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Modis Navnirman share price today

Modis Navnirman Ltd · NSE: MODIS · Construction & Contracting · price as of the 4 November 2026 close, updated every trading day · results updated weekly · research updated 26 October 2026

Modis Navnirman share price today: ₹390.45 at the NSE close on 4 November 2026, up 15.8% in a year. Modis Navnirman (NSE: MODIS) is worth ₹766 crore, trades at a P/E of 21.1 and has closed between ₹299.45 and ₹403.80 over the past 52 weeks. Latest change: number of shareholders up 244% in a year.

Growing steadilyBusiness trend from fewer quarters than usual
₹390.45Price +15.8% in a year
21.1×P/E lower than 100% of the last 3.9 years
₹69.0 CrRevenue (Sep 2026) +81.6% on a year ago
₹10.0 CrProfit (Sep 2026) +100.0% on a year ago
21.0%Operating margin +6.0 points on a year ago
26%ROCE FY26
−100%Profit that came in as cash last 3 years

Modis Navnirman Ltd's results are improving, while its P/E is near the low end of its own history over 3.9 years, higher than only 0% of past readings.

The main question: profits are rising, but only −100% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch.

The price has been rising for 70 weeks, and the P/E is lower than 100% of its own last 3.9 years. Over the last four quarters, results have been improving, with profit +100.0% on a year earlier, and −100% of the last 3 years' profit came in as cash. What will decide it: whether the cash starts to follow the profit.

Left out of this page: Its two data sources disagree by up to 427% on reported income across 14 comparable periods, so nothing from the second source is shown here. That is why the quarterly PEG curve, the quarterly return curves, the yearly return-on-capital-used (ROIC) line, the total-debt and debt-to-equity series and the F-score and the return-on-capital-used (ROIC) reading are missing. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

What is the Modis Navnirman share price today?

Modis Navnirman Ltd's share price was ₹390.45 at the close on 4 November 2026. It has been rising for 70 weeks. That is 9.4% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹299 and ₹404, and at that close it sat 87% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Modis Navnirman Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 18 weeks in a row.

1Y

Nov 2026: ₹390, 9.4% above its 200-day average. The price has been rising for 70 weeks.

  • Price ₹390
  • 50-day avg ₹382
  • 200-day avg ₹357
Nov 2026: ₹390, 9.4% above its 200-day average. The price has been rising for 70 weeks.
WeekPrice50-day avg200-day avg
31 Oct 2025₹315₹305₹278
7 Nov 2025₹337₹309₹280
14 Nov 2025₹395₹318₹284
21 Nov 2025₹380₹330₹288
28 Nov 2025₹362₹336₹292
5 Dec 2025₹336₹337₹294
12 Dec 2025₹349₹335₹296
19 Dec 2025₹344₹336₹298
26 Dec 2025₹340₹337₹300
2 Jan 2026₹341₹337₹302
8 Jan 2026₹335₹337₹303
16 Jan 2026₹309₹334₹304
23 Jan 2026₹307₹330₹304
1 Feb 2026₹328₹328₹305
6 Feb 2026₹397₹331₹307
13 Feb 2026₹335₹331₹308
20 Feb 2026₹328₹330₹309
27 Feb 2026₹328₹329₹310
6 Mar 2026₹320₹327₹310
13 Mar 2026₹300₹324₹310
20 Mar 2026₹318₹321₹310
27 Mar 2026₹301₹318₹309
2 Apr 2026₹299₹316₹309
10 Apr 2026₹300₹313₹309
17 Apr 2026₹325₹313₹309
24 Apr 2026₹361₹320₹311
30 Apr 2026₹397₹330₹314
8 May 2026₹366₹338₹317
15 May 2026₹362₹343₹319
22 May 2026₹350₹344₹321
29 May 2026₹336₹344₹322
4 Jun 2026₹343₹343₹322
5 Jun 2026₹343₹343₹323
9 Jun 2026₹345₹343₹323
10 Jun 2026₹343₹343₹323
12 Jun 2026₹345₹343₹324
17 Jun 2026₹346₹344₹324
19 Jun 2026₹349₹344₹325
24 Jun 2026₹338₹344₹325
25 Jun 2026₹335₹343₹325
1 Jul 2026₹335₹342₹326
3 Jul 2026₹341₹342₹326
10 Jul 2026₹348₹342₹327
17 Jul 2026₹349₹343₹328
24 Jul 2026₹392₹352₹331
31 Jul 2026₹395₹360₹334
7 Aug 2026₹394₹368₹337
14 Aug 2026₹399₹374₹340
21 Aug 2026₹387₹379₹344
28 Aug 2026₹378₹380₹345
4 Sep 2026₹381₹380₹347
11 Sep 2026₹368₹379₹348
18 Sep 2026₹352₹375₹349
25 Sep 2026₹370₹371₹349
28 Sep 2026₹361₹371₹349
1 Oct 2026₹371₹371₹350
9 Oct 2026₹397₹373₹351
16 Oct 2026₹404₹380₹354
23 Oct 2026₹375₹380₹355
30 Oct 2026₹392₹382₹357
4 Nov 2026₹390₹382₹357
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 1-year window.

3Y

Nov 2026: ₹390, 9.4% above its 200-day average. The price has been rising for 70 weeks.

  • Price ₹390
  • 50-day avg ₹382
  • 200-day avg ₹357
Nov 2026: ₹390, 9.4% above its 200-day average. The price has been rising for 70 weeks.
WeekPrice50-day avg200-day avg
3 Nov 2023₹172₹172₹160
12 Nov 2023₹176₹172₹161
16 Nov 2023₹172₹172₹161
24 Nov 2023₹173₹173₹162
1 Dec 2023₹173₹173₹162
8 Dec 2023₹172₹173₹163
15 Dec 2023₹171₹172₹163
22 Dec 2023₹176₹172₹163
29 Dec 2023₹165₹172₹164
5 Jan 2024₹226₹175₹165
12 Jan 2024₹221₹184₹168
20 Jan 2024₹228₹191₹171
25 Jan 2024₹219₹195₹172
2 Feb 2024₹224₹199₹174
9 Feb 2024₹234₹205₹177
16 Feb 2024₹232₹209₹180
23 Feb 2024₹259₹214₹182
2 Mar 2024₹291₹228₹188
7 Mar 2024₹279₹237₹192
15 Mar 2024₹245₹239₹195
22 Mar 2024₹247₹239₹197
28 Mar 2024₹250₹240₹198
5 Apr 2024₹274₹243₹201
12 Apr 2024₹286₹250₹205
19 Apr 2024₹266₹252₹207
26 Apr 2024₹261₹255₹210
3 May 2024₹265₹257₹212
10 May 2024₹260₹257₹214
18 May 2024₹256₹256₹216
24 May 2024₹273₹257₹218
30 May 2024₹270₹258₹220
7 Jun 2024₹244₹255₹221
14 Jun 2024₹239₹252₹222
21 Jun 2024₹236₹250₹223
28 Jun 2024₹235₹247₹223
5 Jul 2024₹242₹245₹224
12 Jul 2024₹228₹243₹224
19 Jul 2024₹224₹241₹224
26 Jul 2024₹228₹239₹225
2 Aug 2024₹283₹243₹226
9 Aug 2024₹273₹250₹229
16 Aug 2024₹266₹252₹230
23 Aug 2024₹280₹256₹232
30 Aug 2024₹264₹258₹234
6 Sep 2024₹270₹260₹236
13 Sep 2024₹270₹262₹238
20 Sep 2024₹283₹266₹240
27 Sep 2024₹275₹269₹242
4 Oct 2024₹278₹271₹243
11 Oct 2024₹278₹272₹245
18 Oct 2024₹282₹274₹247
25 Oct 2024₹273₹274₹248
1 Nov 2024₹277₹274₹249
8 Nov 2024₹271₹274₹251
14 Nov 2024₹278₹273₹251
22 Nov 2024₹269₹272₹252
29 Nov 2024₹265₹271₹253
6 Dec 2024₹270₹271₹253
13 Dec 2024₹260₹270₹254
20 Dec 2024₹254₹268₹254
27 Dec 2024₹255₹266₹254
3 Jan 2025₹259₹265₹255
10 Jan 2025₹260₹263₹255
17 Jan 2025₹261₹262₹255
24 Jan 2025₹253₹261₹255
1 Feb 2025₹241₹258₹254
7 Feb 2025₹251₹256₹254
14 Feb 2025₹236₹253₹253
21 Feb 2025₹242₹251₹252
28 Feb 2025₹230₹249₹252
7 Mar 2025₹233₹246₹251
13 Mar 2025₹229₹244₹250
21 Mar 2025₹275₹247₹251
28 Mar 2025₹280₹252₹252
4 Apr 2025₹245₹253₹252
11 Apr 2025₹244₹251₹252
17 Apr 2025₹243₹250₹251
25 Apr 2025₹245₹249₹251
2 May 2025₹237₹248₹251
9 May 2025₹230₹246₹250
16 May 2025₹245₹246₹250
23 May 2025₹246₹246₹250
30 May 2025₹253₹247₹250
6 Jun 2025₹256₹247₹250
13 Jun 2025₹278₹251₹250
20 Jun 2025₹273₹255₹251
27 Jun 2025₹270₹258₹252
4 Jul 2025₹270₹260₹253
11 Jul 2025₹270₹262₹254
18 Jul 2025₹276₹264₹255
25 Jul 2025₹280₹266₹256
1 Aug 2025₹276₹268₹257
8 Aug 2025₹276₹269₹258
14 Aug 2025₹277₹271₹259
22 Aug 2025₹286₹272₹260
29 Aug 2025₹275₹273₹261
5 Sep 2025₹276₹274₹261
12 Sep 2025₹294₹275₹262
19 Sep 2025₹312₹280₹264
26 Sep 2025₹335₹289₹267
3 Oct 2025₹323₹295₹270
10 Oct 2025₹323₹301₹273
17 Oct 2025₹313₹303₹275
24 Oct 2025₹305₹304₹276
31 Oct 2025₹315₹305₹278
7 Nov 2025₹337₹309₹280
14 Nov 2025₹395₹318₹284
21 Nov 2025₹380₹330₹288
28 Nov 2025₹362₹336₹292
5 Dec 2025₹336₹337₹294
12 Dec 2025₹349₹335₹296
19 Dec 2025₹344₹336₹298
26 Dec 2025₹340₹337₹300
2 Jan 2026₹341₹337₹302
8 Jan 2026₹335₹337₹303
16 Jan 2026₹309₹334₹304
23 Jan 2026₹307₹330₹304
1 Feb 2026₹328₹328₹305
6 Feb 2026₹397₹331₹307
13 Feb 2026₹335₹331₹308
20 Feb 2026₹328₹330₹309
27 Feb 2026₹328₹329₹310
6 Mar 2026₹320₹327₹310
13 Mar 2026₹300₹324₹310
20 Mar 2026₹318₹321₹310
27 Mar 2026₹301₹318₹309
2 Apr 2026₹299₹316₹309
10 Apr 2026₹300₹313₹309
17 Apr 2026₹325₹313₹309
24 Apr 2026₹361₹320₹311
30 Apr 2026₹397₹330₹314
8 May 2026₹366₹338₹317
15 May 2026₹362₹343₹319
22 May 2026₹350₹344₹321
29 May 2026₹336₹344₹322
4 Jun 2026₹343₹343₹322
5 Jun 2026₹343₹343₹323
9 Jun 2026₹345₹343₹323
10 Jun 2026₹343₹343₹323
12 Jun 2026₹345₹343₹324
17 Jun 2026₹346₹344₹324
19 Jun 2026₹349₹344₹325
24 Jun 2026₹338₹344₹325
25 Jun 2026₹335₹343₹325
1 Jul 2026₹335₹342₹326
3 Jul 2026₹341₹342₹326
10 Jul 2026₹348₹342₹327
17 Jul 2026₹349₹343₹328
24 Jul 2026₹392₹352₹331
31 Jul 2026₹395₹360₹334
7 Aug 2026₹394₹368₹337
14 Aug 2026₹399₹374₹340
21 Aug 2026₹387₹379₹344
28 Aug 2026₹378₹380₹345
4 Sep 2026₹381₹380₹347
11 Sep 2026₹368₹379₹348
18 Sep 2026₹352₹375₹349
25 Sep 2026₹370₹371₹349
28 Sep 2026₹361₹371₹349
1 Oct 2026₹371₹371₹350
9 Oct 2026₹397₹373₹351
16 Oct 2026₹404₹380₹354
23 Oct 2026₹375₹380₹355
30 Oct 2026₹392₹382₹357
4 Nov 2026₹390₹382₹357
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 3-year window.

5Y

Nov 2026: ₹390, 9.4% above its 200-day average. The price has been rising for 70 weeks.

  • Price ₹390
  • 50-day avg ₹382
  • 200-day avg ₹357
Nov 2026: ₹390, 9.4% above its 200-day average. The price has been rising for 70 weeks.
WeekPrice50-day avg200-day avg
8 Jul 2022₹50₹47₹47
22 Jul 2022₹75₹53₹49
5 Aug 2022₹79₹61₹52
19 Aug 2022₹81₹67₹54
2 Sep 2022₹80₹70₹56
15 Sep 2022₹78₹72₹58
30 Sep 2022₹76₹74₹59
12 Oct 2022₹81₹75₹60
28 Oct 2022₹105₹80₹63
11 Nov 2022₹122₹93₹68
25 Nov 2022₹117₹107₹75
9 Dec 2022₹120₹110₹79
23 Dec 2022₹126₹119₹84
6 Jan 2023₹142₹125₹89
20 Jan 2023₹179₹136₹95
3 Feb 2023₹161₹143₹101
17 Feb 2023₹158₹147₹105
2 Mar 2023₹153₹149₹109
16 Mar 2023₹153₹150₹112
31 Mar 2023₹151₹150₹115
13 Apr 2023₹175₹154₹117
28 Apr 2023₹185₹163₹123
12 May 2023₹174₹169₹128
26 May 2023₹157₹170₹132
9 Jun 2023₹161₹168₹135
23 Jun 2023₹197₹169₹138
7 Jul 2023₹193₹179₹143
21 Jul 2023₹173₹178₹146
4 Aug 2023₹183₹178₹149
18 Aug 2023₹179₹179₹152
1 Sep 2023₹174₹179₹154
15 Sep 2023₹176₹177₹156
29 Sep 2023₹171₹176₹158
13 Oct 2023₹173₹174₹159
27 Oct 2023₹175₹172₹160
12 Nov 2023₹176₹172₹161
24 Nov 2023₹173₹173₹162
8 Dec 2023₹172₹173₹163
22 Dec 2023₹176₹172₹163
5 Jan 2024₹226₹175₹165
20 Jan 2024₹228₹191₹171
2 Feb 2024₹224₹199₹174
16 Feb 2024₹232₹209₹180
2 Mar 2024₹291₹228₹188
15 Mar 2024₹245₹239₹195
28 Mar 2024₹250₹240₹198
12 Apr 2024₹286₹250₹205
26 Apr 2024₹261₹255₹210
10 May 2024₹260₹257₹214
24 May 2024₹273₹257₹218
7 Jun 2024₹244₹255₹221
21 Jun 2024₹236₹250₹223
5 Jul 2024₹242₹245₹224
19 Jul 2024₹224₹241₹224
2 Aug 2024₹283₹243₹226
16 Aug 2024₹266₹252₹230
30 Aug 2024₹264₹258₹234
13 Sep 2024₹270₹262₹238
27 Sep 2024₹275₹269₹242
11 Oct 2024₹278₹272₹245
25 Oct 2024₹273₹274₹248
8 Nov 2024₹271₹274₹251
22 Nov 2024₹269₹272₹252
6 Dec 2024₹270₹271₹253
20 Dec 2024₹254₹268₹254
3 Jan 2025₹259₹265₹255
17 Jan 2025₹261₹262₹255
1 Feb 2025₹241₹258₹254
14 Feb 2025₹236₹253₹253
28 Feb 2025₹230₹249₹252
13 Mar 2025₹229₹244₹250
28 Mar 2025₹280₹252₹252
11 Apr 2025₹244₹251₹252
25 Apr 2025₹245₹249₹251
9 May 2025₹230₹246₹250
23 May 2025₹246₹246₹250
6 Jun 2025₹256₹247₹250
20 Jun 2025₹273₹255₹251
4 Jul 2025₹270₹260₹253
18 Jul 2025₹276₹264₹255
1 Aug 2025₹276₹268₹257
14 Aug 2025₹277₹271₹259
29 Aug 2025₹275₹273₹261
12 Sep 2025₹294₹275₹262
26 Sep 2025₹335₹289₹267
10 Oct 2025₹323₹301₹273
24 Oct 2025₹305₹304₹276
7 Nov 2025₹337₹309₹280
21 Nov 2025₹380₹330₹288
5 Dec 2025₹336₹337₹294
19 Dec 2025₹344₹336₹298
2 Jan 2026₹341₹337₹302
16 Jan 2026₹309₹334₹304
1 Feb 2026₹328₹328₹305
13 Feb 2026₹335₹331₹308
27 Feb 2026₹328₹329₹310
13 Mar 2026₹300₹324₹310
27 Mar 2026₹301₹318₹309
10 Apr 2026₹300₹313₹309
24 Apr 2026₹361₹320₹311
8 May 2026₹366₹338₹317
22 May 2026₹350₹344₹321
4 Jun 2026₹343₹343₹322
9 Jun 2026₹345₹343₹323
12 Jun 2026₹345₹343₹324
19 Jun 2026₹349₹344₹325
25 Jun 2026₹335₹343₹325
3 Jul 2026₹341₹342₹326
17 Jul 2026₹349₹343₹328
31 Jul 2026₹395₹360₹334
14 Aug 2026₹399₹374₹340
28 Aug 2026₹378₹380₹345
11 Sep 2026₹368₹379₹348
25 Sep 2026₹370₹371₹349
1 Oct 2026₹371₹371₹350
16 Oct 2026₹404₹380₹354
30 Oct 2026₹392₹382₹357
4 Nov 2026₹390₹382₹357
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 4-year window.

Price stage: Rising from Oct 2025 to Oct 2026.

Price stage: Rising from Nov 2023 to Feb 2025; Falling from Feb 2025 to May 2025; Sideways from Jun 2025 to Jul 2025; Rising from Jul 2025 to Oct 2026.

Price stage: Rising from Jul 2022 to Feb 2025; Falling from Feb 2025 to May 2025; Sideways from Jun 2025 to Jul 2025; Rising from Jul 2025 to Oct 2026.

Week by week since 2022: did it beat the NIFTY 500 over the past 13 weeks?

Ahead in 142 of 221 weeks

Week by week since 2022: did it beat the NIFTY 500 over the past 13 weeks?
Week13-week return vs NIFTY 500
8 Jul 2022no NIFTY 500 reading
15 Jul 2022no NIFTY 500 reading
22 Jul 2022no NIFTY 500 reading
29 Jul 2022no NIFTY 500 reading
5 Aug 2022no NIFTY 500 reading
12 Aug 2022no NIFTY 500 reading
19 Aug 2022no NIFTY 500 reading
26 Aug 2022no NIFTY 500 reading
2 Sep 2022no NIFTY 500 reading
9 Sep 2022no NIFTY 500 reading
15 Sep 2022no NIFTY 500 reading
22 Sep 2022no NIFTY 500 reading
30 Sep 2022no NIFTY 500 reading
7 Oct 2022+53.6%
12 Oct 2022+20.7%
21 Oct 2022+13.2%
28 Oct 2022+32.8%
4 Nov 2022+53.3%
11 Nov 2022+43.7%
18 Nov 2022+61.2%
25 Nov 2022+49.1%
2 Dec 2022+42.2%
9 Dec 2022+45.2%
16 Dec 2022+83.5%
23 Dec 2022+57.1%
29 Dec 2022+68.8%
6 Jan 2023+73.2%
13 Jan 2023+80.3%
20 Jan 2023+100.4%
27 Jan 2023+59.0%
3 Feb 2023+33.6%
9 Feb 2023+35.3%
17 Feb 2023+24.2%
24 Feb 2023+42.2%
2 Mar 2023+38.1%
10 Mar 2023+42.3%
16 Mar 2023+13.1%
22 Mar 2023+25.7%
31 Mar 2023+20.1%
3 Apr 2023+8.0%
13 Apr 2023+22.4%
21 Apr 2023+2.9%
28 Apr 2023+11.3%
5 May 2023+15.5%
12 May 2023+6.7%
19 May 2023+9.1%
26 May 2023−7.8%
1 Jun 2023+3.8%
9 Jun 2023−10.3%
16 Jun 2023−7.4%
23 Jun 2023+17.9%
30 Jun 2023+20.3%
7 Jul 2023+17.4%
13 Jul 2023−15.1%
21 Jul 2023−18.4%
28 Jul 2023−11.6%
4 Aug 2023−14.1%
11 Aug 2023−4.3%
18 Aug 2023−10.5%
25 Aug 2023+6.1%
1 Sep 2023−5.9%
8 Sep 2023+2.7%
15 Sep 2023+2.3%
22 Sep 2023−20.0%
29 Sep 2023−18.1%
6 Oct 2023−16.0%
13 Oct 2023−2.5%
20 Oct 2023−4.8%
27 Oct 2023−3.5%
3 Nov 2023−7.3%
12 Nov 2023−8.6%
16 Nov 2023−7.9%
24 Nov 2023−8.2%
1 Dec 2023−8.4%
8 Dec 2023−11.4%
15 Dec 2023−10.4%
22 Dec 2023−8.2%
29 Dec 2023−16.6%
5 Jan 2024+20.0%
12 Jan 2024+15.2%
20 Jan 2024+24.7%
25 Jan 2024+6.8%
2 Feb 2024+13.6%
9 Feb 2024+20.1%
16 Feb 2024+20.8%
23 Feb 2024+37.5%
2 Mar 2024+63.1%
7 Mar 2024+57.4%
15 Mar 2024+38.7%
22 Mar 2024+36.2%
28 Mar 2024+44.8%
5 Apr 2024+14.1%
12 Apr 2024+24.8%
19 Apr 2024+10.1%
26 Apr 2024+12.9%
3 May 2024+15.5%
10 May 2024+7.2%
18 May 2024+4.6%
24 May 2024−0.7%
30 May 2024−14.4%
7 Jun 2024−24.5%
14 Jun 2024−15.8%
21 Jun 2024−15.9%
28 Jun 2024−16.7%
5 Jul 2024−21.6%
12 Jul 2024−34.0%
19 Jul 2024−26.4%
26 Jul 2024−24.5%
2 Aug 2024−3.7%
9 Aug 2024−4.4%
16 Aug 2024−6.0%
23 Aug 2024−8.4%
30 Aug 2024−15.1%
6 Sep 2024+3.7%
13 Sep 2024+5.6%
20 Sep 2024+11.2%
27 Sep 2024+10.8%
4 Oct 2024+12.2%
11 Oct 2024+20.0%
18 Oct 2024+26.2%
25 Oct 2024+22.8%
1 Nov 2024−2.8%
8 Nov 2024+2.8%
14 Nov 2024+10.3%
22 Nov 2024+0.0%
29 Nov 2024+3.1%
6 Dec 2024+0.7%
13 Dec 2024+0.4%
20 Dec 2024−2.2%
27 Dec 2024+0.5%
3 Jan 2025−1.0%
10 Jan 2025+2.5%
17 Jan 2025−1.1%
24 Jan 2025−0.5%
1 Feb 2025−7.8%
7 Feb 2025−2.9%
14 Feb 2025−9.2%
21 Feb 2025−0.2%
28 Feb 2025−0.8%
7 Mar 2025−0.5%
13 Mar 2025−3.1%
21 Mar 2025+13.3%
28 Mar 2025+14.8%
4 Apr 2025+3.0%
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17 Apr 2025−10.9%
25 Apr 2025−6.9%
2 May 2025−2.8%
9 May 2025−16.1%
16 May 2025−5.7%
23 May 2025−9.6%
30 May 2025−2.8%
6 Jun 2025−5.4%
13 Jun 2025+11.6%
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29 Aug 2025+8.7%
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26 Sep 2025+26.7%
3 Oct 2025+21.3%
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17 Oct 2025+11.8%
24 Oct 2025+4.9%
31 Oct 2025+9.6%
7 Nov 2025+17.2%
14 Nov 2025+39.2%
21 Nov 2025+27.6%
28 Nov 2025+27.9%
5 Dec 2025+20.4%
12 Dec 2025+18.5%
19 Dec 2025+7.6%
26 Dec 2025−2.6%
2 Jan 2026+1.7%
8 Jan 2026+3.3%
16 Jan 2026+2.8%
23 Jan 2026+4.3%
1 Feb 2026+5.2%
6 Feb 2026+17.8%
13 Feb 2026−14.1%
20 Feb 2026−11.2%
27 Feb 2026−3.9%
6 Mar 2026−0.9%
13 Mar 2026−7.2%
20 Mar 2026+2.2%
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17 Apr 2026+4.6%
24 Apr 2026+18.3%
30 Apr 2026+22.3%
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4 Jun 2026+7.3%
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17 Jul 2026+1.0%
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31 Jul 2026+10.7%
7 Aug 2026+9.3%
14 Aug 2026+12.0%
21 Aug 2026+8.2%
28 Aug 2026+7.5%
4 Sep 2026+8.7%
11 Sep 2026+10.0%
18 Sep 2026+6.4%
25 Sep 2026+13.3%
28 Sep 2026+12.3%
1 Oct 2026+12.9%
9 Oct 2026+20.0%
16 Oct 2026+5.8%
23 Oct 2026+3.5%
30 Oct 2026+7.1%
4 Nov 2026+5.0%
Each bar is one week, from 2022 to now (221 weeks with a reading). Green means the stock's return over the previous 13 weeks beat the NIFTY 500; red means it trailed. The colour is strongest at a gap of 25 percentage points or more. A gap means there is no reading for that week.

Over the last 4.3 years the share price moved +684% while the NIFTY 500 moved +60%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

What changed at Modis Navnirman this quarter?

Three changes stood out: number of shareholders up 244% in a year, revenue up on a year earlier for 5 quarters in a row and profit up on a year earlier for 5 quarters in a row.

  1. Number of shareholders up 244% in a year

    3,456 shareholders in the September 2026 quarter, against 1,005 a year earlier.

  2. Revenue up on a year earlier for 5 quarters in a row

    In the September 2026 quarter revenue was ₹69 crore, +81.6% on a year earlier.

    Why: Revenue rose because sales were strong at the Signature project and early bookings came in at Icon and Avenue.

    Next results: check whether the second-half project contribution turns into revenue by the fiscal year-end.

    From the earnings call on 26 Oct 2026.

  3. Profit up on a year earlier for 5 quarters in a row

    In the September 2026 quarter profit was ₹10 crore, +100% on a year earlier.

What are Modis Navnirman's latest quarterly results?

For July to September 2026 (the quarter ended 30 September 2026), Modis Navnirman reported revenue of ₹69.0 crore, up 81.6% from ₹38.0 crore a year earlier, and a profit of ₹10.0 crore, up 100.0% from ₹5.00 crore.

Modis Navnirman results: July to September 2026 against a year earlier

Modis Navnirman results: July to September 2026 against a year earlier
MeasureJuly to September 2026July to September 2025Change
Revenue₹69.0 crore₹38.0 crore+81.6%
Profit₹10.0 crore₹5.00 crore+100.0%
Earnings per share₹5.33₹2.65+101.1%
Operating margin21.0%15.0%+6.0 points

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Modis Navnirman's management discussed these results on a call held on 26 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

What is the Modis Navnirman share price history?

Modis Navnirman closed at ₹390.45 on 4 November 2026, up 15.8% from ₹337.30 a year earlier (7 November 2025) and up 127.0% over three years. Its highest weekly close since July 2022 was ₹403.80 on 16 October 2026.

Modis Navnirman share price: then and now

Modis Navnirman share price: then and now
WhenCloseChange to 4 Nov 2026
1 week ago · 30 Oct 2026₹392.00−0.4%
1 month ago · 1 Oct 2026₹370.95+5.3%
6 months ago · 8 May 2026₹365.80+6.7%
1 year ago · 7 Nov 2025₹337.30+15.8%
3 years ago · 3 Nov 2023₹172.00+127.0%
Earliest and lowest weekly close in our records · 8 Jul 2022₹49.79+684.2%
Highest weekly close since July 2022, also the 52-week high · 16 Oct 2026₹403.80−3.3%
52-week low (weekly close) · 2 Apr 2026₹299.45+30.4%

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

234 weekly closes from 8 July 2022 to 4 November 2026.

What is the latest news on Modis Navnirman?

4 Nov 2026: Modis Navnirman closed at ₹390.45, down 0.4% on the week and up 5.3% on the month. 26 Oct 2026: Modis Navnirman held its results call for July to September 2026. Management guided: October to December 2026 expected to be strong as festive traction improved after Navratri.

Earlier

  • Results for July to September 2026: Revenue up 81.6% and profit up 100.0% on a year earlier.

What dividend does Modis Navnirman pay?

Modis Navnirman has paid no dividend on the NSE since its first NSE close in our records (8 July 2022), the start of the period we checked.

Not in its latest year. Modis Navnirman Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 1 of its last 8 reported years, so there is a history but no current dividend.

From the NSE corporate-actions record, read 5 November 2026.

What did Modis Navnirman management say on the latest results call?

On the call for July to September 2026, held on 26 October 2026, Modis Navnirman's management guided: October to December 2026 expected to be strong as festive traction improved after Navratri.

“The five projects have a GDV of around 900 crores, and we will not require any debt for them.”Mahek Modi, on the call for July to September 2026

What management guided

  • Rashmi Square OC application planned for December; Signature completion planned by March 31 with collections mainly in January to March 2027; three major projects expected to contribute around ₹200 crore in H2.
  • Operating profit expected above the current level, with margins improving as projects near completion and sale per square foot rises.
  • Current pipeline GDV around ₹900 crore and Monolith/Heights completion costs to be self-funded; annual procurement goal at least ₹500 crore GDV, with debt possible for large land purchases.
  • Rashmi Paradise launch planned for October 30 at ₹27,000-30,000 per sq ft; remaining development agreements expected after Diwali.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 26 October 2026.

What is the future of Modis Navnirman? What is changing in the business?

The changes showing up in Modis Navnirman's own numbers are a bigger order book. It is too early to say whether they last.

A bigger order book too early to call

Modis rebuilds old Mumbai housing societies. Its 'orders' are redevelopment mandates won from societies, and its sales come as those buildings are built and handed over. New mandates kept coming (a Borivali West project worth about ₹250 crore of sale value in Feb 2026, Neel Kiran Society in Santacruz in Jun 2026, an upcoming four-project pipeline above ₹800 crore), and the existing projects turned into sales: revenue for the last four quarters was ₹202.18 crore against ₹134.1 crore a year earlier (+51%), and operating profit (profit from the business before interest and tax) rose from ₹26.42 crore to ₹36.62 crore.

Why it may last: The flow of handovers and new society mandates depends on the Mumbai housing market and comes in lumps; it has not been seen through a property downturn, and profit has not yet shown up as cash.

What could be flattering it: Lumpy handovers and an accounting change (moving to percentage-of-completion revenue under Ind-AS, plus the merger of a group company) that make revenue jump without the projects being more profitable or producing cash; and promised handover dates keep slipping.

Next check: Rashmi Square and Rashmi Signature get their occupation certificates in the Oct–Dec 2026 quarter as promised, and that quarter's revenue beats ₹54.43 crore (Dec 2025) with operating profit above ₹14.69 crore.

Quarter by quarter, 4 quarters

July to September 2025

Revenue ₹38 crore against ₹36.62 crore a year earlier, operating profit ₹6 crore against ₹5.22 crore. Management said it was on the final shortlist of several societies for new projects. ✓ fact

From our notes of the call for July to September 2025: Currently in top-3 shortlist with 5-7 societies for new redevelopment partnerships across MMR.

October to December 2025

Revenue ₹54.43 crore against ₹32 crore a year earlier, operating profit ₹14.69 crore against ₹8 crore, helped by the full handover of Rashmi Vasudev. A new Borivali West mandate was signed. ✓ fact

From our notes of the call for October to December 2025: Secured Borivali West redevelopment mandate with ₹250 crore GDV strengthening western suburban presence.

January to March 2026

Revenue ₹51.49 crore against ₹19.94 crore a year earlier as two projects were completed, but operating profit only ₹4.77 crore against ₹3.13 crore, because operating margin fell to 9.26% from 15.7%. Part of the jump also came from merging a private group company into the listed one. ✓ fact

From our notes of the call for January to March 2026: January to March 2026 revenue ₹51.49 crore (up 158% on a year earlier), driven by Rashmi Vasudev handover (90 units)

April to June 2026

Revenue ₹58.26 crore against ₹45.54 crore a year earlier (+27.9%), operating profit ₹11.16 crore against ₹10.07 crore (+10.8%); operating margin 19.16% against 22.11%. The handover of Rashmi Signature slipped again, now to the Oct–Dec 2026 quarter. ✓ fact

From our notes of the call for April to June 2026: Upcoming four-project pipeline GDV upwards of ₹800 crore.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What could change the Modis Navnirman story? What are the risks?

If Square and Signature receive possession approvals and generate additional recognized revenue but operating cash generation remains negative without a reconciled collection schedule, the proposed completion-to-cash mechanism has failed.

Each change stops working if

  • Completion-linked sales conversion: Possession approvals slip again or completion visibility fails to improve reconciled bookings and collections.
  • Selective redevelopment mandates: Tender opportunities fail to become signed, approved projects or feasibility deteriorates before mobilization.
  • Society partnership economics: Society obligations, construction advances or collection delays require increasing external funding.
  • Icon and Avenue recognition runway: Construction or sales progress misses the recognition window, or new project costs offset the recognized revenue.

The main risks

  • Earnings without operating cash: Working-capital absorption remains unresolved despite improving annual operating cash generation. ⚠ estimate
  • Repeated delivery resets and inconsistent disclosure: Signature's handover schedule has moved again, and its booking descriptions remain unreconciled. ✓ fact
  • Input-cost pressure and margin variability: Revenue growth is not translating proportionately into operating profit, and cost recovery remains unquantified. ⚠ estimate
  • Recognition and regulatory gates: Construction thresholds, society awards and government restrictions can move the earnings contribution beyond the current forecast. ✓ fact

Our read after the latest results, written 10 October 2026.

What to watch in Modis Navnirman's next results?

When Modis Navnirman reports October to December 2026, these are the 5 checks that show whether the story is still on course. First: Rashmi Square and Rashmi Signature get their occupation certificates in the Oct–Dec 2026 quarter as promised, and that quarter's revenue beats ₹54.43 crore (Dec 2025) with operating profit above ₹14.69 crore.

Modis Navnirman: what to watch next quarter
What to checkWhy
Rashmi Square and Rashmi Signature get their occupation certificates in the Oct–Dec 2026 quarter as promised, and that quarter's revenue beats ₹54.43 crore (Dec 2025) with operating profit above ₹14.69 crore.A bigger order book
Rashmi Square OC application and Signature completion - confirm filings and actual handover against management's stated schedules.From the call
The planned H2 project contribution - verify that completions convert into recognized revenue by fiscal year-end.From the call
Icon and Avenue booking conversion - check whether sales begin releasing cash tied up in their unsold inventory.From the call
Margin expansion - test whether completion mix and higher sale per square foot lift operating profit without cost overruns.From the call

Which stock lists is Modis Navnirman on?

Modis Navnirman is on 2 of our India lists: Multibagger study list and Momentum stocks.

Is Modis Navnirman profitable?

Modis Navnirman Ltd earned ₹10.0 Cr of net profit in the Sep 2026 quarter, +100.0% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹29.0 Cr. That is 14.5% of the quarter's revenue. The same quarter a year earlier earned ₹5.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹29.0 Cr (+26.1% on the year before).

FY26 profit ₹29.0 Cr (+26.1% on the year before)

  • Net profit ₹29.0
FY26 profit ₹29.0 Cr (+26.1% on the year before)
QuarterNet profit
FY19₹0
FY20₹1
FY21₹0
FY22₹0
FY23₹0
FY24₹3
FY25₹23
FY26₹29

Growth on a year earlier

  • Growth on a year earlier 26.1%
Growth on a year earlier
QuarterGrowth on a year earlier
FY19–
FY20–
FY21−100%
FY22–
FY23–
FY24–
FY25666.7%
FY2626.1%
Top: net profit each year, ₹ Cr. Below: growth on the year before, %. 8-year window. A grey bar is lower than the year before.

Sep 2026: ₹10.0 Cr (+100.0% on a year earlier), the 5th quarter in a row of growth

  • Net profit (quarterly) ₹10.0
Sep 2026: ₹10.0 Cr (+100.0% on a year earlier), the 5th quarter in a row of growth
QuarterNet profit (quarterly)
Mar 2023₹3
Sep 2023₹3
Mar 2024₹4
Sep 2024₹5
Dec 2024₹7
Mar 2025₹2
Jun 2025₹7
Sep 2025₹5
Dec 2025₹13
Mar 2026₹4
Jun 2026₹9
Sep 2026₹10

Growth on a year earlier

  • Growth on a year earlier 100%
Growth on a year earlier
QuarterGrowth on a year earlier
Mar 202320.6%
Sep 2023−2.1%
Mar 202434.5%
Sep 202460.4%
Dec 2024–
Mar 2025−48.2%
Jun 2025–
Sep 202510.1%
Dec 202585.7%
Mar 2026100%
Jun 202628.6%
Sep 2026100%
Top: net profit each quarter, ₹ Cr. Below: growth on the same quarter a year earlier, %. Last 12 quarters. A grey bar is lower than the quarter before.

Why profit moved: revenue changed +81.6% on a year earlier and the margin moved +6.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +78.6% and revenue +82.9%. Profit is growing slower than sales: rising costs are taking part of the growth.

FY26-Q4. A low comparison base magnifies growth while operating margin compresses

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

How much revenue does Modis Navnirman make, and is it growing?

Modis Navnirman Ltd reported ₹69.0 Cr of revenue in the Sep 2026 quarter, +81.6% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 7 years it has grown 80.7% a year on average. The last full year, FY26, came in at ₹189 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The Value Chain Climb is a conditional framework here: entering another micro-market does not itself prove higher retained margins. Neel Kiran is a reported addition, while other opportunities depend on society selection and approvals. The company controls feasibility and bid selection; societies control award decisions. No incremental profit is assigned to unsigned mandates, and higher realised prices cannot be assumed to survive higher redevelopment obligations or construction costs.

The last four reported quarters add to ₹232 Cr.

FY26 revenue was ₹189 Cr, +83.5% on the year before.

FY26 revenue ₹189 Cr (+83.5% on the year before), 80.7% a year over 7 years

  • Revenue ₹189
FY26 revenue ₹189 Cr (+83.5% on the year before), 80.7% a year over 7 years
QuarterRevenue
FY19₹3
FY20₹22
FY21₹13
FY22₹0
FY23₹0
FY24₹21
FY25₹103
FY26₹189

Growth on a year earlier

  • Growth on a year earlier 83.5%
Growth on a year earlier
QuarterGrowth on a year earlier
FY19–
FY20633.3%
FY21−40.9%
FY22−100%
FY23–
FY24–
FY25390.5%
FY2683.5%
Top: revenue each year, ₹ Cr. Below: growth on the year before, %. 8-year window. A grey bar is lower than the year before.

Sep 2026: ₹69.0 Cr (+81.6% on a year earlier), the 5th quarter in a row of growth

  • Revenue (quarterly) ₹69.0
Sep 2026: ₹69.0 Cr (+81.6% on a year earlier), the 5th quarter in a row of growth
QuarterRevenue (quarterly)
Mar 2023₹23
Sep 2023₹24
Mar 2024₹33
Sep 2024₹37
Dec 2024₹32
Mar 2025₹20
Jun 2025₹46
Sep 2025₹38
Dec 2025₹54
Mar 2026₹51
Jun 2026₹58
Sep 2026₹69

Growth on a year earlier

  • Growth on a year earlier 81.6%
Growth on a year earlier
QuarterGrowth on a year earlier
Mar 2023565.2%
Sep 202329%
Mar 202443%
Sep 202450.6%
Dec 2024–
Mar 2025−38.5%
Jun 2025–
Sep 20253.8%
Dec 202568.8%
Mar 2026155%
Jun 202626.1%
Sep 202681.6%
Top: revenue each quarter, ₹ Cr. Below: growth on the same quarter a year earlier, %. Last 12 quarters. A grey bar is lower than the quarter before.

Recent pace: the last four quarters grew +82.9% on average, against 80.7% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +70.6%, against +41.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +71.4%, against +59.8% a year (accelerating).

FY26-Q4. A low comparison base magnifies growth while operating margin compresses

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Watch next

Metric
Selective redevelopment mandates
Threshold
Tender opportunities fail to become signed, approved projects or feasibility deteriorates before mobilization.
Which result
the next result

How much of every ₹100 of sales does Modis Navnirman keep?

Modis Navnirman Ltd's operating margin was 21.0% in the Sep 2026 quarter, 6.0 percentage points higher than the same quarter a year ago. Across 8 years it has been between −7.0% and 100.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. Management explicitly links completion-stage inventory to sales conversion. Square and Signature have advanced, but the revised possession window is a forecast after an earlier delay. Customers respond to delivery certainty; the developer retains the benefit only after construction costs, society obligations and collections are reconciled. Possession and booking conversion are one dependent mechanism, so they are not counted as separate profit engines. Pricing is described as stable, and no competitive response or collection bridge is quantified.

Why the margin moved: operating margin changed +5.9 percentage points on the year while gross margin changed +4.6 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

FY26: 19.0%, within a range of −7.0% to 100.0% over 8 years

  • Operating margin 19.0%
FY26: 19.0%, within a range of −7.0% to 100.0% over 8 years
QuarterOperating margin
FY1918%
FY2010%
FY214.2%
FY22100%
FY23−7%
FY242.2%
FY2526%
FY2619%

Change on the year before (points)

  • Change on the year before (points) −7.0 pts
Change on the year before (points)
QuarterChange on the year before (points)
FY19–
FY20−8.0 pts
FY21−5.8 pts
FY22+95.8 pts
FY23−107.0 pts
FY24+9.2 pts
FY25+23.8 pts
FY26−7.0 pts
Operating margin each year, % (top). Below: change on the year before, in percentage points. 8-year window.

Sep 2026: operating margin 21.0% (+6.0 points on a year earlier)

  • Operating margin 21.0%
Sep 2026: operating margin 21.0% (+6.0 points on a year earlier)
QuarterOperating margin
Mar 202311.08%
Sep 202313.7%
Mar 202414.51%
Sep 202414.25%
Dec 202424%
Mar 202516%
Jun 202522%
Sep 202515%
Dec 202527%
Mar 20269%
Jun 202619%
Sep 202621%

Change on a year earlier (points)

  • Change on a year earlier (points) +6.0 pts
Change on a year earlier (points)
QuarterChange on a year earlier (points)
Mar 2023−81.9 pts
Sep 2023−10.3 pts
Mar 2024+3.4 pts
Sep 2024+0.6 pts
Dec 2024–
Mar 2025+1.5 pts
Jun 2025–
Sep 2025+0.8 pts
Dec 2025+3.0 pts
Mar 2026−7.0 pts
Jun 2026−3.0 pts
Sep 2026+6.0 pts
Top: quarterly operating margin, %. Below: change on the same quarter a year earlier, in percentage points. Last 12 quarters. Operating profit as a share of revenue, each quarter.

FY26-Q4. A low comparison base magnifies growth while operating margin compresses

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Watch next

Metric
Completion-linked sales conversion
Threshold
Possession approvals slip again or completion visibility fails to improve reconciled bookings and collections.
Which result
the next result

Is Modis Navnirman's profit turning into cash?

Over the last 3 years Modis Navnirman Ltd's operations used more cash than they brought in, so cash conversion was −100%, a gap worth watching. In FY26 its operations used ₹2.0 Cr of cash, against ₹29.0 Cr of profit. After ₹0.0 Cr of spending on assets, free cash was −₹2.0 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

FY26: operating cash −₹2.0 Cr against profit ₹29.0 Cr; −100% of 3 years' profit came in as cash

  • Operating cash −₹2.0
  • Net profit ₹29.0
  • Free cash −₹2.0
FY26: operating cash −₹2.0 Cr against profit ₹29.0 Cr; −100% of 3 years' profit came in as cash
QuarterOperating cashNet profitFree cash
FY19−₹3₹0–
FY20₹8₹1₹8
FY21₹0₹0₹0
FY22−₹4₹0−₹4
FY23−₹10₹0−₹10
FY24−₹33₹3−₹33
FY25−₹20₹23−₹21
FY26−₹2₹29−₹2
Operating cash flow and net profit each year, ₹ Cr. The line is free cash flow: operating cash minus spending on assets. 8-year window, yearly figures.

FY26: operating cash was −7% of profit (−100% over three years)

  • Operating cash as % of profit −7%
  • Break-even line 100%
FY26: operating cash was −7% of profit (−100% over three years)
QuarterOperating cash as % of profitBreak-even line
FY19–100%
FY20300%100%
FY21–100%
FY22–100%
FY23–100%
FY24−1,100%100%
FY25−87%100%
FY26−7%100%
Operating cash as a share of net profit, each year, % (line). The flat line marks 100%, meaning all of the profit came in as cash; unusual years are drawn at the edge.

Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason.

What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building.

Where does Modis Navnirman's cash go?

Modis Navnirman Ltd's customer, stock and supplier day counts come out in the thousands of days on sales this small (₹189 Cr in FY26), so no cash-cycle chart is drawn and this section looks at its spending on assets instead. It spent ₹1.0 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Averaged over those years that is 0.2% of FY26 revenue a year.

Spending on assets: ₹1.0 Cr over the last 3 years. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet.

FY26: capex ₹0.0 Cr, work in progress ₹0.0 Cr, down from the year before

  • Capex ₹0.0
FY26: capex ₹0.0 Cr, work in progress ₹0.0 Cr, down from the year before
QuarterCapex
FY20₹0
FY21₹0
FY22₹0
FY23₹0
FY24₹0
FY25₹1
FY26₹0
Capital spending each year, ₹ Cr, with work in progress, ₹ Cr, as the line. Quarterly capital-spending figures are not available for India, so this is yearly.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

What is Modis Navnirman's P/E ratio, and how does it compare with its own history?

Modis Navnirman Ltd's P/E is 21.1×, about the lowest it has ever been. Its usual P/E (the middle reading) is 96.0×, over 3.9 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

P/E 21.1× against a usual 96.0×: about the lowest it has ever been

  • P/E 21.2×
  • Median 96.0×
P/E 21.1× against a usual 96.0×: about the lowest it has ever been
WeekP/EMedian
18 Nov 2022288.0×96.0×
25 Nov 2022288.0×96.0×
2 Dec 2022288.0×96.0×
9 Dec 2022288.0×96.0×
16 Dec 2022288.0×96.0×
23 Dec 2022288.0×96.0×
29 Dec 2022288.0×96.0×
6 Jan 2023288.0×96.0×
13 Jan 2023288.0×96.0×
20 Jan 2023288.0×96.0×
27 Jan 2023288.0×96.0×
3 Feb 2023288.0×96.0×
9 Feb 2023288.0×96.0×
17 Feb 2023288.0×96.0×
24 Feb 2023288.0×96.0×
2 Mar 2023288.0×96.0×
10 Mar 2023288.0×96.0×
16 Mar 2023288.0×96.0×
22 Mar 2023288.0×96.0×
31 Mar 2023288.0×96.0×
3 Apr 2023288.0×96.0×
13 Apr 2023288.0×96.0×
21 Apr 2023288.0×96.0×
28 Apr 2023288.0×96.0×
5 May 2023288.0×96.0×
12 May 2023288.0×96.0×
19 May 2023288.0×96.0×
26 May 2023288.0×96.0×
1 Jun 2023288.0×96.0×
9 Jun 2023288.0×96.0×
16 Jun 2023288.0×96.0×
23 Jun 2023288.0×96.0×
30 Jun 2023288.0×96.0×
7 Jul 2023288.0×96.0×
13 Jul 2023288.0×96.0×
21 Jul 2023288.0×96.0×
28 Jul 2023288.0×96.0×
4 Aug 2023288.0×96.0×
11 Aug 2023288.0×96.0×
18 Aug 2023288.0×96.0×
25 Aug 2023288.0×96.0×
1 Sep 2023288.0×96.0×
8 Sep 2023288.0×96.0×
15 Sep 2023288.0×96.0×
22 Sep 2023288.0×96.0×
29 Sep 2023288.0×96.0×
6 Oct 2023288.0×96.0×
13 Oct 2023288.0×96.0×
20 Oct 2023288.0×96.0×
27 Oct 2023288.0×96.0×
3 Nov 2023288.0×96.0×
12 Nov 2023288.0×96.0×
16 Nov 2023288.0×96.0×
24 Nov 2023288.0×96.0×
1 Dec 2023288.0×96.0×
8 Dec 2023288.0×96.0×
15 Dec 2023288.0×96.0×
22 Dec 2023288.0×96.0×
29 Dec 2023288.0×96.0×
5 Jan 2024288.0×96.0×
12 Jan 2024288.0×96.0×
20 Jan 2024288.0×96.0×
25 Jan 2024288.0×96.0×
2 Feb 2024288.0×96.0×
9 Feb 2024288.0×96.0×
16 Feb 2024288.0×96.0×
23 Feb 2024288.0×96.0×
2 Mar 2024288.0×96.0×
7 Mar 2024288.0×96.0×
15 Mar 2024288.0×96.0×
22 Mar 2024288.0×96.0×
28 Mar 2024288.0×96.0×
5 Apr 2024288.0×96.0×
12 Apr 2024288.0×96.0×
19 Apr 2024288.0×96.0×
26 Apr 2024288.0×96.0×
3 May 2024288.0×96.0×
10 May 2024288.0×96.0×
18 May 2024288.0×96.0×
24 May 2024288.0×96.0×
30 May 2024205.8×96.0×
7 Jun 2024185.6×96.0×
14 Jun 2024182.0×96.0×
21 Jun 2024180.0×96.0×
28 Jun 2024179.1×96.0×
5 Jul 2024184.5×96.0×
12 Jul 2024173.4×96.0×
19 Jul 2024170.8×96.0×
26 Jul 2024173.9×96.0×
2 Aug 2024215.5×96.0×
9 Aug 2024207.9×96.0×
16 Aug 2024202.8×96.0×
23 Aug 2024213.4×96.0×
30 Aug 2024201.1×96.0×
6 Sep 2024205.8×96.0×
13 Sep 2024205.9×96.0×
20 Sep 2024215.7×96.0×
27 Sep 2024209.6×96.0×
4 Oct 2024212.0×96.0×
11 Oct 2024211.7×96.0×
18 Oct 2024215.0×96.0×
25 Oct 2024207.7×96.0×
1 Nov 2024211.3×96.0×
8 Nov 2024206.7×96.0×
14 Nov 202497.0×96.0×
22 Nov 202494.0×96.0×
29 Nov 202492.4×96.0×
6 Dec 202494.3×96.0×
13 Dec 202490.9×96.0×
20 Dec 202488.7×96.0×
27 Dec 202489.0×96.0×
3 Jan 202590.5×96.0×
10 Jan 202590.7×96.0×
17 Jan 202591.2×96.0×
24 Jan 202588.3×96.0×
1 Feb 202584.0×96.0×
7 Feb 202587.6×96.0×
14 Feb 202582.4×96.0×
21 Feb 202584.3×96.0×
28 Feb 202580.3×96.0×
7 Mar 202581.4×96.0×
13 Mar 202579.9×96.0×
21 Mar 202596.0×96.0×
28 Mar 202597.7×96.0×
4 Apr 202585.6×96.0×
11 Apr 202585.2×96.0×
17 Apr 202584.8×96.0×
25 Apr 202585.5×96.0×
2 May 202582.7×96.0×
9 May 202580.2×96.0×
30 May 202540.3×96.0×
6 Jun 202540.8×96.0×
13 Jun 202544.3×96.0×
20 Jun 202543.5×96.0×
27 Jun 202543.1×96.0×
4 Jul 202543.1×96.0×
11 Jul 202543.1×96.0×
18 Jul 202544.0×96.0×
25 Jul 202544.7×96.0×
1 Aug 202544.0×96.0×
8 Aug 202544.0×96.0×
14 Aug 202544.2×96.0×
22 Aug 202545.6×96.0×
29 Aug 202543.9×96.0×
5 Sep 202523.4×96.0×
12 Sep 202524.9×96.0×
19 Sep 202526.4×96.0×
26 Sep 202528.4×96.0×
3 Oct 202527.4×96.0×
10 Oct 202527.4×96.0×
17 Oct 202526.5×96.0×
24 Oct 202525.9×96.0×
31 Oct 202526.7×96.0×
7 Nov 202533.5×96.0×
14 Nov 202539.2×96.0×
21 Nov 202537.7×96.0×
28 Nov 202535.9×96.0×
5 Dec 202533.4×96.0×
12 Dec 202534.6×96.0×
19 Dec 202534.2×96.0×
26 Dec 202533.8×96.0×
2 Jan 202633.9×96.0×
8 Jan 202633.2×96.0×
16 Jan 202630.7×96.0×
23 Jan 202630.5×96.0×
1 Feb 202632.5×96.0×
6 Feb 202639.4×96.0×
13 Feb 202625.0×96.0×
20 Feb 202624.5×96.0×
27 Feb 202624.5×96.0×
6 Mar 202623.9×96.0×
13 Mar 202622.4×96.0×
20 Mar 202623.7×96.0×
27 Mar 202622.5×96.0×
2 Apr 202622.3×96.0×
10 Apr 202622.4×96.0×
17 Apr 202624.3×96.0×
24 Apr 202626.9×96.0×
29 Apr 202692.3×96.0×
30 Apr 202629.6×96.0×
8 May 202627.3×96.0×
15 May 202624.3×96.0×
22 May 202623.5×96.0×
29 May 202622.5×96.0×
4 Jun 202623.0×96.0×
5 Jun 202623.0×96.0×
9 Jun 202623.2×96.0×
10 Jun 202623.0×96.0×
12 Jun 202623.1×96.0×
17 Jun 202623.2×96.0×
19 Jun 202623.4×96.0×
24 Jun 202622.7×96.0×
25 Jun 202622.5×96.0×
1 Jul 202622.5×96.0×
3 Jul 202622.8×96.0×
10 Jul 202623.4×96.0×
17 Jul 202623.4×96.0×
24 Jul 202626.3×96.0×
31 Jul 202626.5×96.0×
7 Aug 202624.9×96.0×
14 Aug 202625.2×96.0×
21 Aug 202624.5×96.0×
28 Aug 202623.9×96.0×
4 Sep 202624.1×96.0×
11 Sep 202623.2×96.0×
18 Sep 202622.2×96.0×
25 Sep 202623.4×96.0×
28 Sep 202624.3×96.0×
1 Oct 202623.4×96.0×
9 Oct 202625.1×96.0×
16 Oct 202625.5×96.0×
23 Oct 202623.6×96.0×
30 Oct 202621.2×96.0×

Earnings per share, 12 months

  • Earnings per share, 12 months ₹19
Earnings per share, 12 months
WeekEarnings per share, 12 months
18 Nov 2022–
25 Nov 2022–
2 Dec 2022–
9 Dec 2022–
16 Dec 2022–
23 Dec 2022–
29 Dec 2022₹0
6 Jan 2023₹0
13 Jan 2023₹0
20 Jan 2023₹0
27 Jan 2023₹0
3 Feb 2023₹0
9 Feb 2023₹0
17 Feb 2023₹0
24 Feb 2023₹0
2 Mar 2023₹0
10 Mar 2023₹0
16 Mar 2023₹0
22 Mar 2023₹0
31 Mar 2023₹0
3 Apr 2023₹0
13 Apr 2023₹0
21 Apr 2023₹0
28 Apr 2023₹0
5 May 2023₹0
12 May 2023₹0
19 May 2023₹0
26 May 2023₹0
1 Jun 2023₹0
9 Jun 2023₹0
16 Jun 2023₹0
23 Jun 2023₹0
30 Jun 2023₹0
7 Jul 2023₹0
13 Jul 2023₹0
21 Jul 2023₹0
28 Jul 2023₹0
4 Aug 2023₹0
11 Aug 2023₹0
18 Aug 2023₹0
25 Aug 2023₹0
1 Sep 2023₹0
8 Sep 2023₹0
15 Sep 2023₹0
22 Sep 2023₹0
29 Sep 2023₹0
6 Oct 2023₹0
13 Oct 2023₹0
20 Oct 2023₹0
27 Oct 2023₹0
3 Nov 2023₹0
12 Nov 2023₹0
16 Nov 2023₹0
24 Nov 2023₹0
1 Dec 2023₹0
8 Dec 2023₹0
15 Dec 2023₹0
22 Dec 2023₹0
29 Dec 2023₹0
5 Jan 2024₹0
12 Jan 2024₹0
20 Jan 2024₹0
25 Jan 2024₹0
2 Feb 2024₹0
9 Feb 2024₹0
16 Feb 2024₹0
23 Feb 2024₹0
2 Mar 2024₹0
7 Mar 2024₹0
15 Mar 2024₹0
22 Mar 2024₹0
28 Mar 2024₹0
5 Apr 2024₹0
12 Apr 2024₹0
19 Apr 2024₹0
26 Apr 2024₹0
3 May 2024₹0
10 May 2024₹0
18 May 2024₹0
24 May 2024₹0
30 May 2024₹0
7 Jun 2024₹0
14 Jun 2024₹0
21 Jun 2024₹0
28 Jun 2024₹1
5 Jul 2024₹1
12 Jul 2024₹1
19 Jul 2024₹1
26 Jul 2024₹1
2 Aug 2024₹1
9 Aug 2024₹1
16 Aug 2024₹1
23 Aug 2024₹1
30 Aug 2024₹1
6 Sep 2024₹1
13 Sep 2024₹1
20 Sep 2024₹1
27 Sep 2024₹1
4 Oct 2024₹1
11 Oct 2024₹1
18 Oct 2024₹1
25 Oct 2024₹1
1 Nov 2024₹1
8 Nov 2024₹1
14 Nov 2024₹1
22 Nov 2024₹1
29 Nov 2024₹1
6 Dec 2024₹1
13 Dec 2024₹1
20 Dec 2024₹1
27 Dec 2024₹3
3 Jan 2025₹3
10 Jan 2025₹3
17 Jan 2025₹3
24 Jan 2025₹3
1 Feb 2025₹3
7 Feb 2025₹3
14 Feb 2025₹3
21 Feb 2025₹3
28 Feb 2025₹3
7 Mar 2025₹3
13 Mar 2025₹3
21 Mar 2025₹3
28 Mar 2025₹3
4 Apr 2025₹3
11 Apr 2025₹3
17 Apr 2025₹3
25 Apr 2025₹3
2 May 2025₹3
9 May 2025₹3
30 May 2025₹3
6 Jun 2025₹3
13 Jun 2025₹3
20 Jun 2025₹3
27 Jun 2025₹6
4 Jul 2025₹6
11 Jul 2025₹6
18 Jul 2025₹6
25 Jul 2025₹6
1 Aug 2025₹6
8 Aug 2025₹6
14 Aug 2025₹6
22 Aug 2025₹6
29 Aug 2025₹6
5 Sep 2025₹6
12 Sep 2025₹6
19 Sep 2025₹6
26 Sep 2025₹12
3 Oct 2025₹12
10 Oct 2025₹12
17 Oct 2025₹12
24 Oct 2025₹12
31 Oct 2025₹12
7 Nov 2025₹12
14 Nov 2025₹12
21 Nov 2025₹12
28 Nov 2025₹12
5 Dec 2025₹12
12 Dec 2025₹12
19 Dec 2025₹12
26 Dec 2025₹10
2 Jan 2026₹10
8 Jan 2026₹10
16 Jan 2026₹10
23 Jan 2026₹10
1 Feb 2026₹10
6 Feb 2026₹10
13 Feb 2026₹10
20 Feb 2026₹10
27 Feb 2026₹10
6 Mar 2026₹10
13 Mar 2026₹10
20 Mar 2026₹10
27 Mar 2026₹13
2 Apr 2026₹13
10 Apr 2026₹13
17 Apr 2026₹13
24 Apr 2026₹13
29 Apr 2026₹13
30 Apr 2026₹13
8 May 2026₹13
15 May 2026₹13
22 May 2026₹13
29 May 2026₹13
4 Jun 2026₹13
5 Jun 2026₹13
9 Jun 2026₹13
10 Jun 2026₹13
12 Jun 2026₹13
17 Jun 2026₹13
19 Jun 2026₹13
24 Jun 2026₹13
25 Jun 2026₹15
1 Jul 2026₹15
3 Jul 2026₹15
10 Jul 2026₹15
17 Jul 2026₹15
24 Jul 2026₹15
31 Jul 2026₹15
7 Aug 2026₹15
14 Aug 2026₹15
21 Aug 2026₹15
28 Aug 2026₹15
4 Sep 2026₹15
11 Sep 2026₹15
18 Sep 2026₹15
25 Sep 2026₹15
28 Sep 2026₹15
1 Oct 2026₹15
9 Oct 2026₹15
16 Oct 2026₹15
23 Oct 2026₹15
30 Oct 2026₹19
Top: P/E each week. Below: earnings per share, trailing twelve months, leaving out one-off items, a step line that moves once a quarter; 3.9 years of history; short peaks above 288× are drawn at the top edge.
21.1×P/E · lower than 100% of its last 3.9 years

Why the multiple is where it is: over the past year earnings per share moved +26.4% while the price moved +15.8%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 3 years the price moved +31.4% a year; about +617.8% a year came from earnings growth and about −586.4 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

A quarterly PEG curve, which only the second data source has, is not shown on this page: its two data sources disagree by up to 427% on reported income across 14 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

What growth does the Modis Navnirman share price assume?

Worked out from its price on 11 October 2026, Modis Navnirman Ltd's share price assumed profit growth of about 14.5% a year. Today its P/E is 21.1×, lower than 100% of its own last 3.9 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Is the Modis Navnirman business getting better or worse?

Modis Navnirman Ltd's business is growing steadily. Revenue and profit growth have stayed positive throughout, and ROCE is steady at 26.0%. This is based on 8 quarters of 3 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Growth year by year: revenue +83.5% in FY26, profit +26.1%

  • Revenue growth 83.5%
Growth year by year: revenue +83.5% in FY26, profit +26.1%
QuarterRevenue growth
FY19–
FY20633.3%
FY21−40.9%
FY22−100%
FY23–
FY24–
FY25390.5%
FY2683.5%

Profit growth, EPS growth

  • Profit growth 26.1%
  • EPS growth 26.4%
Profit growth, EPS growth
QuarterProfit growthEPS growth
FY19––
FY20––
FY21−100%–
FY22––
FY23–−37.5%
FY24–300%
FY25300%300%
FY2626.1%26.4%
Growth on the year before, each year, %. Top: revenue. Below: net profit and earnings per share, on their own scale because profit growth swings much more. Zero line drawn. Turnaround-year jumps are drawn at the edge (▲).

Three growth lines over twelve quarters: revenue accelerating, profit accelerating

  • Revenue 70.6%
Three growth lines over twelve quarters: revenue accelerating, profit accelerating
QuarterRevenue
Mar 2023–
Sep 2023–
Mar 2024–
Sep 2024–
Dec 2024148%
Mar 202574.8%
Jun 202536.8%
Sep 202517%
Dec 202525.9%
Mar 202656%
Jun 202649.3%
Sep 202670.6%

Profit, EPS

  • Profit 71.4%
  • EPS 76.8%
Profit, EPS
QuarterProfitEPS
Mar 2023––
Sep 2023––
Mar 2024––
Sep 2024––
Dec 2024214.3%–
Mar 202558.6%22.7%
Jun 202565%42.8%
Sep 202548.9%35.8%
Dec 202548.1%39.8%
Mar 202666.7%71.6%
Jun 202650.9%56.1%
Sep 202671.4%76.8%
Growth on a year earlier, % at each quarter end. Top: revenue. Below: profit and earnings per share, on their own scale because they swing much more. Each is measured over the last 12 months. A gap means there is no reading for that quarter.

ROCE: the return line, yearly figures

  • ROCE 26%
ROCE: the return line, yearly figures
QuarterROCE
FY231%
FY245%
FY2526%
FY2626%
Yearly figures: the quarterly balance-sheet figures this line needs are not available for this stock, so it changes once a year and counts for less in the reading.
RisingRevenue growth · latest +70.6%, range +17.0% to +148.0%
RisingProfit growth · latest +71.4%, range +48.1% to +214.3%
RisingROCE · latest 26.0%, range 1.0% to 26.0%

Why it matters: steady growth with healthy returns is how a business compounds over time.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Compound annual growth rate (%)
Measure1yr3yr5yr10yr
Revenue+83.5%—+70.8%—
Profit+26.1%———
EPS+26.4%+568.1%——
Share price+15.8%+31.4%——
+81.6%Revenue growth (Sep 2026) · latest quarter against a year ago
+100.0%Profit growth (Sep 2026) · latest quarter against a year ago
80.7%Revenue, 7 years · yearly growth over the long run

What is the Modis Navnirman story, and has it been checked?

Modis Navnirman Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION.

NOT YET CHECKED

From the price. Price stage 2, week 70, above its 200-day line, relative strength rising.

Where they disagree. The weekly cycle history's 185.9 peak and 42.3 historical trough use a different series from the deterministic curve's 205.7 peak and 25.4…

What is not proven yet. If Square and Signature receive possession approvals and generate additional recognized revenue but operating cash generation remains negative without a reconciled collection schedule, the proposed completion-to-cash mechanism has failed.

What would change our mind. If Square and Signature receive possession approvals and generate additional recognized revenue but operating cash generation remains negative without a reconciled collection schedule, the proposed completion-to-cash mechanism has failed.

The test written in advance. If Square and Signature receive possession approvals and generate additional recognized revenue but operating cash generation remains negative without a reconciled collection schedule, the proposed completion-to-cash mechanism has failed. Measured by: the thesis as written as stated by the next result.

The test written in advance. Earnings without operating cash. Measured by: Earnings without operating cash by the next result.

The test written in advance. Repeated delivery resets and inconsistent disclosure. Measured by: Repeated delivery resets and inconsistent disclosure by the next result.

What the company does. Construction progress and completion-linked demand support continued revenue recognition, with the latest quarter growing against its comparable period. The case depends on possession, bookings and collections arriving together; continued accounting growth without cash would break it.

The key numbers to watch, and the level that would change the picture

The key numbers to watch, and the level that would change the picture
MeasureNowWhy it mattersWhat to watch
Completion-linked sales conversionHIGHAdvanced construction can reduce customers' perceived delivery risk and convert remaining inventory into bookings.Possession approvals slip again or completion visibility fails to improve reconciled bookings and collections.
Selective redevelopment mandatesMEDIUMThe Santacruz addition demonstrates geographic execution; the remaining tender pipeline is still conditional.Tender opportunities fail to become signed, approved projects or feasibility deteriorates before mobilization.
Society partnership economicsMEDIUMRedevelopment partnerships reduce land-bank requirements, but construction funding remains the binding constraint.Society obligations, construction advances or collection delays require increasing external funding.
Icon and Avenue recognition runwayMEDIUMNew projects can extend recognized revenue after older projects complete, conditional on construction and sales progress.Construction or sales progress misses the recognition window, or new project costs offset the recognized revenue.

Everything further down this page is evidence for or against these.

The numbersmid-way through a rise in resultsFY26-Q2 to FY27-Q1
The pricerising, above the 200-day averageFY26-Q2 to FY27-Q1
The whymultiple below its usual level, earnings risingFY26-Q2 to FY27-Q1

FY26-Q2FY27-Q1

What the surface reading misses. The surface reading is: Higher revenue and profit suggest accelerating execution. The research reads it further: Operating profit increased less than revenue, with lower operating margin; the lower tax rate helped reported profit growth. The dominant mechanism is recognized project revenue rather than demonstrated margin leverage.

What the surface reading misses. The surface reading is: A large profit increase could be read as an operating inflection. The research reads it further: Revenue rose from a low comparison base while operating margin fell. Interest increased and depreciation fell; the screening ledger additionally identifies non-operating income support. Reported profit therefore cannot be attributed solely to construction leverage.

  • 1 · Operating leveragebuilding
  • 2 · Value-added mixbuilding
  • 3 · Management changequiet
  • 4 · Paying down debtquiet
  • 5 · Regulatory approvalquiet
  • 6 · Order-book winsbuilding
  • 7 · Consolidationquiet
  • 8 · Demerger or value unlockquiet
  • 9 · Buybackquiet
  • 10 · New geographiesquiet
  • 11 · More business from existing customersquiet
  • 12 · New product launchquiet
  • 13 · Mandatory normsquiet
  • 14 · A bigger market to servequiet
  • 15 · Market-share gainsquiet
  • 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. Advanced construction can reduce customers' perceived delivery risk and convert remaining inventory into bookings. What proves it keeps working: Completion-linked sales conversion. It stops working if Possession approvals slip again or completion visibility fails to improve reconciled bookings and collections.

Lever 6 · Order-book wins: building. The Santacruz addition demonstrates geographic execution; the remaining tender pipeline is still conditional. What proves it keeps working: Selective redevelopment mandates. It stops working if Tender opportunities fail to become signed, approved projects or feasibility deteriorates before mobilization.

Lever 2 · Value-added mix: building. Redevelopment partnerships reduce land-bank requirements, but construction funding remains the binding constraint. What proves it keeps working: Society partnership economics. It stops working if Society obligations, construction advances or collection delays require increasing external funding.

Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

The whole page in one table. Each row links to its section.
SectionWhere it is nowThe one thing to watch next
Margin9%Completion-linked sales conversion
Revenue₹51 CrSelective redevelopment mandates

Did Modis Navnirman management deliver what it promised?

What Modis Navnirman Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Rashmi Signature Completion Goal Slipped · 26 October 2026. In May 2026, management planned handing over Rashmi Signature in the first quarter of FY27. In Oct 2026, management moved the goal to March next year, implying a material multi-quarter delay, but the latest call did not explain the change.

Rashmi Signature handover goal moved later · 10 August 2026. In May 2026, management explicitly planned handover of Rashmi Signature in Q1 FY27. In Aug 2026, after the company was already reporting Q1 FY27, management said both Signature and Square would probably be handed over in the third quarter, indicating a material delay with no explanation for the revised timeline.

War-related margin impact was materially recharacterized · 10 August 2026. In May 2026, management described the war-related raw material impact as minor and attributed margin moderation primarily to project mix, execution and construction expenses. In Aug 2026, management instead said the major impact was because of the war, materially increasing the stated importance of the factor without reconciling the changed explanation.

Near-term expansion scope narrowed without explanation · 10 August 2026. Earlier calls described active interest in expanding beyond the core western suburbs, including southern Bombay and a potential township outside Bombay. In Aug 2026, management said it was not looking at any other city outside Maharashtra and would remain around Bombay for now, a meaningful narrowing of the previously discussed expansion opportunity set.

Every quote above is taken word for word from the company’s own earnings calls.

How much does Modis Navnirman earn on its capital?

Modis Navnirman Ltd earned a ROCE of 26% in FY26. That is up from a low of 1% in FY23. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 15.3% net margin and 0.62× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 15.3% net margin × 0.62× asset turnover × 1.94× leverage (assets divided by equity) ≈ 18.4% on equity. The margin does most of the work; borrowing is a big part of it.

FY26: ROCE 26%, the climb back from FY23's 1%

  • ROCE 26%
  • Cost of capital 12%
FY26: ROCE 26%, the climb back from FY23's 1%
QuarterROCECost of capital
FY2037%12%
FY228%12%
FY231%12%
FY245%12%
FY2526%12%
FY2626%12%
Return on capital employed each year, % (line). 6-year window, low years included. The flat line is the 12.0% cost of capital used on this page.

The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 427% on reported income across 14 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Does Modis Navnirman have too much debt?

Modis Navnirman Ltd had ₹6.0 Cr of borrowings against ₹157 Cr of equity in FY26, so its debt is 0.04× its equity. Its operating profit is 18 times its interest bill. Over 5 years borrowings went from ₹1.0 Cr to ₹6.0 Cr. Over the last 3 of those years it spent ₹1.0 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Part of the spending on assets is being paid for with borrowed money.

FY26: borrowings ₹6.0 Cr, 0.04× equity, how debt has moved

  • Borrowings ₹6.0
FY26: borrowings ₹6.0 Cr, 0.04× equity, how debt has moved
QuarterBorrowings
FY19₹9
FY20₹2
FY21₹1
FY22₹1
FY23₹4
FY24₹5
FY25₹4
FY26₹6

Debt-to-equity

  • Debt-to-equity 0.04×
Debt-to-equity
QuarterDebt-to-equity
FY19900.0×
FY20200.0×
FY210.33×
FY220.33×
FY230.15×
FY240.07×
FY250.03×
FY260.04×
Top: borrowings each year, ₹ Cr. Below: debt-to-equity, ×. 8-year window. Quarterly balance-sheet figures are not available for India, so this is yearly.

The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 427% on reported income across 14 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

What is the Modis Navnirman shareholding pattern?

Foreign institutions raised their stake in Modis Navnirman Ltd by 7.4 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 12.3% of the company. Domestic institutions moved +1.4 points over the same period, to 1.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Foreign institutions: +7.4 points over 8 quarters, to 12.3%; Domestic institutions: +1.4 points over 8 quarters, to 1.4%; Promoters: +0.0 points over 8 quarters, to 63.8%.

Why the owners changed: foreign institutions drove it (+7.4 points), together with domestic institutions (+1.4 points). They raised their stake step by step.

Year ends: promoters −7.2 points from Mar 2024 to Mar 2026

  • Promoters 63.79%
  • Foreign inst. 8.82%
  • Domestic inst. 1.16%
  • Public 26.24%
Year ends: promoters −7.2 points from Mar 2024 to Mar 2026
QuarterPromotersForeign inst.Domestic inst.Public
Mar 202471.03%0%0%28.97%
Mar 202563.79%6.94%0%29.26%
Mar 202663.79%8.82%1.16%26.24%
Shareholding at each year end (March quarter), % of the company. 3 year ends on file.

Foreign institutions raised their stake by 7.4 points over 8 quarters

  • Promoters 63.79%
  • Foreign inst. 12.27%
  • Domestic inst. 1.37%
  • Public 22.56%
Foreign institutions raised their stake by 7.4 points over 8 quarters
QuarterPromotersForeign inst.Domestic inst.Public
Jun 202370.2%0%0%29.79%
Sep 202371.03%0%0%28.96%
Mar 202471.03%0%0%28.97%
Jun 202463.79%0%0%36.2%
Sep 202463.79%4.9%0%31.3%
Dec 202463.79%6.43%0%29.77%
Mar 202563.79%6.94%0%29.26%
Jun 202563.79%10.42%0.49%25.3%
Sep 202563.79%11.51%0.75%23.96%
Dec 202563.79%11.17%1.16%23.87%
Mar 202663.79%8.82%1.16%26.24%
Jun 202663.79%9.5%1.37%25.33%
Sep 202663.79%12.27%1.37%22.56%
Shareholding by owner group, % of the company, each quarter, last 13 quarters.

How far is Modis Navnirman from balance-sheet trouble?

For Modis Navnirman Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

How does Modis Navnirman rank in its industry?

73.0 out of 100, rank 1 of 12 in Construction & Contracting, with 75% of the evidence available.

Modis Navnirman Ltd scores 73.0 out of 100 against the 12 companies it is compared with in Construction & Contracting, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks.

The four parts add up to the total exactly: 25.3 + 19.4 + 10.2 + 18.1 = 73. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Which companies is Modis Navnirman compared with?

Modis Navnirman ranks 1 of 12 Construction & Contracting companies on the 4-Factor Sector Score, with 73.0 out of 100.

  1. 1Modis Navnirman Ltd this pageMODIS · leader · Most evidence points up · 75% evidence73.0out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 25.3/35 · Revenue 70.6% · Profit 71.4% · Operating margin change 6 points · 95% evidenceCapital efficiency 19.4/25 · ROCE 25.8% · Operating margin 21% · 76% evidenceValuation 10.2/20 · P/E 21.2× · PEG — · 15% evidenceRelative strength 18.1/20 · Lead over its industry 35% · Lead over NIFTY 500 16.5% · 1 year 24.5% · 100% evidence · 10 of 12 weeks aheadExact sum: 25.3 + 19.4 + 10.2 + 18.1 = 73 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks.
  2. 2Garuda Construction and Engineering LtdGARUDA · quiet · Evidence leans up · 79% evidence63.7out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 28.8/35 · Revenue 84.1% · Profit 97.1% · Operating margin change 3 points · 88% evidenceCapital efficiency 20.5/25 · ROCE 42.4% · Operating margin 32% · 100% evidenceValuation 11.2/20 · P/E 9.3× · PEG — · 15% evidenceRelative strength 3.2/20 · Lead over its industry -6.3% · Lead over NIFTY 500 -19.9% · 1 year -37.3% · 100% evidence · 3 of 12 weeks aheadExact sum: 28.8 + 20.5 + 11.2 + 3.2 = 63.7 · What this means: Earnings are strong; relative strength in its sector is -6.3% and the one-year return is -37.3%.
  3. 3Mahindra Lifespace Developers LtdMAHLIFE · quiet · Evidence leans up · 93% evidence57.6out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 30.3/35 · Revenue 100% · Profit 85.8% · Operating margin change 129 points · 100% evidenceCapital efficiency 6.2/25 · ROCE 7.6% · Operating margin -170% · 100% evidenceValuation 12.5/20 · P/E 23.4× · PEG 1.18 · 65% evidenceRelative strength 8.6/20 · Lead over its industry 3.9% · Lead over NIFTY 500 -10.9% · 1 year -20.5% · 100% evidence · 6 of 12 weeks aheadExact sum: 30.3 + 6.2 + 12.5 + 8.6 = 57.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  4. 4Man Infraconstruction LtdMANINFRA · breaking out · Evidence leans up · 82% evidence57.1out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 12.2/35 · Revenue -9.8% · Profit -26.1% · Operating margin change 5 points · 95% evidenceCapital efficiency 15.8/25 · ROCE 13.2% · Operating margin 30% · 76% evidenceValuation 11.5/20 · P/E 19.2× · PEG — · 50% evidenceRelative strength 17.6/20 · Lead over its industry 15.4% · Lead over NIFTY 500 -1.1% · 1 year -28.3% · 100% evidence · 9 of 12 weeks aheadExact sum: 12.2 + 15.8 + 11.5 + 17.6 = 57.1 · What this means: Relative strength against the index is -1.1%, and revenue and profit growth are weak.
  5. 5RDB Infrastructure and Power LtdEvidence leans up · 61% evidence53.7out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 26.0/35 · Revenue 18.6% · Profit 100% · Operating margin change 3.7 points · 83% evidenceCapital efficiency 10.7/25 · ROCE 7% · Operating margin 7.4% · 95% evidenceValuation 9.5/20 · P/E 23.9× · PEG — · 15% evidenceRelative strength 7.5/20 · Lead over its industry — · Lead over NIFTY 500 -54.8% · 1 year -70.3% · 25% evidence · 0 of 7 weeks aheadExact sum: 26 + 10.7 + 9.5 + 7.5 = 53.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  6. 6PSP Projects LtdPSPPROJECT · quiet · Evidence leans up · 81% evidence52.7out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 22.1/35 · Revenue 44.7% · Profit 100% · Operating margin change 1.2 points · 65% evidenceCapital efficiency 11.7/25 · ROCE 7.9% · Operating margin 6% · 100% evidenceValuation 12.9/20 · P/E 37.3× · PEG 0.9 · 65% evidenceRelative strength 6.0/20 · Lead over its industry 1.6% · Lead over NIFTY 500 -12.7% · 1 year -25.5% · 100% evidence · 2 of 12 weeks aheadExact sum: 22.1 + 11.7 + 12.9 + 6 = 52.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  7. 7NCC LtdNCC · quiet · Evidence leans down · 63% evidence49.5out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 11.6/35 · Revenue -1.8% · Profit -12.1% · Operating margin change 0 points · 83% evidenceCapital efficiency 15.8/25 · ROCE 16.8% · Operating margin 9% · 76% evidenceValuation 13.3/20 · P/E 9.9× · PEG — · 50% evidenceRelative strength 8.8/20 · Lead over its industry — · Lead over NIFTY 500 -19.6% · 1 year -46.1% · 25% evidence · 0 of 12 weeks aheadExact sum: 11.6 + 15.8 + 13.3 + 8.8 = 49.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far.
  8. 8BEML Land Assets LtdBLAL · turning · Too little evidence to rank firmly · 59% evidence48.9out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 20.1/35 · Revenue — · Profit 100% · Operating margin change — · 30% evidenceCapital efficiency 5.3/25 · ROCE -193% · Operating margin 67.3% · 100% evidenceValuation 8.5/20 · P/E 291× · PEG — · 15% evidenceRelative strength 15.0/20 · Lead over its industry 7.4% · Lead over NIFTY 500 -8.1% · 1 year -23% · 100% evidence · 0 of 12 weeks aheadExact sum: 20.1 + 5.3 + 8.5 + 15 = 48.9 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose.
  9. 9Ashoka Buildcon LtdASHOKA · basing · Evidence leans down · 71% evidence43.2out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 9.8/35 · Revenue -24.6% · Profit 37.3% · Operating margin change -15 points · 83% evidenceCapital efficiency 18.4/25 · ROCE 26.4% · Operating margin 17% · 76% evidenceValuation 11.5/20 · P/E 4× · PEG — · 15% evidenceRelative strength 3.5/20 · Lead over its industry -10.7% · Lead over NIFTY 500 -24.2% · 1 year -53.1% · 100% evidence · 0 of 12 weeks aheadExact sum: 9.8 + 18.4 + 11.5 + 3.5 = 43.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  10. 10Vascon Engineers LtdVASCONEQ · turning · Too little evidence to rank firmly · 56% evidence36.4out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 9.2/35 · Revenue -20.2% · Profit -80% · Operating margin change -2.5 points · 83% evidenceCapital efficiency 8.9/25 · ROCE 4.7% · Operating margin 3.3% · 76% evidenceValuation 9.2/20 · P/E 24.2× · PEG — · 15% evidenceRelative strength 9.1/20 · Lead over its industry — · Lead over NIFTY 500 -16.8% · 1 year -55.3% · 25% evidence · 1 of 12 weeks aheadExact sum: 9.2 + 8.9 + 9.2 + 9.1 = 36.4 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose.
  11. 11Consolidated Construction Consortium LtdCCCL · quiet · Too little evidence to rank firmly · 56% evidence32.5out of 100GrowthCapitalValuationRelative
  12. 12Jaiprakash Associates LtdJPASSOCIAT · Too little evidence to rank firmly · 26% evidence36.5out of 100GrowthCapitalValuationRelative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Construction & Contracting, all 12 compared on one page.

Which companies are close to Modis Navnirman in size?

Modis Navnirman is the 7th largest of 12 Construction & Contracting companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: PSP Projects, Ashoka Buildcon and Garuda Construction and Engineering. Just below it: Vascon Engineers, BEML Land Assets and Jaiprakash Associates.

Construction & Contracting companies close in size

  1. PSP Projects Ltd ₹2,741 crore
  2. Ashoka Buildcon Ltd ₹2,706 crore
  3. Garuda Construction and Engineering Ltd ₹1,264 crore
  4. Modis Navnirman Ltd ₹769 crore
  5. Vascon Engineers Ltd ₹690 crore
  6. BEML Land Assets Ltd ₹667 crore
  7. Jaiprakash Associates Ltd ₹594 crore

All 12 Construction & Contracting companies, largest first

Companies close in size in other industries

  1. Gaudium IVF and Women Health Ltd ₹771 crore · Hospitals/Medical Services
  2. Eldeco Housing & Industries Ltd ₹769 crore · Realty - Construction & Contracting
  3. Modis Navnirman Ltd ₹769 crore
  4. IFB Agro Industries Ltd ₹767 crore · Alcoholic Beverages
  5. Bharat Global Developers Ltd ₹764 crore · Diversified

What else do people ask about Modis Navnirman?

What is Modis Navnirman's share price today?

Modis Navnirman Ltd's share price is ₹390.45, +15.8% over the past year. The whole company is worth ₹766 Cr on the market.

In the last 52 weeks it traded between ₹299 to ₹404; today it is 87% of the way up from the low, 9.4% above its 200-day average (as of 4 November 2026).

What were Modis Navnirman's latest quarterly results?

Modis Navnirman Ltd reported revenue of ₹69.0 Cr and net profit of ₹10.0 Cr for the Sep 2026 quarter. Revenue rose 81.6% and profit rose 100.0% compared with a year earlier. Earnings per share were ₹5.33.

The operating margin was 21.0%, 6.0 percentage points higher than a year earlier (as of 4 November 2026).

What is Modis Navnirman's market cap?

Modis Navnirman Ltd's market capitalisation is ₹766 Cr at a share price of ₹390.45. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026).

How is Modis Navnirman performing?

Modis Navnirman Ltd's share price has been rising for 70 weeks. In its latest quarter, revenue rose 81.6% and profit rose 100.0% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 18 weeks running (as of 4 November 2026).

Will Modis Navnirman's share price go up?

This page does not forecast Modis Navnirman Ltd's share price. What it shows instead: the share price is ₹390.45, and it has been rising for 70 weeks. Its P/E of 21.1× is higher than 0% of its own last 4 years (as of 4 November 2026).

Who owns Modis Navnirman?

Promoters own 63.8% of Modis Navnirman Ltd, foreign institutions 12.3%, domestic institutions 1.4% and the public 22.6% (latest quarter). The biggest change over the last two years: Foreign institutions raised their stake by 7.4 percentage points over 8 quarters (as of 4 November 2026).

Where is Modis Navnirman in its business cycle?

Modis Navnirman Ltd's FY26 operating margin was 19.0%, against a 8-year range of −7.0% to 100.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 21.0%.

Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026).

What could break the Modis Navnirman story?

The main question: profits are rising, but only −100% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch.

On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026).

Is Modis Navnirman a stock worth studying right now?

What the numbers show: Modis Navnirman Ltd's results are improving, while its P/E is near the low end of its own history over 3.9 years, higher than only 0% of past readings. The main open question: whether the cash starts to follow the profit.

Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026).

Is there a Modis Navnirman share price forecast for 2026?

What management itself guided: October to December 2026 expected to be strong as festive traction improved after Navratri. The changes showing up in Modis Navnirman's own numbers are a bigger order book. It is too early to say whether they last.

What would change the story: If Square and Signature receive possession approvals and generate additional recognized revenue but operating cash generation remains negative without a reconciled collection schedule, the proposed completion-to-cash mechanism has failed.

Where do these numbers come from?

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.

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