Pivoted from stainless-steel manufacturing to Mumbai real estate redevelopment, the company (formerly India Steel Works Ltd) now operates an asset-light redevelopment model with a disclosed pipeline of four projects across Wadala, Matunga, Chembur and Khopoli. The largest is Waterfall Enclave, a 60 lakh sq ft joint venture with the Lloyds Group. For FY26 the business reported revenue of ₹24.50 crore, a net profit of ₹18.66 crore and an EBITDA margin of 95.28%, reversing a loss of ₹1,339.35 lakhs in FY25. The cost structure mirrors the asset-light setup: materials account for just 0.9% of revenue, employee costs 4.8%, other operating expenses 11.8% and capex 0.0%. The company has fully repaid borrowings to Kotak Mahindra Bank and completed a One-Time Settlement with J.C. Flowers ARC for remaining secured debt, and has received in-principle BSE approval for a rights issue of up to ₹96 crore. The FY26 statutory auditor issued a disclaimer of opinion citing inventory valuation of ₹13,696.20 lakhs, related party transaction concerns and going concern doubts, and the company disclosed a 100% debt default of ₹9,656.04 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate redevelopment (residential and commercial projects), Joint venture development. Asset-light, redevelopment-focused Mumbai real estate company that has pivoted from stainless-steel manufacturing
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY22 | FY23 |
|---|---|---|---|---|---|
| Revenue | 532 | 140 | 144 | 24 | 5 |
| EBITDA (ex other income) | (7) | (36) | (36) | (44) | (22) |
| margin % | (1.3) | (25.8) | (24.8) | (185.7) | (470.0) |
| Owners' profit | (5) | 0 | 0 | 0 | (36) |
| EPS, as reported (₹) | (0.14) | (0.49) | (0.93) | (1.70) | (0.85) |
| ROE % · ROCE % | (3.1) · 2.4 | (12.7) · (2.2) | (14.6) · (3.2) | (59.2) · (37.9) | (74.0) · (36.5) |
| Debt / equity (x) | 0.53 | 0.70 | 0.93 | 1.49 | 1.46 |
| Cash from operations | — | — | (40) | (4) | (1) |
| Capex | — | — | 0 | (0) | 0 |
| ₹ crore | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9 | 7 | 1 | 2 | 1 | 1 | 1 | 0 |
| Profit before tax | (4) | (35) | (8) | (9) | (8) | (11) | (5) | (6) |
| Net profit | (4) | (35) | (8) | (9) | (8) | (11) | (5) | (6) |
| EPS (₹) | (0.10) | (1.37) | (0.21) | (0.47) | (0.19) | (0.21) | (0.14) | (0.15) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,371 | 89.5 | 13.53 | 73.2 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,482 | 218.6 | 55.08 | 145.4 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited ◆ | 1,076 | — | 29.06 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 950 | 26.5 | — | — | — | 19.2 | — | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · AGM notice published; 39th AGM set for September 25, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · AGM on 25 Sep 2026; share transfer books closed 19-25 Sep | board shareholder meetings | low | — | — |
| 1 Sept 2026 · India Homes 39th AGM Sept 25 - RPTs up to Rs 1000 Cr, 0.01% pref dividend | board shareholder meetings | low | — | — |
| 1 Sept 2026 · India Homes FY26 Annual Report; Pivot from Steel to Real Estate | results | high | — | — |
| 29 Aug 2026 · India Homes 39th AGM on Sep 25, 2026 via video conferencing | compliance | minimal | — | — |
| 21 Aug 2026 · Promoter Isisales India sells 378209 shares (0.095%) in India Homes | ownership changes | high | — | — |
| 13 Aug 2026 · India Homes Q1 FY27 investor presentation - Mumbai redevelopment pivot | investor communications | medium | — | — |
| 5 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 4 Aug 2026 · India Homes directors get notice from Regional Director seeking company records | regulatory legal | high | — | — |
| 3 Aug 2026 · India Homes to invest up to Rs 50 crore in Level Enterprises LLP for 51% stake | strategic transactions | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| YOGI LTD. | 678 | 32.6 | 4.77 | 26.2 | 14.9 | 15.6 | — | 5.1 |
| SHRADDHA PRIME PROJECTS L | 650 | 11.6 | 4.76 | 11.2 | 39.1 | 20.2 | — | 16.1 |
| HAZOOR MULTI PROJECTS LTD | 556 | 7.5 | 0.89 | 3.7 | 6.8 | 5.8 | — | 86.5 |
| RDB REAL ESTATE CONS L | 352 | 27.4 | 1.33 | 26.5 | (3.3) | (0.7) | — | 3.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 29.1 | 1.1 | 67 of 69 | 3% |
| ROCE | (17.8) | 2.0 | 90 of 93 | 3% |
| ROE | (31.0) | 2.9 | 84 of 85 | 1% |
| Debt / Equity | 2.0 | 0.1 | 75 of 85 | 12% |
| Revenue growth | (100.0) | (11.0) | 55 of 64 | 3% |
| Profit growth | 36.0 | (48.8) | 21 of 79 | 74% |
| Market cap | 1076 | 33 | 3 of 86 | 98% |
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| 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 |
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.
