Indiabulls Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2012 • Construction & Development Of Real Estate Projects: 80.4% • Trading: 19.6%
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
- Company has a healthy return on capital (ROCE) of 30.6%
- Promoters have been increasing their shareholding - up 5.4pp over 2 years
- Latest quarter profit grew 201.3% 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 equity of 0.0% over last 3 years
- Interest coverage is weak at -0.1x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.00x)
- Operating cash flow has been negative in recent years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ETERNAL | 320.00 | 713.19 | 308811.22 | 0.00 | 92.00 | 268.00 | 20211.00 | 182.00 | 3.29 | 2.94 |
| MEESHO | 216.95 | 70.22 | 100365.86 | 0.00 | -1328.35 | -359.07 | 37128.11 | 1382.83 | -41.16 | -6.05 |
| NYKAA | 343.00 | 383.58 | 98245.31 | 0.00 | 79.76 | 225.95 | 2782.00 | 29.10 | 20.15 | 8.48 |
| SWIGGY | 283.25 | 0.00 | 78185.88 | 0.00 | -791.00 | 33.92 | 6812.00 | 37.31 | -27.59 | -9.56 |
| INDIAMART | 1672.95 | 20.39 | 10061.65 | 3.59 | 172.20 | 12.18 | 414.40 | 11.37 | 28.39 | 31.83 |
| SHIPROCKET | 132.60 | 0.00 | 9647.68 | 0.00 | -137.14 | — | 5920.87 | — | -3.02 | -1.84 |
| FIRSTCRY | 172.65 | 70.72 | 9013.89 | 0.00 | -43.95 | 33.91 | 2106.23 | 13.08 | -0.20 | 2.83 |
| IBULLSLTD | 25.09 | 13.96 | 5851.50 | 0.00 | 1410.20 | 53516.67 | 3594.50 | — | 0.00 | 42.82 |
| MSTCLTD | 760.10 | 22.84 | 5351.10 | 2.07 | 58.22 | 37.50 | 94.24 | 21.71 | 30.28 | 61.36 |
| ISFT | 82.55 | 9.81 | 134.65 | 0.00 | 4.54 | 10.85 | 139.63 | 8.25 | 6.12 | 3.50 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 9 | 3 | 2 | 0 | 4 | 5 | 5 | 345 | |
| 1 | 1 | 1 | 1 | 0 | 17 | 28 | 77 | 1 | 56 | 11 | 39 | 414 | |
| Operating Profit | -1 | -1 | -1 | -1 | -0 | 4 | -13 | -62 | -1 | -43 | 4 | 34 | 194 |
| OPM % | — | — | — | — | — | 49.32% | -524.60% | -2800.45% | — | -963.80% | 84.41% | 726.81% | 56.33% |
| Other Income | 0 | 0 | 3 | 0 | 1 | 1 | 0 | 41 | 0 | 2 | 0 | 5 | 186 |
| Interest | 9 | 9 | 10 | 14 | 11 | 20 | 5 | 14 | 8 | 21 | 22 | 21 | 229 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 4 | 0 | 4 | 4 | 4 | 35 |
| -10 | -11 | -8 | -14 | -11 | -18 | -22 | -39 | -9 | -65 | -21 | 14 | 116 | |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -5.78% | 12.85% | -5.19% | -0.00% | -0.06% | 2.25% | -367.48% | 25.15% |
| Net Profit | -10 | -11 | -8 | -14 | -11 | -19 | -19 | -41 | -9 | -65 | -20 | 64 | 87 |
| -1 | -1 | -1 | -1 | -1 | -0 | -0 | -0 | -1 | -0 | -0 | 0 | 0 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 13 | 6 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 359 | |
| 16 | 9 | 4 | 14 | 8 | 7 | 90 | 10 | 4 | 8 | 521 | |
| Operating Profit | -3 | -3 | -3 | -14 | -8 | -6 | -89 | -10 | -4 | -8 | -162 |
| OPM % | -21.72% | -45.53% | -237.47% | -46533.33% | -13550.00% | -6410.00% | -12748.57% | -8654.55% | — | — | -44.98% |
| 4 | 32 | 11 | 44 | 9 | 5 | 20 | 530 | 4 | 1 | 193 | |
| Interest | 0 | 0 | 2 | 0 | 18 | 85 | 99 | 106 | 42 | 82 | 292 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 1 | 0 | 0 | 46 |
| Profit before Tax | 0 | 30 | 7 | 30 | -19 | -88 | -170 | 413 | -43 | -90 | 44 |
| Tax % | -75.19% | 36.95% | 68.48% | 26.55% | -17.91% | -0.00% | -0.00% | -0.05% | -0.00% | -0.00% | -47.70% |
| Net Profit | 1 | 19 | 2 | 22 | -22 | -88 | -170 | 413 | -43 | -90 | 65 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -9.86 | -16.94 | 41.12 | -4.39 | -9.08 | — |
| Dividend Payout % | 0.00% | 0.00% | 240.50% | 0.00% | 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:
- -3%
- 5 Years:
- -7%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
| 781 | 571 | 628 | 1,575 | 1,600 | 1,492 | -418 | -25 | -60 | -132 | |
| 0 | 252 | 252 | 0 | 223 | 1,174 | 1,059 | 464 | 508 | 564 | |
| Trade Payables | 0 | 2 | 0 | 3 | 0 | 0 | 39 | 31 | 31 | 28 |
| 8 | 2 | 107 | 50 | 19 | 5 | 53 | 5 | 3 | 9 | |
| Total Liabilities | 799 | 837 | 998 | 1,645 | 1,860 | 2,687 | 753 | 495 | 502 | 488 |
| 0 | 0 | 0 | 2 | 5 | 2 | 6 | 1 | 0 | 0 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| 370 | 414 | 625 | 1,186 | 905 | 897 | 509 | 477 | 484 | 463 | |
| 5 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 3 | 0 | 1 | 0 | 1 | 2 | 1 | 0 | 0 | 19 |
| 421 | 421 | 372 | 456 | 949 | 1,786 | 238 | 18 | 18 | 7 | |
| Total Assets | 799 | 837 | 998 | 1,645 | 1,860 | 2,687 | 753 | 495 | 502 | 488 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 2 | -5 | -8 | -7 | 442 | -654 | -6 | -2 | 7 | |
| Cash from Investing | -12 | -4 | -149 | -605 | -204 | -831 | 433 | 222 | 0 | 38 |
| Cash from Financing | -0 | -0 | 156 | 617 | 219 | 389 | 219 | -218 | 2 | -27 |
| 2 | -3 | 0 | -0 | 0 | 1 | -2 | -0 | -0 | 19 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-09-04 - 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
2026-08-31 - Indiabulls Limited has informed the Exchange regarding Convening of 19th Annual General Meeting of the Company.
2026-08-26 - Indiabulls Limited has informed the Exchange about Resignation of Director/KMP/SMP
News
Recent coverage and analyst commentary for IBULLSLTD
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