Modis Navnirman Q2FY27: consol. PAT doubles YoY to ₹10.46 Cr as OPM expands to ~21%

Modis Navnirman's consolidated PAT for Q2 FY27 more than doubled year-on-year to ₹10.46 Cr from ₹5.20 Cr, as revenue from operations grew 83.3% YoY to ₹69.38 Cr from ₹37.85 Cr — profit growth comfortably outpacing topline growth. Sequentially, PAT rose 21.9% and revenue 19.1% over Q1 FY27 (₹8.58 Cr PAT on ₹58.26 Cr revenue), continuing the project-execution ramp seen through the year, though for a project-driven real-estate developer the YoY comparison is the more meaningful read than the QoQ sequence, which can simply reflect project-billing timing.

The improvement is margin-led as much as volume-led. Operating margin (EBITDA excluding other income, over revenue) expanded to roughly 20.7% from ~15.0% a year ago and ~19.2% in Q1 FY27 — broadly in line with management's own 19-20% target band flagged at the Q1 concall for "once war-related cost pressures subside." Net margin rose more modestly, to 15.04% from 13.65% YoY, because finance costs jumped to ₹1.16 Cr this quarter from just ₹0.02 Cr a year ago and in Q1 FY27 — a direct consequence of the ₹18.39 Cr of fresh short-term borrowings drawn during H1 FY27 to fund project execution. There are no exceptional items on either side of the comparison, so the growth is entirely operational; no adjustment to the reported YoY PAT growth is warranted.

The stock went into the print at ₹378.9, up 9.4% over the past month of trading.

For context: PAT has now risen for 2 consecutive quarters; revenue is at a 4-quarter high.

Basic EPS (consolidated) ₹5.34 for the quarter vs ₹2.66 a year ago and ₹4.36 last quarter.

Standalone and consolidated results are virtually identical (PAT ₹10.45 Cr vs ₹10.46 Cr); the lone subsidiary, a Section 8 foundation, has negligible financial impact.

No formal sell-side consensus for this specific quarter could be located — Modis Navnirman is a sub-₹700 Cr market-cap, SME-migrated stock with limited analyst coverage, so vsStreet is genuinely unknown rather than a miss or beat. Management issued no dedicated press release alongside this filing. The print follows through on the acceleration flagged at the August 7 Q1 release (revenue +27.9%, PAT +25.8% YoY then); growth has since stepped up further. Prior guidance also pointed to a ₹800 Cr GDV pipeline and 2-3 new redevelopment project additions in FY27 — neither is disclosed as achieved in this filing (no segment or project-level detail is given), so that part of the guidance remains unconfirmed pending management's commentary.