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Indiabulls Limited Interim / Quarterly Report 2026
60328_rns_2026-04-29_ca57ae9f-daeb-4959-be5b-991f7069cfd7.pdf
Interim / Quarterly Report
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Indiabulls
Date: April 29, 2026
Scrip Code – 533520
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street,
MUMBAI – 400 001
IBULLSLTD
National Stock Exchange of India Limited
“Exchange Plaza”,
Bandra-Kurla Complex, Bandra (E).
MUMBAI – 400 051
Sub: Earning Update for the quarter and financial year ended March 31, 2026
Dear Sir,
Please find enclosed Earning Update of Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) for the quarter and financial year ended March 31, 2026, for your information and record.
Thanking you,
Yours truly,
For Indiabulls Limited
(formerly Yaari Digital Integrated Services Limited)
Ram Mehar
Digitally signed by Ram Mehar
Date: 2026.04.29 15:34:28 +05'00'
Ram Mehar
Company Secretary
Encl: as above
Indiabulls Limited
(formerly Yaari Digital Integrated Services Limited)
Registered Office: 5th Floor, Plot No. 108, IT Park, Udyog Vihar, Phase 1, Gurgaon – 122016, Haryana | Tel/Fax: 0124 6685800
Corporate Office: One International Center (formerly IFC), Tower - 1, 4th Floor, S. B. Marg, Elphinstone (W), Mumbai – 400013, Maharashtra | Tel: 022 62498580 | Fax: 022 61899600
CIN: L64200HR2007PLC077999, Website: www.indiabulls.com, Email: [email protected]
Indiabulls
INDIABULLS LIMITED
INVESTOR PRESENTATION | Q4 FY2026
Safe Harbor
Indiabulls
This presentation and the accompanying slides (the "Presentation"), which have been prepared by Indiabulls Limited (Formerly Yaari Digital Integrated Services Limited) (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.
Investor Presentation
Index
Indiabulls
Investor Presentation
| 01 | Company Overview |
|---|---|
| 02 | Real Estate Business |
| 03 | Stock Broking Business |
| 04 | Asset Reconstruction Business |
| 05 | SMB Platform |
| 06 | Annexure |
Indiabulls
Company Overview
Integrating Strengths. Redefining Business
Indiabulls
The Scheme of Arrangement between Dhani Services Limited, Indiabulls Enterprises Limited, into Yaari Digital Integrated Services Limited approved by the Hon’ble NCLT became effective on 14th October 2025, pursuant to which the merged entity operates as Indiabulls Limited.
Investor Presentation
Simplified Structure. Focused Execution
Indiabulls
With clearly defined verticals and a simplified structure, Indiabulls Limited is positioned for sharper and more focused execution.
Real Estate Operating Model
Capital-efficient real estate model leveraging joint ventures alongside wholly owned developments.
Diversified Business Verticals
Beyond real estate, the company operates across diversified business verticals including stock broking, asset reconstruction, digital payments, NBFC, and equipment leasing.
Leadership & Execution Capability
Each business vertical is led by an experienced independent team, ensuring focused execution, clear accountability, and sector-specific expertise.
Investor Presentation
Integrated Business Vertical Structure
Indiabulls
Investor Presentation
Financial Snapshot at a Glance – Q4 & FY26
Indiabulls
| Metric | Q4FY26 | FY26 |
|---|---|---|
| Revenue | ₹418.3 Cr | ₹880.7 Cr |
| Profit After Tax | ₹194.2 Cr | ₹346.1 Cr |
| Profit Margin % | 46.4% | 39.3% |
Key Business Highlights
- FY26 marked a transformational year post-merger, with a simplified structure and strategic pivot towards a real estate-led growth model
- Delivered strong financial performance in FY26, with Revenue of ₹880 Cr, reflecting strengthening operating performance; PAT stood at ₹346 Cr
- Q4FY26 performance reflects the impact of real estate operations, with Revenue of ₹418 Cr and PAT of ₹194 Cr, indicating strong momentum heading into FY27
- Real estate continues to anchor growth, contributing ~ ₹143 Cr at the earnings level in Q4FY26; supported by strong pipeline visibility
Strong earnings visibility ahead, with a healthy upward trajectory in profitability, driven by real estate development projects
Investor Presentation
Indiabulls
Real Estate Business
India's Structural Residential Real Estate Growth: Gurugram Emerges as a Key Market
Indiabulls
Residential Real Estate Market in India
Residential sales value (in ₹ Cr)
Amongst the tier I cities in the residential sales market, Gurugram's share rose from 6.1% in CY21 to 14.6% in CY25, underscoring its growing demand momentum
Gurugram's Ticket Size Analysis (in revenue)
In CY25, the average ticket size in gurugram increased by 30% yoy and units with a ticket size > Rs 5 crores accounted for 63% of total revenue
₹2–6 crore ticket-size segment reflects Indiabulls Limited's presence, backed by premiumisation and strong end-user demand
Growth Drivers of Dwarka Expressway
Metro Connectivity Boost
Proximity to IGI Airport
Strong Investment Appeal
Rising Aspirations of High-Income Individuals
Investor Presentation
Source: Anarock, CRE Matrix Research
Core Drivers for Real Estate Growth
Indiabulls
Customer-centric development
- Product planning driven by end-user preferences, lifestyle trends, and premium buyer expectations.
- Emphasis on efficient design, premium specifications, amenities, and overall liveability.
- Focus on creating communities that enhance residential experience and long-term satisfaction.
Execution-led value generation
- Upfront feasibility studies and detailed market assessments enable disciplined project selection.
- Focused portfolio in high-quality urban locations with strong demand and pricing power.
- Phased development approach enhances capital efficiency, supports steady cash flows, and maximise overall returns.
Strong Development Pipeline
- Diversified residential and commercial pipeline across owned and JV projects.
- Strong portfolio provides clear revenue visibility of ₹ 21k Cr across developments.
- Total saleable area of 110.52 lakh sqft underpins long-term growth visibility.
- Strong earnings visibility ahead, with a healthy upward trajectory in profitability, driven by real estate development projects.
Investor Presentation
12
₹21,366 Cr GDV Project Portfolio Across Stages
Indiabulls
| Project type | Last Year Launched (FY26) | Current Year Launches (FY27) | Next Year & Future Pipeline | |||
|---|---|---|---|---|---|---|
| Size (L Sqft) | Sales Potential (₹ Cr) | Size (L Sqft) | Sales Potential (₹ Cr) | Size (L Sqft) | Sales Potential (₹ Cr) | |
| Luxury (₹4cr.- ₹6 cr.) | 12.13 | 1,906 | 24.07 | 4,465 | 30.48 | 9,595 |
| Mid-income (₹2cr.- ₹4 cr.) | 16.54 | 1,487 | 12.70 | 953 | - | - |
| Commercial | - | To be leased | 2.97 | 611 | 11.63 | 2,349 |
| TOTAL | 28.67 L Sqft | ₹3,393 Cr | 39.74 L Sqft | ₹6,029 Cr | 42.11 L Sqft | ₹11,944 Cr |
Aggregate saleable area of 110.52 lakh sqft with a total GDV of ₹21,366 crore
Investor Presentation
Note: Upcoming launches may be executed in phases, subject to prevailing market conditions
GDV Build-Up Across Portfolio
Indiabulls
(in ₹ cr.)
Investor Presentation
13
Business Mix Across Geographies and Segments
Indiabulls
Presence in India
Segment Mix (Sqft)
Residential
Plotted Land
Commercial
Mixed Development
Geographic Mix (Sqft)
NCR
Mumbai
Ludhiana
Investor Presentation
Indiabulls
Operational Performance at Glance – FY26
(a s on 31st Mar, 2026)
Note: The figures presented include Indiabulls Estate & Club (Phase 1), Indiabulls Heights, and Indiabulls Green Avenue
Investor Presentation
R
Indiabulls
Revenue Recognition from Launched Projects during FY26
(in ₹ cr.)
| Owned | JV | ||||
|---|---|---|---|---|---|
| Projects | Indiabulls Estate & Club, Sector 104 (Phase 1) | Indiabulls Height, Sector 104 | Indiabulls Tower, Prabhadevi | Indiabulls Green Avenue, Kharkhoda | Grand Total |
| Location | Gurugram | Gurugram | Mumbai | NCR | |
| Category | Residential - Luxury | Residential – Mid Income | Commercial | Residential plots – Mid Income | |
| Sales Booked | 1,345 | 1,381 | To be leased | 26 | ₹2,752 Cr |
| Revenue recognized from Sales booked | 259 | - | - | - | ₹259 Cr |
| Balance Revenue to be recognized from Sales booked | 1,086 | 1,381 | - | 26 | ₹2,493 Cr |
Launched projects offer an estimated sales potential of ₹3,393 Cr
Investor Presentation
Visual Overview of Launched Projects
Indiabulls
Indiabulls Estate & Club, Sector 104, Gurugram
Indiabulls Green Avenue, Kharkhoda, NCR
Indiabulls Tower, Prabhadevi, Mumbai
Investor Presentation
Indiabulls
Project Launches in Current Financial Year (FY27)
| Owned | JV | ||||
|---|---|---|---|---|---|
| Projects | Indiabulls Estate & Club, Sector 104 | ||||
| Phase 3 | Sector 104 | Ludhiana | Sector 103 | Total | |
| Location | Gurugram | Gurugram | Ludhiana | Gurugram | - |
| Acre | Part of 24 Acre land | 5.37 | 5.79 | 2.38 | - |
| Category | Residential - Luxury | Residential - Luxury | Residential -Mid Income | Commercial | - |
| Sellable Area | 12.13 L Sqft | 11.94 L Sqft | 12.70 L Sqft | 2.97 L Sqft | 39.74 L Sqft |
| GDV (₹) | 2,548 Cr | 1,917 Cr | 953 Cr | 611 Cr | ₹6,029 Cr |
Investor Presentation
Indiabulls
Projects Launches in Next Financial Year & Future Pipeline
| Owned | |||||
|---|---|---|---|---|---|
| Projects | Indiabulls Estate & Club, Sector 104, Phase 4 | Sector 105 | Sector 99 | Sector 99A | Total |
| Location | Gurugram | Gurugram | Gurugram | Gurugram | - |
| Acre | Part of 24 Acre land | 6.5 | 2 | 3 | |
| Category | Residential - Luxury | Branded Residence | Commercial | Commercial | - |
| Sellable Area | 16.88 L Sqft | 13.60 L Sqft | 5.44 L Sqft | 6.19 L Sqft | 42.11 Sqft |
| GDV (₹) | 3,883 Cr | 5,712 Cr | 1,099 Cr | 1,250 Cr | ₹11,944 Cr |
₹3,393 Cr
Last year Launched (FY26)
₹6,029 Cr
Current Projects (FY27)
₹11,944 Cr
Future Launches
₹21,366 Cr
Total GDV
Investor Presentation
Indiabulls
Stock Broking
Indiabulls
Structural Trends in the Indian Stock Broking Industry
Indian Stock Brokerage Market
India's securities brokerage market, valued at USD 4.25 billion in 2025, is expected to grow to USD 6.21 billion by 2030
(in USD Bn)
Growth in Demat Accounts in India
Surge in investor base
Unique investors: Total (11+ Cr in 2025, up by ~2.5x from 2020); Mutual Funds (5.9 Cr in Dec'25)
Equitisation of Savings
Household savings allocation to stocks & mutual funds rose to 15%+ (2025) from ~2% (2012)
Wider product offerings
Access to a wide range of offerings such as IPOs, ETFs and derivatives. Monthly SIP inflows reached ~32k Cr in March 2026
Demographic dividend
Nearly 75% of new demat accounts are opened by individuals below 30 years of age, reflecting a young, digital-native investor base
Investor Presentation
Source: Mordor intelligence, Crisil, PIB, NSDL, CDSL
Business Scale and Engagement Metrics
Indiabulls
Broking Revenue (₹ Cr.)
Despite an industry-wide slowdown, broking revenue remained resilient, with momentum improving in Q4FY26
Client Addition
The Growth is driven by expansion into digital and discount broking
Investor Presentation
Strong Network and Offerings
Indiabulls
Products & Services
- Multiple Trading and Investment Alternatives:
- Equity & Derivatives (F&O): comprehensive offerings across delivery, intraday, and derivatives segments
-
Mutual Funds, IPOs, ETFs, Bonds
-
Indiabulls Algo – Advanced Trading Platform:
- Automated, rule-based trading with pre-built and customizable strategies
-
Enables efficient execution for both retail and professional traders
-
Margin Trading Facility (MTF):
-
Enhances capital efficiency and enables leveraged participation for active investors
-
Stock Analysis and Trading Offerings:
- Customizable watchlists and portfolio tracking
- Advanced charts and technical analysis tools
- Alerts, notifications, and research-backed advisory insights
- Seamless fund transfer and account management
Presence
| Particulars | # |
|---|---|
| Cities | 14 |
| Associated Partners | 174 |
| Dedicated Relationship Managers (RMs) | 200 |
Comprehensive range of investment products and services across the country
Investor Presentation
Competitive Trading Platform with Robust Scale
Indiabulls
Digital trading platforms
For Investors
Mobile App
Convenient on-the-go trading option
Website
User-friendly trading avenue
For Professional traders
Indiabulls Securities offers both web-based pro-platform & installable terminal for high-frequency and advanced traders
For Algo traders
IB Algo
Developer API
Clients can also Call and Trade or access the respective local branches for trading
Investor Presentation
Indiabulls
Asset Reconstruction (ARC)
Delivering Measured Outcomes
Indiabulls
Performance Metrics
Fee-paying AUM
₹ 622 Cr
Asset under collection
₹ 3,794 Cr
Recoveries
₹ 288 Cr
Net Worth (IARCL)
₹ 533 Cr
Capital Adequacy
97.92%
Key Business Update
Diversified SR portfolio with low concentration risk
Sourced across multiple banks and NBFCs, focused on high-recovery potential assets
Integrated in-house recovery capabilities
Supported by ~2,200 member ground collection team and established recovery infrastructure, enabling better control on resolution timelines
Disciplined and calibrated capital deployment
Aligned with recovery-led capital recycling
Niche business with high entry barriers
Limiting competition and enabling differentiated execution
Investor Presentation
Note: Figures are as of 31 March 2026; recoveries pertain to FY26
Indiabulls
Small & Medium Business (SMB) Platform
AI-Powered SMB Financing Platform
Indiabulls
Small & Medium Business (SMB) Platform
Strategic investment:
Continues to be a strategic investment in Spring Cash LLC, USA, reflecting long-term commitment to building a scalable SMB credit platform
Market validation:
Healthy traction in the U.S. market with 150+ businesses onboarded and $102M funded, validating underwriting models and digital workflows
Product offering:
End-to-end SMB financing solutions including purchase order finance, invoice factoring, and working capital, with rapid capital deployment (as fast as 24 hours)
Platform capability:
AI-powered platform leveraging a “CFO Intelligence Agent”, enabling real-time cash flow analysis, financial forecasting, and credit decisioning for SMBs
India rollout strategy:
India rollout planned leveraging learnings from the U.S., in partnership with the company’s NBFC ecosystem
AI Powered Platform
Customers
Investor Presentation
Indiabulls
Annexure
Shareholding Pattern (As on March 2026)
Indiabulls
| Shareholders | % |
|---|---|
| Promoters | 32.89% |
| Flls | 17.00% |
| Dlls | 0.16% |
| Public & others | 49.97% |
Investor Presentation
COMPANY:
Indiabulls
Indiabulls Limited
CIN: L64200HR2007PLC077999
Name: Mr. Sidharth Nathani – Head IR
Email: [email protected]
Website: www.indiabulls.com
INVESTOR RELATIONS ADVISORS:
MUFG
MUFG Intime India Private Limited
A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services
Ms. Mamta Nehra
[email protected]
Ms. Ayushi Gupta
[email protected]
Meeting Request ☐ Link
Thank You