Indiabulls Limited

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Indiabulls Limited trades at ₹27.3, in a confirmed uptrend and 12 weeks into that stage. That is +41.1% against its own 200-day average. It sits at 84% of a 52-week range of ₹9 to ₹31. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 22 straight weeks.

Today the stock is in a confirmed uptrend — week 12 of stage 2, confirmed. At ₹27.3 it trades +41.1% versus its 200-day average and sits at 84% of its 52-week range (₹9–₹31).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +131% while the NIFTY 500 moved +276% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 22 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Indiabulls Limited trades at 13.2× P/E, near the bottom of its own range — cheaper only 35% of the time. Its long-run median P/E is 15.8×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 13.2× is near the bottom of its own range — cheaper only 35% of the time, against a long-run median of 15.8× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

The price move, decomposed: over 10y, of the +0.5%/yr price move, ~−5.0%/yr came from earnings growth and ~+5.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 100% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Indiabulls Limited reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

61.6/100 — rank 1 of 20 in Diversified · 67% evidence confidence

Indiabulls Limited scores 61.6 out of 100 against the 20 companies it is compared with in Diversified, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.3 + 14.2 + 10.6 + 18.5 = 61.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Indiabulls Limited reported ₹359 Cr of revenue in the Jun 26 quarter, +290.2% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 10.4% a year. The last full year, FY26, came in at ₹833 Cr. The last four reported quarters add to ₹1,101 Cr.

FY26 revenue came in at ₹833 Cr (null on the year), capping 10 years at 10.4% compound. The latest quarter (Jun 26) printed ₹359 Cr, +290.2% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +172.0% growth against the decade's 10.4% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Indiabulls Limited's operating margin is 43.0% in the Jun 26 quarter, +28.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 11 fiscal years the operating margin has ranged −7,349.0% to 33.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 43.0%, +28.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged −7,349.0%–33.0%, and FY26's 33.0% is the top of that band — a record year.

Why the margin moved: operating margin went +28.1 pp year on year while gross margin went −10.7 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Indiabulls Limited earned ₹141 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹346 Cr. The 10-year compound rate is 47.7%. That is 39.3% of the quarter's revenue. The same quarter a year earlier lost ₹2.0 Cr. 8 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹141 Cr, null year on year. On the full year, FY26 printed ₹346 Cr (null), and the 10-year compound rate is 47.7%.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 2% of Indiabulls Limited's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹194 Cr of operating cash against ₹346 Cr of profit. After ₹608 Cr of capital spending, ₹−414 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹194 Cr against reported profit of ₹346 Cr, leaving free cash of ₹−414 Cr after ₹608 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 2% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 2%: the cash cycle stretched 507 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 507 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Indiabulls Limited's cash conversion cycle runs 687 days in FY26, up from 180 days in FY21. Capital spending ran ₹607 Cr over the last 3 years. At FY26 sales of ₹833 Cr each day of that cycle holds about ₹2.3 Cr, so roughly ₹1,568 Cr sits inside the business at any moment.

FY26: debtors at 33 days, inventory at 1,151 days — roughly 37.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 687 days, looser than FY21's 180.

The full loop: cash goes out to suppliers and production on day 0; stock waits 1,151 days to sell; customers pay about 33 days after that; and suppliers themselves are paid at 497 days — netting out to the 687-day cycle.

In money terms: at FY26 sales of ₹833 Cr, each day of the cycle holds about ₹2.3 Cr — so the 687-day loop keeps roughly ₹1,568 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹607 Cr over the last 3 fiscal years against ₹37.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Indiabulls Limited earns a ROCE of 16% in FY26. That is up from a trough of −338% in FY24. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 41.5% net margin on 0.20× asset turns.

FY26 ROCE is 16%, recovered from a FY24 trough of −338% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 41.5% net margin × 0.20× asset turns × 1.35× balance-sheet leverage ≈ 11.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 100% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Indiabulls Limited carries ₹459 Cr of borrowings against ₹3,084 Cr of equity in FY26, a debt-to-equity of 0.15. Operating profit covers the interest bill 6×. Over 5 years borrowings went from ₹332 Cr to ₹459 Cr. Capital spending ran ₹607 Cr across the last 3 of those years.

FY26: borrowings of ₹459 Cr against equity of ₹3,084 Cr — a debt-to-equity of 0.15. Operating profit covers the interest bill 6×. Over 5 years borrowings went from ₹332 Cr to ₹459 Cr while capital spending ran ₹607 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 100% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 8.6 points of Indiabulls Limited over 8 quarters, the biggest move on the register. That takes foreign institutions to 17.1% of the company. Promoters moved +5.4 points over the same window, to 32.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +8.6 points over 8 quarters to 17.1%; Promoters: +5.4 points over 8 quarters to 32.9%; Domestic institutions: +0.1 points over 8 quarters to 0.1%.

Why the register moved: foreign institutions drove it (+8.6 points), alongside promoters (+5.4 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Indiabulls Limited: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions