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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.
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.
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.
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.
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.
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.