diff --git a/Makefile b/Makefile
index 35fc0d62898d..f23edaa0e813 100644
--- a/Makefile
+++ b/Makefile
@@ -1939,7 +1939,9 @@ quiet_cmd_depmod = DEPMOD  $(MODLIB)
 
 modules_install:
 	$(Q)$(MAKE) -f $(srctree)/scripts/Makefile.modinst
+ifndef modules_sign_only
 	$(call cmd,depmod)
+endif
 
 else # CONFIG_MODULES