# Modis Navnirman share price today (Modis Navnirman Ltd, NSE: MODIS)

> Modis Navnirman share price today: ₹389.60 at the NSE close on 3 November 2026, up 23.8% in a year. Modis Navnirman (NSE: MODIS) is worth ₹764 crore, trades at a P/E of 21.1 and has closed between ₹299.45 and ₹403.80 over the past 52 weeks. > 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. MODIS · Construction & Contracting · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/modis-navnirman-ltd

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## Key numbers

- Business trend: Growing steadily, from fewer quarters than usual
- Price: ₹389.60 (+23.8% in a year)
- P/E: 21.1× (lower than 100% of the last 3.9 years)
- Revenue (Sep 2026): ₹69.0 Cr (+81.6% on a year ago)
- Profit (Sep 2026): ₹10.0 Cr (+100.0% on a year ago)
- Operating margin: 21.0% (+6.0 points on a year ago)
- ROCE: 26%, FY26
- Profit that came in as cash: −100%, last 3 years

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. ## What is the Modis Navnirman share price today? Modis Navnirman Ltd's share price was ₹389.60 at the close on 3 November 2026. It has been rising for 70 weeks. That is 9.1% 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 86% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 18 weeks in a row. Over the last 4.3 years the share price moved +682% 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| 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 margin | 21.0% | 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 ₹389.60 on 3 November 2026, up 23.8% from ₹314.80 a year earlier (31 October 2025) and up 126.5% over three years. Its highest weekly close since July 2022 was ₹403.80 on 16 October 2026. ### Modis Navnirman share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹374.65 | +4.0% |
| 1 month ago · 1 Oct 2026 | ₹370.95 | +5.0% |
| 6 months ago · 30 Apr 2026 | ₹396.75 | −1.8% |
| 1 year ago · 31 Oct 2025 | ₹314.80 | +23.8% |
| 3 years ago · 3 Nov 2023 | ₹172.00 | +126.5% |
| Earliest and lowest weekly close in our records · 8 Jul 2022 | ₹49.79 | +682.5% |
| Highest weekly close since July 2022, also the 52-week high · 16 Oct 2026 | ₹403.80 | −3.5% |
| 52-week low (weekly close) · 2 Apr 2026 | ₹299.45 | +30.1% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (234 weekly closes from 8 July 2022 to 3 November 2026.)

## What is the latest news on Modis Navnirman? 3 Nov 2026: Modis Navnirman closed at ₹389.60, up 4.0% on the week and up 5.0% 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 4 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](https://files.tijorifinance.com/insight/india/49387/Conference Call/CC-Oct26.pdf). (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. | What to check | Why |
| --- | --- |
| 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. - [Multibagger study list Study stage: middle](https://www.sectoralpha.in/multibagger-stocks-india)
- [Momentum stocks Market cap cr: 777.2298381959484](https://www.sectoralpha.in/momentum-stocks-india)

## 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. For the full year, FY26 profit was ₹29.0 Cr (+26.1% on the year 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. 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. 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. ## 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. 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-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. ## 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. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. 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. 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. 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. Why the multiple is where it is: over the past year earnings per share moved +26.4% while the price moved +23.8%. 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 +31.3% a year; about +617.8% a year came from earnings growth and about −586.5 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 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 3 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. 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. ## 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. Our read, 10 October 2026. From the numbers. From the price. Price stage 2, week 70, above its 200-day line, relative strength rising. From the research. 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 proven. 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. 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. 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. ## 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). 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. 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. Part of the spending on assets is being paid for with borrowed money. 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. 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. ## 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. ## 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. Modis Navnirman Ltd this page MODIS · leader · Most evidence points up · 75% evidence 73.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.3/35 · Revenue 70.6% · Profit 71.4% · Operating margin change 6 points · 95% evidence Capital efficiency 19.4/25 · ROCE 25.8% · Operating margin 21% · 76% evidence Valuation 10.2/20 · P/E 21.2× · PEG n/a · 15% evidence Relative 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 ahead Exact 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. [Garuda Construction and Engineering Ltd](https://www.sectoralpha.in/stocks/garuda-construction-and-engineering-ltd) GARUDA · quiet · Most evidence points up · 79% evidence 65.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.8/35 · Revenue 84.1% · Profit 97.1% · Operating margin change 3 points · 88% evidence Capital efficiency 21.8/25 · ROCE 42.4% · Operating margin 32% · 100% evidence Valuation 11.2/20 · P/E 9.3× · PEG n/a · 15% evidence Relative 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 ahead Exact sum: 28.8 + 21.8 + 11.2 + 3.2 = 65 · What this means: Earnings are strong; relative strength in its sector is -6.3% and the one-year return is -37.3%. 3. [Mahindra Lifespace Developers Ltd](https://www.sectoralpha.in/stocks/mahindra-lifespace-developers-ltd) MAHLIFE · quiet · Evidence leans up · 93% evidence 57.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.3/35 · Revenue 100% · Profit 85.8% · Operating margin change 129 points · 100% evidence Capital efficiency 5.9/25 · ROCE 7.6% · Operating margin -170% · 100% evidence Valuation 12.5/20 · P/E 23.4× · PEG 1.18 · 65% evidence Relative 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 ahead Exact sum: 30.3 + 5.9 + 12.5 + 8.6 = 57.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Man Infraconstruction Ltd](https://www.sectoralpha.in/stocks/man-infraconstruction-ltd) MANINFRA · breaking out · Evidence leans up · 82% evidence 57.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.2/35 · Revenue -9.8% · Profit -26.1% · Operating margin change 5 points · 95% evidence Capital efficiency 15.8/25 · ROCE 13.2% · Operating margin 30% · 76% evidence Valuation 11.5/20 · P/E 19.2× · PEG n/a · 50% evidence Relative 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 ahead Exact 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. [RDB Infrastructure and Power Ltd](https://www.sectoralpha.in/stocks/rdb-infrastructure-and-power-ltd) Evidence leans up · 61% evidence 53.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 18.6% · Profit 100% · Operating margin change 3.7 points · 83% evidence Capital efficiency 10.4/25 · ROCE 7% · Operating margin 7.4% · 95% evidence Valuation 9.5/20 · P/E 23.9× · PEG n/a · 15% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -54.8% · 1 year -70.3% · 25% evidence · 0 of 7 weeks ahead Exact sum: 26 + 10.4 + 9.5 + 7.5 = 53.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [PSP Projects Ltd](https://www.sectoralpha.in/stocks/psp-projects-ltd) PSPPROJECT · quiet · Evidence leans up · 81% evidence 52.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.1/35 · Revenue 44.7% · Profit 100% · Operating margin change 1.2 points · 65% evidence Capital efficiency 11.7/25 · ROCE 7.9% · Operating margin 6% · 100% evidence Valuation 12.9/20 · P/E 37.3× · PEG 0.9 · 65% evidence Relative 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 ahead Exact 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. [NCC Ltd](https://www.sectoralpha.in/stocks/ncc-ltd) NCC · quiet · Evidence leans down · 63% evidence 49.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.6/35 · Revenue -1.8% · Profit -12.1% · Operating margin change 0 points · 83% evidence Capital efficiency 15.8/25 · ROCE 16.8% · Operating margin 9% · 76% evidence Valuation 13.3/20 · P/E 9.9× · PEG n/a · 50% evidence Relative strength 8.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -19.6% · 1 year -46.1% · 25% evidence · 0 of 12 weeks ahead Exact 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. [BEML Land Assets Ltd](https://www.sectoralpha.in/stocks/beml-land-assets-ltd) BLAL · turning · Too little evidence to rank firmly · 59% evidence 48.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.1/35 · Revenue n/a · Profit 100% · Operating margin change n/a · 30% evidence Capital efficiency 5.0/25 · ROCE -193% · Operating margin 67.3% · 100% evidence Valuation 8.5/20 · P/E 291× · PEG n/a · 15% evidence Relative 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 ahead Exact sum: 20.1 + 5 + 8.5 + 15 = 48.6 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 9. [Ashoka Buildcon Ltd](https://www.sectoralpha.in/stocks/ashoka-buildcon-ltd) ASHOKA · basing · Evidence leans down · 71% evidence 43.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.8/35 · Revenue -24.6% · Profit 37.3% · Operating margin change -15 points · 83% evidence Capital efficiency 18.4/25 · ROCE 26.4% · Operating margin 17% · 76% evidence Valuation 11.5/20 · P/E 4× · PEG n/a · 15% evidence Relative 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 ahead Exact 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. [Vascon Engineers Ltd](https://www.sectoralpha.in/stocks/vascon-engineers-ltd) VASCONEQ · turning · Too little evidence to rank firmly · 56% evidence 36.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.2/35 · Revenue -20.2% · Profit -80% · Operating margin change -2.5 points · 83% evidence Capital efficiency 8.9/25 · ROCE 4.7% · Operating margin 3.3% · 76% evidence Valuation 9.2/20 · P/E 24.2× · PEG n/a · 15% evidence Relative strength 9.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -16.8% · 1 year -55.3% · 25% evidence · 1 of 12 weeks ahead Exact 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. [Consolidated Construction Consortium Ltd](https://www.sectoralpha.in/stocks/consolidated-construction-consortium-ltd) CCCL · quiet · Too little evidence to rank firmly · 56% evidence 32.5 out of 100 Growth Capital Valuation Relative
12. [Jaiprakash Associates Ltd](https://www.sectoralpha.in/stocks/jaiprakash-associates-ltd) JPASSOCIAT · Too little evidence to rank firmly · 26% evidence 36.5 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/sectors/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](https://www.sectoralpha.in/stocks/psp-projects-ltd) ₹2,741 crore
2. [Ashoka Buildcon Ltd](https://www.sectoralpha.in/stocks/ashoka-buildcon-ltd) ₹2,706 crore
3. [Garuda Construction and Engineering Ltd](https://www.sectoralpha.in/stocks/garuda-construction-and-engineering-ltd) ₹1,264 crore
4. Modis Navnirman Ltd ₹769 crore
5. [Vascon Engineers Ltd](https://www.sectoralpha.in/stocks/vascon-engineers-ltd) ₹690 crore
6. [BEML Land Assets Ltd](https://www.sectoralpha.in/stocks/beml-land-assets-ltd) ₹667 crore
7. [Jaiprakash Associates Ltd](https://www.sectoralpha.in/stocks/jaiprakash-associates-ltd) ₹594 crore

[All 12 Construction & Contracting companies, largest first](https://www.sectoralpha.in/sectors/construction-contracting#all-companies)

### Companies close in size in other industries

1. [Gaudium IVF and Women Health Ltd](https://www.sectoralpha.in/stocks/gaudium-ivf-and-women-health-ltd) ₹771 crore · Hospitals/Medical Services
2. [Eldeco Housing & Industries Ltd](https://www.sectoralpha.in/stocks/eldeco-housing-industries-ltd) ₹769 crore · Realty - Construction & Contracting
3. Modis Navnirman Ltd ₹769 crore
4. [IFB Agro Industries Ltd](https://www.sectoralpha.in/stocks/ifb-agro-industries-ltd) ₹767 crore · Alcoholic Beverages
5. [Bharat Global Developers Ltd](https://www.sectoralpha.in/stocks/bharat-global-developers-ltd) ₹764 crore · Diversified

## What else do people ask about Modis Navnirman? ### 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 3 November 2026). ### What is Modis Navnirman's market cap? Modis Navnirman Ltd's market capitalisation is ₹764 Cr at a share price of ₹389.60. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 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 3 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 ₹389.60, 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 3 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 3 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 3 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 3 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 3 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. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india

This is research, not advice. We’re not SEBI-registered.