MODIS

Modis Navnirman Limited

Residential and commercial real estate developer with redevelopment projects

Consumer Discretionary›Realty›Realty›Residential, Commercial Projects

modisnavnirman.com

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Key metrics

Price as of 2026-10-16

Stock price

₹404.30

Market cap

796 Cr

Stock P/E

27.2 · FY26

P/B

5.05

Dividend yield

0.2%

ROE (FY26)

18.6%

ROCE (FY26)

23.5%

Operating margin (FY26)

18.3%

Debt / equity (FY26)

0.04

OCF / EBITDA (FY26)

-10.1%

OCF / EBITDA (3Y)

-87.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Modis Navnirman is a Mumbai real estate developer that builds and sells residential and commercial projects, mostly by redeveloping old housing societies in an asset-light model with little upfront land cost.

Company snapshot

47thBy market cap

Ranked among 79 companies in Residential, Commercial Projects.

What we see

Positives

✓Revenue grew 119% in the latest year — strong top-line momentum.

Concerns

✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Mar 2026	Jun 2026
Sales	51 Cr	58 Cr
Operating expenses (approx.)	47 Cr	47 Cr
EBITDA	5 Cr	11 Cr
OPM %	9.3%	19.2%
Other income	3 Cr	0.49 Cr
Interest	2 Cr	0.02 Cr
Depreciation	0.09 Cr	0.11 Cr
Profit before tax	6 Cr	12 Cr
Tax %	25.3%	25.5%
Net profit	4 Cr	9 Cr
EPS (₹)	₹2.25	₹4.36

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	42 Cr	57 Cr	87 Cr	189 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	35 Cr	49 Cr	72 Cr	154 Cr	Sign in free for the trailing twelve months
EBITDA	7 Cr	8 Cr	15 Cr	35 Cr	Sign in free for the trailing twelve months
OPM %	16.9%	14.1%	17.0%	18.5%	Sign in free for the trailing twelve months
Other income	0.89 Cr	1 Cr	2 Cr	3 Cr	Sign in free for the trailing twelve months
Interest	0.24 Cr	0.04 Cr	0.24 Cr	2 Cr	Sign in free for the trailing twelve months
Depreciation	0.0013 Cr	0.0080 Cr	0.01 Cr	0.40 Cr	Sign in free for the trailing twelve months
Profit before tax	8 Cr	9 Cr	16 Cr	36 Cr	Sign in free for the trailing twelve months
Tax %	25.2%	25.9%	25.7%	19.8%	Sign in free for the trailing twelve months
Net profit	6 Cr	7 Cr	12 Cr	29 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹3.47	₹3.92	₹6.25	₹14.89	Sign in free for the trailing twelve months
Dividend payout %	0.0%	25.3%	0.0%	0.0%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	17 Cr	19 Cr	20 Cr	20 Cr
Reserves	15 Cr	66 Cr	86 Cr	137 Cr
Borrowings	—	—	—	6 Cr
Other liabilities	27 Cr	27 Cr	54 Cr	143 Cr
Total liabilities	59 Cr	113 Cr	159 Cr	305 Cr
Fixed assets (net)	0.0021 Cr	0.01 Cr	0.02 Cr	0.03 Cr
CWIP	—	—	—	—
Investments	0.65 Cr	15 Cr	5 Cr	1 Cr
Inventories	52 Cr	84 Cr	147 Cr	146 Cr
Trade receivables	1 Cr	2 Cr	1 Cr	9 Cr
Cash & bank	3 Cr	0.03 Cr	2 Cr	1 Cr
Other assets	3 Cr	12 Cr	5 Cr	147 Cr
Total assets	59 Cr	113 Cr	159 Cr	305 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	-7 Cr	-25 Cr	-22 Cr	-4 Cr
Cash from investing	-0.41 Cr	-14 Cr	11 Cr	2 Cr
Cash from financing	9 Cr	45 Cr	5 Cr	3 Cr
Net cash flow	1 Cr	5 Cr	-6 Cr	2 Cr
Free cash flow (OCF − Capex)	-7 Cr	-25 Cr	-22 Cr	-4 Cr

Ratios

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	24.8%	10.6%	15.8%	23.5%
ROE %	18.0%	7.8%	11.6%	18.6%
Debtor days	9	15	5	17
Inventory days	459	537	617	281
Days payable	—	—	50	93
Cash conversion cycle	468	552	572	205
OCF / EBITDA %	-103.0%	-317.6%	-146.9%	-10.1%
OCF / EBITDA % (3 years)	—	—	-182.5%	-87.6%
Debt / equity	0.00	0.01	—	0.04
Current ratio	2.96	4.48	3.04	2.09
Net debt / EBITDA	-0.36	-0.0032	-0.12	0.12