diff --git a/Makefile b/Makefile
index 654c31aaec64a4a091807034d47c2f284836795a..993d1f3359251a23576ffb4ed903d1ccd7c0b7ef 100644
--- a/Makefile
+++ b/Makefile
@@ -1095,7 +1095,7 @@ all: modules
 #	using awk while concatenating to the final file.
 
 PHONY += modules
-modules: $(vmlinux-dirs) $(if $(KBUILD_BUILTIN),vmlinux)
+modules: $(vmlinux-dirs) $(if $(KBUILD_BUILTIN),vmlinux) modules.builtin
 	$(Q)$(AWK) '!x[$$0]++' $(vmlinux-dirs:%=$(objtree)/%/modules.order) > $(objtree)/modules.order
 	@$(kecho) '  Building modules, stage 2.';
 	$(Q)$(MAKE) -f $(srctree)/scripts/Makefile.modpost
@@ -1117,7 +1117,7 @@ PHONY += modules_install
 modules_install: _modinst_ _modinst_post
 
 PHONY += _modinst_
-_modinst_: modules.builtin
+_modinst_:
 	@if [ -z "`$(DEPMOD) -V 2>/dev/null | grep module-init-tools`" ]; then \
 		echo "Warning: you may need to install module-init-tools"; \
 		echo "See http://www.codemonkey.org.uk/docs/post-halloween-2.6.txt";\
diff --git a/scripts/Makefile.modbuiltin b/scripts/Makefile.modbuiltin
index 102a276f6eeac9c4a1f71da4235b4e1496242659..1adb974e6950efb80943f82b1c4ca416b09b5417 100644
--- a/scripts/Makefile.modbuiltin
+++ b/scripts/Makefile.modbuiltin
@@ -14,6 +14,11 @@ __modbuiltin:
 
 include scripts/Kbuild.include
 
+ifneq ($(KBUILD_SRC),)
+# Create output directory if not already present
+_dummy := $(shell [ -d $(obj) ] || mkdir -p $(obj))
+endif
+
 # The filename Kbuild has precedence over Makefile
 kbuild-dir := $(if $(filter /%,$(src)),$(src),$(srctree)/$(src))
 kbuild-file := $(if $(wildcard $(kbuild-dir)/Kbuild),$(kbuild-dir)/Kbuild,$(kbuild-dir)/Makefile)