Demerger Spin Off Value Unlock
Expected: Q3 FY26HIGH confidence
What: Corporate Structure: Unified
Indiabulls Limited: Why Is It Outperforming Nifty 500?
ActiveRS +89.0%StrongRe-Entry
In , Indiabulls Limited (Diversified) is outperforming Nifty 500 with +89.0% relative strength. Fundamentals: Strong.
Indiabulls Limited Key Facts
- PE Ratio
- 14.3x
- Market Cap
- ₹4,632 Cr
- PAT Growth YoY
- +218%
- Revenue Growth YoY
- +301%
- OPM
- 42.0%
- RS vs Nifty 500
- +89.0%
PE: Early ExpansionStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
🌐FII stake increased 1.3% this quarter
💰Trading 55% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Demerger Spin Off Value Unlock
Q3 FY26HIGH
2. Operating Leverage Inflection
Q4 FY26 onwardsHIGH
Key Risks
1. Ongoing PIL in Supreme Court alleging siphoning of funds and financial irregular
HIGH2. Temporary halt in construction due to GRAP Stage 3/4 restrictions in the NCR reg
MEDIUMSector-Specific Signals
Real Estate Pipeline140.65 lakh sq ft
Securities AUM₹68,000 Cr4.6%
ARC Assets Under Collection₹3,800 Cr
Avg Brokerage per Customer₹8,000
Key Numbers
PAT Growth YoY
+218%
Stable
Revenue YoY
+301%
Stable
Operating Margin
42.0%
+22200 bps YoY
PE Ratio
14.3
Current Price
₹20
Fundamental Score
62/100
Strong
3Y PAT CAGR
+54%
Market Cap
4.6K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Indiabulls Limited's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 19, 2026
Operating Leverage Inflection
Expected: Q4 FY26 onwardsHIGH confidence
What: Profit Recognition: Q4 FY26
Impact: ₹9,155 Cr Net Margin
What Are the Key Risks for Indiabulls Limited?
Earnings deceleration risks from management commentary
Ongoing PIL in Supreme Court alleging siphoning of funds and financial irregular
HIGHTrigger: Ongoing PIL in Supreme Court alleging siphoning of funds and financial irregularities by former promoters.
Management view: Company denies allegations, stating they are speculative and that loans were backed by sufficient securities.
Monitor: litigation
Temporary halt in construction due to GRAP Stage 3/4 restrictions in the NCR reg
MEDIUMTrigger: Temporary halt in construction due to GRAP Stage 3/4 restrictions in the NCR region.
Management view: Monitoring situation; projects expected to progress steadily once restrictions lift.
Monitor: regulatory
What Did Indiabulls Limited Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹102.6 Cr
YoY -8.9%QoQ -60.02%
Revenue saw a sharp sequential decline following the first full quarter of operations post-merger.
EBITDA
₹-8.61 Cr
YoY -75.22%Margin -8.39%
The company reported an operating loss as expenses outpaced revenue during the restructuring transition.
PAT
₹78.4 Cr
YoY +2587.94%QoQ +4.06%
PAT remained positive and grew slightly QoQ despite operating losses, likely aided by deferred tax assets and non-operating income.
Other Highlights
• Consolidated net worth restated following the merger of Dhani Services and Indiabulls Enterprises.
• Paid-up equity share capital stood at ₹464.87 crore as of December 31, 2025.
• Company transitioned from a digital services firm into a diversified real estate and financial services conglomerate.
What Sector Metrics Matter for Indiabulls Limited?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Real Estate Pipeline
140.65 lakh sq ft
Why: Maintained across owned and joint venture projects.
Securities AUM
₹68,000 Cr
YoY 4.6%QoQ 4.6%
Why: Increased from ₹65,000+ Cr despite volatile market conditions.
ARC Assets Under Collection
₹3,800 Cr
Why: Scaled through new institutional portfolio acquisitions.
Avg Brokerage per Customer
₹8,000
Why: Remained stable despite challenging market conditions.
Debt to EBITDA
3.58x
Why: Reflects a strained ability to service debt obligations due to operating losses.
Brokerage Customer Growth
88%
YoY 88%
Why: Reflects 9-month YoY growth in the stock broking segment.
What Is Indiabulls Limited's Management Guidance?
Forward-looking targets from management for FY26
Revenue Outlook
₹3000+ Cr
Margin Outlook
Estimated net margin of ₹9,155 crore from the total development pipeline.
Management Tone: BULLISH
How Fast Is Indiabulls Limited Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +301% | — | Stable |
| PAT (Net Profit) | +218% | +54% | Stable |
| OPM | 42.0% | +22200 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
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Frequently Asked Questions: Indiabulls Limited
Based on publicly available financial data. This is educational research, not investment advice.
What were Indiabulls Limited's latest quarterly results?
Indiabulls Limited's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +218.3% (stable)
- Revenue Growth YoY: +301.0%
- Operating Margin: 42.0% (volatile)
Is Indiabulls Limited's profit growing or declining?
Indiabulls Limited's profit is growing with an stable trend.
- PAT Growth YoY: +218.3% (latest quarter)
- PAT Growth QoQ: +148.7% (sequential)
- 3-Year PAT CAGR: +53.9%
- Trend: Stable — consistent growth pattern
What is Indiabulls Limited's revenue growth trend?
Indiabulls Limited's revenue growth trend is stable.
- Revenue Growth YoY: +301.0%
- Revenue Growth QoQ: +321.6% (sequential)
How is Indiabulls Limited's operating margin trending?
Indiabulls Limited's operating margin is volatile.
- Current OPM: 42.0%
- OPM Change YoY: +222.0% basis points
- OPM Change QoQ: +57.0% basis points
What is Indiabulls Limited's 3-year profit and revenue CAGR?
Indiabulls Limited's long-term compounding rates
- 3-Year Profit CAGR: +53.9%
Is Indiabulls Limited's growth accelerating or decelerating?
Indiabulls Limited's earnings growth is stable with positive momentum on a sequential basis.
- YoY Acceleration: 0.0% bps
- Sequential Acceleration: +46.0% bps
What is Indiabulls Limited's trailing twelve month (TTM) performance?
Indiabulls Limited's trailing twelve month (TTM) performance
- TTM PAT: ₹345 Cr
- TTM PAT Growth: +100.0% YoY
- TTM Revenue: ₹834 Cr
- TTM Revenue Growth: +100.0% YoY
- TTM Operating Margin: 33.2%
Is Indiabulls Limited overvalued or undervalued?
Indiabulls Limited appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 14.3x
- Price-to-Book: 1.5x
What is Indiabulls Limited's current PE ratio?
Indiabulls Limited's current PE ratio is 14.3x.
- Current PE: 14.3x
- Market Cap: 4.6K Cr
How does Indiabulls Limited's valuation compare to its history?
Indiabulls Limited's current PE is 14.3x.
- Current PE: 14.3x
- Valuation Assessment: Significantly Overvalued
What is Indiabulls Limited's price-to-book ratio?
Indiabulls Limited's price-to-book ratio is 1.5x.
- Price-to-Book (P/B): 1.5x
- Book Value per Share: ₹13
- Current Price: ₹20
Is Indiabulls Limited a fundamentally strong company?
Indiabulls Limited is rated Strong with a fundamental score of 62/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +301.0% (10% weight)
- PAT Growth YoY: +218.3% (10% weight)
- PAT Growth QoQ: +148.7% (10% weight)
- Margins stable (10% weight)
Is Indiabulls Limited debt free?
Indiabulls Limited has a debt-to-equity ratio of N/A.
- Total Debt: ₹459 Cr
What is Indiabulls Limited's return on equity (ROE) and ROCE?
Indiabulls Limited's return ratios over recent years
- FY2024: ROCE -338.0%
- FY2026: ROCE 16.0%
Is Indiabulls Limited's cash flow positive?
Indiabulls Limited's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹194 Cr
- Free Cash Flow (FCF): ₹232 Cr
- CFO/PAT Ratio: 56% (adequate)
What is Indiabulls Limited's dividend yield?
Indiabulls Limited currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹20
Who holds Indiabulls Limited shares — promoters, FII, DII?
Indiabulls Limited's shareholding pattern (Mar 2026)
- Promoters: 32.9%
- FII (Foreign): 17.0%
- DII (Domestic): 0.2%
- Public: 46.0%
Is promoter holding increasing or decreasing in Indiabulls Limited?
Indiabulls Limited's promoter holding has remained stable recently.
- Current Promoter Holding: 32.9% (Mar 2026)
- Previous Quarter: 32.9% (Dec 2025)
- Change: 0.00% (stable)
How long has Indiabulls Limited been outperforming Nifty 500?
Indiabulls Limited has been outperforming Nifty 500 for 2 consecutive weeks, indicating early-stage outperformance.
Is Indiabulls Limited a new momentum entry or an established outperformer?
Indiabulls Limited is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for Indiabulls Limited?
Indiabulls Limited has 2 key growth catalysts identified from recent earnings analysis
- Demerger Spin Off Value Unlock — The merger streamlines the corporate structure and enables a unified focus on real estate and financial services.
- Operating Leverage Inflection — Commencement of project profit recognition will likely pivot the company from operating losses to sustainable profitability.
What are the key risks in Indiabulls Limited?
Indiabulls Limited has 2 key risks worth monitoring
- [HIGH] Ongoing PIL in Supreme Court alleging siphoning of funds and financial irregular — Ongoing PIL in Supreme Court alleging siphoning of funds and financial irregularities by former promoters.
- [MEDIUM] Temporary halt in construction due to GRAP Stage 3/4 restrictions in the NCR reg — Temporary halt in construction due to GRAP Stage 3/4 restrictions in the NCR region.
What is Indiabulls Limited's management guidance for growth?
Indiabulls Limited's management has provided the following forward guidance for FY26
- Revenue outlook: ₹3000+ Cr
- Margin outlook: Estimated net margin of ₹9,155 crore from the total development pipeline.
- Management tone: bullish
What sector-specific metrics matter most for Indiabulls Limited?
Indiabulls Limited's most important sub-sector-specific KPIs from the latest concall
- Real Estate Pipeline: 140.65 lakh sq ft — Maintained across owned and joint venture projects.
- Securities AUM: ₹68,000 Cr (YoY 4.6%) (QoQ 4.6%) — Increased from ₹65,000+ Cr despite volatile market conditions.
- ARC Assets Under Collection: ₹3,800 Cr — Scaled through new institutional portfolio acquisitions.
- Avg Brokerage per Customer: ₹8,000 — Remained stable despite challenging market conditions.
- Debt to EBITDA: 3.58x — Reflects a strained ability to service debt obligations due to operating losses.
- Brokerage Customer Growth: 88% (YoY 88%) — Reflects 9-month YoY growth in the stock broking segment.
Is Indiabulls Limited worth studying for long term investment?
Based on quantitative research signals, here is why Indiabulls Limited may be worth studying
- Earnings growing at +218.3% YoY
- Cash flow is positive — CFO ₹194 Cr
What is the investment thesis for Indiabulls Limited?
Indiabulls Limited investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +301.0% YoY
- Growth catalyst: Demerger Spin Off Value Unlock
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Ongoing PIL in Supreme Court alleging siphoning of funds and financial irregular
What is the future outlook for Indiabulls Limited?
Indiabulls Limited's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Demerger Spin Off Value Unlock
- Key Risk: Ongoing PIL in Supreme Court alleging siphoning of funds and financial irregular
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.