Unaudited Financial Results for the Quarter and Nine Months Ended 31st December 2025
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Awaiting price reaction for this filing.
India Homes Ltd (formerly India Steel Works Ltd) reported unaudited Q3 FY26 total income of Rs. 142.97 lakhs, up from Rs. 124.42 lakhs in Q3 FY25. For nine months ended December 2025, total income rose to Rs. 168.36 lakhs vs Rs. 78.62 lakhs in the prior-year period. The company posted a loss before exceptional items of Rs. 343.02 lakhs for 9M FY26 (vs Rs. 419.41 lakhs loss in 9M FY25), with total comprehensive income of negative Rs. 109.49 lakhs. Steel operations show nil revenue; real estate activities have not yet commenced. The company's factory premises are in possession of Kotak Mahindra Bank / J.C. Flowers Asset Reconstruction Pvt Ltd (assigned by Dombivli Nagari Sahakari Bank), and reported loan defaults of Rs. 32.10 lakhs are disclosed. The auditor (Laxmikant Kabra & Co LLP) issued an adverse conclusion, citing that operations have ceased for a long time, current liabilities exceed current assets, and a material uncertainty exists about the company's ability to continue as a going concern.
This is a deeply negative filing for shareholders. The auditor's adverse conclusion and explicit going-concern doubt mean the company may not be able to continue operating. The factory is in lender possession, steel operations have ceased, real estate business has not started, and inventory worth Rs. 13,532 lakhs may only fetch scrap value. Expect significant stock price pressure and potential delisting/cooperative restructuring concerns.