Financial Performance (Standalone)
Quarterly Comparison (All figures in ₹ lakhs):
- Total Income: Q1 FY27: ₹23.30
- Profit After Tax: Q1 FY27: ₹344.16 profit vs. Q1 FY26: ₹(147.57) loss
- Earnings Per Share (EPS): Q1 FY27: ₹0.09 vs. Q1 FY26: ₹(0.04)
The tax expense was nil in the periods shown. Prior-period comparisons reflect the company's pivot from stainless-steel manufacturing to real estate.
Full-Year Comparison (Year ended March 31):
- Total Income: FY26: ₹2,764.52
- Profit After Tax: FY25: ₹1,865.54 profit vs. FY26: ₹(1,339.35) loss
- Earnings Per Share (EPS): FY25: ₹0.47 vs. FY26: ₹(0.34)
Strategic & Operational Highlights
Company Transformation: FY26 was a defining year for the company's transformation from steel to real estate. Key milestones included:
- May 2025: Joint Venture MOU signed
- September 2025: Development agreement executed
- November 2025: Debt repaid
- March 2026: Rebranding to India Homes Limited
- March 2026: One-Time Settlement reached with J.C. Flowers ARC
The settlement with J.C. Flowers ARC enables the development of the company's land at Khopoli.
Business Model: The company is now a Mumbai-focused real estate redevelopment platform, specializing in transforming legacy and under-utilized properties in prime locations. Its strengths include end-to-end execution, strong local partner networks, a disciplined approach, and a focus on land-scarce markets.
Promoter Assets & Consolidation Plan: The promoters, in their private capacity, hold land bank and/or development agreements for three properties in Wadala, Matunga, and Chembur. The company is desirous of consolidating all real estate projects under India Homes Limited. It is in the process of finalizing such agreements and will approach shareholders for the requisite approvals.
Project Pipeline
Ongoing & Upcoming Projects:
- India Court (Wadala): Pre-launch stage; Construction Area: ~75,000 sq ft; Timeline: ~3 years
- Duke Court (Khopoli): Pre-launch stage; Construction Area: ~5,00,000 sq ft; Timeline: ~4 years
Timelines and scope are indicative. The Matunga and Chembur properties are also part of the future pipeline pending consolidation.
Completed Projects (Promoter Group's Portfolio):
- The Link, Andheri: Completed Jan 2011; Construction Area: 1,00,000 sq ft
- Wadala Project: Completed Oct 2007; Construction Area: 1,50,000 sq ft
- Aden Court, Matunga: Completed Dec 2023; Construction Area: 1,25,000 sq ft
Management Commentary
From Mr. Varun S. Gupta, Managing Director:
The first quarter of FY2027 reflects continued focus on executing the strategic roadmap. Priorities are advancing regulatory approvals, strengthening the development pipeline, and maintaining disciplined capital allocation to capitalize on Mumbai's redevelopment opportunity.
Corporate Social Responsibility (CSR)
The company is involved in several CSR initiatives, primarily focused on education and community welfare:
- Operation of Shri Banshidhar Aggarwal School in Wadala, Mumbai.
- Financial assistance for underprivileged students, with a focus on rural, remote, and conflict-affected regions.
- Distribution of educational materials like books and notebooks.
- Providing merit scholarships to academically bright students.
- Organizing blood donation camps and participating in community health initiatives.
Additional Information
The enclosed Investor Presentation was made available on the company's website, www.indiahomesltd.com.