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Revenue
₹409 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indiabulls reported Q4 FY26 revenue of ₹417 crore and PAT of ₹195 crore, driven primarily by real estate revenue recognition of ₹143 crore from recently launched projects. The company completed a three-year restructuring, merging 17 entities into a single listed entity with a net cash positive balance sheet of ₹750 crore and zero debt. Management guided real estate profits to grow at least 2x in FY27 and 3x in FY28, backed by a GDV pipeline of ₹21,000+ crore across 1.1 crore sq ft. The financial services vertical (broking, ARC) remains profitable but a smaller contributor. Key risks include execution delays in converting the large pipeline into recognized revenue and potential volatility in the broking business amid competitive pressures.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects real estate profits to double in FY27 and triple in FY28 from the Q4 FY26 run rate, driven by already signed projects and upcoming launches.
- The company plans to launch approximately 40 lakh sq ft in the current financial year, with a gross development value exceeding ₹6,000 crore.
- The Worli commercial project, with a capex of ~₹600 Cr, is expected to be completed in 3-4 years and generate annual lease income of ₹1,000 crore.
- Management aspirational guidance to achieve PAT of ₹1,500-2,500 crore in the next 5-7 years, driven by real estate and financial services.
Risks flagged
- The large GDV pipeline of ₹21,000+ crore may face delays in approvals, construction, or sales, impacting revenue recognition timelines.
- Analyst raised concern about broking business lagging behind new entrants like Zerodha and Groww; management acknowledged restructuring delays but offered no specific market share targets.
- The ₹1,000 crore loan book from the erstwhile NBFC is being run down; while management expects most recoveries, any shortfall could impact cash flows.
- Real estate is expected to contribute ~80% of group profits, making earnings sensitive to project-specific performance and real estate cycle.
Key quotes
- We went through an extensive restructuring exercise spanning nearly three years resulting in merger of 17 group entities... The essence of this merger was to simplify the group structure, improve operational efficiency and ensure capital is deployed in the most productive manner.
- What follows is not a one-time event and this is the beginning of a sustained earning cycle with real estate profits of in FY27 expected to grow at least 2x from what it is today and FY28 will be at least 3x from what it is here.
- The period of hard work, restructuring and closure is behind us. The focus ahead is firmly on execution.
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