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IBULLSLTD - Indiabulls

📊 NSE: IBULLSLTD 🏢 Diversified Commercial Services 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Indiabulls Ltd FY26 PAT at ₹346 Cr; Real Estate GDV Pipeline Reaches ₹21,366 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Apr 2026, 06:37 PM

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.

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

💡 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.

Indiabulls Limited Releases Audio Recording of Q4 and FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 29 Apr 2026, 06:34 PM

Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) has released the audio recording of its conference call held on April 29, 2026. The call focused on the financial performance for the quarter and full fiscal year ending March 31, 2026. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the recording via the company's website to understand management's commentary on business growth and future outlook.

Conference call held on April 29, 2026, to discuss Q4 and FY26 financial results.
Audio recording link provided for public access on the company's official website.
Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Company confirms that a written transcript of the call will be submitted in due course.

💡 Investors should listen to the recording or wait for the transcript to gain insights into management's strategy and operational performance for FY26. No immediate action is required based solely on this procedural update.

Indiabulls Ltd Reports FY26 PAT of ₹346 Cr; Real Estate GDV Pipeline Reaches ₹21,366 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Apr 2026, 03:46 PM

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.

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.

💡 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.

Indiabulls Ltd Reports FY26 PAT of ₹346 Cr; Real Estate GDV Pipeline Reaches ₹21,366 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Apr 2026, 03:39 PM

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.

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.

💡 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.

Indiabulls Limited to Announce Q4 & FY26 Results on April 29, 2026

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 25 Apr 2026, 08:50 PM

Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) has scheduled a Board Meeting on April 29, 2026, to consider and approve audited financial results for the quarter and full year ended March 31, 2026. The company will also host a conference call for analysts and investors at 4:00 PM IST on the same day. Senior management, including the Executive Chairman and CEO, will be present to discuss the financial performance. The trading window for company securities remains closed until May 1, 2026.

Board meeting scheduled for April 29, 2026, to approve Q4 and FY26 audited financial results.
Investor conference call to be held on April 29, 2026, at 4:00 PM IST.
Trading window for dealing in company securities remains closed until May 1, 2026.
Senior management, including CEO Divyesh Shah and Executive Chairman Gurbans Singh, will participate in the call.

💡 Investors should monitor the upcoming financial results for performance trends and listen to the conference call for management's outlook on the business.

Indiabulls Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Mar 2026, 05:18 PM

Indiabulls Limited has notified the exchanges regarding the closure of its trading window starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the audited financial results for the quarter and year ending March 31, 2026. The window will remain closed for all designated persons until 48 hours after the results are declared. The specific date for the board meeting to approve these results has not yet been announced.

Trading window closure effective from April 1, 2026.
Closure relates to the audited financial results for the quarter and year ending March 31, 2026.
Window to reopen 48 hours after the official declaration of financial results.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement and requires no immediate action from investors. Monitor future filings for the specific date of the board meeting to review the company's annual financial performance.

Indiabulls Ltd Enters Rs 600 Cr Commercial JV in Gurgaon; Reports Strong Residential Sales

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Mar 2026, 10:10 AM

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.

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.

💡 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.

Indiabulls Ltd Completes Fractional Share Payments Under Scheme of Arrangement

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Mar 2026, 06:40 PM

Indiabulls Limited, formerly known as Yaari Digital Integrated Services, has finalized the payment process for fractional shares arising from its Scheme of Arrangement. This corporate action follows the scheme that became effective on October 14, 2025. The Independent Directors and Audit Committee confirmed the completion of these payments in a report dated March 16, 2026. This update ensures the company remains in compliance with the SEBI Master Circular dated June 20, 2023.

Completion of fractional share payments resulting from the October 14, 2025, Scheme of Arrangement.
Independent Directors and Audit Committee issued a formal confirmation report on March 16, 2026.
Adherence to SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 regarding corporate restructuring.
The announcement marks the finalization of administrative payouts following the company's name change and restructuring.

💡 Shareholders who were entitled to fractional shares should verify their registered bank accounts for the credited amounts. No further action is required for the general investor base.

Indiabulls Limited to Participate in Arihant Capital Investor Conference on March 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Mar 2026, 06:20 PM

Indiabulls Limited, formerly known as Yaari Digital Integrated Services Limited, has announced its participation in a virtual investor conference. The company will attend the 'Arihant Capital - Bharat Connect Conference: Rising Stars 2026' on Wednesday, March 18, 2026. The interaction will involve group discussions with various analysts and institutional investors. Management has clarified that no unpublished price-sensitive information will be shared during these sessions.

Participation in Arihant Capital - Bharat Connect Conference: Rising Stars 2026 scheduled for March 18, 2026
Meeting format is confirmed as a virtual group discussion with institutional investors
Company formerly operated under the name Yaari Digital Integrated Services Limited
Discussions will be strictly limited to publicly available information as per SEBI regulations

💡 Investors should monitor for any investor presentations or transcripts released after the conference for insights into the company's strategic outlook. No immediate action is required as this is a routine regulatory disclosure.

Indiabulls Limited Modifies Udaan Employee Welfare Trust Deed Post-Merger

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Feb 2026, 06:36 PM

Indiabulls Limited has modified the Trust Deed of the Udaan Employee Welfare Trust to reflect the merger of Dhani Services Limited into the company. This change, effective via a Supplementary Trust Deed registered on February 20, 2026, officially transitions the settlor status from Dhani Services to Indiabulls Limited. The modification follows the NCLT-approved Scheme of Arrangement that came into effect on October 14, 2025. This is a standard administrative update to ensure compliance with SEBI Share Based Employee Benefits Regulations.

Dhani Services Limited merged with Indiabulls Limited effective October 14, 2025.
Settlor of Udaan Employee Welfare Trust changed from Dhani Services to Indiabulls Limited.
Supplementary Trust Deed registered on February 20, 2026, to formalize administrative changes.
Compliance maintained under SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
Trust office previously moved to East Patel Nagar, New Delhi, as part of ongoing administrative updates.

💡 This is a routine regulatory filing following a previously completed merger and has no impact on the company's financial performance. No action is required from investors.

Indiabulls Ltd Q3 FY26: PAT Rises to ₹78.4 Cr; Real Estate Pipeline Valued at ₹23,042 Cr

🔵 WATCH ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 05:18 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 02 Feb 2026, 05:17 PM

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.

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.

💡 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

🔵 WATCH ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 05:12 PM

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.

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.

💡 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 Shareholders Approve Postal Ballot Resolutions with Requisite Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jan 2026, 06:18 PM

Indiabulls Limited, formerly known as Yaari Digital Integrated Services, has successfully concluded its postal ballot process. The company reported that all resolutions proposed in the notice dated December 26, 2025, were approved by shareholders with the requisite majority. The resolutions are deemed passed as of January 28, 2026, which was the final date for e-voting. This filing serves as a formal compliance update under SEBI Listing Obligations and Disclosure Requirements.

Resolutions deemed passed on January 28, 2026, following the conclusion of the e-voting period
Shareholder approval obtained with the requisite majority as per the Scrutinizer's Report
Process initiated via Postal Ballot Notice dated December 26, 2025, and filed on December 29, 2025
Compliance maintained under Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

💡 This is a routine regulatory filing confirming shareholder approval for previously disclosed items. Investors should review the original December 26 notice for specific details on the approved corporate actions.

Indiabulls Limited Grants 2.7 Crore Stock Options Following Dhani Services Merger

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 19 Jan 2026, 06:38 PM

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.

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

💡 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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💰 Financial Performance

Revenue Growth by Segment

The Company operates in a single reportable business segment (Online commerce/Digital platform). While specific revenue figures were not disclosed, the net loss after tax increased by 106.66% from INR 43.37 crore in FY 2023-24 to INR 89.63 crore in FY 2024-25.

Geographic Revenue Split

The Company primarily operates in India, which is considered a single geographical segment contributing 100% of revenue.

Profitability Margins

Profitability is currently negative. The net loss margin worsened as the net loss expanded from INR 43.37 crore to INR 89.63 crore YoY. Return on Net Worth is negative/not applicable due to negative total equity balances in both FY 2024-25 and FY 2023-24.

EBITDA Margin

Not disclosed in available documents; however, core profitability is under pressure as evidenced by the doubling of net losses YoY.

⚙️ Operational Drivers

Raw Materials

As a digital platform and online commerce entity, the primary operational drivers are IT systems, digital infrastructure, and human capital rather than physical raw materials.

Key Suppliers

KFin Technologies Limited serves as the Registrar and Share Transfer Agent for the Company.

Capacity Expansion

The Company is scaling up operations through a Composite Scheme of Arrangement involving the amalgamation of Indiabulls Enterprises Limited and Dhani Services Limited (DSL) into the Company to pool resources and simplify the holding structure.

Raw Material Costs

Not disclosed in available documents; primary costs are likely related to technology maintenance and digital reach.

📈 Strategic Growth

Growth Strategy

The Company intends to achieve growth through a massive business restructuring involving the amalgamation of Dhani Services Limited and Indiabulls Enterprises Limited. This strategy aims to provide synergy of consolidated operations, streamline management, and pool resources to accelerate scaling. The Company is also focusing on promoting digital platform businesses and extending its footprint into the hinterlands using technology.

Products & Services

Online commerce platform services and digital platform business solutions.

Brand Portfolio

Yaari, Indiabulls.

New Products/Services

The Company is focusing on new-age business ventures and promoting digital platform businesses to grow to the next frontier.

Market Expansion

Market expansion plans involve extending the digital footprint into the hinterlands of India to provide customer convenience and optimize cost efficiencies.

Strategic Alliances

A Composite Scheme of Arrangement is in place for the amalgamation of Indiabulls Enterprises Limited and Dhani Services Limited into the Company.

🌍 External Factors

Industry Trends

The industry is shifting toward digital interactions and online commerce. The Company is positioning itself as an emerging online commerce entity grounded in technology to enhance customer-centricity and convenience.

Competitive Moat

The Company's moat is built on its cutting-edge technology platform and digital reach, which management believes provides a competitive edge in promoting digital platform businesses.

Consumer Behavior

Consumer trends are progressively reliant on digital interactions and IT systems for commerce and information management.

⚖️ Regulatory & Governance

Industry Regulations

The Company must comply with the Companies Act 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, and Indian Accounting Standards (Ind AS) 108.

Legal Contingencies

A first motion application for the Composite Scheme of Arrangement was filed with the National Company Law Tribunal (NCLT), Chandigarh on April 10, 2024. Shareholders and unsecured creditors approved the scheme on March 29, 2025.

⚠️ Risk Analysis

Key Uncertainties

Key risks include cyber-attacks (unauthorized access, data misuse) and the fluid nature of supply chain disruptions which could impact business continuity.