1. At a Glance
If irony had a stock ticker, India Homes Ltd would be it. A company with ₹0.03 crore annual revenue, negative EPS, ROE of -47%, and operations that practically don’t exist, is somehow sitting on a ₹537 crore market cap like it just cracked the Da Vinci Code of Indian markets. The stock is up 160% in one year, despite auditors waving red flags like they’re directing traffic at CST junction. Debt is still chunky at ₹84.4 crore, book value is ₹0.55, and the stock trades at 24.7x book—because who needs fundamentals when vibes are strong?
Latest quarterly results show ₹0 revenue, a PAT of ₹0.43 crore, and EPS of ₹0.01—yes, positive, but largely thanks to other income, not business revival. Steel operations are dead, auditors are unhappy, and management is suddenly talking real estate. This is not a turnaround story yet—it’s a plot twist in progress. Curious? You should be.
2. Introduction
India Homes Ltd (formerly India Steel Works Ltd) feels like that friend who shut down his old business, hasn’t figured out the new one yet, but already updated his LinkedIn headline to “Entrepreneur | Real Estate Visionary”. Founded in 1990, the company spent decades in steel manufacturing—rolling mills, bright bars, wire drawing—the full metal playlist. Then came losses. Then came defaults. Then came auditors with adverse opinions. And finally, a dramatic rebrand to India Homes Ltd in FY25.
For years, operations were largely stalled. Banks classified loans as NPAs. Inventory accounting raised eyebrows. Insurance claims sat unresolved. And revenues shrank from ₹1,000+ crore in FY17 to ₹0.03 crore in FY25. That’s not a slowdown; that’s a flatline.
So why is the market suddenly excited? Because land. Specifically, Khopoli land. The company has entered into development agreements and JVs to monetize its industrial land parcels. Steel is out, real estate optionality is in. This is less “manufacturing comeback” and more
“asset monetization lottery”.
But before we get carried away, let’s open the books. Carefully. With gloves.
3. Business Model – WTF Do They Even Do?
Historically? Steel.
Currently? Mostly paperwork.
Future (maybe)? Real estate.
Old Avatar: Steel Manufacturing
India Homes ran:
- Steel Melt Shop with induction furnace & electric arc furnace
- Rolling mills for bars and rods
- Bright bars and stainless steel wires
- Installed capacity of ~1.80 lakh tonnes per annum
Sounds solid—until you realize operations have ceased for years.
New Avatar: Land Development Aspirant
In FY25–FY26, management pivoted:
- Signed MoUs and development agreements for Khopoli land
- Entered JVs with real estate partners
- Approved authorized capital increases
- Changed name to India Homes Ltd (because branding is strategy, right?)
Right now, the “business model” is:
Sit on land + find developer + hope valuations bail us out.
No active steel production. No real estate revenue yet. Just optionality.
So ask yourself: are you buying a business—or a piece of land with listed-company privileges?
4. Financials Overview
Key Quarterly Comparison (₹ Crore)
| Metric | Latest Qtr (Dec’25) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.00 | 0.00 | 0.00 | NA | NA |
| EBITDA | -0.72 | -1.26 | -1.30 | NA | +44% |
| PAT | 0.43 | -3.43 | -3.15 | Turnaround | Turnaround |
| EPS (₹) | 0.01 | -0.09 | -0.08 | Turnaround | Turnaround |
Annualised EPS (Q3 rule):
Average of Q1–Q3 EPS × 4
But EPS is volatile and largely driven by other income—so don’t get excited.
Witty takeaway:
If revenue is zero but PAT is
