BSE: 523465
IND BANK HOUSING LTD.
Wound-down housing finance company whose Certificate of Registration as a Housing Finance Institution was cancelled by the RBI in September 2023, after which the Board in-principle consented to wind up operations and stopped originating or servicing HFI/NBFI business. The company reports zero revenue from operations across recent quarters; what comes in is recovery of legacy loan outstandings and small 'other income' lines. With negligible depreciation and no capex, its tiny revenue base is fully absorbed by staff and overhead costs, leaving a small operating loss. It is also pursuing a long-pending income tax refund tied to Assessment Year 1999-2000, resolved in its favour by the Madras High Court. Its board continues to meet at Indian Bank's Corporate Office in Chennai, reflecting Indian Bank's continued sponsor relationship. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Recovery of legacy housing loans, Other income, One-time tax refund. Wound-down, non-operating housing finance shell earning only from loan recoveries and one-offs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 1 |
| EBITDA (ex other income) | (0) | (1) | (1) | (0) | (0) |
| margin % | — | — | (228.9) | (110.7) | (17.3) |
| Owners' profit | (0) | (1) | (1) | (0) | (0) |
| EPS, as reported (₹) | 0.13 | (0.56) | (0.69) | (0.31) | (0.09) |
| ROE % · ROCE % | 0.1 · (1.3) | 0.5 · — | 0.6 · — | 0.3 · — | 0.1 · — |
| Debt / equity (x) | (1.08) | — | — | — | — |
| Cash from operations | (0) | (0) | (1) | (0) | 11 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (0) | 0 | (0) |
| Net profit | (0) | (0) | (0) | (0) | (0) | (0) | 0 | (0) |
| EPS (₹) | (0.01) | (0.08) | (0.05) | (0.05) | (0.11) | (0.02) | 0.06 | (0.02) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ HOUSING FINANCE LTD | 64,581 | 31.9 | 2.87 | — | 11.4 | — | — | 92.4 |
| PNB HOUSING FIN LTD. | 29,147 | 12.6 | 1.52 | — | 11.9 | — | 2.3 | 91.6 |
| LIC HOUSING FINANCE LTD | 28,079 | 4.9 | 0.68 | — | 13.5 | — | 7.7 | 97.1 |
| AADHAR HOUSING FINANCE L | 18,768 | 16.3 | 2.49 | — | 14.5 | — | — | 75.4 |
| SAMMAAN CAPITAL LIMITED | 13,451 | — | 0.71 | — | (37.6) | — | (3.8) | 101.8 |
| HOME FIRST FIN CO IND LTD | 10,649 | 18.2 | 2.44 | — | 12.4 | — | — | 78.3 |
| APTUS VALUE HSG FIN I LTD | 9,955 | 10.1 | 1.97 | — | 18.6 | — | — | 83.7 |
| CAN FIN HOMES LTD | 9,655 | 8.6 | 1.61 | — | 18.2 | — | — | 91.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| EBITDA margin | (8.2) | 74.7 | 18 of 19 | 6% |
| Revenue growth | 148.7 | 9.0 | 1 of 19 | 100% |
| Profit growth | 66.7 | 19.3 | 4 of 20 | 84% |
| Market cap | 49 | 4420 | 15 of 20 | 26% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA certificate under SEBI Regulation 74(5) for Q2 FY26-27 | compliance | minimal | — | — |
| 9 Oct 2026 · Newspaper publication of Q2 FY27 unaudited financial results | compliance | minimal | — | — |
| 8 Oct 2026 · Ray & Ray appointed as Statutory Auditors for FY 2026-27 | management changes | medium | — | — |
| 8 Oct 2026 · Ind Bank Housing Q2 FY26: Going Concern Doubt, Winding Up In Progress | results | high | — | — |
| 8 Oct 2026 · Q2 FY27 results approved; Ray and Ray named statutory auditor for FY27 | management changes | medium | — | — |
| 5 Oct 2026 · Board meeting on 8 Oct to consider Q2 and H1 FY27 financial results | results | low | — | — |
| 30 Sept 2026 · Ind Bank Housing 35th AGM: all 4 resolutions passed with 99.99% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 29 Sept 2026 · 35th AGM held via video conferencing on 29 September 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Ind Bank Housing publishes 35th AGM notice in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.