India Homes Ltd

BSE: 513361

₹ 26.86+3.43%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 1,069 crWebsite: www.indiasteel.inUpdated: 24 Oct 2026

About

India Homes Ltd spent more than three decades making stainless-steel long products such as billets, wire rods and bars. In FY26 it completed a move into Mumbai real estate redevelopment and changed its name in Nov 2025. Its model is asset-light and built around joint ventures, focused on Wadala, Matunga, Chembur and Khopoli. It reported FY26 revenue of Rs 24.5 Cr, nearly all of it from real estate.^[1][2][3]

Business shift

In FY26 the company completed its move from stainless-steel manufacturing to Mumbai real estate redevelopment and was renamed India Homes Ltd in Nov 2025.^[2]
For over three decades it made stainless-steel long products (billets, wire rods and bars) until manufacturing at Khopoli stopped.^[1]
Real estate activities contributed Rs24.25 Cr of revenue in Q4/FY26. Q4 revenue was Rs24.48 Cr, against Rs0.01 Cr in Q4 FY25.^[2]
The company is selling its plant and machinery at the best value it can get, as part of its restructuring.^[1]

Operating model and markets

It focuses on four micro-markets: Wadala, Matunga, Chembur and Khopoli.^[1]
Its asset-light, joint-venture model draws on the promoter group's two-decade record of redevelopment work in Mumbai.^[1]
The FY26 annual report says the Mumbai Metropolitan Region, where the company now operates exclusively, had 28.4% of India's real estate revenue in 2025.^[1]

Project pipeline

As at 31 March 2026 the pipeline had four projects: three society or cluster redevelopments in Mumbai at pre-launch stage and one multi-phase township JV at Khopoli.^[1]
Pre-launch projects: India Court Wadala (~75k sq ft), King Court Matunga (~1.5 lakh sq ft) and Duke Court Chembur (~5 lakh sq ft). Some may be developed through group entities.^[2]
Indicative timelines: about 4 years for Duke Court Chembur and about 3 years each for India Court Wadala and King Court Matunga.^[2]
Management expects revenue from the pipeline to begin from FY 2026-27, subject to approvals and society consent.^[1]
In FY25 the company signed term sheets for joint development of approx. 10.20 lakh sq ft at Chembur and Wadala.^[4]

Khopoli joint venture

MoU signed in May 2025 and Development Agreement executed in July 2025 with Lloyds IHL LLP to develop the company's Khopoli land (~60 lakh sq ft, multi-phase).^[2]
Lloyds IHL LLP stakes: the company holds 36.40%, Lloyds Realty Developers 60.00% and Smartquip Properties 3.60%.^[1]
The LLP will develop land at Village Vihari, Khalapur, Raigad. Lloyds Realty will finance the whole project. As of FY26 the LLP had not started operations.^[1]
FY25 approvals allowed an investment of up to Rs 1 Cr in the SPV/LLP.^[4]

Debt resolution

Kotak Mahindra Bank borrowings were fully repaid in Sep 2025 under a One-Time Settlement. The bank had held possession of the factory premises.^[2][1]
A One-Time Settlement was reached with J.C. Flowers ARC in Mar 2026 to resolve all remaining secured borrowings. The payout was pending as of FY26.^[2][1]

Recent developments

BSE gave in-principle approval on 23 July 2026 for a proposed rights issue of partly paid shares.^[1]
In FY25 shareholders raised the borrowing limit from Rs 250 Cr to Rs 500 Cr and allowed up to Rs 300 Cr of unsecured loans to be converted into equity on default.^[4]
In FY25 shareholders approved omnibus related-party transactions of up to Rs 50 Cr with each promoter entity.^[4]

Market Cap

₹1,069 Cr

High / Low

₹32 / 9

Stock P/E

-1.7

Price / Book

1.3

Book Value

₹1

EPS

₹0.5

No. of Shares

39.81 Cr

ROCE

16.7%

ROE

52.3%

OPM

84.0%

Debt / Equity

2.03

Sales

₹25 Cr

Net Profit

₹19 Cr

Promoter holding

33.6%

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