NSE: IBULLSLTD · BSE: 533520
INDIABULLS LIMITED
Operates a diversified group built around a real-estate development business that generated 30.3% of FY26 segment revenue and about 80% of group profit, with a contracted gross development value (GDV) pipeline of ₹21,000+ crores spread over 1.1+ crore sq ft of sellable area across Gurugram, Mumbai and Ludhiana. Q4 FY26 was the first quarter of real-estate revenue recognition, and 21.6 lakh sq ft was sold in FY26 with about 40 lakh sq ft scheduled for launch in FY27 at a GDV of ₹6,000+ crores. A financial-services vertical runs on a capital-light model: broking and securities trading contributed 14.0% of FY26 revenue and a PBT of ₹28 crores; an asset reconstruction business holds ₹3,794 crores of allocated AUM and ₹622 crores of fee-paying AUM and contributed 20.1% of revenue; and a legacy NBFC loan book of around ₹1,000 crores is being run down with no fresh disbursements. An equipment-renting service contributed 4.4% of FY26 revenue, while "Others" (7.2%) covers digital payment platforms and remaining businesses. The group holds ₹750 crores in cash, carries zero debt across all businesses, and exited digital lending and e-commerce after a three-year restructuring that merged 17 entities into the listed entity in December 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real Estate development and related activities (30%), Financing and related activities (24%), Asset reconstruction and related activities (20%), Broking and related activities (14%), Others (7%), Equipment renting service and related activities (4%). Diversified, asset-heavy real-estate developer with a capital-light financial-services platform and small equipment-rental business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 161 | 0 | 0 | 0 | 833 |
| EBITDA (ex other income) | (105) | (12) | (5) | (8) | 212 |
| margin % | (65.6) | (11209.1) | (24550.0) | — | 25.4 |
| Owners' profit | (176) | 95 | 0 | (68) | 274 |
| EPS, as reported (₹) | (19.70) | 9.44 | (2.15) | (6.79) | 1.26 |
| ROE % · ROCE % | (53.6) · (9.4) | (42.5) · (1980.6) | 9.2 · (31.7) | 24.7 · 3.1 | 11.1 · — |
| Debt / equity (x) | 1.76 | (0.96) | (1.04) | (0.95) | — |
| Cash from operations | (741) | (11) | (12) | 5 | 194 |
| Capex | (8) | 0 | 0 | 0 | (36) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 236 | 97 | 409 | 359 |
| Profit before tax | (6) | (6) | (52) | (3) | 103 | (28) | 96 | 161 |
| Net profit | (6) | (6) | (52) | (3) | 75 | 78 | 194 | 141 |
| EPS (₹) | (0.56) | (0.55) | (5.16) | (0.26) | 0.00 | 0.36 | 0.88 | 0.64 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financing and related activities | 152 | 19.8 |
| Broking and related activities | 96 | 12.4 |
| Real Estate development and related activities | 267 | 34.7 |
| Equipment renting service and related activities | 28 | 3.7 |
| Asset reconstruction and related activities | 167 | 21.7 |
| Others | 60 | 7.8 |
| E-Commerce and related activities | 0 | 0.0 |
| Total, before eliminations | 769 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Indiabulls says no undisclosed info behind recent price movement | regulatory legal | medium | — | — |
| 13 Oct 2026 · BSE seeks clarification from Indiabulls on price movement | regulatory legal | high | — | — |
| 6 Oct 2026 · Indiabulls files quarterly demat/remat certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 2 Oct 2026 · RBI grants Core Investment Company registration to Indiabulls | regulatory legal | high | — | — |
| 30 Sept 2026 · Trading Window closed from October 1, 2026 till Q2 results | compliance | minimal | — | — |
| 29 Sept 2026 · Promoter group allots 36.55 crore warrants via preferential issue | ownership changes | high | — | — |
| 29 Sept 2026 · Indiabulls promoter group acquires warrants via preferential allotment | ownership changes | high | — | — |
| 28 Sept 2026 · Indiabulls 19th AGM: All 4 resolutions approved, merger and acquisition updates | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Indiabulls 19th AGM: All resolutions passed, fintech acquisition and warrants shared | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Phanes Ltd and promoter group get warrants via preferential allotment | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.