WEBSITE BSE:543539 NSE: MODIS Inc. Year: 2022 Industry: Construction - Real Estate My Bucket: Add Stock
Last updated: 15:40
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1. Business Overview
Modi's Navnirman Ltd. is an Indian company primarily engaged in the Construction and Real Estate sector. Its core business model involves developing and constructing a range of projects, including residential complexes, commercial properties (offices, retail spaces), and potentially infrastructure projects. The company generates revenue primarily through the sale of developed properties, project execution fees for construction contracts, and potentially lease income from commercial assets it retains.
2. Key Segments / Revenue Mix
While specific breakdowns are not provided, common segments for a company in this sector typically include:
Residential Development: Construction and sale of apartments, villas, and plotted developments.
Commercial Development: Construction and sale/lease of office spaces, retail malls, and business parks.
Infrastructure Projects: (If applicable) Execution of civil construction contracts for public or private infrastructure (roads, bridges, utilities).
The exact revenue contribution from each segment is not available from the provided data.
3. Industry & Positioning
The Indian Construction and Real Estate industry is large, highly cyclical, and influenced by macroeconomic factors like GDP growth, interest rates, and government policies. It is characterized by a mix of large national players, numerous regional developers, and unorganized smaller entities, leading to intense competition. Modi's Navnirman Ltd. likely operates as a mid-to-large tier developer, competing on project quality, location, pricing, and timely delivery against both established national brands and strong regional players within its operating geographies.
4. Competitive Advantage (Moat)
Without specific details, potential competitive advantages for Modi's Navnirman Ltd. could include:
Brand Reputation: A track record of successful project delivery and customer satisfaction can build trust.
Land Bank: Strategic acquisition of prime land parcels at favorable costs provides a strong pipeline and entry barrier.
Execution Capability: Efficient project management, quality construction, and timely delivery can differentiate the company.
Financial Strength: Access to capital for land acquisition and project funding, especially important in a capital-intensive industry.
5. Growth Drivers
Urbanization & Demographics: Continued migration to urban centers and a growing young population in India drive demand for housing and commercial spaces.
Government Initiatives: Policy support for affordable housing, infrastructure development (e.g., Smart Cities Mission, PMAY), and ease of doing business can stimulate growth.
Rising Disposable Incomes: Increasing affluence in India fuels demand for better quality and larger residential and commercial properties.
Favorable Interest Rates: Lower interest rates on home loans can boost affordability and buyer sentiment.
Infrastructure Push: Government investment in roads, railways, and other infrastructure improves connectivity and opens up new development corridors.
6. Risks
Economic Cyclicality: The sector is highly sensitive to economic downturns, impacting demand and property prices.
Interest Rate Fluctuations: Rising interest rates can increase borrowing costs for developers and reduce affordability for homebuyers.
Regulatory & Environmental Hurdles: Delays in obtaining project approvals, changes in development norms, and environmental clearances can lead to cost overruns and project delays.
Land Acquisition Challenges: Difficulty in acquiring land parcels at reasonable prices and with clear titles can hinder project pipelines.
Input Cost Volatility: Fluctuations in prices of raw materials (cement, steel) and labor can impact project profitability.
High Debt Levels: Real estate development is capital-intensive; high leverage can pose financial risk during market downturns.
7. Management & Ownership
As is common for many Indian companies, Modi's Navnirman Ltd. is likely promoted by a founding family or individual(s) who hold a significant ownership stake. The management team would typically comprise experienced professionals in real estate development, project management, and finance. The quality of management, particularly their ability to navigate regulatory complexities, manage project execution, and maintain financial discipline, is crucial for success in this sector. The ownership structure would likely involve a dominant promoter holding, alongside institutional and public shareholding.
8. Outlook
Modi's Navnirman Ltd. operates in a sector with significant long-term growth potential driven by India's urbanization, demographic dividend, and increasing economic prosperity. A positive outlook is supported by government thrust on infrastructure and housing, which could provide a stable demand environment. However, the company faces inherent risks associated with the cyclical nature of real estate, regulatory complexities, and intense competition. Its success will depend on its ability to strategically acquire land, efficiently execute projects, manage its capital structure prudently, and adapt to evolving market and regulatory landscapes. The Indian real estate market is poised for growth but is not without its challenges, requiring companies like Modi's Navnirman Ltd. to demonstrate strong operational and financial discipline.
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Market Cap ₹690 Cr.
Stock P/E 56.3
P/B 4.4
Current Price ₹352.4
Book Value ₹ 80
Face Value 10
52W High ₹415
Dividend Yield 0%
52W Low ₹ 240.4
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Mar 2025 | Mar 2026 |
|---|---|---|
| Net Sales | 20 | 51 |
| Other Income | 1 | 3 |
| Total Income | 21 | 54 |
| Total Expenditure | 17 | 47 |
| Operating Profit | 4 | 8 |
| Interest | 0 | 2 |
| Depreciation | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 |
| Profit Before Tax | 2 | 6 |
| Provision for Tax | 0 | 1 |
| Profit After Tax | 2 | 4 |
| Adjustments | 0 | 0 |
| Profit After Adjustments | 2 | 4 |
| Adjusted Earnings Per Share | 0.8 | 2.2 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|
| Net Sales | 9 | 43 | 58 | 87 | 71 |
| Other Income | 0 | 1 | 0 | 2 | 4 |
| Total Income | 9 | 44 | 58 | 89 | 75 |
| Total Expenditure | 8 | 35 | 49 | 72 | 64 |
| Operating Profit | 1 | 9 | 9 | 17 | 12 |
| Interest | 0 | 2 | 0 | 0 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 8 | 9 | 16 | 8 |
| Provision for Tax | 0 | 2 | 2 | 4 | 1 |
| Profit After Tax | 1 | 6 | 7 | 12 | 6 |
| Adjustments | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 6 | 7 | 12 | 6 |
| Adjusted Earnings Per Share | 0.7 | 3.4 | 3.5 | 6.3 | 3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 50% | 113% | 0% | 0% |
| Operating Profit CAGR | 89% | 157% | 0% | 0% |
| PAT CAGR | 71% | 129% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 44% | 27% | NA% | NA% |
| ROE Average | 13% | 19% | 20% | 20% |
| ROCE Average | 17% | 20% | 16% | 16% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 4 | 32 | 85 | 106 |
| Minority's Interest | 0 | 0 | 0 | 0 |
| Borrowings | 20 | 7 | 6 | 3 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 |
| Total Current Liabilities | 8 | 20 | 21 | 50 |
| Total Liabilities | 31 | 59 | 113 | 159 |
| Fixed Assets | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 6 | 1 | 17 | 6 |
| Total Current Assets | 26 | 58 | 96 | 153 |
| Total Assets | 31 | 59 | 113 | 159 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 1 | 8 |
| Cash Flow from Operating Activities | -16 | -7 | -6 | -22 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | 11 |
| Cash Flow from Financing Activities | 17 | 9 | 9 | 5 |
| Net Cash Inflow / Outflow | 1 | 1 | 3 | -6 |
| Closing Cash & Cash Equivalent | 1 | 3 | 4 | 2 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.71 | 3.41 | 3.51 | 6.25 |
| CEPS(Rs) | 0.71 | 3.41 | 3.51 | 6.26 |
| DPS(Rs) | 0 | 1 | 0 | 0 |
| Book NAV/Share(Rs) | 3.21 | 19.06 | 44.71 | 53.9 |
| Core EBITDA Margin(%) | 12.43 | 19.8 | 15.56 | 17.01 |
| EBIT Margin(%) | 12.66 | 21.86 | 15.75 | 19.34 |
| Pre Tax Margin(%) | 12.5 | 17.86 | 15.69 | 19.06 |
| PAT Margin (%) | 9.34 | 13.38 | 11.58 | 14.16 |
| Cash Profit Margin (%) | 9.37 | 13.38 | 11.59 | 14.17 |
| ROA(%) | 2.7 | 12.73 | 7.78 | 9.02 |
| ROE(%) | 22.02 | 31.96 | 11.38 | 12.83 |
| ROCE(%) | 4.87 | 29.85 | 13.9 | 16.72 |
| Receivable days | 13.35 | 5.64 | 10.65 | 7.46 |
| Inventory Days | 869.76 | 313.09 | 429.8 | 485.69 |
| Payable days | 403.87 | -59.47 | -90.96 | -91.15 |
| PER(x) | 0 | 44.33 | 71.18 | 44.73 |
| Price/Book(x) | 0 | 7.92 | 5.58 | 5.19 |
| Dividend Yield(%) | 0 | 0.66 | 0 | 0 |
| EV/Net Sales(x) | 2.36 | 6.05 | 8.21 | 6.35 |
| EV/Core EBITDA(x) | 18.6 | 27.66 | 52.08 | 32.81 |
| Net Sales Growth(%) | 0 | 379.28 | 34.16 | 49.76 |
| EBIT Growth(%) | 0 | 727.43 | -3.3 | 83.89 |
| PAT Growth(%) | 0 | 586.73 | 16.1 | 83.09 |
| EPS Growth(%) | 0 | 382.15 | 2.9 | 78.41 |
| Debt/Equity(x) | 5.13 | 0.23 | 0.07 | 0.03 |
| Current Ratio(x) | 3.28 | 2.96 | 4.48 | 3.04 |
| Quick Ratio(x) | 0.53 | 0.3 | 0.58 | 0.12 |
| Interest Cover(x) | 77.93 | 5.46 | 231.05 | 67.94 |
| Total Debt/Mcap(x) | 0 | 0.03 | 0.01 | 0.01 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.95 | 71.03 | 63.79 | 63.79 | 63.79 | 63.79 | 63.79 | 63.79 | 63.79 | 63.79 |
| FII | 0 | 0 | 0 | 4.9 | 6.43 | 6.94 | 10.42 | 11.51 | 11.17 | 8.82 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0.49 | 0.75 | 1.16 | 1.16 |
| Public | 37.05 | 28.97 | 36.21 | 31.31 | 29.77 | 29.26 | 25.3 | 23.95 | 23.88 | 26.23 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.2 | 1.2 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 |
| FII | 0 | 0 | 0 | 0.1 | 0.13 | 0.14 | 0.2 | 0.23 | 0.22 | 0.17 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.02 | 0.02 |
| Public | 0.71 | 0.49 | 0.71 | 0.61 | 0.58 | 0.57 | 0.5 | 0.47 | 0.47 | 0.51 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.91 | 1.69 | 1.96 | 1.96 | 1.96 | 1.96 | 1.96 | 1.96 | 1.96 | 1.96 |
* The pros and cons are machine generated.
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