Standalone Financial Results for the Quarter & half year ended 30 09 2025
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 4.4 pts more than Nifty Microcap 250 and 5.0 pts more than its Residential, Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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India Homes (formerly India Steel Works) reported near-zero revenue of just Rs 1.87 lakh in H1 FY26, confirming that steel operations have effectively ceased. The company posted a net loss of around Rs 462 lakh for H1 FY26, taking other equity further into the red at negative Rs 1,806 lakh. The auditor (Laxmikant Kabra & Co LLP) issued an ADVERSE conclusion, flagging that current liabilities (Rs 32,078 lakh) vastly exceed current assets (Rs 15,965 lakh) and that operations have been shut for a long time, creating material uncertainty on going concern. Multiple accounting red flags were raised, including inventory overstatement of Rs 13,532 lakh (not valued at net realisable value), an unapproved insurance claim receivable of Rs 2,188 lakh, no impairment review, no physical verification of stock, and unsettled contingent liabilities. The company has changed its name to pivot into real estate but no real estate operations have commenced yet, and it paid off Kotak Mahindra Bank (giving up possession of its factory to another lender, JC Flowers) in a full settlement during the period.
This is a deeply distressed stock — the auditor's adverse opinion and explicit going-concern warning signal serious solvency risk for shareholders. With negative equity, ceased core operations, and only a paper pivot to real estate (no revenue yet), existing investors face high risk of further losses or dilution. The stock should be treated as a high-risk, speculative bet at best.