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Modulex Construction Technologies Ltd (504273)

📊 BSE: 504273 🏢 Civil Construction 📢 Latest filing: 30 Sep 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Modulex Construction's revenue was ₹0.0 Cr, and net profit ₹-4.8 Cr (a bigger loss than a year earlier).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹0.0	—	—
Operating profit	₹-2.6	loss narrowed	loss narrowed
Net profit	₹-4.8	loss widened	loss widened
EPS (₹)	-2.70	loss widened	loss widened

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Modulex Bags Rs 14.72 Cr Order for Modular Construction, Execution by June 2027

🟢 POSITIVE ⭐ 9/10

OTHER 📅 30 Sep 2026, 05:28 PM

Modulex Construction Technologies has secured a domestic order valued at approximately Rs 14.72 crore (excluding taxes) for the design and construction of modular/hybrid modular structures. The order is significant for the company, which reported zero revenue across recent quarters and has a market capitalization of Rs 54 crore. The contract execution is scheduled for completion by June 30, 2027. The client identity was not disclosed due to confidentiality clauses, and no related-party interests are involved.

Received order valued at approximately Rs 14.72 crore (excluding taxes)
Contract is for design and building of Modular Construction / Hybrid Modular Construction
Delivery and execution scheduled to be completed by June 30, 2027
Customer identity not disclosed due to confidentiality; entity is domestic and non-related

💡 Track execution progress and quarterly revenue recognition in upcoming financial results through June 2027 to verify operational commercialization.

Modulex Construction CFO Mahendra Kumar Bhurat Resigns Effective September 30, 2026

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 30 Sep 2026, 05:23 PM

Modulex Construction Technologies announced that its Chief Financial Officer, Mr. Mahendra Kumar Bhurat, has resigned effective September 30, 2026. Mr. Bhurat tendered his resignation on September 8, 2026, citing retirement upon reaching 74 years of age. The company operates at zero revenue with a TTM net loss of Rs -15 Cr and a market cap of Rs 54 Cr. A successor for the CFO and Key Managerial Personnel (KMP) position has not yet been named.

CFO Mahendra Kumar Bhurat stepped down effective close of business hours on September 30, 2026
Resignation was submitted via letter dated September 8, 2026, upon attaining 74 years of age
Company currently generates Rs 0 Cr TTM revenue and reported a net loss of Rs -4.80 Cr in Jun 2026
Successor appointment for the CFO and KMP position was not disclosed in the filing

💡 Watch for subsequent regulatory filings announcing the appointment of a new CFO and Key Managerial Personnel to gauge financial leadership continuity.

Modulex Construction Forfeits ₹1.48 Cr Upfront Money on Unexercised Warrants

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 21 Sep 2026, 05:13 PM

Modulex Construction Technologies announced that its Board has approved the forfeiture of upfront consideration totaling ₹1.48 crore (₹1,47,81,352.50) paid on unexercised convertible warrants. The warrants were issued on a preferential basis under SEBI ICDR regulations, and the exercise window lapsed on June 30, 2026. The unexercised warrants were held by three individuals: Mr. Aditya Vikram Kanoria, Mr. Ajay Sarupria, and Ms. Labdhi Shah. This forfeited amount will be retained by the company, though the planned equity capital infusion from these warrants will not materialize.

Board approved forfeiture of ₹1,47,81,352.50 via circular resolution on September 21, 2026
Exercise period for the preferential convertible warrants expired on June 30, 2026
Forfeiture affects warrants held by Mr. Aditya Vikram Kanoria, Mr. Ajay Sarupria, and Ms. Labdhi Shah
Action taken under Regulation 169 of SEBI (ICDR) Regulations, 2018

💡 Track the upcoming quarterly financial results to see the accounting treatment of the ₹1.48 crore forfeited amount and monitor whether the company seeks alternative fundraise routes given its zero revenue base.

Modulex Construction Q1 FY27: Consolidated Loss of ₹4.8 Cr; ₹15.26 Cr Raised for Indapur Project

🔵 WATCH ⭐ 6/10

EARNINGS 📅 05 Aug 2026, 04:19 PM

Modulex Construction continues to report zero operational revenue for Q1 FY27 as its primary manufacturing facility at Indapur remains under development. The consolidated net loss for the quarter was ₹4.80 crore, compared to a loss of ₹4.18 crore in the year-ago period. The company successfully raised ₹15.26 crore through the final call of a preferential issue, which is being deployed for factory construction. Management maintains a 'going concern' status despite auditor warnings, targeting commercial production commencement within FY 2026-27.

Consolidated revenue from operations remained at ₹0 for the quarter ended June 30, 2026.
Consolidated net loss stood at ₹4.80 crore, driven by employee benefits (₹2.05 Cr) and depreciation (₹1.80 Cr).
Received ₹15.26 crore in final call money from preferential warrants during Q1 FY27.
Allotted 3,38,95,810 equity shares of ₹10 each at a premium of ₹8 per share following warrant conversion.
Targeting commercial production at the Indapur factory in FY 2026-27, with prototype trials currently in progress.

💡 Investors should closely monitor the transition from trial production to commercial production at the Indapur facility in FY 2026-27, as the company currently has no operational cash flow.

Rs 15.26 Cr Final Call Received; Modulex Reports Zero Revenue in Q1 FY27

🔵 WATCH ⭐ 7/10

EARNINGS 📅 05 Aug 2026, 04:11 PM

Modulex Construction Technologies continues to report zero operational revenue for the quarter ended June 30, 2026, as its Indapur factory remains in the pre-commercial phase. The company successfully collected Rs 15.26 crore in final call money from a preferential issue, though Rs 4.43 crore remains pending and faces potential forfeiture. While standalone results showed a small profit of Rs 40.62 lakhs due to 'Other Income', the consolidated entity remains under significant stress with auditors highlighting 'material uncertainty' regarding its ability to continue as a going concern. Management expects commercial production to finally commence in FY 2026-27.

Zero revenue from operations reported for the quarter ended June 30, 2026
Rs 15.26 crore received as final call money for preferential warrants during Q1 FY27
3,38,95,810 equity shares allotted following warrant conversion at Rs 18 per share
Commercial production at the Indapur factory targeted for commencement in FY 2026-27
Standalone net profit of Rs 40.62 lakhs driven entirely by Other Income of Rs 93.30 lakhs

💡 Investors should closely monitor the transition from 'trial production' to 'commercial production' at the Indapur facility in FY 2026-27. The company's survival depends on generating operational cash flows to address the 'going concern' warning issued by auditors.

Board Meeting on Aug 5, 2026 to approve Q1 FY27 results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 30 Jul 2026, 04:07 PM

Modulex Construction Technologies has scheduled a board meeting for August 5, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. This is a critical update for a company that has reported zero revenue for the last four consecutive quarters and a net loss of ₹15 crore in FY26. Investors will be looking for any signs of operational commencement or revenue generation. The trading window has been closed since June 30, 2026, in compliance with insider trading regulations.

Board meeting scheduled for August 5, 2026, to approve Q1 FY27 results
Company reported ₹0 revenue for the entire FY26 period
Net loss for the trailing twelve months stands at ₹15 crore
Trading window closed from June 30, 2026, until 48 hours after the results are public
Promoter holding remains relatively low at 22.82% as of June 2026

💡 Monitor the results on August 5 specifically for any revenue recognition or management commentary on the commencement of commercial operations.

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