1. Two projects handed over in FY26 delivered on time Delivered - The 15 May 2026 announcement stated two projects were handed over in FY26 - Rashmi Vasudeo (90 units) in H1 and Rashmi Celestia (81 units) in H2 - delivered on time. Rashmi Vasudeo was handed over in H1 FY26 and Rashmi Celestia in H2 FY26, both on time per management.
2. Rashmi Icon and Rashmi Avenue launched in FY26 adding approximately 6.50 lakh sq ft Delivered - The 15 May 2026 announcement stated Rashmi Icon and Rashmi Avenue launched during FY26, adding approximately 6.50 lakh sq ft to the development pipeline. Rashmi Icon has 3.50 lakh sq ft and Rashmi Avenue 3.00 lakh sq ft, totaling 6.50 lakh sq ft; both were launched in FY26.
3. FY26 secured redevelopment projects with GDV of approximately ₹400 crore and above Delivered - The FY26 annual report stated the company secured redevelopment projects with estimated Gross Development Value of approximately ₹400 crore and above, including New Chitra Society (Kandivali West) and Bank of India Staff Sheetal (Borivali West). New Chitra Society carries GDV of approximately ₹160 crore and BOI Staff Sheetal approximately ₹250 crore, totaling approximately ₹410 crore.
4. Rashmi Govind Dalvi project on hold due to government stay Pending - At the Q1 FY27 call, management disclosed the Rashmi Govind Dalvi project is on hold due to government issues - a government stay on a 500-meter section of the area. Govind Dalvi Nagar remains listed among upcoming projects in the Q1 FY27 PPT, with no resolution disclosed.
5. One of five ongoing projects completed in H2 FY26 Delivered - At the Q2 FY26 call, management said one of the five ongoing projects will be completed in H2 of FY26. Rashmi Celestia was completed in Q3 FY26 with OC received in Q4 FY26, and completed Mar-2026.
6. Expand portfolio from western suburbs to other areas of MMR Delivered - At the Q2 FY26 call, management planned to expand from the western suburbs to other areas of MMR, with talks in Santa Cruz, Khar and Ghatkopar where it was top-3 shortlisted. In Q1 FY27 the company added Neel Kiran Society in Santacruz West, and is in top two for a Khar project and top seven in Parla.
7. Merger of Shree Modis Navnirman Private Limited with Modis Navnirman Limited Delivered - At the Q2 FY26 call, the merger of Shri Modi's Navnirman Private Limited into the listed company was in progress, reiterated at Q3 FY26 and in the FY26 annual report; the Q2 FY26 PPT described it as India's second listed merger and the first in Mumbai's property market. The merger was completed during FY26.
8. Migration from BSE SME platform to BSE and NSE main board Delivered - At the Q2 FY26 call, the company was in progress of migrating from the BSE SME platform to the main board of BSE and NSE, reiterated at Q3 FY26 and in the FY26 annual report. Migration to BSE and NSE main board was completed during FY26.
9. New Chitra Society redevelopment expected GDV of approximately ₹160 crore Pending - The 4 March 2026 announcement stated the New Chitra Co-operative Housing Society redevelopment (Kandivali West) is expected to generate an estimated GDV of approximately ₹160 crore. New Chitra Society is not listed among upcoming projects in the Q1 FY27 PPT; no GDV read yet.
10. Ongoing redevelopment of 8,000 sq mtrs expected to generate around ₹300 crore revenue On track - The 8 February 2024 announcement stated ongoing redevelopment of 8,000 sq mtrs (Rashmi Celestia, Rashmi Vasudeo, Rashmi Square - Borivali West; Rashmi Enclave - Kandivali West) expected to generate revenue of around ₹300 crore. Rashmi Celestia generated ₹60.80 crore and Rashmi Square ₹49.44 crore in FY26, with Rashmi Square 78.01% complete as of Q1 FY27 - cumulative revenue is approximately ₹152 crore, about half the target.
11. Portfolio of over 18,000 sq mtrs acquired projects expected to generate ₹600 crore revenue Pending - The 8 February 2024 announcement stated the portfolio of over 18,000 sq mtrs of acquired projects in Borivali-Goregaon (Sunder Sangam, Shree Siddhivinayak Towers, Veer Hanuman, Peace, Piyush, Shree Manorath CHSLs) expected to generate ₹600 crore, with starts in year 23-24. Rashmi Manorath generated ₹6.93 crore in FY26 and ₹1.32 crore in Q1 FY27; no disclosed progress on the ₹600 crore target on its own scale.
12. Rashmi Signature expected revenue of around ₹175 crore in 2.5 years Partial - The 8 February 2024 announcement stated Rashmi Signature (Malad West) concession was granted, expected to generate revenue of around ₹175 crore in a span of 2.5 years. Rashmi Signature generated ₹31.12 crore in FY26 and ₹18.09 crore in Q1 FY27 - approximately ₹49 crore cumulative, below the ₹175 crore target as the window ends around August 2026, with the project 59.06% complete.
13. Veer Hanuman CHSL project commencement in Q2 FY24 Missed - The 8 February 2024 announcement stated the Veer Hanuman CHSL (Borivali West) project was to commence in Q2 of FY24. No commencement disclosure appears in our record, and the project is not listed among ongoing or upcoming projects in the Q1 FY27 PPT.
14. Six confirmed upcoming projects with 10,00,000+ sq ft development Delivered - The FY23 Chairman's message stated six confirmed upcoming projects with a promise to develop 10,00,000+ sq ft. As of Q1 FY27, the company has 5 upcoming projects totaling 10.50 lakh sq ft - the current pipeline exceeds 10 lakh sq ft.
15. Remain focused on Bombay and neighboring parts; not expanding to other Maharashtra cities Delivered - At the Q1 FY27 call, management stated it will remain focused on Bombay and its neighboring parts and, as of now, is not looking to expand to other parts of Maharashtra or other cities. In Q1 FY27 the company added Neel Kiran Society in Santacruz West - expansion within Mumbai only, with no expansion outside Mumbai disclosed.
16. Four upcoming pipeline projects GDV upwards of ₹800 crore with 19-20% margins Pending - At the Q1 FY27 call, management indicated GDV of the four upcoming pipeline projects is "upwards of INR800 crores," with profitability at "19%-20% margins" on those lines, stated as an expectation. The four were Rashmi Paradise, Rashmi Sheetal, Rashmi Gold and Govind Dalvi Nagar - no GDV or margin read yet, and the Govind Dalvi project is on hold due to a government stay.
17. Two to three new projects in FY27 from redevelopment pipeline On track - At the Q1 FY27 call, management said it expects to take on "more two to three projects in this year" (FY27) from the redevelopment pipeline, with conditional wording ("probably"), and is in good positions on two to three development stages. In Q1 FY27 the company added Neel Kiran Society in Santacruz West and secured another new redevelopment project, taking the portfolio to 5 upcoming projects.
18. No dividend planned at present Delivered - At the Q4 FY26 call, management said no dividend is planned at present; the board is focused on projects instead. No dividend announcement appears in our record through Q1 FY27.
19. No new land acquisitions in FY27 On track - At the Q4 FY26 call, management said no new land acquisitions are in the pipeline for FY27 - "as of now we have not thought on that". In Q1 FY27 the company added Neel Kiran Society in Santacruz West and another new redevelopment project - both redevelopment mandates, not land acquisitions; no land acquisition disclosed.
20. Rashmi Signature bookings to reach around 75% in Q2-Q3 FY27 On track - At the Q4 FY26 call, management said Rashmi Signature bookings are expected to significantly go to around 75% in the second and third quarter of FY27. Bookings moved from approximately 50% at Q4 FY26 to 65%-70% at Q1 FY27, with the Q1 FY27 PPT showing 0.89 lakh sq ft booked of 1.43 lakh sq ft (62.2%) - the target window is still open.
21. Rashmi Avenue completion August 2029 On track - The Q4 FY26 PPT stated Rashmi Avenue (Dahisar W) to be completed Aug 2029, restated as 2029 in the Q1 FY27 PPT. Rashmi Avenue was 2.46% complete as of Q1 FY27, at plinth stage, with no completion yet.
22. Rashmi Icon completion August 2029 On track - The Q4 FY26 PPT stated Rashmi Icon (Malad W) to be completed Aug 2029; the Q1 FY27 PPT restated completion in 2028. Rashmi Icon was 1.70% complete as of Q1 FY27, at plinth stage, with no completion yet.
23. Rashmi Delight completion August 2027 On track - The Q4 FY26 PPT stated Rashmi Delight (Kandivali W) to be completed Aug 2027, restated as 2027 in the Q1 FY27 PPT. Rashmi Delight was 57.22% complete as of Q1 FY27, with the 14th slab completed, and no completion yet.
24. Rashmi Manorath completion May 2026 Missed - The Q4 FY26 PPT stated Rashmi Manorath (Borivali E) to be completed May 2026; the Q1 FY27 PPT restated completion in 2027. The May 2026 date passed with no completion disclosed - the project was 42.11% complete as of Q1 FY27, with the 13th slab completed.
25. Rashmi Delight and Rashmi Manorath completion next year (FY27) On track - At the Q4 FY26 call, management targeted Rashmi Delight and Rashmi Manorath for completion next year (FY27). The Q1 FY27 PPT shows both projects completing in 2027 - Rashmi Delight 57.22% complete and Rashmi Manorath 42.11% complete as of Q1 FY27, with no completion disclosed yet.
26. Rashmi Signature and Rashmi Square handover with OC in Q3 FY27 On track - At the Q1 FY27 call, management said Rashmi Signature and Rashmi Square will "probably" be handing over with OC in the third quarter (Q3 FY27). Rashmi Square was 78.01% complete and Rashmi Signature 59.06% complete as of Q1 FY27, both shown completing in 2027, with no OC yet.
27. Rashmi Signature handover to society in Q1 FY27 Missed - At the Q4 FY26 call, management targeted Rashmi Signature to be handed over to the society in the first quarter of '27. Rashmi Signature reached its 20th slab by Q1 FY27 and was 59.06% complete, with completion shown in 2027 - no handover disclosed in Q1 FY27.
28. Borivali West redevelopment project (GDV ₹250 crore) margins at same run rate as current projects Pending - At the Q3 FY26 call, management said the Borivali West redevelopment project (GDV ₹250 crore) is expected to deliver margins at the same run rate as current projects. The mandate is identified as BOI Staff Sheetal CHS with estimated GDV of approximately ₹250 crore; no margin read yet on this project.
29. Rashmi Avenue launch in the next month (from Q3 FY26 call) Delivered - At the Q3 FY26 call (Dec 2025), management said Rashmi Avenue would be launched "probably in the next month". Rashmi Avenue was started in March 2026, approximately two months after the call.
30. Rashmi Gold and Rashmi Sheetal launches in Q3 or Q4 FY27 Pending - At the Q3 FY26 call, management targeted Rashmi Gold and Rashmi Sheetal launches in the third or fourth quarter of FY27, "going hand to hand"; at Q1 FY27 this became probably the third quarter of FY27. Both are listed among upcoming projects in the Q1 FY27 PPT with no launch disclosed as of Q1 FY27.
31. Rashmi Paradise launch post/during rainy season (FY27) Pending - At the Q3 FY26 call, management targeted Rashmi Paradise launch post/during the rainy season, with the project in BMC approval stages; at Q1 FY27 management said it will start in Q2 FY27. Rashmi Paradise is listed among upcoming projects in the Q1 FY27 PPT with no launch disclosed as of Q1 FY27.
32. Rashmi Square completion with OC in Q2 or Q3 FY27 On track - At the Q3 FY26 call, management targeted Rashmi Square completion with occupation certificate in the second or third quarter of FY27; at Q4 FY26 it was targeted in the next four to five, probably six, months, and at Q1 FY27 handover with OC "probably" in Q3 FY27. Rashmi Square reached 22 slabs and was 78.01% complete as of Q1 FY27, with completion shown in 2027 and no OC yet.
33. Rashmi Icon and Rashmi Avenue revenue recognition from Q3 FY27 Delivered - At the Q3 FY26 call, management said Rashmi Icon and Rashmi Avenue revenue recognition was expected from the third quarter of FY27, once 25% of project cost is incurred per Ind AS. Q1 FY27 project-level revenue shows Rashmi Avenue ₹1.54 crore and Rashmi Icon ₹1.49 crore - recognition already underway, ahead of the Q3 FY27 expectation, with the projects 2.46% and 1.70% complete.
34. Rashmi Celestia occupation certificate within 10-15 days (from Q3 FY26 call) Partial - At the Q3 FY26 call (Dec 2025), management said the Rashmi Celestia occupation certificate was expected in the next 10 or 15 days. Rashmi Celestia was completed in Q3 FY26 with OC received in Q4 FY26, completing Mar-2026 - later than the 10-15 day window.
35. No debt raise for the next couple of years On track - At the Q2 FY26 call, management said it does not plan to raise any debt "for the next couple of years"; at Q3 FY26 it committed to staying debt-free and funding expansion through internal accruals. The company remained debt-free through FY26 and Q1 FY27 - borrowings were around ₹5-6 crore at Q4 FY26 and ₹5.62 crore current at FY26; reported financials show debt of ₹6.31 crore and D/E of 0.04 as of 3 Sep 2026.
36. Three upcoming projects completed by FY27-28 Partial - At the Q2 FY26 call, management said three upcoming projects "should be done by FY27, 28," with two expected to start in Q4 FY26 and the third probably in Q2 FY27. Rashmi Icon was launched in February 2026 and Rashmi Avenue in March 2026, but the Q1 FY27 PPT guides them to complete in 2028 and 2029 respectively - beyond FY27-28; Rashmi Signature is to be completed in 2027.
37. EBITDA margin going ahead in a bracket of 22% to 25% Partial - At the Q3 FY26 call, management guided EBITDA margin going ahead to "a bracket of 22% to 25%". Q4 FY26 EBITDA margin was 13.93% incl. other income and Q1 FY27 was 19.83% incl. other income, with Q1 FY27 OPM at 19.16% - both below the bracket; management attributed the softness to war-related cost impacts and expects Q2 FY27 margins "will be on track what we've been showing".
38. FY27 revenue recognition of around ₹200-230 crore On track - At the Q3 FY26 call, management targeted FY27 revenue recognition of "around INR200 crores to INR225 crores, INR230 crores". Q1 FY27 revenue was ₹58.26 crore, up 27.92% YoY, which annualizes near the lower end of the guided range; no further FY27 quarterly reads yet.
39. FY26 full-year revenue target of around ₹180 crore Delivered - At the Q3 FY26 call, management targeted FY26 full-year revenue of around ₹180 crore. FY26 revenue from operations was ₹189.31 crore, exceeding the target.