IBULLSLTDNSEQ4 FY26May 6, 2026

Indiabulls Limited

5,976words

114turns

9analyst exchanges

7executives

Download PDF ↗IBULLSLTD stock page →

Management on call

Gurbans Singh

EXECUTIVE CHAIRMAN – INDIABULLS LIMITED

Divyesh Shah

EXECUTIVE DIRECTOR AND

Rajeev Agrawal

CHIEF FINANCIAL OFFICER

Saurabh Garg

FINANCE DIRECTOR – INDIABULLS LIMITED

Manish Rustogi

VICE PRESIDENT, ACCOUNTS

Sidharth Nathani

HEAD INVESTOR

Ayushi Gupta

MUFG

Key numbers — 40 extracted

rs,

exited these businesses. We went through an extensive restructuring exercise spanning nearly 3 years, resulting in the merger of 17 group entities, including Dhani Services Limited and Indiabulls Ente

INR879

formational year for the company following the merger. For the full year, we delivered revenue of INR879* crores, supported by improving operating performance with profit after tax of INR346 crores. T

INR346 crore

revenue of INR879* crores, supported by improving operating performance with profit after tax of INR346 crores. The fourth quarter marked a strong finish to the year, with Q4 FY26 revenue of INR417 crores*

INR417 crore

of INR346 crores. The fourth quarter marked a strong finish to the year, with Q4 FY26 revenue of INR417 crores* and PAT of INR195 crores*, driven primarily by contribution from our real estate operation, g

INR195 crore

rth quarter marked a strong finish to the year, with Q4 FY26 revenue of INR417 crores* and PAT of INR195 crores*, driven primarily by contribution from our real estate operation, giving us a profit of INR143

INR143 crore

5 crores*, driven primarily by contribution from our real estate operation, giving us a profit of INR143 crores. This year-end performance provides a steady starting point as we move into FY27. *Note: For F

INR880.78 crore

provides a steady starting point as we move into FY27. *Note: For FY26, we delivered revenue of INR880.78 crores and for the fourth quarter FY26 revenue stood at INR418.39 crores and PAT at INR194.26 crores.

INR418.39 crore

r FY26, we delivered revenue of INR880.78 crores and for the fourth quarter FY26 revenue stood at INR418.39 crores and PAT at INR194.26 crores. Going forward, the company operates with a clear focus on profits a

INR194.26 crore

of INR880.78 crores and for the fourth quarter FY26 revenue stood at INR418.39 crores and PAT at INR194.26 crores. Going forward, the company operates with a clear focus on profits across two primary verticals,

80%

unway for growth. Real estate is the dominant earning driver and is expected to contribute nearly 80% of group profit. This is no longer a pipeline story but an active contracted revenue engine, cons

INR21,000

f both owned projects and signed up with JV partners, with total GDV potential of approximately INR21,000 plus crores and a sellable area of exceeding 1.1 crore lakh square feet, spanning residential, com

1.1 crore

with total GDV potential of approximately INR21,000 plus crores and a sellable area of exceeding 1.1 crore lakh square feet, spanning residential, commercial, plotted, and mixed-use development across Gur

Advertisement

Guidance — 20 items

Ayushi Gupta

opening

“I welcome you to the Q4 and FY26 Earnings Conference Call of Indiabulls Limited.”

Divyesh Shah

opening

“Following multiple regulatory approvals, including NCLT approval granted in Q3 FY25, the merged entity was subsequently renamed Indiabulls Limited and was listed in December 2025.”

Divyesh Shah

opening

“Let me now begin with the financial performance for Q4 and FY26.”

Divyesh Shah

opening

“FY26 was a transformational year for the company following the merger.”

Divyesh Shah

opening

“The fourth quarter marked a strong finish to the year, with Q4 FY26 revenue of INR417 crores* and PAT of INR195 crores*, driven primarily by contribution from our real estate operation, giving us a profit of INR143 crores.”

Divyesh Shah

opening

“This year-end performance provides a steady starting point as we move into FY27.”

Divyesh Shah

opening

“*Note: For FY26, we delivered revenue of INR880.78 crores and for the fourth quarter FY26 revenue stood at INR418.39 crores and PAT at INR194.26 crores.”

Divyesh Shah

opening

“Going forward, the company operates with a clear focus on profits across two primary verticals, Real Estate and Financial Services.”

Divyesh Shah

opening

“Key launch projects in FY26 include Indiabulls Estate and Club Sector 104, the first phase, where over 75% of inventory has been already sold.”

Divyesh Shah

opening

“Going back to the FY26 numbers, we sold about 21.6 lakh square feet throughout the year, and Q4 FY26 marks the first quarter of real estate revenue recognition in the company's books.”

Risks & concerns — 4 flagged

However, over time, we recognized that fintech lending to faceless customers suffers from structurally weak unit economics, challenges in underwriting and collection, and an inability to generate sustainable profits.

— Divyesh Shah

It is difficult to give a quarter-to-quarter guidance knowing the nature of the business, but this is a trajectory and it is grounded, driven by already signed and approved projects, upcoming launches of approximately 40 lakh square feet in the current financial year with a GDV of INR6,000 plus crores, and a strong future pipeline of 42 lakh square feet valued at INR11,900 plus crores.

— Divyesh Shah

Financial services will continue to build steadily, adding to the base in a capital-efficient and low-risk manner.

— Divyesh Shah

So, what are the litigations that are going on against us currently, or better if you can understand the potential financial impact of these litigations that we can face overall, if you have any internal assessment for the same?

— Gunit Singh

Advertisement

Q&A — 9 exchanges

Hi, congratulations on the numbers and thank you for this opportunity. So, I would like to understand, we have about 17 subsidiaries. So, what are the litigations that are going on against us currently, or better if you can understand the potential financial impact of these litigations that we can face overall, if you have any internal assessment for the same?

Divyesh Shah

Hi Gunit. These 17 subsidiaries which I spoke about have already been shut down because they were not doing any business. This was during the merger. We do not have any litigations going on and there is no financial implication to Indiabulls Limited. Okay, so going forward in the future, we do not expect any financial impact, any exceptional items to come in like any previous litigation No, no, nothing. Nothing? Nothing at all. Indiabulls Limited has no litigations, no financial liabilities or anything from any litigation coming in. Except for the normal business cases which comes in, there ar

Great, thanks. So my first question is on the NBFC book. What is the I mean, I understand the book is about INR1,000 crores. What is the debt for NBFC business currently?

Divyesh Shah

No, NBFC has no debt. It's zero. Okay, so whatever the entire interest is basically the full spread.there is no like... Yeah, there is no debt of, there is nothing in that. Whatever comes, comes to the company. Right. And on the net basis now, what is the cash available with the company? I mean, there may be some debt in the broking business as well, I'm not sure. So what is the net, like the debt on total basis and debt and cash on total basis, gross basis? So let me tell you, the group has no debt. We all our businesses do not have any debt. The broking business also does not have any debt,

Yeah, hi, congratulations on the super set of numbers. I just wanted to know what's your lease rent which we are expecting from the Worli property?

Divyesh Shah

So we expect roughly about INR1,000 crores* of annual rent from the Worli property. INR1,000 crores, that's amazing. Yeah, it's actually a prime location and it will be one of our very good marquee buildings of our Indiabulls Limited, and we expect at least INR1,000 crores* of rental coming in from there. *Note: We expect roughly about 100-120 crores of annual rent from Indiabulls tower Prbhadevi, Mumbai Property based on the going market rates. And we have no plans of selling it out, just on the rental lease itself? Leasing it out. Yeah, you're right, it's just lease income, no plan to sell i

Thanks for the opportunity, sir. I wanted to know on the NBFC business side, what is the advances growth for FY26 and what will it be for FY27?

Divyesh Shah

Randhir, on the NBFC business, we are considering reducing the loan book slowly. So as of today we do not have any plans to disburse loans into this year or next year. When we do this we will inform the shareholders. As of now we are not doing existing growth in NBFC. Sir, how are you going to scale the broking business going forward? We are currently expanding broking business online. We have a team and we have launched quite a lot of products for the broking business. So, you will see this year there be many products launching from our broking company and the visibility will also be seen and

Yeah, hi, good evening Divyesh. First of all, many congratulations on the stellar set of numbers and finally starting the concalls again. So my question is in line with the Worli project. What is the timeline and the capex we are looking at because as you mentioned, the rental yield is almost 5x of the PAT we've done this year, in real estate. So what is the capex that will be needed for it and what will the timeline be?

Divyesh Shah

See, construction has already started and I think in the next three to four years, the project will be ready. It's actually a project which, you know, is a totally commercial building, so shouldn't take long for us to construct and take it up forward from the ground level. We looking at it's a roughly 2.5 lakh sellable square feet area and the going rates are anywhere between INR400 to INR450 rupees a rent per square feet. So I'm just catching the lower band of the price of INR400 rupees in a 2.5 lakh square feet is INR1,000 crores.*So we should expect from the fourth year onwards this rental

Yeah, hi sir, thank you for the opportunity. I had a couple of questions. So firstly, what would be the current level of unsold inventory across all launched projects and how are we committed to see the pricing discipline versus accelerating the sell-through? So could you just throw some light on that?

Divyesh Shah

Sorry, actually your voice was not audible. Could you please repeat the question? Sure. The current levels of inventory, the unsold inventory across all launched projects. I wanted to understand how committed are we in terms of the pricing discipline versus the acceleration of the sell-through of those projects? So what we've already launched initially to now, our project has appreciated by approximately 15% from a launch price. And when we had launched initially, it was, you know, there was no ground breaking, nothing was there, but now our project is already started, the work is seen. So def

Hi, hi, congratulations on the great set of numbers. Just wanted to understand what are the timelines you are looking at to convert the entire GDV into the P&L, including future launches, and when we mention the GDV, we include the element of the JV as well, as in the JV partners are included in the GDV numbers? Thank you.

Divyesh Shah

So, From today we looking roughly at seven years to actually cumulate everything into our balance sheet, since we've already launched a few projects last year, this year also our pipeline is fixed and ready to go. In the next six months, we'll know what the next year is going to be there. So, I think by 30-31 or at max to max 32, we should complete all this entire construction project and the money should come into our balance sheet. Yes, GDV does include the JV partners. This includes everything. JV partners are included in this GDV. Sorry, could you please repeat? I was not able to understan

Hi, good afternoon and thank you for this opportunity and thank you to the Indiabulls team for getting this concall series started after a long time and getting back into practice. I've got a few things to ask, and it is primarily regarding the broking business and the Spring Cash business which is run in the US or which we are a party to it. To the broking business, I have a question? So, this has been the origin for Indiabulls Group when it started 25 years back. In this 25 years, a lot of new comers have come in, Zerodha came in, Groww came in, I think just two I'm listing down, but then th

Divyesh Shah

So, the broking business, as I said, it took us about three years for restructuring and setting everything in right and that's how the broking business suffered a bit. So hence, and as you rightly said, broking business was the starter of this group. So, our focus is on the broking business and as I said, we got a new team for focusing on the online discount broking side. So, we will drive this businesses. There are number of players in the market, but I'm definitely sure that the market is so big that a player with a good product and a great tech stack will do wonders. And I'm sure that India

Thank you. I would like to thank the management for taking the time out for their conference call today and also thank all the participants. If you have any queries, please feel free to contact us. We are MUFG Intime Private Limited, investor relation advisors for Indiabulls Limited. Thank you so much.

Management

Speaking time

Divyesh Shah

Gunit Singh

Moderator

Amit Mehendale

Varun Mishra

Randhir Singh

Abhinav

Abhijit Mahajan

Vikas

Keshav Goyal

Advertisement

Opening remarks

Ayushi Gupta

Thank you. Good evening, ladies and gentlemen. I welcome you to the Q4 and FY26 Earnings Conference Call of Indiabulls Limited. To discuss this quarter's performance, we have from the management Mr. Gurbans Singh, Executive Chairman; Mr. Divyesh Shah, Executive Director and CEO; Mr. Rajiv Agarwal, CFO; Mr. Saurabh Garg, Finance Director; Mr. Manish Rustogi, VP Accounts and Finance; and Mr. Saket Nathani, Head IR. Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Without further ado, I would like to hand over the call to the management for their opening remarks and then we can open the floor for Q&A. Thank you and over to you, sir.

Divyesh Shah

Thank you, Ayushi. Good afternoon, everyone, and thank you for joining the Q4 and FY26 earnings update call of Indiabulls Limited. After a long gap, we are resuming our earnings call from this quarter, and this is to share our vision and the way forward for Indiabulls Limited. To provide a quick recap, in the past, the company ventured into digital consumer lending and e-commerce business, which at that time appeared attractive and scalable. However, over time, we recognized that fintech lending to faceless customers suffers from structurally weak unit economics, challenges in underwriting and collection, and an inability to generate sustainable profits. Recognizing that profitability and preservation of capital is non-negotiable at Indiabulls, we exited these businesses. We went through an extensive restructuring exercise spanning nearly 3 years, resulting in the merger of 17 group entities, including Dhani Services Limited and Indiabulls Enterprises Limited, into Yaari Digital Integr

Advertisement

← All transcripts IBULLSLTD stock page →

Indiabulls Limited

Market Movers