Homre Limited

Basic Materials — Lumber & Wood Production · BSE

₹1.87−₹0.03 (−1.58%)

DalalBaazaar Score

47 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

The 60-second version of Homre Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Homre Limited manufactures and trades biomass briquettes and pellets in India. It also markets and distributes non-ferrous metals. The company was formerly known as Triton Corp Limited and changed its name to Homre Limited in December 2025.

IndustryLumber & Wood Production

SectorBasic Materials

Annual revenue₹15 Cr

How does it make money?

Turns over ₹15 Cr a year. Of every ₹100 of sales, about ₹-0 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, ULTRATECH CEMENT LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 424.1% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE22.3%

DalalBaazaar Score

47/ 100

Moderate

Weighted across six categories. Every point is explained below.

• Beta of 1.14 — moves roughly with the market
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

49/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

42/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

46.8x

1.3Y Median

467.5x

16 monthly readings · mean 451.1x · range 152.5x–685.0x

Sector Median

28.7x

median of 4 sector peers

🟢Current valuation is approximately 90% below its 1.3y median of 467.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 63% above the peer median of 28.7x.

vs. its own history

Cheap

467.5x median over 16 months · -90%

vs. sector peers

Expensive

28.7x median of 4 peers · +63%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

32.8x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from -29.4% to -8.2%.
Return on capital is rising
ROCE has improved from -29.3% to 424.1%.
High return on capital employed
ROCE of 424.1% is the mark of a business that converts capital into profit efficiently.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 92% over 3 years, from ₹2 Cr to ₹3 Cr.
🔴High leverageFinancial
Debt/Equity of 10.26x — earnings must service borrowings before shareholders see anything.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.51 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 424.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 90% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 10.26x. Interest is payable whether or not the business has a good year.
A premium to the sector to defend
It trades 63% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 6%✓ 8.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 421%✓ 424.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 467.5x✓ 46.8x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 3 neutral · 4 weak

Market Cap

₹37 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

46.8x

Expensive

Expensive — verify against sector peers

P/B Ratio

133.57x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹0.04

Profitable

Profitable on a per-share basis

ROE

-8.2%

Weak

Weak capital efficiency

ROCE

424.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

10.26x

High

High leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

255.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

3.2%

Weak

Thin margins leave little room for error

Net Margin

1.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.51

Tight

Tight short-term liquidity

Beta (vs Nifty)

1.14

Market-like

Moves roughly in line with the market

52W Range Position

31%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1.8 / 1.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

64.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹0 Cr	-₹0 Cr	₹0 Cr	₹1 Cr	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	₹0 Cr	-₹0 Cr	—
EPS	₹-0.01	₹-0.22	₹0	₹-0	—
ROE	-29.4%	-195.1%	26.5%	-8.2%	—
ROCE	-29.3%	-111.3%	75.7%	424.1%	—
Total Debt	₹2 Cr	₹1 Cr	₹3 Cr	₹3 Cr	+24.4%
Free Cash Flow	-₹0 Cr	₹0 Cr	-₹2 Cr	₹0 Cr	—

🟢 EBITDA has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 ROE has risen from -29.4% to -8.2% over 3 years (+21.1 pts).

🟢 ROCE has risen from -29.3% to 424.1% over 3 years (+453.4 pts).

🔴 Total Debt has grown at 24.4% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4 Cr

Total Liabilities

₹4 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

66.7%

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
ULTRATECH CEMENT LIMITED	37.6x	11.1%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

6 general

Homre Ltd shareholders approve ₹12.49 crore warrant issue at AGM

scanx.trade, 25 Sept

HOM Stock Price and Chart — BSE:HOM

TradingView, 24 Apr

Homre - 10 penny stocks surged up to 490% in 6 months. Do you own any?

The Economic Times, 03 May

Homre (BSE:523387) - Stock Analysis

Simply Wall Street, 09 Dec

HOMRE LIMITED: Triton Corp Ltd Becomes HOMRE, Trades as 'HOM' from April 24

Whalesbook, 21 Apr

Homre Ltd approves ₹12.50 crore preferential warrant issue

scanx.trade, 19 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

MiddlingBusiness Quality · Growth

WeakFinancial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑