Modi's Navnirman Q1 FY27 Results (NSE: MODIS)
Signal: Margin pressure
The read
The operating trajectory improved sequentially, with revenue at ₹58.26 Cr, +13.1% QoQ, EBITDA at ₹11.65 Cr, +54.1% QoQ, and margin at 20%, but YoY EBITDA margin compressed 239bps and the consolidated PAT/EPS data is internally inconsistent: XBRL reports PAT of ₹0 against EPS of ₹4.36, while the filed statement reports PAT of ₹858.07 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹0.58 Cr | +27.9% | +13.1% |
| EBIT | ₹0.12 Cr | +13.3% | |
| Net profit | ₹0 Cr | -100% | |
| EPS | ₹4.36 | +25.6% | |
| EBIT margin | 20% |
P&L walk
Revenue increased to ₹58.26 Cr, +27.9% YoY and +13.1% QoQ, while EBITDA rose +14.2% YoY to ₹11.65 Cr but margin declined 239bps YoY to 20% as gross margin compressed 242bps; finance cost and depreciation remained low at ₹0.0185 Cr and ₹0.1089 Cr respectively, while the XBRL PAT field reports ₹0 despite EPS of ₹4.36.
Segments
The company reports a single segment, Real Estate Business - Construction & Redevelopment; standalone PAT of ₹8.61 Cr versus consolidated XBRL PAT of ₹0 reflects a reporting inconsistency rather than a disclosed subsidiary drag, especially since the subsidiary contributed only ₹0.04 lakh of revenue.
Key positives
- Revenue reached ₹58.26 Cr, +27.9% YoY and +13.1% QoQ, extending the company's high-growth trajectory.
- EBITDA increased to ₹11.65 Cr, +14.2% YoY and +54.1% QoQ, with the margin recovering to 20% from approximately 14.68% in the preceding quarter.
- Standalone PAT rose to ₹8.61 Cr, +26.8% YoY and +93.7% QoQ, while standalone EPS increased to ₹4.38 from ₹3.47 YoY and ₹2.25 QoQ.
- Finance cost fell to ₹0.0185 Cr from ₹1.5698 Cr QoQ, materially supporting sequential PBT growth.
Key concerns
- Gross margin compressed approximately 242bps YoY to 22.97%, and the filing does not disclose whether project-cost pressure reflects mix, execution cost or pricing.
- Employee and other expenses increased 40.6% YoY on a consolidated basis to ₹2.2242 Cr, faster than revenue growth of 27.9%.
- The filing provides no project bookings, presales, collections, inventory, receivable or net-debt data, limiting visibility into the real-estate operating trajectory.
Research and educational content only. Not investment advice.