Shah Investor's Home Limited reports Rs 403.48 crore flows

Shah Investor's Home Limited reported Rs 403.48 crore of loans taken from SIHL Fincap Limited and an identical Rs 403.48 crore repaid in the financial year ended March 31, 2026 (FY26). Each annual related-party flow equalled 132.53% of the total-assets measure used in the disclosure.

Why did Shah Investor's Home Limited report Rs 403.48 crore flows in FY26?

Shah Investor's Home Limited separately disclosed Rs 403.48 crore of loan taken and Rs 403.48 crore of loan repaid with SIHL Fincap Limited in FY26. The company presents the transactions under Indian Accounting Standard 24, or Ind AS 24, related-party disclosures, which identify dealings with related parties rather than only a net movement.

The identical FY26 figures show that the annual principal drawn from SIHL Fincap Limited matched the annual principal repaid to that party. The disclosure does not provide the dates, tenure, interest rate or individual drawdown amounts, so it does not establish whether borrowing was outstanding at any particular point in FY26.

The related-party schedule is described as being prepared without elimination. That matters because Shah Investor's Home Limited's consolidated financial information can eliminate transactions between group entities, whereas the company-book disclosure records the gross loan taken and loan repaid flows.

How did Shah Investor's Home Limited's SIHL Fincap Limited flows change?

Shah Investor's Home Limited's annual loans taken from, and repayments to, SIHL Fincap Limited increased to Rs 403.48 crore in FY26 from Rs 170.27 crore in FY25 and Rs 142.29 crore in FY24. The percentage reported against total assets rose to 132.53% in FY26 from 56.27% in FY25 and 47.63% in FY24.

The FY26 amount for each principal category was Rs 233.21 crore above FY25. The associated assets percentage rose by 76.26 percentage points, showing that the increase was both in annual rupee flows and relative to the total-assets denominator specified in the schedule.

Shah Investor's Home Limited's related-party interest expense to SIHL Fincap Limited moved in the opposite direction, declining to Rs 1.42 crore in FY26 from Rs 1.70 crore in FY25. The supplied disclosure does not provide loan terms or average balances, so an effective interest rate cannot be calculated from the reported annual figures.

What does the 132.53% total-assets comparison measure?

The 132.53% figure measures each FY26 category, either loan taken or loan repaid, against Shah Investor's Home Limited's total assets. It does not mean that the two categories should be added as a 265.06% asset comparison, because they are opposite legs of annual funding activity.

Adding the two FY26 categories produces Rs 806.96 crore of gross cash movement between Shah Investor's Home Limited and SIHL Fincap Limited. That arithmetic describes the aggregate of borrowing and repayment transactions, not a net loan balance, total debt at March 31, 2026, or two separate asset exposures.

The disclosure does not state a closing loan balance for SIHL Fincap Limited in Shah Investor's Home Limited's company-book outstanding-balance rows. Therefore, the Rs 403.48 crore annual borrowing and matched repayment cannot be used to determine whether the year-end balance was nil, positive or negative.

Why do the related-party figures differ from consolidated borrowings?

Shah Investor's Home Limited's consolidated cash-flow statement reported Rs 12.76 crore under “proceeds/payment from borrowings” in FY26, while the company-book related-party schedule reported Rs 403.48 crore each for loans taken and repaid with SIHL Fincap Limited. The two figures have different stated scopes: the cash-flow line is consolidated, while the related-party schedule is presented without elimination.

The consolidated financing line changed from Rs 2.17 crore in FY25 to Rs 12.76 crore in FY26, after showing a payment of Rs 4.50 crore in FY24. The supplied pages do not provide a reconciliation of other borrowings, consolidation eliminations or cash-flow classifications that would bridge these consolidated amounts to the gross company-book transactions.

Shah Investor's Home Limited's consolidated finance cost was Rs 2.35 crore in FY26, compared with Rs 2.46 crore in FY25 and Rs 90.98 lakh in FY24. Its Rs 1.42 crore FY26 interest expense to SIHL Fincap Limited was 1.98% of revenue from operations, but the disclosure does not identify how that company-book expense maps to every component of consolidated finance cost.

How concentrated was Shah Investor's Home Limited's related-party funding?

SIHL Fincap Limited accounted for all FY26 loan taken and loan repaid transactions listed in Shah Investor's Home Limited's own books. In FY25, the same section also lists Rs 10 lakh taken from and repaid to Tanmay Upendra Shah, alongside the Rs 170.27 crore SIHL Fincap Limited flows.

The FY26 company-book disclosure therefore identifies one named related-party counterparty for the Rs 403.48 crore principal movements. In FY24, Shah Investor's Home Limited also reported Rs 11.72 crore of loans given to, and Rs 11.72 crore repaid by, SIHL Fincap Limited, each equal to 3.92% of total assets; those lending categories are absent in FY25 and FY26.

Other FY26 related-party dealings in Shah Investor's Home Limited's books were smaller and were different transaction types. Brokerage paid to Arthika Quantomics Private Limited was Rs 1.17 crore, or 1.63% of revenue from operations, while property purchased from Trupti Utpal Shah was Rs 1.45 crore, or 0.48% of total assets.

Conclusion

Shah Investor's Home Limited's FY26 related-party disclosures show a matched funding cycle of Rs 403.48 crore borrowed and Rs 403.48 crore repaid with SIHL Fincap Limited. Each flow was 132.53% of total assets, up from 56.27% in FY25, while the gross figures cannot determine the year-end borrowing balance.

The unresolved points are the timing, terms and closing balance of the SIHL Fincap Limited funding, as well as the reconciliation to the Rs 12.76 crore consolidated borrowing cash-flow line. The related-party summary was certified by Drumhil A. Shah & Co., Chartered Accountants, on September 22, 2026, but the supplied disclosure does not contain those details.