Indiabulls Q2 FY27 results: net profit up 100.7% to ₹151.12 crore, revenue up 40.4%

How did Indiabulls perform in Q2 FY27?

Indiabulls reported consolidated revenue of ₹331.84 crore in Q2 FY27, up 40.4% from ₹236.27 crore in Q2 FY26 but down 7.7% from ₹359.45 crore in Q1 FY27. EBITDA rose to ₹171.97 crore from ₹107.21 crore a year earlier and increased from ₹153.93 crore in the previous quarter.

The consolidated EBITDA margin was 51.8%, compared with 45.4% in Q2 FY26 and 42.8% in Q1 FY27. Profit before tax was ₹158.89 crore, against ₹103.33 crore in Q2 FY26 and ₹160.86 crore in Q1 FY27. Net profit was ₹151.12 crore, compared with ₹75.31 crore and ₹141.02 crore, respectively, while basic EPS was ₹0.66. The board also approved standalone and consolidated results for the quarter and half year.

Total income was ₹336.39 crore in Q2 FY27, up 31.1% from ₹256.59 crore in Q2 FY26 but down 12.5% from ₹384.42 crore in Q1 FY27. The consolidated basis includes the company, its subsidiaries and trusts, as set out in the review report.

What changed in Indiabulls' costs and profit?

Total expenses were ₹177.50 crore in Q2 FY27, up ₹24.24 crore from ₹153.26 crore in Q2 FY26 but down ₹46.06 crore from ₹223.56 crore in Q1 FY27. Cost of materials rose by ₹68.23 crore year on year, while employee cost fell by ₹6.48 crore, finance costs by ₹5.02 crore, depreciation by ₹1.55 crore and other expenses by ₹13.84 crore.

Other income declined by ₹15.77 crore to ₹4.55 crore from ₹20.32 crore in Q2 FY26 and by ₹20.42 crore from ₹24.97 crore in Q1 FY27. There was no exceptional item. Tax expense was ₹7.77 crore, down ₹20.25 crore from ₹28.02 crore a year earlier and ₹12.07 crore from ₹19.84 crore in the previous quarter. The filings did not state reasons for the movement in other income.

How did the first half of FY27 go?

In H1 FY27, Indiabulls reported consolidated revenue of ₹691.29 crore, up 110.8% from ₹327.89 crore in H1 FY26. Total income rose 100.3% to ₹720.81 crore from ₹359.81 crore, while profit before tax increased 189.5% to ₹319.75 crore from ₹110.43 crore.

Net profit for the first half was ₹292.14 crore, up 297.5% from ₹73.50 crore in H1 FY26. EPS for H1 FY27 was ₹1.29. These figures relate to the consolidated basis.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹4,604.21 crore, compared with ₹4,173.43 crore as of 31 March 2026. Total equity was ₹3,753.30 crore, against ₹3,108.19 crore at the previous balance-sheet date. Cash stood at ₹277.24 crore, compared with ₹335.81 crore, while inventories were ₹415.66 crore against ₹371.42 crore. Borrowings were not given in the supplied figures.

H1 FY27 operating cash flow was ₹152.00 crore, compared with a cash outflow of ₹11.46 crore in H1 FY26. Investing cash flow was an outflow of ₹331.10 crore against an inflow of ₹100.41 crore, while financing cash flow was an inflow of ₹119.15 crore against an outflow of ₹171.56 crore. Capital expenditure was ₹13.31 crore, compared with ₹15.05 crore.

How has Indiabulls done over the last 8 quarters?

Revenue in the reported quarterly series reached ₹408.53 crore in Q4 FY26, the highest among the listed quarters, before declining to ₹359.45 crore in Q1 FY27 and ₹331.84 crore in Q2 FY27. Profit rose from ₹141.02 crore in Q1 FY27 to ₹151.12 crore in Q2 FY27.

The EBITDA margin bottomed at -14.7% in Q3 FY26 and peaked at 51.8% in Q2 FY27. The latest quarter showed lower revenue than the preceding quarter, while net profit and EBITDA margin moved higher.

Which businesses drove the quarter?

Real Estate development and related activities reported revenue of ₹167.60 crore in Q2 FY27, compared with ₹0.00 crore in Q2 FY26, and EBIT of ₹91.30 crore against a loss of ₹16.77 crore. The segment’s EBIT margin was 54.5%.

Financing and related activities reported revenue of ₹124.62 crore, up 59.2% from ₹78.29 crore, while EBIT was ₹81.36 crore against a loss of ₹6.61 crore. Broking and related activities reported revenue of ₹33.40 crore, up 12.2% from ₹29.78 crore, and EBIT of ₹11.83 crore, below ₹12.77 crore.

Equipment renting service and related activities reported revenue of ₹5.42 crore, down 42.3% from ₹9.39 crore, and an EBIT loss of ₹1.54 crore against ₹3.93 crore. Asset reconstruction and related activities reported revenue of ₹13.61 crore, down 90.8% from ₹147.69 crore, and an EBIT loss of ₹6.84 crore against EBIT of ₹124.96 crore. Others reported revenue of ₹0.85 crore and EBIT of ₹0.00 crore.

What else did the company announce?

On 5 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with limited review reports dated 5 November 2026. The same-day filing did not announce a dividend or an appointment.

The board also disclosed that the parties to the definitive agreement dated 11 September 2026 had voluntarily and mutually agreed not to take forward their rights and obligations, without any inter-se claim, demand, liability or obligation. The investor presentation identified the proposed acquisition of Fintech Cloud Private Limited as terminated by mutual consent.

What did the auditors point out?

The auditors drew attention to note 10 of the accompanying statement concerning liabilities written back by the holding company, which were shown under other income. The auditors stated that their opinion was not modified in respect of this matter.

The review report was expressed on consolidated unaudited quarterly and year-to-date financial results, with the auditor stating that nothing had come to its attention causing it to believe that the statement had not disclosed the information required under Regulation 33 of the SEBI LODR Regulations or contained any material misstatement. The review also stated that the interim review was substantially less in scope than an audit and did not express an audit opinion.

The auditors also stated that they had not received the interim financial results of sixteen subsidiaries, including three foreign subsidiaries, and eight trusts included in the statement, whose financial information reflected total assets of ₹4,021.02 crore as of 30 September 2026. The results of those entities had been reviewed separately.

What did Indiabulls' management say?

Management said the development pipeline reached ₹27,308 Cr GDV across 133.2 L sqft after the addition of a ₹3,700 Cr Dwarka Expressway development-management project. It said bookings were ₹3,060 Cr and collections were ₹541 Cr, with 1,018 units sold as of 30 September 2026.

Management said six projects worth ₹11,714 Cr GDV were planned for FY27 and stated that this momentum was expected to support and accelerate their execution and launches. It also said it had visibility to expand the development pipeline to approximately ₹30,000 Cr GDV during the quarter.

Management said the company remained at zero net debt and had ₹2,600 Cr of accumulated tax credits. It added a preferential capital raise of ₹1,000.07 Cr, including a promoter commitment of ₹709 Cr, and stated that ₹250 Cr, representing 25% of the issue amount, had been received during the quarter.

Management said real-estate sales were early-cycle, with bookings preceding construction milestones, revenue recognition and PAT. It also noted that the proposed acquisition of Fintech Cloud Private Limited had been terminated by mutual consent and that the deal would not proceed. The presentation identified the execution of projects and pipeline expansion as priorities.