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 (earlier India Steel Works Ltd) reported total income of ₹142.97 lacs in Q3 FY26 (up from ₹119.93 lacs in Q2 FY26) and a net profit of ₹42.94 lacs, versus a loss of ₹314.89 lacs in the previous quarter. For the nine-month period, total income rose sharply to ₹168.36 lacs (from ₹78.62 lacs a year ago), but expenses of ₹1,313.74 lacs led to a loss before exceptional items of ₹1,145.38 lacs; after ₹225.93 lacs of exceptional items, the company remained in the red. The company has changed its name to reflect a pivot into real estate, though no real estate operations have commenced yet. The auditor (Laxmikant Kabra & Co LLP) issued an adverse conclusion, flagging that operations have ceased, liabilities cannot be discharged, and books are not properly accessible — casting significant doubt on the going-concern assumption.
This is a deeply negative filing for shareholders. The auditor has explicitly raised a going-concern doubt and issued an adverse review conclusion, citing factory possession by lenders (J.C. Flowers Asset Reconstruction, Kotak Mahindra Bank), inaccessible SAP systems, unverified inventories worth ₹13,532.42 lacs, unapproved insurance claims of ~₹2,793 lacs, loan defaults of ₹32.10 lacs, and a complete absence of impairment review or internal audit. The stock carries severe risk of further value erosion or even delisting, and the apparent Q3 profit is not meaningful given the massive nine-month loss and structural solvency issues.