Real estate GDV pipeline
₹21,000+ Cr
N/A
Total gross development value of launched and planned projects, including JV partners.
INDIABULLS
Diversified
15 May 2026
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
Real estate profits to grow at least 2x in FY27 and 3x in FY28
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.
Management guidance growth40 lakh sq ft launches in FY27 with GDV of ₹6,000+ Cr
The company plans to launch approximately 40 lakh sq ft in the current financial year, with a gross development value exceeding ₹6,000 crore.
Management guidance revenueWorli commercial asset to generate ₹1,000 Cr annual rental income from FY30
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 guidance revenuePAT target of ₹1,500-2,500 Cr in 5-7 years
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.
Management guidance growthKey Risks
Execution risk in real estate pipeline conversion
The large GDV pipeline of ₹21,000+ crore may face delays in approvals, construction, or sales, impacting revenue recognition timelines.
medium · data_observationBroking business competitive pressure
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.
medium · analyst_questionLegacy loan book recovery uncertainty
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.
low · management_commentaryDependence on real estate for near-term profits
Real estate is expected to contribute ~80% of group profits, making earnings sensitive to project-specific performance and real estate cycle.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Indiabulls's revenue in Q4 FY26?
Indiabulls reported revenue of ₹417 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Indiabulls management give for FY27?
Real estate profits to grow at least 2x in FY27 and 3x in FY28: 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. 40 lakh sq ft launches in FY27 with GDV of ₹6,000+ Cr: The company plans to launch approximately 40 lakh sq ft in the current financial year, with a gross development value exceeding ₹6,000 crore. Worli commercial asset to generate ₹1,000 Cr annual rental income from FY30: 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. PAT target of ₹1,500-2,500 Cr in 5-7 years: 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.
What are the key risks for Indiabulls in FY27?
Key risks include Execution risk in real estate pipeline conversion — The large GDV pipeline of ₹21,000+ crore may face delays in approvals, construction, or sales, impacting revenue recognition timelines.; Broking business competitive pressure — 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.; Legacy loan book recovery uncertainty — 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.; Dependence on real estate for near-term profits — Real estate is expected to contribute ~80% of group profits, making earnings sensitive to project-specific performance and real estate cycle..
Did Indiabulls meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Indiabulls Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.