| PE Ratio (TTM) | 17.41Sector PE 46.45 |
|---|---|
| Market Cap | ₹7295.14 CrMid-range Performer |
| 1-Year Return | 48.67%Price performance |
| RSI | 48.17Neutral zone |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 332 | 359 | 236 |
| Other Income | 4.5 | 25.0 | 20.3 |
| Total Income | 336 | 384 | 257 |
| Profit Before Tax | 159 | 161 | 103 |
| Net Profit | 151 | 141 | 75.3 |
| Operating Margin | 47.2% | 41.9% | 40.3% |
| Net Profit QoQ | +7.2% | ||
| Net Profit YoY | +100.7% | ||
| Adj. Profit QoQ | +13.6% | ||
| Adj. Profit YoY | +86.0% | ||
Key highlights
- Net profit increased 100.7% year-on-year to ₹151 crore in Q2 FY27
- Operating margins expanded to 47.2% from 41.9% in the previous quarter
- Real estate development revenue rose sequentially to ₹167.60 crore
- Allotted 51.55 crore convertible warrants raising ₹250.02 crore upfront
- Secured RBI certificate of registration as a Core Investment Company
Real Estate Momentum Drives Profitability Growth
Indiabulls Ltd reported a sharp increase in profitability for the quarter ended September 30, 2026, with net profit doubling to ₹151 crore compared to ₹75.3 crore in the year-ago period. While revenue from operations reached ₹332 crore, a significant jump from ₹236 crore YoY, the company also saw a sequential improvement in its bottom line despite a slight dip in overall revenue compared to Q1 FY27. This growth was underpinned by robust operating efficiency, as margins expanded to 47.2% from 41.9% in the preceding quarter, reflecting improved cost management across its diverse business verticals.
Revenue Breakdown and Segmental Performance
- Real Estate development revenue surged to ₹167.60 crore, up from ₹106.03 crore in the June quarter
- The Financing and Investing segment contributed ₹124.62 crore to the top line during the period
- Broking activities generated ₹33.40 crore in revenue, showing stability against the previous quarter
- Asset reconstruction and related activities brought in ₹13.61 crore in segment revenue
- Operating profit for the Real Estate segment climbed to ₹91.30 crore from ₹39.73 crore sequentially
- Equipment renting services added ₹5.42 crore to total operational revenues
Strategic Capital Infusion and Regulatory Updates
The company successfully executed a major fund-raising milestone by allotting 51.55 crore convertible warrants to promoter and non-promoter group entities. This preferential issue brought in an upfront payment of ₹250.02 crore, representing 25% of the total issue price, which is intended to fuel further expansion. In a significant regulatory development, the Reserve Bank of India granted Indiabulls Ltd a certificate of registration as a Core Investment Company effective October 1, 2026.
Additionally, the company and Fintech Cloud Private Limited mutually decided to terminate their Definitive Agreement dated September 11, 2026, without any inter-se claims or liabilities.
What to watch next
- Conversion of 51.55 crore warrants into equity shares at ₹17.40 premium per share
- Achievement of the ₹3,000+ crore real estate sales target previously guided for FY26
- Evaluation and potential surrender of the Core Investment Company certificate if deemed non-applicable
- Implementation and vesting schedule of the Employee Stock Option Scheme 2025
“On 01 October 2026, the Reserve Bank of India has granted a certificate of Registration to the Company as a Core Investment Company as per the applicable provisions of the Reserve Bank of India Act.”
| Share price | ₹31.28 |
|---|---|
| Market capitalisation | ₹7,295.14 Cr |
| Revenue (annual) | ₹833.38 Cr |
| Net profit (annual) | ₹273.87 Cr |
| Revenue (latest quarter) | ₹359.45 Cr-12.01% vs previous quarter |
| Net profit (latest quarter) | ₹142.99 Cr-27.05% vs previous quarter |
| P/E (TTM) | 17.41×Sector 46.45× |
| Promoter holding | 32.87%-0.04% QoQ |
| FII holding | 13.42%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Indiabulls Ltd announcing unaudited standalone and consolidated financial results for the quarter ended September 30, 2026. Market figures from a third-party data provider.
