Board Meeting Details

The Board of Directors of India Homes Limited met on Monday, 3rd August 2026. The meeting commenced at 4:30 PM and concluded at an unspecified time. The board approved three key items.

Financial Results Approval

The Board approved and took on record the Un-Audited Standalone Financial Results for the quarter ended 30th June 2026. The results were published in newspapers as required under SEBI (LODR) Regulations, 2015.

Financial Performance (Quarter ended 30th June 2026)

Income Statement:

  • Total Income: ₹230 lakhs (compared to ₹259.15 lakhs in Q4 FY26 and ₹134.6 lakhs in Q1 FY25)
  • Total Expenses: ₹344.34 lakhs
  • Profit/(Loss) before exceptional items: ₹(320.04) lakhs loss
  • Exceptional Items: ₹665.20 lakhs (detailed breakdown below)
  • Profit/(Loss) after exceptional items: ₹(344.16) lakhs loss
  • Tax Expenses: Minimal deferred tax of ₹5 lakhs
  • Net Profit/(Loss) after tax: ₹(344.16) lakhs loss
  • Total Comprehensive Income: ₹(344.06) lakhs loss

Exceptional Items Breakdown:

  • Gain of ₹730.05 lakhs from settlement with lenders (J.C. Flowers ARC)
  • Excess expenses of ₹64.84 lakhs from settlement with suppliers

Earnings Per Share (face value ₹1 each):

  • Basic EPS (before exceptional items): ₹(0.08)
  • Diluted EPS (before exceptional items): ₹(0.08)
  • Basic EPS (after exceptional items): ₹(0.09)
  • Diluted EPS (after exceptional items): ₹(0.09)

Capital Structure:

  • Paid-up Equity Share Capital: ₹398.081 lakhs (unchanged from previous periods)
  • Other Equity excluding Revaluation Reserve: ₹519.89 lakhs (as of 31st March 2026)

Investment Proposal Approval

The Board approved a proposal to invest up to ₹50 crores in Level Enterprises LLP, a related party of the company. Level Enterprises LLP has a Development Agreement for Land in Mumbai. The investment aims to make India Homes Limited a major partner in the LLP with a minimum 51% stake. The acquisition is expected to be completed by 31st March 2027 and will be made through cash consideration. This investment is subject to applicable laws, rules, regulations, and necessary approvals.

AGM Notice Revision

The Board revised and approved the notice for the 39th Annual General Meeting and authorized the Managing Director to fix the date, day, and time for holding the meeting.

Auditor's Limited Review Report Disclaimer

Laxmikant Kabra & Co LLP issued a disclaimer of opinion on the financial results, citing multiple material uncertainties:

Going Concern: The Company's current liabilities exceed current assets, operations have substantially ceased, and it has incurred significant losses with severe financial constraints affecting its ability to discharge liabilities. This indicates material uncertainty about the Company's ability to continue as a going concern.

Primary Accounting System: The SAP accounting software and underlying records were not accessible during audit. Books were prepared using alternative software based on opening balances from previously audited financial statements, compromising completeness, accuracy, and integrity of financial information.

Inventory Valuation: Inventories amounting to ₹13,696.20 lakhs have not been valued at lower of cost and net realizable value as required by Ind AS 2. Work-in-progress (₹10,608.94 lakhs) and raw materials (₹1,867.67 lakhs) may be recoverable only at scrap value. Proper physical verification and assessment of realizable value was not carried out.

Work-in-Progress from Director: The Company took over WIP amounting to ₹1.67 crores from a Director, comprising indirect expenditure and administrative costs without independently identifiable tangible assets. Valuation was supported only by an architect's certificate without verifiable documentary evidence.

Settlement Gain Recognition: The Company recognized a gain of ₹730.05 lakhs from settlement with J.C. Flowers ARC, but failed to make the payment of ₹2,500.00 lakhs by the stipulated date of 31st July 2026. The gain recognition is premature as settlement conditions were not fulfilled.

Insurance Claims: Insurance claims receivable of ₹1,120.27 lakhs (Non-Current) and ₹1,672.79 lakhs (Current) remain outstanding for considerable period without approval/adjudication by authorities/insurance companies.

Balance Confirmations: Confirmations for trade receivables, trade payables, loans, advances, and other balances were not available for verification.

Contingent Liabilities: Sufficient evidence for various claims, litigations, disputed statutory liabilities, and contingent liabilities was not made available, with no adequate assessment under Ind AS 37.

Impairment Assessment: No impairment assessment was carried out for tangible assets, investments, financial assets, and other non-financial assets as required by Ind AS 36.

Investments: Investments continue to be carried at cost without provision for diminution in value due to lack of financial information from investee entities.

Internal Controls: Material weaknesses observed in internal controls relating to accounting records, documentation, inventory management, and related party transactions. No internal audit system commensurate with operations.

Assets Held for Sale: Freehold land classified as "Assets Held for Sale" under Ind AS 105 but not measured at lower of carrying amount and fair value less costs to sell as required.

Loan Default Disclosures

As of 30th June 2026:

  • Total outstanding on debt securities (NCDs/NCRPS): ₹2,507.42 lakhs (100% in default)
  • Total outstanding on loans: ₹6,418.58 lakhs (100% in default)
  • Total default amount: ₹8,926.00 lakhs

Additional Information

The Company operates in a single operating segment (real estate activities). The factory premises are in possession of J.C. Flowers ARC pursuant to assignment of debt from Dombivli Nagari Sahakari Bank Limited. The financial statements have been prepared in accordance with Ind AS.