Indiabulls Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Equipment Hiring Services: 35.8% • LED Lighting: 34.3% • Facility Maintenance & Other Related Activities: 23.0%
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company is almost debt free
- Promoters have been increasing their shareholding - up 5.4pp over 2 years
- Operating margins have improved to 0.0% from -7433.9%
- Latest quarter profit grew 5441.7% YoY, showing strong momentum
- Institutional investors have been accumulating - FII+DII up 16.1pp
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- Company has a low return on capital employed of -75.8%
- Company has a low return on equity of 0.0% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -3.58x)
- Interest coverage is weak at -0.1x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ETERNAL | 323.00 | 719.88 | 311706.33 | 0.00 | 92.00 | 268.00 | 20211.00 | 182.00 | 3.29 | 2.94 |
| MEESHO | 216.60 | 70.11 | 100203.94 | 0.00 | -1328.35 | -359.07 | 37128.11 | 1382.83 | -41.16 | -6.05 |
| NYKAA | 343.20 | 383.80 | 98302.60 | 0.00 | 79.76 | 225.95 | 2782.00 | 29.10 | 20.15 | 8.48 |
| SWIGGY | 277.90 | 0.00 | 76709.11 | 0.00 | -791.00 | 33.92 | 6812.00 | 37.31 | -27.59 | -9.56 |
| INDIAMART | 1698.15 | 20.70 | 10213.21 | 3.53 | 172.20 | 12.18 | 414.40 | 11.37 | 28.39 | 31.83 |
| SHIPROCKET | 134.05 | 0.00 | 9753.18 | 0.00 | -137.14 | — | 5920.87 | — | -3.02 | -1.84 |
| FIRSTCRY | 168.60 | 69.07 | 8802.45 | 0.00 | -43.95 | 33.91 | 2106.23 | 13.08 | -0.20 | 2.83 |
| IBULLSLTD | 25.89 | 14.41 | 6038.08 | 0.00 | 1410.20 | 53516.67 | 3594.50 | — | 0.00 | 42.82 |
| MSTCLTD | 738.05 | 22.18 | 5195.87 | 2.13 | 58.22 | 37.50 | 94.24 | 21.71 | 30.28 | 61.36 |
| ISFT | 79.38 | 9.44 | 129.48 | 0.00 | 4.54 | 10.85 | 139.63 | 8.25 | 6.12 | 3.50 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | -0 | 0 | 0 | 103 | 95 | 89 | 0 | 227 | 86 | 140 | 3,594 | |
| 1 | 1 | 2 | 1 | 0 | 103 | 82 | 284 | 1 | 129 | 111 | 238 | 2,236 | |
| Operating Profit | -1 | -1 | -2 | -1 | -0 | 12 | 24 | -182 | -1 | 107 | -14 | 40 | 1,539 |
| OPM % | -408.33% | — | 800.00% | — | — | 11.81% | 25.58% | -205.59% | — | 47.25% | -16.46% | 28.87% | 42.82% |
| Other Income | 0 | 0 | 3 | 0 | 0 | 12 | 14 | 48 | 0 | 20 | 6 | 10 | 250 |
| Interest | 4 | 4 | 5 | 6 | 5 | 22 | 7 | 13 | 2 | 15 | 10 | 10 | 96 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 10 | 10 | 10 | 0 | 10 | 9 | 9 | 84 |
| -6 | -6 | -4 | -7 | -5 | -8 | 22 | -157 | -3 | 103 | -28 | 96 | 1,609 | |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -68.64% | 114.18% | -4.25% | 4.00% | 27.12% | 384.36% | -101.54% | 12.33% |
| Net Profit | 0 | 0 | 0 | 0 | -5 | -56 | -55 | -518 | -3 | 75 | 78 | 194 | 1,410 |
| -1 | -1 | -0 | -1 | -1 | -0 | -0 | -1 | -0 | 0 | 0 | 1 | 1 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 310 | 223 | 233 | 171 | 225 | 168 | 1 | 0 | 0 | 0 | 4,048 | |
| 225 | 193 | 182 | 173 | 453 | 168 | 96 | 12 | 5 | 8 | 2,714 | |
| Operating Profit | 85 | 31 | 51 | -2 | -227 | 0 | -94 | -12 | -5 | -8 | 1,333 |
| OPM % | 27.29% | 13.74% | 21.82% | -1.22% | -100.88% | 0.11% | -7433.86% | -11209.09% | -24550.00% | — | 32.94% |
| 3 | 20 | 32 | 179 | 123 | 79 | 21 | 186 | 3 | 1 | 221 | |
| Interest | 45 | 36 | 43 | 42 | 130 | 125 | 57 | 87 | 19 | 60 | 131 |
| Depreciation | 36 | 27 | 28 | 26 | 32 | 29 | 2 | 1 | 0 | 0 | 111 |
| Profit before Tax | 6 | -13 | 12 | 108 | -267 | -75 | -132 | 85 | -22 | -68 | 1,781 |
| Tax % | -17.65% | -0.86% | 36.80% | 27.96% | -9.91% | -17.27% | -10.63% | -12.00% | -0.00% | -0.01% | 1.27% |
| Net Profit | 7 | -13 | 8 | 78 | -293 | -88 | -146 | 95 | -22 | -68 | 1,758 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -10.58 | -14.51 | 9.44 | -2.19 | -6.91 | — |
| Dividend Payout % | 0.00% | 0.00% | 159.52% | 13.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- -30%
- 5 Years:
- -54%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 10 | 11 | 18 | 18 | 18 | 20 | 20 | 20 | 20 | |
| Minority Interest | 0 | -5 | 0 | 80 | 85 | 92 | 0 | 0 | 0 | 0 |
| 877 | 310 | 370 | 1,371 | 290 | 394 | -314 | -243 | -254 | -296 | |
| 539 | 787 | 672 | 374 | 1,138 | 1,031 | 511 | 214 | 244 | 263 | |
| Trade Payables | 47 | 28 | 19 | 21 | 32 | 37 | 39 | 31 | 31 | 28 |
| 582 | 19 | 147 | 99 | 121 | 53 | 37 | 15 | 5 | 9 | |
| Total Liabilities | 2,055 | 1,149 | 1,219 | 1,963 | 1,684 | 1,625 | 294 | 38 | 46 | 24 |
| 937 | 604 | 502 | 420 | 355 | 235 | 6 | 1 | 0 | 0 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| 0 | 0 | 222 | 874 | 541 | 589 | 48 | 22 | 31 | 3 | |
| 20 | 16 | 18 | 21 | 28 | 26 | 1 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 16 | 26 | 26 | 11 | 11 | 27 | 1 | 0 | 0 | 19 |
| 1,082 | 502 | 452 | 636 | 748 | 748 | 237 | 14 | 14 | 2 | |
| Total Assets | 2,055 | 1,149 | 1,219 | 1,963 | 1,684 | 1,625 | 294 | 38 | 46 | 24 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 185 | -525 | -77 | -165 | -220 | 817 | -482 | -12 | -12 | 5 | |
| Cash from Investing | -271 | 571 | -19 | -549 | -499 | 179 | 328 | 223 | 0 | 54 |
| Cash from Financing | 107 | -30 | 97 | 709 | 717 | -1,004 | 157 | -212 | 12 | -41 |
| 4 | 13 | 2 | -14 | -0 | 16 | -2 | -1 | -0 | 19 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Indiabulls Limited has informed the Exchange regarding 'acquisition of 70% of the issued, subscribed and paid-up equity share capital of Fintech Cloud Private Limited and execution of definitive agreement , in this regard'.
2026-09-11 - Indiabulls Limited has informed the Exchange about Acquisition of 70% of the issued, subscribed and paid-up equity share capital of the Fintech Cloud Private Limited and execution of definitive agreement, in this regard.
2026-09-04 - Indiabulls Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-03 - Indiabulls Limited has informed the Exchange regarding 'Submission of certificates in compliance with the provisions of Corporate Governance and Non-disqualification of Directors, as required under Regulation 34(3) read with Schedule-V to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ( SEBI Listing Regulations )'.
2026-09-03 - Indiabulls Limited has informed the Exchange regarding 'Notice convening 19th Annual General Meeting of Members of Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) ( the Company ), along with Annual Report of Financial Year 2025-26'.
2026-09-03 - Indiabulls Limited has informed the Exchange regarding 'Submission of Business Responsibility and Sustainability Report of Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) ( the Company ) for the financial year ended March 31, 2026. '.
2026-09-03 - Indiabulls Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-02 - The Exchange had sought clarification from Indiabulls Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
2026-09-01 - Indiabulls Limited has informed the Exchange about Copy of Newspaper Publication
News
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