Indiabulls Limited Reports Strong Q2 FY26 Results Post-Merger
Indiabulls Limited, formed after the merger of Yaari Digital Integrated Services, Dhani Services Limited, and Indiabulls Enterprises, announced its Q2 FY26 results. The company reported revenue of ₹256.60 crore, EBITDA of ₹127.50 crore, and PAT of ₹75.30 crore. The merger, effective from October 14, 2025, has resulted in a debt-free entity with promoters increasing their stake to 32.8%. The company operates in real estate and financial services sectors, with ongoing projects in Gurugram and Mumbai, and expects total sales of ₹3,400 crore in the current financial year. Its financial services segment includes SMB lending, equipment leasing, stockbroking, and asset reconstruction.
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Yaari Digital Integrated Services , now known as Indiabulls Limited following the merger with Dhani Services Limited and Indiabulls Enterprises, has announced its financial results for the second quarter of fiscal year 2026, marking its first consolidated performance post-merger.
Financial Highlights
The company reported a robust financial performance for Q2 FY26:
| Particulars | Q2 FY26 (in ₹ Crore) |
|---|---|
| Revenue | 256.60 |
| EBITDA | 127.50 |
| PAT | 75.30 |
Merger Update
The Scheme of Amalgamation, approved by the Hon'ble National Company Law Tribunal (NCLT), has led to the formation of Indiabulls Limited. Key points to note:
- The merger became effective on October 14, 2025, with the appointed date of April 1, 2023.
- Indiabulls Limited is now debt-free, with no outstanding loans or NCDs.
- Promoters have increased their stake to 32.8% in the merged entity by converting warrants amounting to ₹406 crore at ₹90.30 per share during Q2 FY26.
Business Verticals
Indiabulls Limited operates in two main business verticals:
- Real Estate
- Financial Services
Real Estate Segment
The company has a strong pipeline of real estate projects:
- Ongoing projects include Indiabulls Estate & Club (Phase 1) and Indiabulls Heights in Gurugram.
- Future projects in various stages of development across Gurugram, Mumbai, and other locations.
- The company has achieved sales of over ₹2,000 crore till September 30, 2025, and expects total sales close to ₹3,400 crore in the current financial year.
Financial Services Segment
Small & Medium Business (SMB) Platform
- Indiabulls Ltd. owns a 16.4% stake in Spring Cash LLC, USA, an AI-powered lending solutions platform for SMBs.
- Plans to introduce this platform to the Indian SME sector in partnership with Indiabulls' NBFC.
Equipment Leasing Business
- Serves over 90 clients, including major corporations like Larsen & Toubro, Tata Projects, and Reliance Industries.
Stockbroking and UPI Services
- 1.75 lakh active demat accounts with over ₹65,000 crore in assets.
- Received regulatory approval as a Third-Party Application Provider (TPAP) for UPI services.
Asset Reconstruction Company (ARC)
- Manages loan recovery portfolios from various financial institutions.
- Supported by an in-house field team of over 2,000 collection executives.
Management Restructuring
Following the merger, Indiabulls Limited has undergone significant management changes:
- Mr. Gurbans Singh appointed as Executive Director & Chairman.
- Mr. Divyesh B. Shah appointed as Executive Director & CEO.
- New independent directors added to the board.
Outlook
The merger has positioned Indiabulls Limited as a diversified entity with strong footholds in real estate and financial services. The company's debt-free status and robust project pipeline in real estate, coupled with its expanding financial services offerings, suggest a positive outlook for future growth.
