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IBULLSLTD - Indiabulls

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

📢 Recent Corporate Announcements

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 Management has clarified that no unpublished price-sensitive information will be shared during these sessions.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.

Indiabulls Limited Files SEBI Regulation 74(5) Compliance for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 03:05 PM

Indiabulls Limited, formerly known as Yaari Digital Integrated Services Limited, has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the company's Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, has processed all dematerialization and rematerialization requests for the quarter ended December 31, 2025. This is a standard administrative procedure to ensure that electronic records with NSDL and CDSL are accurate and updated. No material changes to the company's financial status or share capital were reported in this filing.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by Registrar and Share Transfer Agent (RTA) KFin Technologies Limited.
Adherence to SEBI (Depositories and Participants) Regulations, 2018, confirmed for both NSDL and CDSL.
The filing was officially dated January 5, 2026, following the RTA's confirmation on January 2, 2026.

💡 No action is required as this is a routine regulatory filing. Investors should focus on the company's upcoming quarterly financial results for performance insights.

Indiabulls Limited Confirms Compliance with SEBI Regulations for Q3 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 02:41 PM

Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) has submitted its compliance status for the quarter ended December 31, 2025. The company confirmed adherence to SEBI Regulation 6(1) by maintaining Mr. Ram Mehar as the qualified Company Secretary and Compliance Officer. Furthermore, it complied with Regulation 7(1) by engaging KFin Technologies Limited as its Share Transfer Agent. This is a standard regulatory filing to ensure corporate governance transparency.

Compliance confirmed for SEBI (LODR) Regulations 6(1) and 7(1) for the quarter ended Dec 31, 2025
Mr. Ram Mehar (Membership No. FCS 6039) continues as the Company Secretary and Compliance Officer
KFin Technologies Limited (SEBI Regn. No. INR000000221) is the designated Share Transfer Agent
The filing confirms the company's adherence to mandatory administrative governance protocols

💡 No action is required from investors as this is a routine administrative disclosure confirming the company's compliance with stock exchange listing requirements.

Indiabulls Ltd Proposes Appointment of Executive Chairman and CEO for 5-Year Terms

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 29 Dec 2025, 06:34 PM

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.

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

💡 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 Reports Zero Physical Share Transfer Re-lodgement Requests for Q3 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Dec 2025, 06:47 PM

Indiabulls Limited has disclosed the status of physical share transfer re-lodgement requests for the period ending November 2025. According to the reports from KFin Technologies, the company's Registrar and Share Transfer Agent, there were zero requests received or processed during September, October, and November 2025. This filing is a mandatory compliance requirement under the SEBI circular dated July 2, 2025. The lack of requests suggests that most shareholders have already transitioned to dematerialized holdings or are not utilizing this specific SEBI window.

Zero requests received for physical share transfer re-lodgement in September 2025.
Zero requests received for physical share transfer re-lodgement in October 2025.
Zero requests received for physical share transfer re-lodgement in November 2025.
Filing complies with SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97.

💡 No action is required from investors as this is a routine regulatory disclosure with no impact on company operations or financials.

Indiabulls Ltd to Alter MOA to Align with Core Investment Company (CIC) Regulations

🔵 WATCH ⭐ 6/10

REGULATORY 📅 19 Dec 2025, 06:15 PM

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.

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.

💡 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.

IBULLSLTD: Newspaper Advertisement - Re-lodgement of Physical Shares

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 09 Dec 2025, 07:42 PM

Indiabulls Limited has announced the publication of a newspaper advertisement regarding the opening of a special window for re-lodgement of transfer requests for physical shares, as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The advertisement was published in the Financial Express (English edition) and Jansatta (Hindi edition) on December 09, 2025. This initiative allows shareholders holding physical shares to re-lodge their transfer requests. The information is also available on the company's website, www.indiabulls.com.

Newspaper advertisement published on December 09, 2025.
Disclosure under Regulation 30 of SEBI Listing Regulations, 2015.
Special window for re-lodgement of transfer requests of physical shares.
Advertisements published in Financial Express (English edition) and Jansatta (Hindi edition).

💡 Shareholders holding physical shares should take note of the special window for re-lodgement of transfer requests and follow the instructions provided in the advertisement. Visit the company's website at www.indiabulls.com for more details.

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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.