Modi's Navnirman H1FY27 Results (NSE: MODIS)
Signal: Margin expansion
The read
The trajectory has inflected positively after the Q4FY26 margin contraction: H1FY27 revenue grew 53.06% to ₹127.64 crore, EBITDA margin expanded 127bps to 20.52%, and Q2 revenue, EBITDA and PAT rose 19.08%, 24.80% and 23.41% sequentially; the key forward indicator is the addition of one redevelopment project, taking the upcoming pipeline to 5 projects and 10.50 lakh sq. ft.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹127.64 Cr | +53.06% | N/A |
| Net profit | ₹19.08 Cr | +59% | |
| EPS | ₹9.72 | +59% | |
| EBIT margin | 20.52% |
P&L walk
H1 revenue rose 53.06% to ₹127.64 crore, EBITDA grew faster at 63.17% to ₹26.19 crore and margin expanded 127bps to 20.52%, while PAT increased 59% to ₹19.08 crore; Q2 sequential revenue, EBITDA and PAT growth of 19.08%, 24.80% and 23.41% shows momentum building through the half.
Key positives
- Revenue from operations rose 53.06% to ₹127.64 crore, with H1 sales of 78,560 sq. ft. and Q2 sales of 34,560 sq. ft. almost double the same quarter last year.
- EBITDA grew 63.17% to ₹26.19 crore versus 53.06% revenue growth, while EBITDA margin expanded 127bps to 20.52%; Q2 margin reached 20.96%.
- The upcoming pipeline expanded to 5 redevelopment projects covering 10.50 lakh sq. ft.; total development under progress or in the pipeline reached 22.61 lakh sq. ft. versus 7.22 lakh sq. ft. already delivered.
- PAT rose 59% to ₹19.08 crore and EPS rose 59% to ₹9.72, with EPS tracking PAT growth.
Key concerns
- The filing discloses sales area but does not provide booking value, collections, project-level profitability or cash-flow data, limiting visibility into conversion of the 22.61 lakh sq. ft. pipeline.
- The 5-project upcoming pipeline and 10.50 lakh sq. ft. are execution-dependent; the filing does not provide project-wise start dates or completion milestones.
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