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 ₹22.1, in a confirmed uptrend and 68 weeks into that stage. That is +33.3% against its own 200-day average. It sits at 91% of a 52-week range of ₹10 to ₹23. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a confirmed uptrend — week 68 of stage 2, confirmed. At ₹22.1 it trades +33.3% versus its 200-day average and sits at 91% of its 52-week range (₹10–₹23).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,000% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-03) — 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: how the P/E reads against its own history.

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.

P/E does not price India Homes Ltd — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. On sales the market values India Homes Ltd at 175.0× its FY23 revenue of ₹5.0 Cr.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable 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 9 quarters across 2 curves, on partial evidence.

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

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

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

52.3/100 — rank 10 of 10 in Steel · 42% evidence confidence · provisional, ranked below fully-evidenced peers

India Homes Ltd scores 52.3 out of 100 against the 10 companies it is compared with in Steel, ranking 10. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 18.2 + 6.1 + 10 + 18 = 52.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

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 Sep 23 quarter, −100.0% year on year. Over 4 years it has compounded at −68.9% a year. The last full year, FY23, came in at ₹5.0 Cr. The last four reported quarters add to ₹2.6 Cr.

India Homes Ltd reported ₹0.0 Cr of revenue in the Sep 23 quarter, −100.0% year on year. Over 4 years it has compounded at −68.9% a year. The last full year, FY23, came in at ₹5.0 Cr. The last four reported quarters add to ₹2.6 Cr.

FY23 revenue came in at ₹5.0 Cr (−79.2% on the year), capping 4 years at −68.9% compound. The latest quarter (Sep 23) printed ₹0.0 Cr, −100.0% year on year.

Pace check: the last four quarters averaged −78.4% growth against the decade's −68.9% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −85.8% over the last 4 quarters against −84.0%/yr over the last 8 — stabilising.

→ 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 +190.8 pp year on year while gross margin went +51.2 pp — the gain 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 posted a net loss of ₹6.0 Cr in the Sep 23 quarter. The full FY23 year was a loss of ₹36.0 Cr. The same quarter a year earlier lost ₹9.4 Cr. 12 of the last 12 reported quarters were loss-making.

India Homes Ltd posted a net loss of ₹6.0 Cr in the Sep 23 quarter. The full FY23 year was a loss of ₹36.0 Cr. The same quarter a year earlier lost ₹9.4 Cr. 12 of the last 12 reported quarters were loss-making.

Sep 23 profit was ₹−6.0 Cr, null year on year. On the full year, FY23 printed ₹−36.0 Cr (null).

→ Profit rose — but did the cash follow?

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.

India Homes Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY23 that was ₹−1.0 Cr of operating cash against ₹−36.0 Cr of profit. After ₹−1.0 Cr of capital spending, ₹0.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY23: operating cash of ₹−1.0 Cr against reported profit of ₹−36.0 Cr, leaving free cash of ₹0.0 Cr after ₹−1.0 Cr of capital spending.

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

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 −1,707-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 −1,707 days in FY23, down from −24 days in FY19. Capital spending ran ₹0.0 Cr over the last 3 years. At FY23 sales of ₹5.0 Cr each day of that cycle holds about ₹0.0 Cr, so roughly ₹−23.0 Cr sits inside the business at any moment.

FY23: debtors at 18 days, inventory at 6,216 days — roughly 204.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −1,707 days, tighter than FY19's −24.

The full loop: cash goes out to suppliers and production on day 0; stock waits 6,216 days to sell; customers pay about 18 days after that; and suppliers themselves are paid at 7,941 days — netting out to the −1,707-day cycle.

In money terms: at FY23 sales of ₹5.0 Cr, each day of the cycle holds about ₹0.0 Cr — so the −1,707-day loop keeps roughly ₹−23.0 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 (FY23) — 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 −19%.

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 −19% in FY23. 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 −720.0% net margin on 0.01× asset turns.

FY23 ROCE is −19%, 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 (FY23): −720.0% net margin × 0.01× asset turns × 8.43× balance-sheet leverage ≈ −60.7% 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 1.45.

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 ₹71.0 Cr of borrowings against ₹49.0 Cr of equity in FY23, a debt-to-equity of 1.45. Operating profit covers the interest bill −3×. Over 4 years borrowings went from ₹93.0 Cr to ₹71.0 Cr. Capital spending ran ₹0.0 Cr across the last 3 of those years.

FY23: borrowings of ₹71.0 Cr against equity of ₹49.0 Cr — a debt-to-equity of 1.45. Operating profit covers the interest bill −3×. Over 4 years borrowings went from ₹93.0 Cr to ₹71.0 Cr while capital spending ran ₹0.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 13.8 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 13.8 points of India Homes Ltd over 8 quarters, the biggest move on the register. That takes promoters to 34.3% of the company. Domestic institutions moved +3.6 points over the same window, to 4.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −13.8 points over 8 quarters to 34.3%; Domestic institutions: +3.6 points over 8 quarters to 4.9%; Foreign institutions: −0.1 points over 8 quarters to 0.0%.

🚨 Why the register moved: promoters drove it (−13.8 points), absorbed on the other side by domestic institutions (+3.6 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.

Frequently asked questions