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Indiabulls Ltd FY26 PAT at ₹346 Cr; Real Estate GDV Pipeline Reaches ₹21,366 Cr
Indiabulls Limited (formerly Yaari Digital) reported a strong FY26 performance following its strategic merger, recording a PAT of ₹346.1 Cr on revenues of ₹880.7 Cr. The company has successfully pivoted to a real estate-led growth model, booking sales of ₹2,752 Cr in FY26 with a massive total GDV pipeline of ₹21,366 Cr. Q4FY26 showed significant momentum with a PAT margin of 46.4%, driven by luxury residential projects in Gurugram. The stock broking arm remains resilient with over ₹68,000 Cr in client assets despite a slight annual revenue dip.
Key Highlights
Achieved FY26 Revenue of ₹880.7 Cr and PAT of ₹346.1 Cr with a 39.3% profit margin
Real estate sales bookings reached ₹2,752 Cr in FY26, covering 21.6 Lakh Sqft of area sold
Total Gross Development Value (GDV) visibility stands at ₹21,366 Cr across 110.52 lakh sqft of saleable area
Planned project launches for FY27 estimated at ₹6,029 Cr GDV, focusing on Gurugram and Ludhiana
Stock broking vertical manages ₹68,000+ Cr in client assets with 1.12 lakh active trading accounts
💼 Action for Investors
Investors should focus on the company's ability to execute its ₹6,029 Cr FY27 launch pipeline and the realization of ₹2,493 Cr in balance revenue from existing bookings. The high margin profile post-merger is encouraging, but the business is now heavily concentrated in the premium Gurugram real estate market.
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Indiabulls Ltd Reports FY26 PAT of ₹346 Cr; Real Estate GDV Pipeline Reaches ₹21,366 Cr
Indiabulls Limited (formerly Yaari Digital) has successfully transitioned to a real estate-led growth model following its merger with Dhani Services and Indiabulls Enterprises. For FY26, the company reported a total revenue of ₹880.7 crore and a PAT of ₹346.1 crore, with Q4FY26 alone contributing ₹194.2 crore in profit. The company boasts a massive real estate pipeline with a Gross Development Value (GDV) of ₹21,366 crore across 110.52 lakh sqft. The stock broking vertical remains a steady contributor with ₹124.4 crore in annual revenue and over ₹68,000 crore in client assets.
Key Highlights
FY26 Revenue reached ₹880.7 Cr with a PAT of ₹346.1 Cr, representing a 39.3% profit margin.
Q4FY26 showed significant momentum with Revenue of ₹418.3 Cr and PAT of ₹194.2 Cr.
Real Estate segment booked sales of ₹2,752 Cr in FY26 with a total GDV potential of ₹21,366 Cr.
Planned launches for FY27 are estimated at a GDV of ₹6,029 Cr across 39.74 lakh sqft.
Stock broking vertical maintains ₹68,000+ Cr in client assets and 1.73 lakh Demat accounts.
💼 Action for Investors
Investors should view the successful merger and the pivot to a high-margin real estate model as a significant growth catalyst. The massive GDV pipeline provides strong revenue visibility for the next several years, though execution of the FY27 launch pipeline remains the key monitorable.
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Indiabulls Ltd Reports FY26 PAT of ₹346 Cr; Real Estate GDV Pipeline Reaches ₹21,366 Cr
Indiabulls Limited (formerly Yaari Digital) reported a strong financial performance for FY26 following its merger, with a total revenue of ₹880.7 Cr and a PAT of ₹346.1 Cr. The company has successfully pivoted to a real estate-led model, booking sales of ₹2,752 Cr in FY26 and maintaining a massive Gross Development Value (GDV) pipeline of ₹21,366 Cr. Q4FY26 showed significant momentum with a PAT of ₹194.2 Cr and a high profit margin of 46.4%. The stock broking arm also contributed ₹124.4 Cr in revenue, despite a slight year-on-year dip in that specific segment.
Key Highlights
FY26 Revenue stood at ₹880.7 Cr with a Profit After Tax (PAT) of ₹346.1 Cr and 39.3% margin.
Real estate segment booked sales of ₹2,752 Cr in FY26, selling 21.6 lakh sqft across 909 units.
Total project pipeline (GDV) estimated at ₹21,366 Cr, with ₹6,029 Cr of launches planned for FY27.
Q4FY26 performance was particularly strong with ₹418.3 Cr revenue and a 46.4% profit margin.
Stock broking business added 9 lakh clients in Q4FY26, bringing total client assets to over ₹68,000 Cr.
💼 Action for Investors
Investors should monitor the execution of the ₹6,029 Cr FY27 launch pipeline as the company transitions into a real-estate heavy player. The high profit margins in Q4 suggest strong operating leverage post-merger, making it a key stock to watch in the NCR real estate space.
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Indiabulls Ltd Enters Rs 600 Cr Commercial JV in Gurgaon; Reports Strong Residential Sales
Indiabulls Limited has announced a strategic Joint Venture for a premium commercial development on 2.38 acres in Sector 103, Gurgaon. The project, located along the high-growth Dwarka Expressway, has an estimated Gross Development Value (GDV) of Rs. 600 crores. Additionally, the company reported healthy sales momentum for its existing residential projects, IB Heights and IB Estate & Club, in Sector 104. This expansion into commercial real estate, including office and retail spaces, marks a significant addition to the company's real estate portfolio.
Key Highlights
Entered a Joint Venture for a commercial project on 2.38 acres in Sector 103, Gurgaon.
Estimated Gross Development Value (GDV) of the new JV project is Rs. 600 crores.
Project includes a mix of modern office spaces, retail, F&B facilities, and service apartments.
Reported healthy sales momentum for existing residential projects IB Heights and IB Estate & Club in Sector 104.
💼 Action for Investors
Investors should monitor the execution progress of the new Rs 600 crore JV and the impact of residential sales on the upcoming quarterly earnings. The focus on the Dwarka Expressway corridor is a positive strategic move for long-term growth.
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Indiabulls Ltd Q3 FY26: PAT Rises to ₹78.4 Cr; Real Estate Pipeline Valued at ₹23,042 Cr
Indiabulls Limited reported a consolidated PAT of ₹78.4 Cr for Q3 FY26, showing slight sequential growth despite a sharp revenue decline to ₹102.6 Cr from ₹256.6 Cr in Q2. The company is transitioning post-merger, focusing on a massive real estate pipeline of 140.65 lakh sq. ft. with an estimated net margin potential of ₹9,155 Cr. While NCR construction was temporarily halted due to GRAP restrictions, profit recognition from major projects is expected to commence in Q4 FY26. The financial services segment remains stable, with ARC assets under collection reaching ₹3,800 Cr and broking AUM exceeding ₹68,000 Cr.
Key Highlights
Consolidated PAT increased to ₹78.4 Cr in Q3 FY26 compared to ₹75.3 Cr in Q2 FY26.
Total real estate development pipeline stands at 140.65 L Sqft with expected revenue of ₹23,042 Cr.
ARC business added portfolios worth ₹545 Cr, bringing total assets under collection to ~₹3,800 Cr.
Broking AUM grew to ₹68,000+ Cr with new customer additions up 88% on a 9M YoY basis.
Revenue for the quarter dropped significantly to ₹102.6 Cr from ₹256.6 Cr in the previous quarter.
💼 Action for Investors
Investors should closely monitor the Q4 FY26 results for the promised commencement of profit recognition from the real estate segment. While the asset pipeline is substantial, the significant sequential revenue drop and regulatory dependencies in the NCR region necessitate a cautious approach.
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Indiabulls Ltd Q3 FY26 Net Profit at ₹78.37 Cr; Completes Major Merger with Dhani Services
Indiabulls Limited (formerly Yaari Digital) reported a consolidated net profit of ₹78.37 crore for Q3 FY26, showing stability compared to ₹75.31 crore in the preceding quarter. The company has successfully implemented a massive Scheme of Arrangement merging Dhani Services and multiple other entities, resulting in a significant turnaround from a restated loss of ₹108.56 crore in the previous year's nine-month period to a profit of ₹151.87 crore. Total equity share capital has expanded significantly to ₹464.87 crore following the allotment of shares to merging entity shareholders. The results also reflect a one-time recognition of deferred tax assets worth ₹104.82 crore.
Key Highlights
Consolidated Net Profit for Q3 FY26 stood at ₹78.37 crore vs ₹75.31 crore in Q2 FY26.
Nine-month FY26 profit reached ₹151.87 crore, recovering from a restated loss of ₹108.56 crore YoY.
Total equity share capital increased to ₹464.87 crore following the issuance of over 125 crore new shares under the merger swap.
The company officially changed its name from Yaari Digital Integrated Services Limited to Indiabulls Limited effective October 2025.
Asset Reconstruction segment contributed ₹137.69 crore to revenue for the nine-month period ended December 2025.
💼 Action for Investors
Investors should note the successful completion of the complex restructuring and the company's return to profitability. While the turnaround is positive, the massive equity dilution from the share swap requires careful monitoring of future Earnings Per Share (EPS) growth.
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Indiabulls Ltd Q3 Net Profit at ₹78.37 Cr Driven by Tax Credits; Revenue Slumps 59% QoQ
Indiabulls Limited (formerly Yaari Digital) reported a consolidated net profit of ₹78.37 crore for Q3 FY26, which was primarily supported by a deferred tax credit of ₹105.93 crore. Operational performance showed significant weakness as revenue from operations fell 59% sequentially to ₹96.96 crore from ₹236.27 crore in Q2. The quarter marks the first full reporting period following a massive restructuring and merger with Dhani Services and other entities, which has significantly expanded the equity base to ₹464.88 crore. Despite the bottom-line profit, the company recorded a loss before tax of ₹27.56 crore, highlighting operational headwinds.
Key Highlights
Net Profit of ₹78.37 crore reported for Q3 FY26, largely due to a ₹105.72 crore deferred tax asset recognition.
Revenue from operations declined sharply to ₹96.96 crore from ₹236.27 crore in the previous quarter.
Reported a Loss Before Tax of ₹27.56 crore in Q3 FY26 compared to a profit of ₹103.33 crore in Q2 FY26.
Total paid-up equity capital increased to ₹464.88 crore following the issuance of over 125 crore new shares under the merger scheme.
Asset Reconstruction segment emerged as a significant contributor with ₹117.69 crore revenue for the nine-month period.
💼 Action for Investors
Investors should remain cautious as the net profit is non-operational and driven by accounting adjustments. The massive equity dilution and the shift in business focus post-merger require a few more quarters to demonstrate sustainable core profitability.
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Indiabulls Limited Grants 2.7 Crore Stock Options Following Dhani Services Merger
Indiabulls Limited has granted 2,69,90,964 stock options under its 2025 Employee Stock Option Scheme to eligible employees. This action is a procedural requirement following the merger of Dhani Services Limited into the company, which became effective in October 2025. These options replace 91,80,600 legacy options previously held under Dhani Services' 2008 and 2009 schemes. The grant follows the NCLT-approved Share Exchange Ratio, with each option representing one equity share of face value Rs. 2.
Key Highlights
Grant of 2,69,90,964 stock options under the Indiabulls Limited ESOP Scheme 2025
Replacement of 91,80,600 outstanding options from legacy Dhani Services Limited schemes
Options represent an equal number of fully paid-up equity shares with a face value of Rs. 2 each
Exercise price and vesting periods adjusted based on the merger's Share Exchange Ratio
Compliance with Clause 45 of the NCLT-approved Scheme of Arrangement
💼 Action for Investors
Investors should view this as a routine administrative step to integrate employee compensation post-merger. While it indicates future equity dilution, the terms were already established in the original merger agreement.
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Indiabulls Ltd Proposes Appointment of Executive Chairman and CEO for 5-Year Terms
Indiabulls Limited has issued a Postal Ballot notice to seek shareholder approval for several key leadership appointments. The company proposes appointing Mr. Gurbans Singh as Executive Chairman and Mr. Divyesh B. Shah as CEO, both for five-year terms effective from October 31, 2025. Additionally, the notice includes the appointment of three Independent Directors for three-year terms and the re-appointment of Mr. Kubeir Khera as a Whole-time Director. Shareholders can cast their votes via e-voting from December 30, 2025, to January 28, 2026.
Key Highlights
Proposed appointment of Mr. Gurbans Singh as Executive Chairman for a 5-year term starting Oct 31, 2025
Proposed appointment of Mr. Divyesh B. Shah as CEO for a 5-year term starting Oct 31, 2025
Three Independent Directors proposed for 3-year terms: Dr. Prabhat Kumar, Mr. Rajinder Singh Nandal, and Brig. Labh Singh Sitara
Re-appointment of Mr. Kubeir Khera as Whole-time Director for 5 years effective Jan 1, 2026
E-voting period runs from Dec 30, 2025, to Jan 28, 2026, with results by Jan 30, 2026
💼 Action for Investors
Investors should monitor the outcome of the postal ballot to confirm the new leadership structure. It is important to assess if these management changes signal a shift in the company's long-term strategic goals.
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Indiabulls Ltd to Alter MOA to Align with Core Investment Company (CIC) Regulations
Indiabulls Limited, formerly known as Yaari Digital Integrated Services Limited, has approved a significant alteration to its Memorandum of Association (MOA). The Board of Directors met on December 19, 2025, to replace existing sub-clauses 1-6 with new sub-clauses 1-4 in the Main Object Clause. This structural change is designed to align the company's operations with Reserve Bank of India (RBI) regulations for Core Investment Companies (CICs). The company will now proceed to seek shareholder approval for these changes through a Postal Ballot.
Key Highlights
Board approved the alteration of Main Object Clause III(A) of the MOA on December 19, 2025.
Existing sub-clauses 1 to 6 will be replaced by new sub-clauses 1 to 4 to reflect CIC status.
The amendment ensures compliance with applicable Reserve Bank of India (RBI) regulations.
A Postal Ballot will be conducted to obtain necessary shareholder approval for the proposed changes.
The meeting commenced at 5:30 P.M. and concluded at 5:55 P.M. on the same day.
💼 Action for Investors
Investors should monitor the transition of the company into a Core Investment Company and assess how this regulatory alignment impacts its future investment strategy. No immediate action is required pending the results of the shareholder postal ballot.