Indiabulls Limited reported a consolidated net profit of ₹141.02 crore for the quarter ended June 30, 2026 (Q1FY26), reversing a net loss of ₹1.81 crore in the same period of FY25. The strong profitability was driven by non-operational gains, including a ₹125.06 crore net gain on fair value changes and a ₹18.10 crore reversal of liabilities classified under other income. Total revenue from operations rose 292% year-on-year to ₹359.45 crore, up from ₹91.62 crore in Q1FY25, reflecting the impact of recent corporate restructuring and fair value adjustments. EBITDA for the quarter stood at ₹1.54B rupees compared to ₹135M in the same period last year, with EBITDA margin expanding significantly to 42.80% from 14.73% year-on-year.

The Board of Directors approved the unaudited standalone and consolidated financial results at a meeting held on July 23, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by statutory auditors G A R U D & Associates (formerly Raj Girikshit & Associates). The filing also addressed delayed compliance observations from NSE and BSE under Regulation 17(1A) of SEBI LODR Regulations, noting that the company has remedied these lapses in accordance with the SEBI Master Circular dated January 30, 2026.

Consolidated revenue from operations stood at ₹359.45 crore, comprising ₹104.57 crore from real estate projects, ₹52.26 crore in interest income, and ₹40.98 crore in other operating revenue. Other income contributed ₹24.97 crore, largely due to the liability write-backs. Total expenses amounted to ₹223.56 crore, including ₹53.86 crore in other expenses and ₹53.00 crore in employee benefits. Profit before tax was ₹160.86 crore, compared to ₹7.10 crore in Q1FY25.

On a standalone basis, Indiabulls reported a net profit of ₹8.72 crore for Q1FY26, against a loss of ₹23.42 crore in the previous year's corresponding quarter. Standalone revenue from operations increased to ₹34.53 crore from ₹14.76 crore. The standalone results included a ₹18.10 crore liability reversal in other income, which significantly boosted the bottom line despite higher finance costs of ₹22.87 crore.

Financial Highlights

The table below summarises key consolidated and standalone performance metrics for the quarter:

What the Numbers Show

The dramatic shift from loss to profit is not primarily operational but structural and accounting-driven. The consolidated net profit of ₹141.02 crore includes a ₹125.06 crore net gain on fair value changes, which alone accounts for approximately 89% of the reported profit. Additionally, the ₹18.10 crore liability reversal in other income further inflated the bottom line. The sharp expansion in EBITDA margin to 42.80% from 14.73% year-on-year similarly reflects the outsized contribution of fair value gains and non-recurring items to operating-level metrics. Excluding these two items, the underlying operational performance shows modest growth, with interest income declining slightly to ₹52.26 crore from ₹55.06 crore in Q1FY25. Investors should note that the comparatives have been restated following the Composite Scheme of Arrangement approved by the NCLT on August 29, 2025, effective from April 1, 2023, which amalgamated multiple entities including Dhani Services Limited into Indiabulls Limited.

Indiabulls Limited reported a net profit of ₹141.0 crore for the quarter ended June 30, 2026, driven by strong margins in its real estate business and sustained growth in financial services. The company maintained a zero net debt position while generating revenue of ₹384.4 crore, reflecting a profit after tax (PAT) margin of 36.7%. This performance underscores the effectiveness of its equity-funded expansion strategy, which eliminates interest drag on project economics.

The Board approved a preferential capital raise of ₹1,000.07 crore to fund gross development value (GDV) expansion entirely through equity. Promoters have committed ₹709 crore, representing approximately 71% of the raise, ensuring significant promoter skin in the game. The proceeds will be directed toward land acquisition, construction of the FY27 launch pipeline, and general corporate purposes. Additionally, the group holds accumulated tax credits of approximately ₹2,700 crore, providing a substantial tax shield for future profits.

Financial Performance

The Q1FY27 results demonstrate sustained high-margin operations within the listed developer segment. While the quarterly PAT margin of 36.7% is slightly lower than the full-year FY26 average of 39.3%, it remains among the highest in the industry. The net worth increased to ₹3,255 crore from ₹3,108 crore at the end of FY26, supported by retained earnings and the upcoming capital infusion.

Real Estate Pipeline and Outlook

Indiabulls has updated its total GDV to ₹23,608 crore across an aggregate saleable area of 112.2 lakh sqft and 12 projects. The portfolio is concentrated in NCR (87%), Ludhiana (11%), and Mumbai (2%). For FY27, the company plans to launch five projects with a GDV of ₹8,014 crore, timed to coincide with festive-season demand.

As of June 30, 2026, the company recorded bookings of ₹3,003 crore across 22.75 lakh sqft and 965 units sold, with collections of ₹519 crore. Management noted that sales are in the early cycle, with ₹2,484 crore of booked value representing contracted future cash flow that will convert to collections and revenue as construction milestones are met. The FY27 guidance includes targeting over ₹3,000 crore in pre-sales and approximately ₹1,000 crore in collections.

Financial Services Segment

The financial services vertical continues to show growth in digital acquisition. Indiabulls Securities added 25,156 new clients in Q1FY27, a 424% year-on-year increase from 4,803 clients in Q1FY26. The client activation rate improved to 51.4% from 29% a year ago. Broking revenue for Q1FY26 was ₹35 crore, up 23% from ₹29 crore in Q1FY25. The stock broking business currently manages 9.7 lakh clients and 1.25 lakh active accounts, with a TTM revenue of ₹131 crore (+4%) despite industry-wide slowdowns.

In the asset reconstruction space, Indiabulls Asset Reconstruction Company Limited (IARCL) reported fee-paying AUM of ₹603.9 crore and asset under collection of ₹3,771.6 crore as of June 30, 2026. Recoveries for Q1FY27 stood at ₹22.7 crore. The subsidiary maintains a capital adequacy ratio of 99.52%, significantly above the RBI regulatory minimum of 15%, reflecting an unlevered balance sheet structure.

What the Numbers Show

The divergence between high booking values (₹3,003 crore) and lower immediate collections (₹519 crore) highlights the early-stage nature of the current sales cycle. However, the ₹2,484 crore gap represents committed future cash flows rather than lost revenue. This embedded pipeline, combined with the zero-debt status and ₹2,700 crore tax shield, positions Indiabulls to convert these bookings into recognized revenue and cash inflows as construction progresses through FY27 and beyond, without the pressure of debt servicing costs.