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Execution risk in real estate pipeline conversion
View Risks →Indiabulls Ltd — Q4 FY26
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.
bullish
high
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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.
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Real estate GDV pipeline
₹21,000+ Cr
N/A
Total gross development value of launched and planned projects, including JV partners.
Sellable area
1.1 Cr sq ft
N/A
Total sellable area across residential, commercial, plotted, and mixed-use developments.
New customer additions (broking)
28,000
+28,000 QoQ
Broking business added 28,000 customers in Q4 FY26, scaling discount broking and Algo trading.
ARC assets under management
₹3,794 Cr
N/A
Total assets under allocation for the asset reconstruction business, with fee-paying AUM of ₹622 Cr.
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Guidance and risk preview
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 upcomi...
The large GDV pipeline of ₹21,000+ crore may face delays in approvals, construction, or sales, impacting revenue recognition timelines.
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