Indiabulls Limited (IBULLSLTD)

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Indiabulls Limited (IBULLSLTD) · mywealthgrid

About

Indiabulls Limited operates in diversified commercial services within the industrials sector, with a market capitalization of ₹6,308.29 Cr. The company has shown strong recent market momentum (1-year return 53.51%), but its business structure shows significant complexity, with consolidated revenue of ₹359.45 Cr far exceeding standalone ₹34.53 Cr in June 2026.

Face value: ₹2

Market cap

₹6,856 Cr

P/E

16.4×

P/B

2.1×

Dividend yield

ROE

8.9%

ROCE

—

Debt / equity

0.15

OPM

33.2%

EPS (TTM)

₹1.9

Book value

₹13.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Standalone profitability volatile: net profit ranged from -₹65.1 Cr (Sep 2025) to +₹8.72 Cr (Jun 2026) with OPM between -308.92% and 56.33%; verify which movements reflect ongoing operations versus accounting one-offs.
Consolidated reliance: subsidiary/associate performance appears critical—consolidated remained profitable while standalone posted losses in Sep-Dec 2025; Dec 2025 consolidated OPM of -14.68% shows vulnerability.
Weak capital returns: ROE of 8.88% against PE 15.05 suggests capital inefficiency; no dividends since 2018 despite ₹6,308 Cr market cap; verify capital deployment strategy.
Cyclical sector exposure: commercial services typically contract with economic downturns; verify current demand trends and forward order visibility.

Generated analysis · source review pending

Growth drivers

Consolidated OPM recovery from -14.68% (Dec 2025) to 42.82% (Jun 2026) indicates operational inflection if margins stabilize at recent levels.
Standalone revenue growth from ₹13.79 Cr (Sep 2025) to ₹34.53 Cr (Jun 2026) with OPM at 56.33% suggests core business turnaround potential.
Consolidated profit generation: Mar 2026 net profit ₹194.26 Cr on ₹408.53 Cr revenue demonstrates earnings power if subsidiary performance remains stable.

Generated analysis · source review pending

2,471 historical price candles were omitted because the exchange source has not been verified.

₹29.4-1.7%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 33.2%
+Profit CAGR of 42.4% over the last 3 years
+Revenue CAGR of 37.7% over the last 5 years

Cons

−Low return on equity of -31.9% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

78/100

Business quality: 61
Growth: 100
Valuation: 72

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	233	233	171	225	168	161	0	0	0	833
COGS	14	14	32	0	102	178	3	0	0	137
Gross profit	218	218	139	—	66	-17	-3	-0	—	696
	168	168	141	453	66	88	10	5	8	420
	51	51	-2	-228	0	-105	-12	-5	-8	277
OPM %	21.8%	21.8%	-1.3%	-100.9%	0.1%	-65.7%	—	—	—	33.2%
Depreciation	28	28	26	32	29	23	1	0	0	37
Interest	43	43	42	130	125	72	87	19	60	43
	32	32	179	123	79	44	186	3	1	-17
Profit before tax	12	12	108	-267	-75	-157	85	-22	-68	179
Tax	5	5	30	26	13	17	-10	0	0	-167
Tax %	36.8%	36.8%	28%	9.9%	17.3%	11%	-12%	0%	0%	-93.1%
	8	8	78	-293	-88	-174	95	-22	-68	346
PAT margin %	3.4%	3.4%	45.7%	-130%	-52%	-108.3%	—	—	—	41.5%
EPS (₹)	0.7	0.7	8.9	-33.1	-10.6	-19.7	9.4	-2.2	-6.8	1.3
EPS adjusted (₹)	—	—	—	—	-10.8	-17.8	9.6	-2.2	-6.9	1.2
	0%	0%	11.3%	—	—	—	0%	—	—	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	18	20	20	20	20	447
Reserves	394	—	-243	-254	-296	2,637
Minority interest	92	—	—	—	—	25
	307	—	214	244	263	459
	815	—	46	36	37	607
Total equity & liabilities	1,626	—	38	46	24	4,173
	231	5	1	0	0	120
CWIP	1	—	—	0	—	—
Investments	589	—	22	31	3	118
	805	—	15	14	21	3,935
Total assets	1,626	—	38	46	24	4,173

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	-7	-175	-218	841	-741	-11	-12	5	194
	-4	-149	-549	-499	179	521	223	0	54	38
	-0	156	709	717	-1,004	201	-212	12	-41	-216
Net cash flow	—	—	—	—	16	-20	-1	-0	19	17
Free cash flow	1	-8	-245	-230	839	-749	-11	-12	5	157
CFO / Operating profit %	3%	-13%	—	—	—	—	—	—	—	70.1%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Real Estate development and related activities	266.67	118.25	1,109.53	160.84	948.69	12.46
Financing and related activities	209.43	10.26

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	81.3%	—	39.2%	-10.6%	-2,500%	-1,500%	—	83.6%
EBITDA margin %	-1.3%	-100.9%	0.1%	-65.7%	-11,209.1%	-24,550%	—	33.2%
EBIT margin %	-16.5%	-115.2%	-17.1%	-79.9%	-12,436.4%	-26,300%	—	28.8%
PAT margin %	45.7%	-130%	-52%	-108.3%	86,227.3%	-1,08,050%	—	41.5%
Working capital
Receivable days	—	—	180	—	1,560	0	—	—
Inventory days	—	—	91	—	0	0	—	990
Payable days	—	—	133	—	3,958	35,371	—	—
NWC days	—	—	138	—	-2,398	-35,371	—	—
Leverage
Current ratio	—	—	0.81	—	0.32	0.36	0.08	—
Debt to EBITDA	—	—	2,196.21	—	—	—	—	1.66
Debt to equity	—	—	0.75	—	-0.96	-1.04	-0.95	0.15
Interest coverage	3.6	-1.1	0.4	-1.2	2	-0.1	-0.1	6.7
Asset turnover	—	—	0.1	—	0	0	0	0.2
Return ratios
Return on assets %	—	—	-5.4%	—	252.3%	-47.4%	-286.7%	8.3%
Return on capital employed %	—	—	8.6%	—	-1,980.6%	-31.7%	6.4%	—
Return on equity %	—	—	-21.3%	—	-42.5%	9.2%	24.7%	11.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	27.46%	27.46%	27.46%	27.46%	27.46%	27.46%	27.46%	27.46%	27.46%	32.89%	32.89%	32.91%
	10.48%	9.15%	9.06%	8.47%	0%	0.01%	0.5%	0.53%	1.29%	17.92%	17%	17.08%
	0%	0%	0%	0%	0%	0%	0%	0.05%	0.05%	0.08%	0.16%	0.11%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	60.32%	61.65%	61.74%	62.33%	70.8%	70.79%	70.3%	70.22%	69.46%	45.2%	46.04%	45.99%
No. of shareholders	—	—	—	—	—	—	—	—	56,661	2,50,082	2,49,915	2,49,884

Promoter holding up 5.45 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Karanbhumi Estates Private LimitedPromoter Group	BuyScheme of Amalgamation/Merger/Demerger/Arrangement	10,08,67,329	₹0	0.15% → 4.35%	8 Nov 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

7 deals · 6 Jul 2023 – 1 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
1 Jun 2026	UNICO GLOBAL OPPORTUNITIES FUND LIMITED	Block	NSE	Buy	1,50,00,000	₹21.00	₹31.50 Cr
1 Jun 2026	ACM GLOBAL FUND VCC	Block	NSE	Sell	1,50,00,000	₹21.00	₹31.50 Cr
1 Jun 2026	UNICO GLOBAL OPPORTUNITIES FUND LIMITED	Bulk	NSE	Buy	1,50,00,000	₹21.00	₹31.50 Cr
1 Jun 2026	ACM GLOBAL FUND VCC	Bulk	NSE	Sell	1,50,00,000	₹21.00	₹31.50 Cr
30 Jan 2026	SOCIETE GENERALE	Bulk	NSE	Sell	2,22,16,730	₹10.86	₹24.13 Cr
30 Jan 2026	BOFA SECURITIES EUROPE SA	Bulk	NSE	Buy	2,22,16,730	₹10.87	₹24.15 Cr
6 Jul 2023	FASHIONS BRANDS (INDIA) PRIVATE LIMITED	Bulk	BSE	Buy	5,56,022	₹12.60	₹0.70 Cr

1–7 of 7

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Gurbans SinghExecutive Director-Chairperson
Mr. Divyesh Bharatkumar ShahExecutive Director-CEO
Mr. Kubeir KheraExecutive Director
Mr. Praveen Kumar TripathiNon-Executive - Non Independent Director
Ms. Surina RajanNon-Executive - Independent Director
Mr. Prabhat KumarNon-Executive - Independent Director
Mr. Labh Singh SitaraNon-Executive - Independent Director
Mr. Rajinder Singh NandalNon-Executive - Independent Director
Mr. Rajeev Lochan AgrawalChief Financial Officer
Mr. Ram Mehar GargCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Indiabulls Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Apr 2026Transcript AI Summary PPT REC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

2

Interim dividend11 May 2018 · ex-date₹1
Interim dividend6 May 2013 · ex-date₹1

1

Board meeting to consider results23 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

33 announcementsExport CSV

30 Sept 2026, 5:39 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

29 Sept 2026, 11:35 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

29 Sept 2026, 11:33 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

28 Sept 2026, 5:52 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

28 Sept 2026, 5:47 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

28 Sept 2026, 5:33 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

28 Sept 2026, 5:29 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

11 Sept 2026, 9:14 pmCompany Update

Outcome Of Board Meeting Held On September 11, 2026

General PDF

Date	Category	Subject	Filing
30 Sept 2026, 5:39 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 11:35 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	81.3%	—	39.2%	-10.6%	-2,500%	-1,500%	—	83.6%
EBITDA margin %	-1.3%	-100.9%	0.1%	-65.7%	-11,209.1%	-24,550%	—	33.2%
EBIT margin %	-16.5%	-115.2%	-17.1%	-79.9%	-12,436.4%	-26,300%	—	28.8%
PAT margin %	45.7%	-130%	-52%	-108.3%	86,227.3%	-1,08,050%	—	41.5%
Working capital
Receivable days	—	—	180	—	1,560	0	—	—
Inventory days	—	—	91	—	0	0	—	990
Payable days	—	—	133	—	3,958	35,371	—	—
NWC days	—	—	138	—	-2,398	-35,371	—	—
Leverage
Current ratio	—	—	0.81	—	0.32	0.36	0.08	—
Debt to EBITDA	—	—	2,196.21	—	—	—	—	1.66
Debt to equity	—	—	0.75	—	-0.96	-1.04	-0.95	0.15
Interest coverage	3.6	-1.1	0.4	-1.2	2	-0.1	-0.1	6.7
Asset turnover	—	—	0.1	—	0	0	0	0.2
Return ratios
Return on assets %	—	—	-5.4%	—	252.3%	-47.4%	-286.7%	8.3%
Return on capital employed %	—	—	8.6%	—	-1,980.6%	-31.7%	6.4%	—
Return on equity %	—	—	-21.3%	—	-42.5%	9.2%	24.7%	11.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
International Gemological Institute LimitedIGILIGIL	₹13,482 Cr	₹13,482 Cr	₹1,363 Cr	₹827 Cr	60.9%	₹610 Cr	44.5%	61.1%	49.1%	36
Wework India Management LimitedWEWORKWEWORK	₹8,931 Cr	₹9,264 Cr	₹2,589 Cr	₹1,676 Cr	64.5%	₹84 Cr	3.1%	12.4%	25%	-18
Nesco LimitedNESCONESCO	₹7,249 Cr	₹7,249 Cr	₹951 Cr	₹482 Cr	52.6%	₹417 Cr	44.3%	17%	14.7%	1
Indiabulls LimitedIBULLSLTDIBULLSLTD	₹6,856 Cr	₹7,314 Cr	₹1,101 Cr	₹417 Cr	33.2%	₹419 Cr	41.5%	—	8.9%	—
Inox Green Energy Services LimitedINOXGREENINOXGREEN	₹6,384 Cr	₹6,472 Cr	₹280 Cr	₹28 Cr	8.2%	₹121 Cr	36.8%	8.5%	5.6%	405
Leap India LimitedLEAPINDLEAPIND	₹6,036 Cr	₹7,054 Cr	₹730 Cr	₹157 Cr	21.5%	₹62 Cr	8.6%	9.5%	9.6%	-520
Smartworks Coworking Spaces LimitedSMARTWORKSSMARTWORKS	₹5,837 Cr	₹6,044 Cr	₹1,963 Cr	₹1,260 Cr	64.3%	₹28 Cr	0.6%	7.5%	2%	-102
Elevate Campuses LimitedELEVATEELEVATE	₹5,811 Cr	₹9,931 Cr	₹569 Cr	₹405 Cr	71.3%	₹174 Cr	30.6%	9.3%	21.1%	—
Nirlon LimitedNIRLONNIRLON	₹5,467 Cr	₹6,614 Cr	₹317 Cr	₹237 Cr	79.1%	₹127 Cr	34.3%	23.2%	59.8%	-56
Quess Corp LimitedQUESSQUESS	₹5,023 Cr	₹5,023 Cr	₹15,835 Cr	₹327 Cr	2%	₹253 Cr	1.5%	19.2%	19.7%	19
Indiqube Spaces LimitedINDIQUBEINDIQUBE	₹4,187 Cr	₹4,477 Cr	₹1,564 Cr	₹952 Cr	60.8%	₹-93 Cr	-7.3%	5.7%	-20.7%	-273
Sanghvi Movers LimitedSANGHVIMOVSANGHVIMOV	₹3,719 Cr	₹4,393 Cr	₹1,177 Cr	₹426 Cr	37.4%	₹199 Cr	17.2%	18%	15%	77

Indiabulls Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

2

1

Announcements

Not in the F&O segment

2

1

No fund holdings on record

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Asset reconstruction and related activities · revenue

Indiabulls Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Dividends2

Board meetings1

Announcements

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Dividends2

Board meetings1

No fund holdings on record

Ratio timeline

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Asset reconstruction and related activities · revenue

2

1

2

1