1. At a Glance – Blink and You’ll Miss the Drama
Let’s not warm up gently. Indiabulls Limited just reported Q3 FY26 PAT of ₹78.4 Cr on revenue of ₹102.6 Cr, which mathematically screams “profit margin that shouldn’t exist in polite accounting society.” The stock? Trading at ₹10.8, flirting with its 52-week low, down ~49% in 3 months, and still carrying a P/E of ~87x like it’s a SaaS startup from Silicon Valley—not a rebranded, post-merger, real-estate-meets-finance chimera from India.
Market cap sits at ₹2,496 Cr, price-to-book at 0.89x, debt at ₹495 Cr, and promoters recently upped their stake to 32.9%. Net worth, which was negative for years, suddenly turned positive in Sep 2025 thanks to a mega-merger and accounting alchemy.
So what is this company? A real estate developer? A financial services platform? A balance-sheet rehabilitation centre? Or just a reincarnation machine for old Indiabulls assets?
Spoiler: It’s all of the above. And that’s exactly the problem.
Before you scroll away—ask yourself:
👉 When a company makes ₹78 Cr profit in a quarter but trades like it’s bankrupt, who’s wrong—the market or the financial statements?
Let’s dig.
2. Introduction – From Yaari to Indiabulls: Naam Badla, Kaam Bhi?
Indiabulls Limited was formerly Yaari Digital Integrated Services Limited, a name that sounded like a fintech startup but behaved like a distressed holding company. On October 17, 2025, management decided enough was enough and slapped the Indiabulls brand back on—because nostalgia sells, and so do legacy names on Dalal Street.
Incorporated in 2007, the company today claims to operate across:
- Real estate development
- Stockbroking
- Digital payments
- Asset Reconstruction (ARC)
- SME lending
- Tech-enabled financial services
That’s not diversification—that’s a buffet plate with everything from gulab jamun to sushi.
Historically, the company has been loss-making, bleeding equity, accumulating reserves so negative they looked like a startup’s burn chart. Between FY20–FY24, net worth went underwater, ROCE numbers turned absurd (174%, then -338%), and revenues practically evaporated.
Then came FY25–FY26, the Scheme of Arrangement, asset
mergers, massive share allotments (222+ crore shares in Nov 2025), and suddenly:
- Reserves jump from -₹296 Cr (Mar 2025) to +₹2,779 Cr (Sep 2025)
- Quarterly profits explode
- EPS turns positive (₹0.34 in Q3 FY26)
Naturally, the market squints suspiciously.
Because when turnaround stories arrive this fast, seasoned investors don’t clap—they check footnotes.
So let’s check them.
3. Business Model – WTF Do They Even Do?
Explaining Indiabulls’ business model is like explaining the plot of a Christopher Nolan movie after one viewing. You think you get it… but you’re not confident.
🏗️ Real Estate
On paper, Indiabulls is a real estate developer. Flagship domestic project:
- Indiabulls Estate & Club, Dwarka Expressway
- 15 acres
- 3 & 4 BHK apartments + penthouses
- 7+ acres landscaped green area
Internationally, legacy projects in London:
- The Mansion
- Mayfair Park Residences
- Mandarin Oriental Mayfair Residences
- 20 Carlton House Terrace
These sound ultra-premium—and they are—but they are largely historical assets, not current revenue engines.
💼 Financial Services (The Real Action)
Post-merger, Indiabulls now focuses heavily on:
- Asset Reconstruction (ARC) – AUC ~₹3,800 Cr
- Core Investment Company (CIC) structure (MOA amended Dec 2025)
- Lending, treasury income, and balance sheet optimisation
In FY25, revenue was almost entirely Other Income:
- ~98% balance written back
- ~2% interest income
Translation:
❌ Not operating cash flows
✅ Accounting + restructuring gains
So when you see ₹425 Cr TTM
