Indiabulls Limited (IBULLSLTD)
₹34.33 -3.08% on 19 Oct, as of 12:25 IST · NSE
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Indiabulls' revenue was ₹359 Cr (+290.7% year on year, -12.1% on the previous quarter), and net profit ₹141 Cr (against a loss a year earlier); the operating margin was 42.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹359 | +290.7% | -12.1% |
| Operating profit | ₹154 | +999.5% | -9.5% |
| Net profit | ₹141 | from loss | -27.3% |
| EPS (₹) | 0.64 | — | -23.8% |
| Operating margin | 42.8% | — | — |
IBULLSLTD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.77% of the IBULLSLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.78%. That is close to its usual level. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 5 sessions: 43.2% · 33.3% · 42.0% · 53.2% · 45.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Indiabulls Limited announced that the Reserve Bank of India (RBI) has granted it a Certificate of Registration as a Core Investment Company (CIC). However, the company noted that it is currently evaluating the applicability of this registration and will surrender the certificate if found non-applicable. This development comes amid ongoing group corporate restructuring, including composite schemes of arrangement with group entities.
- Reserve Bank of India granted Certificate of Registration as a Core Investment Company (CIC)
- Indiabulls stated the certificate will be surrendered in the event of non-applicability, currently being evaluated
- Intimation submitted under Regulation 30 on October 2, 2026
Indiabulls Limited announced that the Reserve Bank of India (RBI) has granted it a Certificate of Registration as a Core Investment Company (CIC). However, the company noted that it is currently evaluating the applicability of this registration and will surrender the certificate if found non-applicable. This development comes amid ongoing group corporate restructuring, including composite schemes of arrangement with group entities.
- Reserve Bank of India granted Certificate of Registration as a Core Investment Company (CIC)
- Indiabulls stated the certificate will be surrendered in the event of non-applicability, currently being evaluated
- Intimation submitted under Regulation 30 on October 2, 2026
Indiabulls Limited submitted the proceedings and voting results of its 19th Annual General Meeting held on September 28, 2026, where all resolutions were passed with requisite majority. During the meeting, management reiterated key corporate actions, including a definitive agreement entered on September 11, 2026, to acquire a 70% stake in Fintech Cloud Private Limited for ₹1,050 crore via issuance of up to 21 crore equity shares. Additionally, the company highlighted the allotment of 51.55 crore convertible warrants on September 24, 2026, following the receipt of ₹250.01 crore (25% upfront).
- All AGM resolutions passed with requisite majority, including accounts adoption and director appointments.
- Management highlighted acquisition of 70% stake in Fintech Cloud Private Limited for ₹1,050 crore via up to 21 crore shares.
- Reported receipt of ₹250.01 crore upfront payment (25%) against 51.55 crore warrants allotted on September 24, 2026.
- Over 105.07 crore total votes polled, with 100% promoter participation across key resolutions.
Indiabulls Limited has allotted 51,55,00,000 convertible warrants at an issue price of ₹19.40 per warrant on a preferential basis to promoter and non-promoter entities. The company received ₹250.02 crore upfront, representing 25% of the total issue price, with total potential proceeds amounting to ₹1,000.07 crore upon full conversion. The warrants are convertible into equity shares of face value ₹2 within 18 months upon payment of the remaining 75%. Promoters Phanes Limited and Hermes Limited were allotted 36.55 crore warrants, while non-promoters received 15.00 crore warrants.
- Allotment of 51,55,00,000 warrants convertible into equity shares of ₹2 face value
- Issue price set at ₹19.40 per warrant (including a premium of ₹17.40)
- Upfront receipt of ₹250,01,75,000 (25% of total subscription amount)
- Promoter entities Phanes Ltd and Hermes Ltd allotted 22.525 cr and 14.025 cr warrants respectively
- Balance 75% payable within 18 months from allotment date (September 24, 2026)
Indiabulls Limited has approved the acquisition of a 70% equity stake in Fintech Cloud Private Limited for a consideration of ₹1,050 crore, valuing the target company at ₹1,500 crore. The deal will be executed via an NCLT Scheme through the issuance of up to 21 crore fully paid-up equity shares of Indiabulls Limited. Fintech Cloud operates as a Loan Service Provider for NBFCs and reported gross revenue of ₹133.77 crore and PBT of ₹30.31 crore in FY 2025-26. Indiabulls will immediately appoint a majority of directors to the target's board, while final closing is expected in 9 to 12 months.
- Acquiring 70% equity stake in Fintech Cloud Private Limited for ₹1,050 crore
- Overall equity valuation of the target set at ₹1,500 crore
- Consideration settled by issuing up to 21 crore equity shares of Indiabulls via NCLT Scheme
- Target reported ₹133.77 crore revenue and ₹30.31 crore PBT in FY 2025-26 (Nil in prior two years)
- Indicative timeline for completion is 9 to 12 months, subject to NCLT and regulatory approvals
Indiabulls Limited has approved the acquisition of a 70% stake in Fintech Cloud Private Limited for a consideration of ₹1,050 crore, valuing the target at ₹1,500 crore. The deal will be executed via an NCLT Scheme of Amalgamation through the issuance of up to 21 crore equity shares of Indiabulls. Fintech Cloud operates as a Loan Service Provider (LSP) for regulated entities and reported FY 2025-26 revenue of ₹133.77 crore and PBT of ₹30.31 crore. Indiabulls will immediately appoint a majority of directors to the target's board.
- 70% equity stake acquisition valued at ₹1,050 crore based on ₹1,500 crore total equity valuation
- Consideration to be settled via issuance of up to 21 crore fully paid-up equity shares under an NCLT scheme
- Fintech Cloud posted gross revenue of ₹133.77 crore and PBT of ₹30.31 crore in FY 2025-26 (nil in prior two years)
- Indicative completion timeline estimated at 9 to 12 months, subject to NCLT, SEBI, and stock exchange approvals
- Indiabulls will appoint the majority of directors to Fintech Cloud's board with immediate effect
Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) has submitted compliance certificates under Regulation 34(3) of SEBI LODR Regulations for the financial year ended March 31, 2026. The certificate issued by Sukesh & Co., Practicing Company Secretaries, confirms non-disqualification of all directors on its board as of March 31, 2026. These certificates are incorporated into the company's FY26 Annual Report. This is a routine annual statutory disclosure with no financial impact.
- Compliance certificates dated July 21, 2026 submitted to exchanges on September 3, 2026
- Certification confirms non-disqualification of 8 active board directors as of March 31, 2026
- Discloses cessation of director Mr. Prem Prakash Mirdha on September 22, 2025
- Issued under Regulation 34(3) read with Schedule-V of SEBI Listing Regulations
Indiabulls Limited (formerly Yaari Digital Integrated Services) has issued the notice convening its 19th Annual General Meeting on September 28, 2026, via video conferencing. Key ordinary business includes the adoption of FY2025-26 audited financial statements and director retirement by rotation. The special business agenda seeks shareholder approval to increase the remuneration of Executive Chairman Gurbans Singh effective April 1, 2026, and to appoint Dr. Sushi Singh as an Independent Director for a one-year tenure.
- 19th Annual General Meeting scheduled for Monday, September 28, 2026 at 11:00 AM IST via Video Conferencing
- Special resolution proposed to hike the remuneration of Executive Chairman Gurbans Singh effective April 1, 2026
- Proposed appointment of Dr. Sushi Singh as Non-Executive Independent Director for a 1-year term from August 26, 2026 to August 25, 2027
- Dispatched FY26 Annual Report to shareholders registered as on record date August 28, 2026
Indiabulls Limited responded to NSE clarification queries dated July 31, 2026, and August 5, 2026, regarding its unaudited standalone financial results for the quarter ended June 30, 2026. The company stated that standalone Earnings Per Share (EPS) was inadvertently entered as 0 instead of 0.04 due to a clerical data entry error in the XBRL mode submission. The rectified standalone financial results have been resubmitted on the NEAPS portal.
- Clarified standalone EPS for the quarter ended June 30, 2026
- EPS figure corrected from 0 to 0.04 in revised XBRL submission
- Addressed queries from NSE emails dated July 31, 2026, and August 5, 2026
Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) has scheduled its 19th Annual General Meeting for Monday, September 28, 2026, at 11:00 AM IST via Video Conferencing. The cut-off date to determine shareholder eligibility for e-voting is Monday, September 21, 2026. The remote e-voting window will be open from September 23 to September 27, 2026. Share transfer books and the Register of Members will remain closed from September 22 to September 28, 2026.
- 19th Annual General Meeting scheduled for September 28, 2026 at 11:00 AM IST via VC/OAVM
- Cut-off date fixed as September 21, 2026 for determining e-voting eligibility
- Remote e-voting window active from September 23, 2026 to September 27, 2026
- Register of Members closed from September 22, 2026 to September 28, 2026
Indiabulls Limited has announced the appointment of Dr. Sushi Singh as a Non-Executive Independent Director for a 1-year term effective August 26, 2026, to August 25, 2027, subject to shareholder approval. She replaces Brig. Labh Singh Sitara (Retd.), who resigned on August 26, 2026, citing health and personal reasons. Dr. Singh brings over 30 years of cross-sector experience in CSR strategy, institutional governance, and academic administration. The change is routine board reconstitution and does not impact day-to-day operations or financial performance.
- Appointment of Dr. Sushi Singh as Non-Executive Independent Director effective August 26, 2026
- Tenure of appointment fixed for 1 year from August 26, 2026, to August 25, 2027, subject to shareholder approval
- Resignation of Independent Director Brig. Labh Singh Sitara (Retd.) effective August 26, 2026, citing health reasons
- Appointee brings over 30 years of experience in institutional governance, ESG, and CSR strategy
Indiabulls Limited announced the appointment of Dr. Sushi Singh as a Non-Executive Independent Director for a 1-year term effective August 26, 2026, to August 25, 2027, subject to shareholder approval. She replaces Brig. Labh Singh Sitara (Retd.), who resigned effective August 26, 2026, citing health and personal reasons. The resigning director confirmed there were no other material reasons for stepping down, and holds no other directorships in listed entities.
- Appointment of Dr. Sushi Singh as Non-Executive Independent Director for a 1-year tenure from August 26, 2026, to August 25, 2027
- Resignation of Brig. Labh Singh Sitara (Retd.) effective August 26, 2026, due to health and personal issues
- Dr. Sushi Singh brings over 30 years of cross-sector experience in CSR strategy, institutional governance, and academic administration
- No other material reasons reported for the resignation and no inter-se relationship between new appointee and existing board members
Indiabulls Limited has appointed Dr. Sushi Singh as Non-Executive Independent Director for a 1-year term from August 26, 2026, to August 25, 2027, subject to shareholder approval. She replaces Brig. Labh Singh Sitara (Retd.), who resigned on August 26, 2026, citing health and personal reasons. Dr. Singh brings over 30 years of cross-sector experience in CSR, education, and institutional governance. This routine board change does not impact the company's financials or core business operations.
- Appointment of Dr. Sushi Singh as Non-Executive Independent Director effective August 26, 2026
- Appointed for a tenure of 1 year ending August 25, 2027, subject to shareholder approval
- Cessation of Brig. Labh Singh Sitara (Retd.) as Independent Director effective August 26, 2026
- Incoming director brings over 30 years of experience in institutional governance and CSR strategy
Indiabulls Limited has announced changes to its Board of Directors effective August 26, 2026. Dr. Sushi Singh has been appointed as a Non-Executive Independent Director for a 1-year term through August 25, 2027, subject to shareholder approval. She replaces Brig. Labh Singh Sitara (Retd.), who resigned due to personal and health reasons with no other material reasons stated. The transition is part of routine governance and maintains regulatory board composition standards.
- Appointment of Dr. Sushi Singh as Non-Executive Independent Director effective August 26, 2026
- Appointed for a 1-year term ending August 25, 2027, subject to shareholder approval
- Resignation of Brig. Labh Singh Sitara (Retd.) effective August 26, 2026, citing health and personal reasons
- Incoming director Dr. Sushi Singh brings over 30 years of cross-sector experience in CSR, ESG, and governance
Indiabulls Limited has signed an agreement with a private landlord for Development Management (DM) of a 10.84-acre residential project on Dwarka Expressway, Gurugram. The project has an estimated saleable area of 21 lakh sq. ft. and an estimated Gross Development Value (GDV) of around Rs 3,700 crore. Phases 1 and 3 have received RERA approvals, with a targeted launch by mid-October 2026. With this addition, the company's total portfolio GDV rises to Rs 27,308 crore.
- New residential DM agreement spanning approximately 10.84 acres on Dwarka Expressway, Gurugram
- Estimated project Gross Sales Value (GDV) of around Rs 3,700 crore with 21 lakh sq. ft. saleable area
- Total project portfolio GDV for the company expands to Rs 27,308 crore
- Phase 1 and Phase 3 have obtained RERA registration; launch planned for mid-October 2026
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.
Geographic Concentration Risk
100% of operations are concentrated in India.
Third Party Dependencies
Dependency on KFin Technologies Limited for registrar and share transfer services.
Technology Obsolescence Risk
High risk given the progressive reliance on IT systems and the digital nature of the core business model.
