1. At a Glance
Indiabulls Enterprises is basically running a finance-meets-construction-meets-chaos show. With a net loss of ₹5.73 Cr this quarter and a book value of -₹9.64, the only thing under construction here might be investor patience. Oh, and they’re also trying real estate now. Because why not?
2. Introduction with Hook
Imagine leasing out bulldozers while your balance sheet looks like it was hit by one.
That’s Indiabulls Enterprises—where P&L statements double as horror scripts. EPS is deep in the red, promoter holding has collapsed from 61% to 36%, and despite losing ₹138 Cr last year, they’re busy launching luxury real estate.
Let’s recap:
- Net Worth: Negative ₹231 Cr
- ROE: -504%
- Q1 FY26 Loss: ₹5.73 Cr
Honestly, their finances should come with a PG-13 warning.
3. Business Model (WTF Do They Even Do?)
Originally: Renting out construction and mining equipment to EPC firms.
Currently:
- Equipment rental
- Management & maintenance services
- Now moonlighting as a real estate developer
Basically:
“Started with cranes. Then came clubs. Tomorrow, maybe crypto?”
They’ve pivoted so hard, even their excavators are confused.
4. Financials Overview
Brace yourselves:
| Metric | Q1 FY26 | YoY Change |
|---|---|---|
| Revenue | ₹13.16 Cr | -11.6% |
| PAT | ₹-5.73 Cr | Deep red |
| OPM | -10.79% | (was +7% YoY) |
| EPS | ₹-0.29 | Down from ₹0.08 YoY |
| Book Value | ₹-9.64 | Book horror, not value |
Commentary:
“Every ₹100 of sales seems to cost ₹120 to generate. That’s not business—that’s performance art.”
5. Valuation
Let’s not kid ourselves.
- No PE (Loss-making)
- Book Value: Negative
- Market Cap: ₹348 Cr
Fair Value? Maybe ₹0–₹10, based on hope, not cash flows.
Verdict:
“If you’re buying this for fundamentals, blink twice—you may be hallucinating.”
6. What’s Cooking – News, Triggers, Drama
- ₹138 Cr Loss in FY25
- Scheme of Arrangement with Dhani Services underway
- Luxury Real Estate Project (₹1,000+ Cr in unit sales claimed)
- NCLAT/NCLT/CCI Approvals flying in like it’s courtroom drama week
Oh, and the latest result? -₹5.73 Cr loss. Because consistency matters.
7. Balance Sheet
| Metric | FY25 |
|---|---|
| Equity | ₹40 Cr |
| Reserves | ₹-231 Cr |
| Debt | ₹295 Cr |
| Total Assets | ₹277 Cr |
Key Insight:
“Negative net worth, rising debt, and luxury real estate ambitions. Bold strategy, Cotton. Let’s see if it pays off.”
8. Cash Flow – Sab Number Game Hai
| FY | Ops CF | Inv CF | Fin CF | Net CF |
|---|---|---|---|---|
| FY23 | ₹233 Cr | ₹5 Cr | ₹-234 Cr | ₹4 Cr |
| FY24 | ₹39 Cr | ₹-9 Cr | ₹-34 Cr | ₹-4 Cr |
| FY25 | ₹34 Cr | ₹-60 Cr | ₹35 Cr | ₹10 Cr |
Despite negative P&L, cash flow is oddly stable—almost suspiciously so. Working capital gimmicks, anyone?
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROCE | -44.5% |
| ROE | -504% |
| D/E | 0.85 |
| OPM | -10.79% |
| Dividend Yield | 0% |
This sheet’s redder than a bullfight.
10. P&L Breakdown – Show Me the Money
| FY | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY22 | ₹104 Cr | ₹6 Cr | ₹-103 Cr |
| FY23 | ₹82 Cr | ₹33 Cr | ₹4 Cr |
| FY24 | ₹56 Cr | ₹7 Cr | ₹-25 Cr |
| FY25 | ₹55 Cr | ₹-122 Cr | ₹-137 Cr |
YoY Sales fell. Margins imploded. And net profit turned into net carnage.
11. Peer Comparison
| Company | CMP | P/E | ROCE | PAT |
|---|---|---|---|---|
| CMS Info | ₹488 | 21.4 | 23.4% | ₹375 Cr |
| NESCO | ₹1,237 | 22.3 | 21.1% | ₹390 Cr |
| IEL | ₹17.5 | — | -44.5% | ₹-139 Cr |
Comment:
“Everyone else is playing cricket. IEL is still learning how to hold the bat.”
12. Miscellaneous – Shareholding, Promoters
| Category | Mar 2023 | Jun 2025 |
|---|---|---|
| Promoters | 60.98% → | 36.32% |
| FIIs | 6.17% → | 0.07% |
| Public | 31.98% → | 62.72% |
Trend:
- Promoter exit? Yes
- FII exodus? Definitely
- Public bag-holding? You bet
This chart reads like a party everyone left early—except retail.
13. EduInvesting Verdict™
Indiabulls Enterprises is trying to be everything at once—equipment, finance, real estate—while losing money at all of them.
Final POV:
“Could be a phoenix… or just smoke. High-risk traders only. Long-term investors, walk away slowly.”
Written by EduInvesting Team | 25 July 2025
Tags: Indiabulls Enterprises, Q1 FY26 Results, Equipment Leasing, Luxury Projects, Scheme of Arrangement, EduInvesting Premium
