IBULLSLTD
Indiabulls share price & financials
- Price
- ₹26.51
- Market cap
- ₹6.2k Cr
- Sector
- Services
- Calls analysed
- 1
IBULLSLTD Q4 FY26
What went well
- FY26 Revenue reached ₹880.78 crores, with Q4 FY26 revenue at ₹418.39 crores, indicating a strong finish to the year.
- FY26 PAT stood at ₹346 crores, with Q4 FY26 PAT at ₹194.26 crores, primarily driven by real estate operations.
- The company has a net cash positive balance sheet with ₹750 crores in cash and equivalents and zero debt across all businesses.
What Indiabulls Limited does
Indiabulls Limited was formed via an NCLT-approved merger of Dhani Services Limited (fintech and stock broking) and Indiabulls Enterprises Limited (real estate) into Yaari Digital Integrated Services Limited, which was subsequently renamed; the merger became effective 14 October 2025. The Real Estate vertical develops residential (apartments, plotted developments) and commercial (office/retail, mixed-use) projects, both wholly-owned and through joint ventures, concentrated in Gurugram (Delhi NCR), Mumbai and Ludhiana. The Financial Services vertical spans stock broking (Indiabulls Securities, offering equity/derivatives, mutual funds, IPOs, bonds, margin trading and algo trading), an asset reconstruction business (IARCL), UPI and credit distribution (DhaniPay), equipment leasing, and a strategic investment in a US-based SMB lending platform (Spring Cash LLC).
Segments
- Real Estate
- Financial Services
- Real estate saleable area (portfolio)
- 110.52 lakh sq ft (~11.05 million sq ft)
- Real estate geographic footprint
- Gurugram (Delhi NCR), Mumbai and Ludhiana
- Broking clients
- 9+ lakh
- Demat accounts (broking)
- 1.73 lakh
- Active broking accounts
- 1,12,422
- Broking city presence
- 14 cities
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 0 delivered 0 missed 10 open- Real Estate Profit Growth open said Q4 FY26 Promised: real estate profits in FY27 expected to grow at least 2x from what it is today Q4 FY26: Target set at 2x of Q4 FY26 base (₹143 crores)
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 290.2%, net profit up 7150.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 115 | 106 | 102 | 92 | 236 +105% | 97 −8% | 409 +301% | 359 +290% |
| EBITDA | 12 | 24 | -182 | 14 | 107 +792% | -14 −158% | 170 +193% | 154 +1000% |
| Net profit | -13 | -3 | -164 | -2 | 75 +677% | 78 +2700% | 194 +218% | 141 +7150% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +39.0% 1Y
1Y: ₹18.81 on 8 Sept 2025 → ₹26.14. High ₹31.59 (15 Jul 2026), low ₹9.11 (24 Feb 2026).
How the price took the results
close before → close after
- Q4 FY26
- +5.8%
- 29 Apr
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹0 Cr | ₹323 Cr | ₹834 Cr |
| Operating profit | ₹-5 Cr | ₹-146 Cr | ₹277 Cr |
| Operating margin | — | -45.2% | 33.2% |
| Interest | ₹19 Cr | ₹47 Cr | ₹43 Cr |
| Depreciation | ₹0 Cr | ₹30 Cr | ₹38 Cr |
| Net profit | ₹-23 Cr | ₹-185 Cr | ₹345 Cr |
| Net margin | — | -57.3% | 41.4% |
| ROCE | -338.0% | — | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹18 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr | ₹447 Cr |
| Reserves | ₹394 Cr | ₹-314 Cr | ₹-243 Cr | ₹-254 Cr | ₹2.8k Cr | ₹2.6k Cr |
| Borrowings | ₹332 Cr | ₹502 Cr | ₹214 Cr | ₹244 Cr | ₹495 Cr | ₹459 Cr |
| Other liabilities | ₹881 Cr | ₹85 Cr | ₹46 Cr | ₹36 Cr | ₹629 Cr | ₹632 Cr |
| Total liabilities | ₹1.6k Cr | ₹294 Cr | ₹38 Cr | ₹46 Cr | ₹3.9k Cr | ₹4.2k Cr |
| Fixed assets | ₹235 Cr | ₹6 Cr | ₹1 Cr | ₹0 Cr | ₹630 Cr | ₹571 Cr |
| Capital work in progress | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹589 Cr | ₹48 Cr | ₹22 Cr | ₹31 Cr | ₹15 Cr | ₹118 Cr |
| Other assets | ₹801 Cr | ₹239 Cr | ₹15 Cr | ₹14 Cr | ₹3.3k Cr | ₹3.5k Cr |
| Total assets | ₹1.6k Cr | ₹294 Cr | ₹38 Cr | ₹46 Cr | ₹3.9k Cr | ₹4.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −24.22 pp while FIIs added +16.55 pp. The shareholder count grew 315% to 2,49,884.
- Promoters
- 32.9%
- FIIs
- 17.1%
- DIIs
- 0.1%
- Public
- 46.0%
- Others
- 3.9%
Since Jun 2025
- Public −24.22 pp
- FIIs +16.55 pp
- Promoters +5.45 pp
How it drifted, 12 quarters
Over this window the public fell from 60.3% to 46.0% — −14.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 27.5%, FIIs 10.5%, Public 60.3%, Others 1.8%.Dec '23: Promoters 27.5%, FIIs 9.2%, Public 61.6%, Others 1.8%.Mar '24: Promoters 27.5%, FIIs 9.1%, Public 61.8%, Others 1.8%.Jun '24: Promoters 27.5%, FIIs 8.5%, Public 62.3%, Others 1.8%.Sep '24: Promoters 27.5%, Public 70.8%, Others 1.8%.Dec '24: Promoters 27.5%, FIIs 0.0%, Public 70.8%, Others 1.8%.Mar '25: Promoters 27.5%, FIIs 0.5%, Public 70.3%, Others 1.8%.Jun '25: Promoters 27.5%, FIIs 0.5%, DIIs 0.1%, Public 70.2%, Others 1.8%.Sep '25: Promoters 27.5%, FIIs 1.3%, DIIs 0.1%, Public 69.5%, Others 1.8%.Dec '25: Promoters 32.9%, FIIs 17.9%, DIIs 0.1%, Public 45.2%, Others 3.9%.Mar '26: Promoters 32.9%, FIIs 17.0%, DIIs 0.2%, Public 46.0%, Others 3.9%.Jun '26: Promoters 32.9%, FIIs 17.1%, DIIs 0.1%, Public 46.0%, Others 3.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Unico Global Opportunities Fund Limited FPI fund newly disclosed 1.50% held
- Maybank Securities Pte Ltd - Odi FPI fund +1.19 pp 4.38% held
- Acm Master Fund FPI fund newly disclosed 1.12% held
- Valerian Real Estate Private Limited +0.09 pp 4.43% held
- Hermes Limited newly disclosed 0.00% held
- Phanes Limited newly disclosed 0.00% held
The same filing shows 3 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Indiabulls Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Inuus Developers Private Limited | 19.68% | unchanged |
| Acm Global Fund Vcc FPI fund | 4.91% | −1.65 pp |
| Valerian Real Estate Private Limited | 4.43% | +0.09 pp |
| Maybank Securities Pte Ltd - Odi FPI fund | 4.38% | +1.19 pp |
| Sameer Gehlaut | 4.34% | unchanged |
| Calleis Infracon Private Limited | 2.88% | unchanged |
| Mahi Madhusudan Kela | 2.21% | unchanged |
| Anand Shaktikumar Sancheti | 1.84% | unchanged |
| Unico Global Opportunities Fund Limited FPI fund | 1.50% | newly disclosed |
| Divyesh Bharatkumar Shah | 1.31% | unchanged |
| Cohesion Mk Best Ideas Sub-Trust FPI fund | 1.26% | unchanged |
| Think India Opportunities Master Fund Lp FPI fund | 1.20% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Indiabulls Limited
Guides on how to read this kind of business and the numbers that matter.