India Homes Ltd

Processing status

• Dematerialisation requests received during the quarter were confirmed to depositories.
• Securities in the dematerialised certificates have been listed on the stock exchanges.
• Certificates for dematerialisation were mutilated and cancelled; depository's name updated as registered owner.

AGM Details

• AGM date and time: 25 Sep 2026, 2:00 PM IST.
• Mode: Video Conferencing / OAVM.
• Record date: 18 Sep 2026.
• Remote e-voting window: 21–24 Sep 2026.
• Meeting conducted via VC due to covid restrictions.

Resolutions

• Resolution 1 (Ordinary): Adopt audited standalone financials for year ended Mar 31, 2026.
• Resolution 2 (Ordinary): Declare dividend on equity shares for year ended Mar 31, 2026.
• Resolution 3 (Ordinary): Re-appoint Varun S Gupta by rotation.
• Resolution 4 (Ordinary): Appoint M/s CGCA & Associates LLP as Statutory Auditors.
• Resolution 5 (Ordinary): Approve material related party transactions with Level Enterprises LLP.
• Resolution 6 (Ordinary): Approve material related party transaction(s).
• Resolution 7 (Special): Approve investments/loans/guarantees beyond Section 186 limits.

Voting Results

• All resolutions passed with requisite majority.
• Voting in favour close to unanimity for most items; minor opposing votes for some.
• Promoter-related votes not counted where noted.

Dividend

• Dividend declared/approved: yes; rate disclosed as a percentage of paid-up capital.

Director Changes

• Director Varun S. Gupta retires by rotation and offers re-appointment; approved.

Auditors

• Statutory Auditor appointed: M/s CGCA & Associates LLP; tenure details not specified.

Material Related Party Transactions

• Material RPT with Level Enterprises LLP approved; nature: related party transactions; value not disclosed.

Other Material Approvals

• Approval to make investments/loans/guarantees in excess of prescribed limits granted.

AGM Details

• AGM held 25 Sep 2026 at 2:00 PM IST via VC/OAVM; deemed venue Khopoli.
• Pro-tem Chairman chaired due to absence of Executive Chairman.
• Attendance: 49 Members including three Directors, Company Secretary and CFO.

Resolutions (Ordinary)

• Item 1: Adopt Audited Standalone Financial Statements for year ended 31 March 2026.
• Item 2: Declare dividend on total paid-up Preference Share Capital for 2025-26.
• Item 3: Re-appoint Varun S. Gupta on rotation.
• Item 4: Appoint M/s CGCA & Associates LLP as Statutory Auditors.
• Item 5: Enter into material related party transactions with Level Enterprises LLP.
• Item 6: Approve material related party transactions.

Resolutions (Special)

• Item 7: Special Resolution to invest/loan/guarantee beyond Section 186 limits.

Voting status

• Voting results are not disclosed; Scrutinizer to report results after AGM.

Transaction summary

• Target company: India Homes Limited.
• Disclosing Party: Isiworld Steels Pvt Ltd and promoter group.
• Transaction Type: Disposal of 750,000 shares; off-market.
• Pre-Transaction Holding: Isiworld 17,837,500 shares (4.481%).
• Pre-Transaction: Other Promoters 118,133,742 shares (29.676%).
• Transaction Dates: 23.09.2026 and 24.09.2026; 500k and 250k shares respectively.
• Post-Transaction Holding: Isiworld 17,087,500 shares (4.292%); Other Promoters 118,133,742 (29.676%).
• Total pre-disposal: 135,971,242 shares (34.157%); post-disposal: 135,221,242 shares (33.968%).
• Equity share capital before/after: 398,080,925; no change.

India Homes Limited - Trading Window Closure to declare Un-Audited Financial Results; Board meeting to be convened on 21 September 2026

Meeting Details

• Issuer: India Homes Ltd
• Event: Analyst / Investor Meet

Corrigendum context

• Corrigendum to Annual Report FY2025-26 filed with BSE; rectifies Directors' Report and Annexure-6.
• Corrections do not impact Standalone Financial Statements or voting rights.
• Corrigendum forms an integral part of the Annual Report; available online.

Strategic pivot & growth

• Steel manufacturing pivoted to Mumbai real estate redevelopment; company renamed India Homes Limited in 2025.
• Lloyds IHL LLP formed with Lloyds Realty and Smartquip to drive revival.
• Waterfall Enclave JV to develop Khopoli land; ~60 lakh sq ft potential.

Projects pipeline

• India Court, Wadala – 75,000 sq ft; King Court, Matunga – 150,000 sq ft.
• Duke Court, Chembur – 500,000 sq ft; Waterfall Enclave, Khopoli – 60 lakh sq ft.
• Timeline: core projects targeted for 3–4 years, subject to approvals.

FY2025-26 financials

• Revenue from operations Rs 24.50 crore in FY2025-26.
• EBITDA Rs 23.35 crore; PAT Rs 18.66 crore.
• Earnings per share Rs 0.47; paid-up equity capital Rs 3,980.81 lakh.

Capital structure & liquidity

• Long-term borrowings Rs 5,240.35 lakh; short-term Rs 3,897.63 lakh.
• Total borrowings Rs 9,137.97 lakh; D/E ratio 2.03; post-transaction 2.16.
• Cash & equivalents Rs 63.36 lakh; fixed deposits Rs 27.08 lakh.

Governance & audit

• Independent Director Furniturewala resigned on 20 Apr 2026.
• CGCA & Associates LLP to be Statutory Auditors for 2026-27; remuneration Rs 5 lakh; QTR Rs 50k; tax audit Rs 75k.
• Secretarial audit by Mayur More; Annexure-4; no fraud reported.

Related party transactions

• Board approves Level Enterprises LLP investments up to Rs 55 crore; designate partner.
• Related Party Transactions with 19 parties; omnibus approval for 2026-28 up to Rs 100 crore.
• Independent valuer report obtained; arm's length terms; explanatory statements disclose details.

Outlook & CSR

• Outlook: Maharashtra policy tailwinds; strong redevelopment demand in Mumbai.
• CSR Committee exists; no CSR activities due to financial constraints; policy on website.

AGM Details

• AGM: 25 Sep 2026, 2:00 PM IST, via VC/OAVM.
• Book closure: 19–25 Sep 2026 (inclusive).
• Record date: 18 Sep 2026; remote e-voting: 21–24 Sep 2026.

Ordinary Business

• Adopt audited standalone financial statements for year ended 31 March 2026 with reports.
• Declare dividend of 0.01% on total paid-up preference share capital.
• Re-appoint Varun S. Gupta as director liable to retirement.
• Appoint M/s CGCA & Associates LLP as Statutory Auditors for 1 year.

Auditor Appointment

• Statutory auditors appointed for a 1-year term from AGM conclusion.
• Remuneration: Rs 5,00,000 plus taxes.
• Quarterly limited review: Rs 50,000 per quarter.

Material RPTs and Section 186

• Invest up to Rs 55 Cr in Level Enterprises LLP and become Designated Partner.
• Related party transactions up to Rs 50 Cr per party for 2026-28; omnibus approval valid 15 months.
• Special Resolution: Section 186 investments/loans up to Rs 100 Cr.

Strategy & transformation

• Pivot from steel to Mumbai-focused real estate redevelopment completed in FY2025-26.
• Renamed to India Homes Limited to reflect redevelopment focus.
• Formed LLOYDS IHL LLP with Lloyds Realty Developers Limited and Smartquip.
• Target redevelopment in Wadala, Matunga, Chembur due to constrained land supply.
• Khopenli Waterfall Enclave JV to monetize the land asset.

Financial highlights

• Revenue from operations: 2,450.30 lakh in FY26.
• EBITDA: 2,334.74 lakh; EBITDA margin 95.3% on real estate revenue.
• PAT: 1,865.54 lakh; PAT margin ~76.2%.
• EPS: 0.47; improved from prior year loss.
• Net cash from operations: 1,290.89 lakh.

Capital structure & funding

• Authorised share capital up to 5,600 lakh; paid-up equity 3,980.81 lakh.
• Paid-up preference capital: 6,418.59 lakh.
• Rights issue approved in principle by BSE for partly paid shares.
• Loans repaid: Kotak Bank settlement completed; ARC settlement with JC Flowers.

Projects & pipeline

• Four projects: India Court (Wadala), King Court (Matunga), Duke Court (Chembur), Waterfall Enclave (Khopoli).
• Waterfall Enclave: ~60 lakh sq ft development potential; JV with Lloyds Group.

Governance & controls

• Auditors: Laxmikant Kabra & Co LLP; disclaimer of opinion due to incomplete records.
• CGCA & Associates LLP recommended as Statutory Auditors for 2026-27.
• Internal controls: weaknesses noted; internal audit appointed; governance strengthening underway.
• Secretarial audit highlighted compliance gaps; management responses provided.

Related party transactions & governance

• Material related party transaction with Level Enterprises LLP up to Rs 55 crore.
• Related party transactions occur in ordinary course at arm's length; approvals obtained.
• Audit Committee reviewed and recommended; board authorized execution.

Outlook & risks

• Indian real estate outlook supports redevelopment-led growth in Mumbai.
• Risks include regulatory/approval delays, tenant consent, cost inflation, liquidity.
• Rights issue funding remains critical for pipeline monetisation.

Dividend & capital returns

• Pref dividend declared at 0.01% for FY2025-26; Rs 64,185 payable.