named Rashmi something.
The Screener metric for TTM sales growth is 84%. On the balance sheet, borrowings at March 2026 stood at ₹6.31 crore against a net worth of ₹156.70 crore.
2. Introduction
The company was incorporated in 2010 and is in the business of real estate development. The investor presentation dates the founding to 2009 under Mr. Dinesh C. Modi; the corporate identity number carries a 2022 registration year, which is what happens when a family construction business grows up and files paperwork in stages.
FY26 was the year the corporate structure got a haircut. The NCLT, Mumbai Bench approved the amalgamation of Shree Modis Navnirman Pvt. Ltd., a wholly owned subsidiary, into the company; authorised share capital went from ₹20 crore to ₹20.05 crore, an increase of ₹5 lakh, announced with all the ceremony of a full-scale restructuring. The Ministry of Corporate Affairs order came on October 16, 2025, effective from April 1, 2025. Shareholder approval for the fast-track merger exceeded 90%.
The same year, the company migrated from the BSE SME Platform to the Main Board of both BSE and NSE, effective November 14, 2025. Also in FY26, it incorporated Modis Navnirman Foundation, a Section 8 company, on January 20, 2026, for social and charitable initiatives. That subsidiary reported total revenue of ₹0.04 lakh for Q1 FY27 — four thousand rupees, appearing in a consolidated statement alongside a ₹58 crore parent, and duly reviewed by the auditors, because materiality thresholds do not exempt anyone from being counted.
The company also adopted Ind AS with effect from April 1, 2025, restating the prior-year comparatives under Ind AS 101. Revenue is recognised on the Percentage of Completion Method rather than on handover.
Mandates disclosed over the preceding year include the BOI Staff Sheetal society (₹250 crore GDV, 3,924.91 sqm plot, January 1, 2026), a Borivali mandate of ₹250 crore GDV (February 2026), New Chitra Society in Kandivali West at ~₹160 crore GDV (March 2026), and Neel Kiran CHSL in Khar West at ₹250 crore GDV, subject to approvals (June 2026).
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3. Business Model: WTF Do They Even Do?
Modis Navnirman is a Mumbai-based developer focused on premium residential and redevelopment projects, working through MHADA, SRA and society redevelopment. The stated logic: partner with housing societies rather than bid for land in the open market, keeping land cost low and putting capital into construction instead of an idle landbank. In practice this means the business development function involves persuading a committee of existing residents — a form of stakeholder management that no MBA syllabus has fully mapped.
The geography is tight: Malad, Kandivali, Borivali, Dahisar, Goregaon, and now Khar, with tenders under evaluation in Vile Parle and discussions in Ghatkopar. Buildings are 14–18 storey residential towers per the presentation, with individual project pages listing 17 to 21 storeys, three podiums appearing with near-religious regularity, and shops and offices sprinkled at the base.
The six ongoing projects: Rashmi Square, Borivali (W) Linking Road, 21 storeys, 130 flats, 10 shops, 7 offices; Rashmi Signature, Malad (W) S.V. Road, 18 storeys across 3 wings, 210 flats, 2,70,000 sq ft; Rashmi Delight, Kandivali (W), 17 storeys, 53 flats, 3 shops; Rashmi Manorath, Borivali (E) Datta Pada, 17 storeys, 87 flats; Rashmi Icon, Malad (W) Shankar Lane, 20 storeys, 201 flats, 16 shops, 9 offices, 3,50,000 sq ft; and Rashmi Avenue, Dahisar (W), 21 storeys, 225 flats, 18 shops, 3,00,000 sq ft.
Scale, per the presentation: 7.22 lakh sq ft delivered across 14 completed projects, 12.11 lakh sq ft under construction across 6, and 10.50 lakh sq ft upcoming across 5. The key-development-properties table totals 7.35 lakh sq ft, of which 5.12 lakh is described as investment properties and 2.23 lakh as development properties. Completion percentages there run from 100% for Celestia, Enclave and Jewel down to 1.70% for Icon — which is one way of saying Icon currently exists mostly as a plinth and an ambition.
Consultants are named in the filings: architects including Sanjay B. Shah and AR Design Studio, structural design by Hiren M. Tanna, MEP
