01 — At a Glance
The Stock That Lost More Weight Than a Bollywood Hero Between Films
- 52-Week High / Low₹21.20 / ₹8.90
- Q3 FY26 Revenue₹97.0 Cr
- Q3 FY26 PAT₹79.4 Cr
- Q3 EPS₹0.34
- TTM EPS-₹4.71
- Book Value / Share₹12.0
- Price to Book0.83x
- Debt / Equity0.18x
- Return 6 Months-47.0%
- Return 5 Years-40.6%
Flash Horror Summary: Indiabulls just posted a post-merger quarterly with ₹79.4 crore PAT but TTM EPS is minus ₹4.71 because the company spent the last three years losing money like a startup at Shark Tank. The stock is at ₹9.94, down 38.4% in 3 months. It’s trading at 0.83x book value — which is textbook investor code for “I’m too broken to care about price.” The P/E of 80.5x? That’s because earnings are tiny, positive, and one bad quarter away from being negative again. This is the financial equivalent of watching someone smile through their divorce settlement.
02 — Introduction
The Company That Reinvented Itself So Many Times, It Forgot Who It Was
Indiabulls Limited used to be a thing. Back in the day — before the world discovered IPOs could be a Ponzi scheme waiting to happen — Indiabulls was the darling of the Indian real estate and financial services space. They built projects, they managed wealth, they had flashy offices. Then the world changed. Markets crashed. Real estate stalled. Credibility evaporated.
By 2024, Indiabulls was basically a zombie holding company with negative net worth on the balance sheet. Seriously. The accumulated losses had eaten through the capital so badly that the company was technically insolvent. Shareholders were living in a financial haunted house.
Enter 2025. The grand strategy: A scheme of arrangement. Indiabulls merges with Yaari Digital Integrated Services Limited. Yaari Digital was doing digital payments, stock broking, ARC lending, and other things. On October 14, 2025, the merger became effective. Yaari shareholders got fresh equity. Indiabulls shareholders got — well, let’s say “hope.” The company changed its name from Yaari Digital to Indiabulls Limited on October 17, 2025. Then shares got listed on December 26, 2025. And suddenly, boom — the financial statements went from “how much was lost?” to “wait, are we profitable now?”
Q3 FY26 post-merger result: ₹97 crore revenue, ₹79.4 crore PAT. Sounds decent. But hold on — is this real profitability, or is this the financial equivalent of smiling in a wedding photo right after the marriage goes kaboom?
The Merger Reality Check: The post-merger entity inherited Yaari’s strongish ARC (Asset Reconstruction Company) business with ₹3,800 crore AUM, stockbroking with ₹68,000 crore AUM, and real estate pre-launch projects with a ₹3,000+ crore FY26 sales target. On paper, it’s a diversified financial services platform. In practice, it’s a holding company with one foot in each business, which in India typically means two feet in the quicksand.
03 — Business Model: What Are These Guys Doing?
ARC Lending + Stock Broking + Real Estate Dreams = Diversified Confusion
So what does a post-merger Indiabulls actually do? Let’s break it down:
Asset Reconstruction Company (ARC): They buy stressed/non-performing assets from banks, hold them, recover whatever they can, and convert the recovery into a profit. Yaari’s ARC platform has ₹3,800 crore in assets under management. It’s a boring business, but boring businesses with actual cash recovery have their place. Think of it as buying used car parts from the junkyard and reselling them to mechanics.
Stock Broking: Yaari Digital did digital stock broking and investment management. ₹68,000 crore in assets under management from retail customers. The model: take a cut of every trade. With an average trade growth of 28%, retail trading is clearly thriving. But there’s 2,50,082 shareholders in this company as of December 2025 — that’s 2.5 lakh small holders. That suggests retail fomo, not institutional confidence.
Real Estate: Indiabulls’ legacy business. They have real estate projects in development. The company is targeting ₹3,000+ crore in property sales for FY26. They just announced a JV to develop a 2.38-acre commercial project in Gurgaon with estimated GDV of ₹600 crore. Translation: they’re back in the business of selling dirt to investors who hope it becomes buildings.
ARC AUM₹3,800 Crstressed assets
Stock Broking AUM₹68,000 Crretail traders
RE Sales Target₹3,000+ CrFY26
Fun fact: The company’s permanent employee count is just 3 people (as of Dec 2025). Three. For a diversified financial services platform with ₹75,000+ crore AUM. Either it’s the world’s most efficient operation, or it’s outsourcing everything and hoping no one notices.
💬 Would you trust your stock broking account to a company that’s been through a near-death experience and a merger rebirth in the same calendar year? Drop your thoughts.
04 — Financials Overview
Q3 FY26: The Post-Merger Glow-Up (Or Glow Down?)
Result type: Quarterly Results | Q3 FY26 EPS: ₹0.34 | Q2 FY26 EPS: ₹0.07 | Q1 FY26 EPS: -₹0.53 | Annualised EPS Estimate: (₹0.34 + ₹0.07 – ₹0.53) / 3 × 4 = Uh… you got a calculator?
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 97 | 106 | 236 | -8.90% | -58.9% |
| Operating Profit | -14 | 24 | 107 | -158% | -113% |
| OPM % | -15% | 23% | 45% | -3800 bps | -6000 bps |
| PAT | 79.4 | -0.3 | 75.3 | 29,733% | +5.4% |
| EPS (₹) | 0.34 | -0.37 | 0.07 | +192% | +386% |
What Just Happened Here? Revenue collapsed 59% quarter-on-quarter. Operating profit turned negative. But PAT jumped to ₹79.4 crore? That’s because “other income” was ₹6 crore, and the company booked some one-time gains. The YoY comparison is a mirage — Q3 FY25 was pre-merger Yaari Digital doing their thing, losing money. This is a different company now, showing a different number. You can’t compare two companies by pretending they’re the same.
The Real Issue: Operating margins turned negative at -15% because the core business (revenue) is declining while costs remain sticky. The PAT profit? Thank other income. This is what happens when a company is in transition — the accounting becomes a magic trick where numbers can mean anything depending on which story you tell.
💬 Can you trust quarterly earnings from a company that merged only 2.5 months before the quarter ended? Or is this too fresh to believe?
05 — Valuation Discussion: Fair Value Range
Valuing the Unforgettable: Three Methods, Zero Confidence
