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
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