India Homes Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

India Homes Ltd trades at ₹14.9, in a confirmed uptrend and 49 weeks into that stage. That is +34.9% against its own 200-day average. It sits at 92% of a 52-week range of ₹5 to ₹16. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks.

Today the stock is in a confirmed uptrend — week 49 of stage 2, confirmed. At ₹14.9 it trades +34.9% versus its 200-day average and sits at 92% of its 52-week range (₹5–₹16).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +685% while the NIFTY 500 moved +260% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 6 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 25th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

India Homes Ltd trades at 28.8× P/E, near the bottom of its own range — cheaper only 25% of the time. Its long-run median P/E is 38.0×, measured across 2.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 28.8× is near the bottom of its own range — cheaper only 25% of the time, against a long-run median of 38.0× measured over 2.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 3y, of the +108.8%/yr price move, ~−12.6%/yr came from earnings growth and ~+121.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

India Homes Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

No sector-relative score — India Homes Ltd is not present in the sector comparison for Steel.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

India Homes Ltd reported ₹0.0 Cr of revenue in the Dec 25 quarter. Over 10 years it has compounded at −48.4% a year. The last full year, FY24, came in at ₹0.8 Cr. The last four reported quarters add to ₹0.0 Cr.

India Homes Ltd reported ₹0.0 Cr of revenue in the Dec 25 quarter. Over 10 years it has compounded at −48.4% a year. The last full year, FY24, came in at ₹0.8 Cr. The last four reported quarters add to ₹0.0 Cr.

FY24 revenue came in at ₹0.8 Cr (−82.4% on the year), capping 10 years at −48.4% compound. The latest quarter (Dec 25) printed ₹0.0 Cr, null year on year.

→ Revenue slipped — did margins hold as it scaled? Next: the margin picture.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

A clean operating margin is not in our numbers for India Homes Ltd — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

A clean operating margin is not in our numbers for India Homes Ltd — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

This company's accounts do not report the operating-profit line this section reads — common for lenders and holding companies classified outside the financial bucket. The revenue and net-profit sections are the cleaner reads for India Homes Ltd.

🚨 Why the margin moved: operating margin went −4,306.7 pp year on year while gross margin went +125.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

India Homes Ltd earned ₹0.4 Cr of net profit in the Dec 25 quarter. The full FY24 year was a loss of ₹11.6 Cr. The same quarter a year earlier lost ₹2.3 Cr. 10 of the last 12 reported quarters were loss-making.

India Homes Ltd earned ₹0.4 Cr of net profit in the Dec 25 quarter. The full FY24 year was a loss of ₹11.6 Cr. The same quarter a year earlier lost ₹2.3 Cr. 10 of the last 12 reported quarters were loss-making.

Dec 25 profit was ₹0.4 Cr, null year on year. On the full year, FY24 printed ₹−11.6 Cr (null).

→ Profit rose — but did the cash follow? Next: 913% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 913% of India Homes Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY24 that was ₹−21.9 Cr of operating cash against ₹−11.6 Cr of profit. After ₹0.0 Cr of capital spending, ₹−22.0 Cr was left as free cash.

FY24: operating cash of ₹−21.9 Cr against reported profit of ₹−11.6 Cr, leaving free cash of ₹−22.0 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 913% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 913%: the cash cycle tightened 14,464 days between FY19 and FY24 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a −14,488-day cycle and ₹0.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

India Homes Ltd's cash conversion cycle runs −14,488 days in FY24, down from −24 days in FY19. Capital spending ran ₹0.0 Cr over the last 3 years. At FY24 sales of ₹0.8 Cr each day of that cycle holds about ₹0.0 Cr, so roughly ₹−33.0 Cr sits inside the business at any moment.

FY24: debtors at 0 days, inventory at 68,615 days — roughly 2,257.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −14,488 days, tighter than FY19's −24.

The full loop: cash goes out to suppliers and production on day 0; stock waits 68,615 days to sell; customers pay about 0 days after that; and suppliers themselves are paid at 83,103 days — netting out to the −14,488-day cycle.

In money terms: at FY24 sales of ₹0.8 Cr, each day of the cycle holds about ₹0.0 Cr — so the −14,488-day loop keeps roughly ₹−33.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹0.0 Cr over the last 3 fiscal years against ₹23.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY24) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is −6%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

India Homes Ltd earns a ROCE of −6% in FY24. That is up from a trough of −29% in FY22. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −1,417.1% net margin on 0.00× asset turns.

FY24 ROCE is −6%, recovered from a FY22 trough of −29% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY24): −1,417.1% net margin × 0.00× asset turns × 10.12× balance-sheet leverage ≈ 0.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 2.34.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

India Homes Ltd carries ₹93.0 Cr of borrowings against ₹39.8 Cr of equity in FY24, a debt-to-equity of 2.34. Operating profit covers the interest bill −1×. Over 5 years borrowings went from ₹93.0 Cr to ₹93.0 Cr. Capital spending ran ₹0.0 Cr across the last 3 of those years.

FY24: borrowings of ₹93.0 Cr against equity of ₹39.8 Cr — a debt-to-equity of 2.34. Operating profit covers the interest bill −1×. Over 5 years borrowings went from ₹93.0 Cr to ₹93.0 Cr while capital spending ran ₹0.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 12.2 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 12.2 points of India Homes Ltd over 8 quarters, the biggest move on the register. That takes promoters to 36.0% of the company. Foreign institutions moved −0.1 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −12.2 points over 8 quarters to 36.0%; Foreign institutions: −0.1 points over 8 quarters to 0.0%; Domestic institutions: +0.0 points over 8 quarters to 1.3%.

🚨 Why the register moved: promoters drove it (−12.2 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

India Homes Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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