Modis Navnirman's Stock Surges 4% After Winning ₹160 Cr Mumbai Housing Redevelopment Project

This Realty Stock, engaged in real estate development, building residential and commercial properties in Mumbai suburbs, jumped 4.12 percent after getting appointed as developer for a Mumbai housing society project worth Rs. 160 crore Gross Development Value (GDV).

With a market capitalization of Rs. 617.02 crores, the share of Modis Navnirman Limited has reached an intraday high of Rs. 331 per equity share, rising nearly 4.12 percent from its previous day’s close price of Rs. 317.90. Since then, the stock has retreated and is currently trading at Rs. 314.95 per equity share.

Modis Navnirman Limited has been appointed as the developer for the redevelopment of New Chitra Co-operative Housing Society in Kandivali West, Mumbai. The existing 14-storey building, constructed more than three decades ago, will be demolished and replaced with a modern commercial-cum-residential tower. The project is planned on a land parcel of around 2,300 square meters and is expected to generate an estimated Gross Development Value (GDV) of about Rs. 160 crore.

The redevelopment will provide existing residents with larger homes, better layouts, improved infrastructure, and modern amenities. The new building will include energy-efficient systems, rainwater harvesting, enhanced fire safety, and smart building features. This project further strengthens Modis Navnirman’s redevelopment portfolio across Mumbai while contributing to the city’s evolving skyline.

Modis Navnirman Limited is currently developing several residential and mixed-use projects across Mumbai, including Rashmi Icon in Malad (W), Rashmi Avenue in Dahisar (W), Rashmi Signature in Malad (W), and Rashmi Square in Borivali (W). Rashmi Icon is a large project with around 201 flats, 16 shops, 9 Offices, and 4 Podium, while Rashmi Signature includes about 210 residential flats and 3 Podium.

These ongoing projects include high-rise buildings with residential homes, commercial spaces, and podium parking. The developments are planned on large land areas ranging from about 55,000 to 3,50,000 square feet and aim to provide modern housing, improved infrastructure, and quality living spaces in key locations of Mumbai.

Modi’s Navnirman Limited is a Mumbai-based real estate developer focused on creating residential and commercial properties in suburban areas like Borivali, Kandivali, Malad, and Goregaon. Founded by Dinesh C. Modi with roots in the jewellery trade, the company builds a mix of affordable to premium homes and mixed-use projects, prioritizing customer needs through smart design and quick delivery.

Coming into financial highlights, Modis Navnirman Limited’s standalone revenue has increased from Rs. 32 crore in Q3 FY25 to Rs. 54 crore in Q3 FY26, which has grown by 68.75 percent. The net profit has also grown by 85.71 percent from Rs. 7 crore in Q3 FY25 to Rs. 13 crore in Q3 FY26. Modis Navnirman Limited’s revenue and net profit have grown at a CAGR of 732 percent and 334 percent, respectively, over the last three years.

In terms of return ratios, the company’s ROCE and ROE stand at 12.9 percent and 9.88 percent, respectively. Modis Navnirman Limited has an earnings per share (EPS) of Rs. 10.1, and its debt-to-equity ratio is 0.01x.