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 ₹26.9, in a confirmed uptrend and 76 weeks into that stage. That is +38.8% against its own 200-day average. It sits at 90% of a 52-week range of ₹10 to ₹29. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks.

Today the stock is in a confirmed uptrend — week 76 of stage 2, confirmed. At ₹26.9 it trades +38.8% versus its 200-day average and sits at 90% of its 52-week range (₹10–₹29).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +1,238% while the NIFTY 500 moved +273% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 5 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.

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 63.3× P/E, at the pricey end of its own range (71st percentile). Its long-run median P/E is 47.6×, measured across 10.1 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 63.3× is at the pricey end of its own range (71st percentile), against a long-run median of 47.6× measured over 10.1 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 10y, of the +26.3%/yr price move, ~+18.3%/yr came from earnings growth and ~+8.0 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 full against its own past, so the story rests on the earnings line underneath it, not the multiple.

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 7 quarters across 1 curve, 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.

4-Factor Sector Score

64.1/100 — rank 2 of 10 in Steel · 63% evidence confidence

India Homes Ltd scores 64.1 out of 100 against the 10 companies it is compared with in Steel, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 27.1 + 12.7 + 8.8 + 15.5 = 64.1. 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 Jun 26 quarter, −100.0% year on year. Over 10 years it has compounded at −27.3% a year. The last full year, FY26, came in at ₹24.0 Cr. The last four reported quarters add to ₹24.5 Cr.

FY26 revenue came in at ₹24.0 Cr (null on the year), capping 10 years at −27.3% compound. The latest quarter (Jun 26) printed ₹0.0 Cr, −100.0% year on year.

Pace check: the last four quarters averaged −100.0% growth against the decade's −27.3% — the current year is running slower than its own long-run rate.

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.

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 +578.5 pp year on year while gross margin went +196.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

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 ₹3.4 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹19.0 Cr. The 10-year compound rate is 16.9%. The same quarter a year earlier lost ₹1.5 Cr. 8 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹3.4 Cr, null year on year. On the full year, FY26 printed ₹19.0 Cr (null), and the 10-year compound rate is 16.9%.

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 267% of India Homes Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹13.0 Cr of operating cash against ₹19.0 Cr of profit. After ₹0.0 Cr of capital spending, ₹13.0 Cr was left as free cash.

FY26: operating cash of ₹13.0 Cr against reported profit of ₹19.0 Cr, leaving free cash of ₹13.0 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 267% 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 267%: the cash cycle tightened 397 days between FY21 and FY26 — 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.

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 0 days in FY26, down from 397 days in FY21. Capital spending ran ₹1.0 Cr over the last 3 years. At FY26 sales of ₹24.0 Cr each day of that cycle holds about ₹0.1 Cr, so roughly ₹0.0 Cr sits inside the business at any moment.

FY26: debtors at 0 days (an asset-light business — no inventory to speak of) — for a full cycle of 0 days, tighter than FY21's 397.

In money terms: at FY26 sales of ₹24.0 Cr, each day of the cycle holds about ₹0.1 Cr — so the 0-day loop keeps roughly ₹0.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1.0 Cr over the last 3 fiscal years against ₹15.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — 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.

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 18% in FY26. 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 79.2% net margin on 0.06× asset turns.

FY26 ROCE is 18%, 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 (FY26): 79.2% net margin × 0.06× asset turns × 8.82× balance-sheet leverage ≈ 41.9% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

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 ₹91.0 Cr of borrowings against ₹45.0 Cr of equity in FY26, a debt-to-equity of 2.02. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹125 Cr to ₹91.0 Cr. Capital spending ran ₹1.0 Cr across the last 3 of those years.

FY26: borrowings of ₹91.0 Cr against equity of ₹45.0 Cr — a debt-to-equity of 2.02. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹125 Cr to ₹91.0 Cr while capital spending ran ₹1.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

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.

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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