Indiabulls Limited – Q4 FY26 Results

key financial highlights

• Revenue from Operations:
  • Revenue (Q4 FY26): ₹408.53 Cr
    • QoQ Change: +321.6%
    • YoY Change: +302.3%
  • Previous Quarter (Q3 FY26): ₹96.96 Cr
  • Previous Year (Q4 FY25): ₹101.58 Cr
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹194.26 Cr
    • QoQ Change: +147%
    • YoY Change: Turnaround
  • Previous Quarter (Q3 FY26): ₹78.37 Cr
  • Previous Year (Q4 FY25): -₹164.17 Cr Loss
• QoQ Performance
  • Revenue Trend: Strong surge (real estate recognition-led)
  • Profit Trend: Sharp recovery

Margin Analysis

Key Drivers:

• Fair value gains (₹57.79 Cr) boosted profitability
• Real estate revenue recognition improved operating leverage
• Lower impairment vs previous periods

Key Signal: Margins are non-linear and volatile, heavily dependent on fair value adjustments and one-offs

Segment performance

Segment: Real Estate Development

• Revenue: ₹266.67 Cr

Insights:

• Major contributor to revenue spike
• Project recognition timing driven

Segment: Financing Activities

• Revenue: ₹41.75 Cr

Insights:

• Stable but lower YoY
• Profit recovery from losses

Segment: Broking Activities

• Revenue: ₹33.53 Cr

Insights:

• Consistent contributor
• Stable profitability

Segment: Equipment Renting

• Revenue: ₹9.35 Cr

Insights:

• Small but stable segment

Segment: Asset Reconstruction

• Revenue: ₹7.89 Cr

Insights:

• Weak contribution
• Segment loss reported

Segment insight

Summary:

• Business remains diversified but uneven, with real estate driving growth while financial services segments show mixed performance.

Characteristics:

• Cyclical real estate revenue
• Financial services volatility
• Dependence on asset monetisation

Earning quality check

Drivers:

• Fair value gains (₹57.79 Cr)
• Deferred tax impact (-₹96.71 Cr)
• Exceptional loss (-₹64.86 Cr)

Interpretation:

• Earnings are moderate quality, with a large portion driven by accounting adjustments rather than core operating cash flows.

balance sheet Analysis

• Total Assets: ₹4,173.43 Cr
• Total Liabilities: ₹1,065.24 Cr

Insight:

• Strong equity base (₹3,108 Cr)
• Reduction in borrowings significantly improves leverage profile

key risks

• High dependence on real estate revenue timing
• Volatility due to fair value accounting
• Asset reconstruction segment losses
• Low operating cash flow vs reported profits

management strategy signals

Focus Area:

• Real estate monetisation
• Reduction in debt
• Financial asset restructuring

Official Exchange Filing: Indiabulls Limited

Quarterly Performance Context