Yaari Digital Integrated Services Ltd Q2FY26 – ₹236 Cr Revenue, ₹75 Cr Profit, and a Corporate Resurrection Saga Involving 10 Mergers, 3 Demergers, and 1 Miraculous Comeback.
1. At a Glance
If the Indian stock market had a soap opera, Yaari Digital would be its main character — multiple name changes, dramatic mergers, lost net worth, surprise profits, and a final episode called “NCLT approves scheme.”
Trading at ₹21.2/share, with a market cap of ₹213 crore, Yaari just pulled off one of the biggest glow-ups in midcap history. From chronic losses and negative net worth (book value ₹-27.5), it posted Q2FY26 revenue of ₹236 crore and PAT of ₹75 crore, a 737% YoY profit jump.
All this right after a mega-merger of multiple Indiabulls group entities became effective on October 14, 2025. The result? A Frankenstein-style financial entity reborn from the ashes of Dhani, Indiabulls Enterprises, and others.
With a P/E of 12x, sales growth of 186%, and profit growth of 165%, Yaari suddenly looks less like a penny stock and more like a plot twist. Whether this is redemption or another Indiabulls illusion… well, let’s investigate.
2. Introduction
You remember Indiabulls Integrated Services? The one that wanted to be in everything from infrastructure to insurance to pharma to “digital commerce”? Well, that shapeshifter has now rebranded itself as Yaari Digital Integrated Services Ltd, possibly because “Identity Crisis Ltd.” was already taken.
Yaari started as a social commerce platform, meant to empower small resellers to sell via WhatsApp, Facebook, and Instagram — basically, India’s version of “Shopify meets Instagram DMs.” The idea: let every aunty with a WhatsApp group become a reseller of beauty creams, electronics, or sarees.
But then came the corporate soap:
Amalgamation with SORIL Infra, Indiabulls Enterprises, Indiabulls Pharma, and more.
Demergers involving hotel subsidiaries and pharma ventures.
Plans for an insurance license via Indiabulls Life and General Insurance.
And a ₹590 crore loan sanction on top of ₹1,000 crore in approved NCDs.
After years of losses, in FY25 the company somehow went from negative equity to positive profits. Q2FY26 finally saw a clean ₹75 crore profit — the first visible green shoot in years.
So, is this the long-awaited Indiabulls redemption arc? Or is it just the interval before another sequel?
3. Business Model – WTF Do They Even Do?
Honestly? Everything.
But officially, Yaari Digital’s business can be bucketed into three avatars:
1. Digital & Social Commerce: The “Yaari” app helps small resellers and SMBs start businesses via WhatsApp and social channels. It’s a B2B2C marketplace model covering fashion, beauty, personal care, and gadgets. Think of it as Meesho, but with less marketing and more corporate filings.
2. Financial & Investment Subsidiaries: Thanks to the amalgamation, Yaari now owns an alphabet soup of subsidiaries: Indiabulls Enterprises, Indiabulls Pharma, Store One Infra, SORIL Infra, and others. Their combined operations touch everything from infrastructure rentals to pharma research and even insurance applications.
3. Lending & Other Income (Legacy Arm): Until FY23, nearly 90% of its revenue came from interest income and balances written back. Now, post-merger, it’s finally generating operating revenue again from services and commerce.
Basically, Yaari is like that college senior who took every elective possible — not sure what to major in, but definitely has attendance in every department.
4. Financials Overview
Source table
Metric (₹ Cr)
Latest Qtr (Sep 25)
Same Qtr LY (Sep 24)
Prev Qtr (Jun 25)
YoY %
QoQ %
Revenue
236
115
92
105.6%
156%
EBITDA
107
14
-8
664%
NA
PAT
75.3
9.0
-2.0
737%
NA
EPS (₹)
7.43
0.89
-0.04
735%
NA
Annualized EPS = ₹7.43 × 4 = ₹29.7 → P/E ≈ 0.71x (based on current CMP ₹21.2)
That’s absurdly low. But remember: with 200 crore+ new shares issued post-merger, future EPS will normalize lower.
Commentary: Profit came not from e-commerce genius but from merger math, financial consolidations, and perhaps some long-overdue balance sheet magic. Still, ₹75 crore in Q2 isn’t chump change — it’s the loudest heartbeat Yaari’s had in years.
5. Valuation Discussion – Fair Value Range
Let’s run this like a responsible auditor, not a Twitter influencer.
