Financial Performance
India Homes Limited (formerly India Steel Works Limited) reported a significant turnaround in FY2025-26 with a net profit of ₹18.66 crore compared to a loss of ₹13.39 crore in the previous year. Revenue from operations reached ₹24.50 crore, primarily driven by real estate activities (₹24.25 crore from sale of development rights) and minimal steel scrap sales (₹0.25 crore). The company achieved an operating profit (EBITDA) of ₹23.35 crore and earnings per share of ₹0.47.
Business Transition and Debt Settlement
The company completed its strategic transition from stainless steel manufacturing to a Mumbai-focused real estate redevelopment platform. Key developments included settling outstanding borrowings with Kotak Mahindra Bank in September 2025 and executing a One-Time Settlement with J.C. Flowers Asset Reconstruction Company in March 2026. The company formed LLOYDS IHL LLP with Lloyds Realty Developers Limited and Smartquip Properties Private Limited, holding a 36.40% partnership interest for development of Khopoli land.
Annual Report Corrigendum
The Board approved a circular resolution on September 21, 2026, to correct inadvertent disclosures in the Annual Report regarding employee remuneration. The corrigendum clarified that no employees exceeded remuneration thresholds under Section 197 of the Companies Act, specifically modifying pages 31 and 40 of the Directors' Report. These corrections do not impact financial statements, auditor reports, or AGM resolutions.
Corporate Governance and AGM Agenda
The 39th Annual General Meeting is scheduled for September 25, 2026, with agenda items including adoption of financial statements, declaration of 0.01% dividend on preference shares, re-appointment of directors, appointment of M/s. CGCA & Associates LLP as statutory auditors, and approval of related party transactions with Level Enterprises LLP (up to ₹55 crore) and omnibus approvals for transactions with 20 specified related parties (up to ₹50 crore each, with specific approvals for Mr. Sudhir H. Gupta up to ₹1,000 crore).
Auditor Qualifications and Compliance Issues
Statutory auditors M/s. Laxmikant Kabra & Co LLP issued a disclaimer of opinion citing inability to access primary accounting software (SAP), inventory valuation issues (₹136.96 crore), concerns about work-in-progress (₹1.67 crore), questions about related party transactions, uncertainty about insurance claims receivable (₹27.93 crore), and lack of adequate internal audit systems. The Secretarial Audit Report identified several non-compliances including factory premises under lender possession, books maintained at non-registered office location, non-redemption of preference shares due in 2019, and delays in regulatory filings.
Shareholding and Financial Structure
Promoter shareholding decreased to 35.40% from 36.29% with changes among promoter entities. The equity share capital stands at ₹39.81 crore while preference share capital totals ₹64.19 crore. The company maintains significant contingent liabilities of ₹28,292.81 lakh including disputed GST liability (₹1,507.50 lakh), sales tax matters (₹444.90 lakh), and various other disputed claims.
Project Pipeline and Outlook
The company is focused on redevelopment opportunities in Mumbai micro-markets including India Court (Wadala, 75,000 sq. ft.), King Court (Matunga, 1,50,000 sq. ft.), Duke Court (Chembur, 5,00,000 sq. ft.), and Waterfall Enclave (Khopoli, 60 lakh sq. ft. through JV with Lloyds Group).