Modis Navnirman Ltd (MODIS) Q2FY27 Concall Transcript - Sep-2026 Qtr
Moderator: Ladies and gentlemen, you have been connected to the Modis Navnirman Limited conference call. Please stay connected, the call will begin shortly. Participants, you have been connected to Modis Navnirman Limited conference call. Please stay connected, the call will begin shortly. Thank you.
Moderator: Ladies and gentlemen, good day, and welcome to the Modis Navnirman Limited Q2 FY27 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing "*" then "0" on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Saloni Nagwekar from Adfactors PR. Thank you, and over to you, ma'am.
Saloni Nagwekar (Adfactors PR): Thank you. Good afternoon everyone, and welcome to Modis Navnirman Limited Q2 and H1 FY27 earnings call. On behalf of the management team, I would like to thank you for joining us today and for your continued interest in the company. We are pleased to have with us Mr. Mahek Modi, Whole-Time Director and Chief Financial Officer of Modis Navnirman Limited, who will take you through the company's financial and operational performance for the second quarter and half first half of FY27, along with the business development and outlook ahead. With that, I would now like to hand over the call to Mr. Mahek Modi for his opening remarks. Over to you, sir.
Mahek Modi (Modis Navnirman Limited): Good afternoon everyone, and thank you for joining the Q2 and H1 FY27 earnings call of Modis Navnirman Limited. Today, I will take you through our performance for the second quarter and the first half of FY27. Before sharing an update on our sales momentum, project execution, and development pipeline, I want to begin with what continues to guide our decisions as a company. Since our founder Dinesh C. Modi established Modis Navnirman in 2009, we have hinged on a simple belief. We don't build walls, we build homes. For us redevelopment is not redevelopment is not more about creating a new building, it is about working with housing society, honoring the trust that the families have kept in us, and delivering homes that are thoughtfully designed and build with care. That philosophy shapes the location we choose, the way we execute our projects, and the relation the relationships we build with our stakeholders. Our results for the first half of FY27 shows that this purposeful approach can go hand in hand with business growth. We have delivered growth across revenue, EBITDA, and profit while sustaining sales and continuing to advance our projects. Now, I would like to take you to the Q2 quarterly performance of FY27. Revenue from operations stood at 69.38 crores, which was up from 58.26 crores in Q1 FY27. Total income for the quarter was 69.54 crores. EBITDA has increased 25% quarter-on-quarter to 14 and 1/2 crores, compared to 11.65 in the previous quarter. Our EBITDA margins including other incomes improved to 20.96, which was and up from 20 in the first quarter. Profit after tax grew to 10.54, compared to 8.54 in Q1 of FY27. Our PAT margins have improved to 15.16 from 14.5 54 with the basic earning per share has also increased of from
Mahek Modi (Modis Navnirman Limited): Crore compared to 83.39 crore, which was done in the first half of FY26. EBITDA has increased 63% to 26.19 crore from 16.05 crore in the previous H1 of FY26. And profit after tax, which is a major portion, has increased to 19.08 crores from 12 crores which was done in FY, H1 of FY26. These results these results represent year-on-year increase of 44.25 crore in revenue, 10.14 crore in EBITDA and 7.08 crore in profit after tax. Importantly, the growth has been accompanied by improvement in profitability, EBITDA margins have increased, and the PAT margins have also increased. For us, the quality of growth matters as much as the headline numbers. The improve improvement in margins alongside higher revenue reflects our continuing focus on operational efficiency and disciplined project execution. Now I would like to tell you take you through the sales momentum and revenue. Our operating performance is also supported by strong sales. During H1 26 H1 FY27, we sold around 78,560 square feet. The sales value of all these have reached to 202 crore. And the realization has improved. Basically, per square feet realization has also improved, and the per realization, our per realization as of now is 25,724 rupees per square feet. As on 30th September '26, our ongoing projects had a sales book of approximately 202 crore. The presentation includes 156 crore of revenue yet to be recognized from committed sales alongside an estimated 505 crores of potential value from unsold units. So overall, if you will see, the total revenue from the current projects which has which is unsold and the revenue recognition from the committed sales which we have already done, that figure goes to around 661 crores across the current projects which is going on. We view this as a measure of revenue visibility rather than a ga- guarantee of timing. Actual recognition will depend on project progress, applicable accounting requirements, and fulfilling of relevant conditions. Our priority is to convert this visibility through steady construction, growth, customer confidence, and timely execution. Now I would like you to take you to the project portfolio which we have. We continue to build to build scale in a focused manner. Our portfolio comprises of 25 residential-cum-commercial projects across Bombay and adjoining regions. 14 projects have been completed, covering 7.22 lakh sq. ft. Six projects are ongoing, that is around 12.11 sq. ft., lakh sq. ft. going on. And the five upcoming projects represent around approximately 10.5 lakh sq. ft. In total, the portfolio covers approximately 29.83 lakh sq. ft. Our six ongoing projects are Rashmi Square, Rashmi Signature, Rashmi Delight, Rashmi Manorath, Rashmi Icon, and Rashmi Avenue. During H1, construction across these across these developments with Rashmi Square being at 80% completed, Rashmi Signature 61% completed, Rashmi Delight 55% completed, Rashmi Manorath 51% completed, as we have given in the investor presentation. Rashmi Icon and Rashmi Avenue were both started in the H1, so those are completed at around 7, 7.5 to 9% completed as of September 20, 26. The sales data also shows participation across projects at different stages. Rashmi Signature recorded sales of 18,5000 sq. ft. in H1, while Rashmi Icon did 22,000 sq. ft., Rashmi Square did around 13,500 sq. ft. These figures reflect the contribution of multiple projects to our overall sales. Our upcoming project pipeline includes Rashmi Paradise, Rashmi Sheetal, Rashmi Royal, and Rashmi Auria, and Govind Ali Nagar. The addition of these projects depend on our forward pipeline and supports our strategy of expanding selectively in the markets where we have established redevelopment experiences. Our approach in terms of redevelopment, why we you know choose redevelopment, so our approach remains rooted in redevelopment partnerships with housing societies and institutions
Mahek Modi (Modis Navnirman Limited): as land banks from open market or through mergers with MHADA and SRA. So, this keeps us asset light in our approach to manage land related capital expenditure and we direct our resources more towards completion of execution construction and execution and delivery of timely homes. We have built our presence in micro markets including Kandivali, Borivali, Malad, Goregaon, Dahisar and we have expanded in Khar as well. Our familiarity with these neighborhoods together with redevelopment experience provides the foundation for evaluating opportunities and selectively and maintaining highly disciplined growth approach. To conclude H1 FY 27 has been To conclude H1 FY 27 has been a strong half for strong half year for Modis Navnirman. Revenue has grown 53%, EBITDA grew 63% and PAT grew 59% year on year. Sales volume and sales per square feet has also recorded significant growth while our portfolio continues to provide a foundation for future development. We see these results as progress not a reason to become complacent. Our focus remains on consistent execution, improving operating performances and building long-term trust. We are not seeking growth simply for the sake of scale. We want to build a trusted redevelopment brand, one society, one family and one home at a time. Thank you for your continued confidence in Modis Navnirman. With that I would hand over the call back to the operator and we would open the floor for questions. Thank you, everyone.
Moderator: Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
Moderator: Ladies and gentlemen, good day, and welcome to Modi's Navnirman Limited H1 FY '24 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.
Moderator: Participants, if you wish to ask a question, you may press * and 1. Ladies and gentlemen, if you wish to ask a question to the management, you may press * and 1.
Moderator: Participants who wish to ask a question may press star and one.
Moderator: Yes Rupesh ji.
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