BSE: 513361
India Homes Limited
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
Exhibit 1: Financial summary, FY19–FY23 (all audited; no estimate years)
| ₹ 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 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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) |
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. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited ◆ | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 27.4 | 1.1 | 69 of 70 | 1% |
| ROCE | (17.8) | 1.9 | 85 of 88 | 3% |
| ROE | (31.0) | 1.6 | 72 of 73 | 1% |
| Debt / Equity | 2.0 | 0.3 | 63 of 73 | 14% |
| Revenue growth | (100.0) | (11.0) | 55 of 64 | 3% |
| Profit growth | 36.0 | (48.8) | 21 of 79 | 74% |
| Market cap | 1015 | 30 | 3 of 88 | 98% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for November 4 to approve quarterly results | results | low | — | — |
| 14 Oct 2026 · Shareholders approve new statutory auditor at 39th AGM | management changes | medium | — | — |
| 13 Oct 2026 · Compliance certificate for Q2 FY27 share dematerialisation filed with BSE | compliance | minimal | — | — |
| 5 Oct 2026 · India Homes - Promoter Group Acquires Additional 0.4% Stake | ownership changes | medium | — | — |
| 2 Oct 2026 · Quarterly disclosure of defaults on loan interest and principal repayments | credit debt | high | — | — |
| 26 Sept 2026 · 39th AGM voting results - all 7 resolutions passed | compliance | minimal | — | — |
| 26 Sept 2026 · India Homes 39th AGM: All 7 resolutions passed including dividend and RPTs | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 39th AGM concludes; dividend, new auditor, related party deals cleared | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Promoter Isiworld Steels sells 750000 shares via off-market transfer | ownership changes | high | — | — |
| 21 Sept 2026 · Trading Window Closure from Oct 1 till Q2 Results | 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.