Modis Navnirman Ltd(MODIS)

NSE: MODISBSE: 543539

₹ 378-2.17%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 741 crWebsite: www.modisnirman.comUpdated: 25 Oct 2026

About

Modis Navnirman Ltd redevelops housing societies in Mumbai and the nearby regions. Its portfolio covers 25 premium residential projects. As of Q1 FY27 it had delivered 7.22 lakh sq.ft., had 12.11 lakh sq.ft. under construction and had 10.50 lakh sq.ft. upcoming. Revenue from operations was ₹189.31 Cr in FY26.^[1][2]

Business and portfolio

Develops premium residential projects through redevelopment of housing societies across Mumbai and the nearby regions, with a portfolio of 25 projects as of Q1 FY27.^[1]
Area delivered: 7.22 lakh sq.ft. as of Q1 FY27, up from 5.90+ lakh sq.ft. in 9M FY26.^[1][3]
Under construction: 12.11 lakh sq.ft. across 6 projects as of Q1 FY27. Upcoming: 10.50 lakh sq.ft. across 5 projects.^[1]
Ongoing and upcoming projects, excluding completed ones, had an aggregate gross development value of more than ₹1,000 Cr as stated in Q3 FY26.^[3]

Sales and pricing

Area sold: 44,000 sq.ft. in Q1 FY27, up 7.80% YoY.^[1]
Area sold: 53,000 sq.ft. in FY26, up 23% YoY.^[4]
As of FY26, 4.92 lakh sq.ft. of 7.35 lakh sq.ft. saleable carpet area was booked, leaving 2.43 lakh sq.ft. unsold.^[4]
Blended average selling price was ₹25,000-27,000 per sq.ft. in FY26.^[4]
Rashmi Square was 78.01% sold in Q1 FY27, up from 68.94% in FY26. Rashmi Signature was 59.06% sold in Q1 FY27, up from 50% in FY26.^[1][4]
Bookings at the new projects were 14.27% for Rashmi Icon and 0.60% for Rashmi Avenue as of FY26.^[4]

Ongoing projects

Construction status in Q1 FY27: Rashmi Square at 22nd slab, Rashmi Signature at 20th, Rashmi Delight at 14th, Rashmi Manorath at 13th. Rashmi Icon and Rashmi Avenue were at plinth stage.^[1]
Rashmi Icon in Malad West: 4,500 sq m plot, 20 storeys, 350,000 sq ft. Started in February 2026, with completion targeted for 2028.^[4][1]
Rashmi Avenue in Dahisar West: 4,000 sq m plot, 21 storeys, 300,000 sq ft. Started in March 2026, with completion targeted for 2029.^[4][1]
Rashmi Manorath and Rashmi Delight are both targeted for completion in 2027.^[1]

Completed projects

Rashmi Vasudeo in Borivali West, with 90 residential units, was handed over in FY26.^[4]
Rashmi Celestia on LT Road, Borivali, received its occupation certificate and was handed over in FY26. It has 81 residential units and 23 commercial shops.^[4]

Upcoming projects

A new redevelopment project was secured in Q1 FY27, taking the upcoming pipeline to 5 projects.^[1]
As of FY26, Rashmi Sheetal and Rashmi Gold had been acquired, and Rashmi Paradise and Govind Dalvi Nagar were at approval stage.^[4]
The Borivali West redevelopment mandate (Rashmi Sheetal) secured in Q3 FY26 has an estimated gross development value of about ₹250 Cr.^[3]
Planned start dates: Rashmi Paradise construction in Q2 FY27, and Rashmi Gold and Rashmi Sheetal in Q3-Q4 FY27.^[4][3]
Management said in Q4 FY26 that it is looking at Khar and Parla, and exploring Dadar.^[4]

Funding

Management said in Q3 FY26 that the company was debt-free and funds its projects from inventory sales and internal accruals.^[3]
Net debt and borrowings were stated as ₹5.62 Cr in FY26.^[4]

Recent developments

In FY26 the company moved its listing from the BSE SME platform to the BSE and NSE main boards.^[4]
In FY26, its subsidiary Shree Modis Navnirman Private Limited was merged into the listed company.^[4]
Moving to the main board meant switching from GAAP project-completion accounting to Ind AS. As a result, FY25 revenue was restated from INR86 Cr to INR103 Cr.^[3]

Market Cap

₹741 Cr

High / Low

₹433 / 290

Stock P/E

25.4

Price / Book

4.7

Book Value

₹80

EPS

₹14.9

No. of Shares

1.96 Cr

ROCE

27.6%

ROE

22.3%

OPM

19.8%

Debt / Equity

0.04

Sales

₹189 Cr

Net Profit

₹29 Cr

Promoter holding

63.8%

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