India Homes Q2 FY27 results: net profit ₹4.27 crore vs ₹3.15 crore loss

How did India Homes perform in Q2 FY27?

India Homes reported standalone revenue of ₹0.04 crore for the July–September 2026 quarter, against ₹0 crore in Q2 FY26 and ₹0 crore in Q1 FY27. Other income was ₹0.24 crore, while total expenses were ₹3.05 crore. EBITDA was a loss of ₹1.05 crore, compared with a loss of ₹1.30 crore a year earlier and a loss of ₹1.62 crore in the previous quarter. The EBITDA margin was -2531.9%.

Profit before tax was ₹4.27 crore, against a loss of ₹3.15 crore in Q2 FY26 and profit of ₹3.44 crore in Q1 FY27. Net profit was ₹4.27 crore, with no tax expense, and basic EPS was ₹0.11, compared with -₹0.08 a year earlier and ₹0.08 in the previous quarter. The filing states these are unaudited standalone results approved by the board on 4 November 2026.

The company operates in a single operating segment, real estate activities, according to the filing. The results are presented on a standalone basis, and the company said project operations have yet to be commenced.

What changed in India Homes' costs and profit?

Other income rose to ₹0.24 crore in Q2 FY27 from ₹0.12 crore in Q2 FY26, an increase of ₹0.12 crore or 100.0%. Total expenses fell by ₹0.22 crore, or 6.7%, to ₹3.05 crore from ₹3.27 crore. Other expenses declined by ₹0.31 crore, or 30.7%, to ₹0.70 crore, while employee cost rose by ₹0.03 crore, or 10.3%, to ₹0.32 crore. Finance costs fell by ₹0.01 crore, or 0.5%, to ₹1.93 crore, and depreciation was unchanged at ₹0.03 crore. Tax was unchanged, with no tax expense in either period.

Exceptional items in Q2 FY27 included a net gain of ₹7.04 crore, against none in Q2 FY26. The filing states this figure includes a gain of Rs.730.05 Lacs due to settlement with the ARC, a gain of Rs.704.00 Lacs due to settlement with operational creditors, and excess expenses of Rs.64.84 Lacs incurred on settlement with operational creditors upon full and final settlement. The year-ago quarter recorded a loss of ₹3.15 crore, while Q1 FY27 recorded a gain of ₹6.65 crore.

Against the previous quarter, other income rose by ₹0.01 crore, or 4.3%, and total expenses fell by ₹0.39 crore, or 11.3%. Employee cost fell by ₹0.44 crore, or 57.9%, and other expenses fell by ₹0.16 crore, or 18.6%, while finance costs rose by ₹0.14 crore, or 7.8%. Depreciation and tax were unchanged. The filing also notes that the factory premises are presently in the possession of J.C. Flowers Asset Reconstruction Private Limited under an assignment of debt by Dombivli Nagari Sahakari Bank Limited.

How did the first half of FY27 go?

For H1 FY27, revenue was ₹0.04 crore, compared with ₹0.02 crore in H1 FY26, an increase of ₹0.02 crore or 100.0%. Total income was ₹0.51 crore against ₹0.25 crore, up ₹0.26 crore or 104.0%. The filing presents these as unaudited standalone figures for the half year ended 30 September 2026.

What do the balance sheet and cash flow show?

Total assets were ₹384.27 crore as on 30 September 2026, against ₹397.14 crore as on 31 March 2026. Total equity rose to ₹52.72 crore from ₹45.01 crore. Borrowings fell to ₹83.30 crore from ₹91.38 crore, while cash declined to ₹0.44 crore from ₹0.63 crore. Inventories were ₹136.90 crore against ₹136.96 crore, and trade payables fell to ₹142.68 crore from ₹158.60 crore.

Operating cash flow for H1 FY27 was ₹11.13 crore, compared with ₹20.29 crore in H1 FY26. Investing cash flow was nil in both periods, and financing cash flow was a negative ₹11.33 crore against a negative ₹20.28 crore in the year-ago period. Capital expenditure was nil in both periods.

How has India Homes done over the last 8 quarters?

Revenue for India Homes was largely at the low end of its quarterly range through FY26, at ₹0.01 crore in Q4 FY25 and ₹0.02 crore in Q1 FY26, before reaching ₹24.48 crore in Q4 FY26. It then fell to ₹0.00 crore in Q1 FY27 and stood at ₹0.04 crore in Q2 FY27. The company said project operations have yet to be commenced.

Net profit bottomed at a loss of ₹3.43 crore in Q3 FY25 and moved to a loss of ₹3.30 crore in Q4 FY25 and a loss of ₹1.48 crore in Q1 FY26, before returning to a loss of ₹3.15 crore in Q2 FY26. It turned to profit of ₹0.43 crore in Q3 FY26 and peaked at ₹22.85 crore in Q4 FY26. Profit was ₹3.44 crore in Q1 FY27 and ₹4.27 crore in Q2 FY27. The EBITDA margin was 94.7% in Q4 FY26 and -2531.9% in Q2 FY27.

What did the auditors point out?

The auditors' report states that a review of interim financial information consists primarily of inquiries and analytical procedures, is substantially less in scope than an audit, and does not enable the auditors to obtain assurance that all significant matters that might be identified in an audit would be identified. Accordingly, the auditors do not express an audit opinion.

Under the heading 'Material Uncertainty and Assessment of Going Concern Assumption', the auditors state that the company's current liabilities exceed its current assets as of the balance sheet date, operational activities have substantially ceased, and continuous operating losses have resulted in acute liquidity constraints that impair the ability to discharge liabilities in the ordinary course of business. The report adds that management has performed no assessment of the going concern assumption and explained its future cash flow projections and operational viability, and that in the absence of sufficient appropriate audit evidence supporting these plans, the auditors are unable to determine whether the use of the going concern basis of accounting is appropriate.

How did other Residential, Commercial Projects companies do?

Thirteen other Residential, Commercial Projects companies have filed results for this quarter, with a median revenue growth of 79.6%. Of the 15 companies compared on profit, eight reported higher profit.