Modis Navnirman Q3 FY26: Revenue Surges 103% to ₹137 Cr, PAT Up 105%
Modis Navnirman Limited reported a 103% YoY revenue growth to ₹137 Cr and a 105% PAT increase to ₹24.77 Cr for the nine months ended December 31, 2025. The company secured a ₹250 Cr redevelopment mandate in Borivali West and completed its migration to the main board. It expects ₹200-230 Cr revenue recognition for FY27, maintaining a debt-free status and healthy EBITDA margins.
The substantial financial growth, strategic acquisitions, and successful completion of a merger and main board migration are material events that are expected to significantly impact the company's financial performance, market position, and investor confidence.
The company reported significant year-on-year growth in revenue, EBITDA, and PAT, surpassing previous full-year earnings within nine months. Strategic achievements like securing a new mandate, completing a merger, and migrating to the main board further contribute to a positive outlook.
Modis Navnirman Limited reported a transformational financial performance for the nine months ended December 31, 2025. Revenue from operations stood at ₹137 crores, marking a robust year-on-year growth of 103%. EBITDA increased by over 102% to ₹30.89 crores, and Profit After Tax (PAT) grew by approximately 105% to ₹24.77 crores. Notably, the nine-month profit has already surpassed the full-year earnings of FY25, showcasing strong execution and revenue recognition systems. EBITDA margins improved to 22.32%, and PAT margins reached 17.9%, reflecting operating leverage and disciplined cost management. The company maintained its debt-free status throughout this period.
Strategically, the company secured a key redevelopment mandate in Borivali West with an estimated gross development value (GDV) of ₹250 crores. The merger of its wholly-owned subsidiary, Shri Modis Navnirman Private Limited, into the listed entity was completed, enhancing operational alignment and strengthening the balance sheet. Modis Navnirman also completed its migration to the BSE and NSE main board, improving governance standards and visibility among institutional investors.
Operationally, the company handed over 90 flats in its Rashmi Vasudeo project in Borivali West on time. Ongoing projects in Kandivali, Borivali, Malad, Goregaon, and Dahisar are progressing steadily. Two new projects, Rashmi Icon and Rashmi Avenue, were launched in the current quarter, with the target of launching these two projects in Q4 FY26. The company's asset-light redevelopment model focuses on society development, MHADA, and SRA projects with minimal upfront land acquisition costs. In January 2026, Modis Navnirman Foundation was established to reinforce commitment to ESG values and community development.
Looking ahead, Modis Navnirman plans to accelerate construction, pursue selective development mandates in Mumbai's western and southern regions, and maintain its debt-free status, funding expansion through internal accruals. The company anticipates revenue recognition of ₹200-230 crores for FY27. The average selling price per square foot is maintained around ₹27,000, and the company expects EBITDA margins to remain strong between 22% and 25%.
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