Indiabulls Q4 FY26 Earnings: Revenue at ₹418.39 Cr, Real Estate Drives Growth
Indiabulls Limited reported Q4 FY26 revenue of INR418.39 crores and PAT of INR194.26 crores, with full-year FY26 revenue at INR880.78 crores and PAT of INR346 crores, driven by real estate operations contributing INR143 crores in Q4. The company holds cash and equivalents of approximately INR750 crores, carries no debt across any business, and benefits from an inherited tax shield of approximately INR3,000 crores. Management targets at least 2x real estate profit growth in FY27 and 3x in FY28, with a long-term PAT aspiration of INR1,000–1,500 crores over five to seven years.
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Indiabulls Limited announced its financial results for the fourth quarter and fiscal year ended March 31, 2026, followed by an earnings conference call hosted by MUFG on April 29, 2026. The company reported Q4 FY26 revenue of INR418.39 crores and a Profit After Tax (PAT) of INR194.26 crores. For the full fiscal year FY26, revenue stood at INR880.78 crores with a PAT of INR346 crores. Management described FY26 as a transformational year following the merger of 17 group entities, culminating in the company being renamed Indiabulls Limited and listed in December 2025.
Financial Performance
The fourth quarter marked a strong finish to the fiscal year, driven primarily by contributions from real estate operations. The real estate vertical alone contributed a profit of INR143 crores during the quarter. The company's balance sheet is net cash positive with no debt, no loss-making entities, and no hidden liabilities. Cash and equivalents stand at approximately INR750 crores. The group also inherited a tax shield of approximately INR3,000 crores, meaning PBT and PAT figures are expected to remain similar until that threshold is reached.
| Financial Metric | Value |
|---|---|
| Q4 FY26 Revenue | INR418.39 crores |
| Q4 FY26 PAT | INR194.26 crores |
| FY26 Revenue | INR880.78 crores |
| FY26 PAT | INR346 crores |
| Real Estate Profit (Q4) | INR143 crores |
| Cash and Equivalents | ~INR750 crores |
| Inherited Tax Shield | ~INR3,000 crores |
Strategic Focus and Business Verticals
Going forward, the company is focusing on profits across two primary verticals: Real Estate and Financial Services. Real estate is identified as the dominant earning driver, expected to contribute nearly 80% of group profit. The vertical has a total GDV potential of approximately INR21,000 plus crores and a sellable area exceeding 1.1 crore square feet, spanning residential, commercial, plotted, and mixed-use developments across Gurugram, Mumbai, and Ludhiana. Key projects launched in FY26 include Indiabulls Estate and Club Sector 104 — where over 75% of inventory has already been sold — Indiabulls Heights Sector 104, which was nearly 100% sold within a week of launch, Indiabulls Tower in Prabhadevi, Mumbai, a commercial asset being developed as a leased property expected to generate stable annuity income of INR100–120 crores per year based on going market rates, and Indiabulls Green Avenue, a plotted development in the NCR region. Construction expenditure on the Prabhadevi tower is expected to be approximately INR600 crores, with the project anticipated to be ready in three to four years.
The Financial Services vertical operates as a capital-light platform comprising stockbroking, asset reconstruction, SMB, and digital payment platforms. The broking business reported a Profit Before Tax (PBT) of approximately INR28 crores for the year, driven mainly by the offline branch model. In Q4 FY26, the broking platform added 28,000 new customers, with the company actively scaling its digital and discount broking presence, including an algo trading solution for retail customers. The asset reconstruction business manages fee-paying assets under management of INR622 crores, with assets under allocation totalling INR3,794 crores, supported by approximately 2,200 collection professionals on the company's payroll.
| Business Vertical | Key Metric | Value |
|---|---|---|
| Real Estate | Total GDV Potential | ~INR21,000+ crores |
| Real Estate | Sellable Area | 1.1+ crore sq. ft. |
| Real Estate | FY26 Area Sold | 21.6 lakh sq. ft. |
| Real Estate | Prabhadevi Tower Capex | ~INR600 crores |
| Real Estate | Expected Annual Rent (Prabhadevi) | INR100–120 crores |
| Broking | PBT (FY26) | ~INR28 crores |
| Broking | New Customers Added (Q4 FY26) | 28,000 |
| ARC | Fee-Paying AUM | INR622 crores |
| ARC | Assets Under Allocation | INR3,794 crores |
| NBFC Loan Book | Outstanding | ~INR1,000 crores |
| SpringCash (US) | Investment Valuation | $30 million |
| SpringCash (US) | Total Disbursals | $100 million+ |
Legacy NBFC and Litigation Update
The company's legacy NBFC loan book stands at approximately INR1,000 crores. Management confirmed that no fresh disbursements are being made and the existing book is being collected as loans mature. Gross NPA on the book is described as fairly low, at approximately 1% or less, with all non-recoverable loans having been written off or sold to ARCs prior to the current reporting period. The NBFC carries no debt, meaning all interest income flows directly to the company; management indicated the NBFC loan book generates approximately INR120 crores in top-line revenue over the full year. On the litigation front, management confirmed that all legacy cases have been resolved and Indiabulls Limited, including all its current 17 subsidiaries, carries no court litigations or financial liabilities beyond normal business operations.
Future Outlook and Guidance
Management provided an optimistic outlook, stating that real estate profits in FY27 are expected to grow at least 2x from current levels, and FY28 will see at least 3x growth. The company plans to launch approximately 40 lakh square feet in the current financial year with a GDV of INR6,000 plus crores. A future pipeline of 42 lakh square feet valued at INR11,900 plus crores is also in place. Revenue from real estate projects is recognised on a percentage completion basis. JV partners account for approximately 20% of the total GDV figure. Management expects the full GDV to be cumulatively reflected in the balance sheet over approximately seven years. Over a five-to-seven-year horizon, management expressed confidence in achieving a PAT of INR1,000 crores to INR1,500 crores.
| Guidance Metric | Details |
|---|---|
| FY27 Real Estate Profit Growth | At least 2x current levels |
| FY28 Real Estate Profit Growth | At least 3x current levels |
| Current Year Planned Launches | ~40 lakh sq. ft. |
| Current Year Launch GDV | INR6,000+ crores |
| Future Pipeline Area | 42 lakh sq. ft. |
| Future Pipeline GDV | INR11,900+ crores |
| Long-Term PAT Target (5–7 years) | INR1,000–1,500 crores |
| GDV Realisation Timeline | ~7 years |
| JV Partner Share of GDV | ~20% |
Historical Stock Returns for Indiabulls
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.38% | +23.66% | +99.05% | -0.29% | +61.11% | -72.52% |
How will Indiabulls Limited deploy its INR750 crore cash reserve — through new land acquisitions, dividends, or share buybacks — and what criteria will guide capital allocation decisions?
Given the heavy 80% reliance on real estate profits, what contingency strategies does management have if property market conditions in Gurugram, Mumbai, or Ludhiana deteriorate before the INR21,000+ crore GDV is fully monetised?
As the INR3,000 crore inherited tax shield gradually depletes over coming years, how will the resulting increase in effective tax outflows impact the company's ability to sustain its projected 3x PAT growth trajectory by FY28?
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