Indiabulls Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 Aug 2026 | Commercial Services & Supplies | Market Cap: ₹6.0K Cr
Real estate is the primary growth driver, expected to contribute nearly 80% of group profit. Indiabulls expects to double its PAT in FY27 and again by FY28, targeting INR600-700 crores PAT next year and INR1,200 crores PAT subsequently.
From Indiabulls's Q4 FY26 earnings-call transcript · updated 25 Aug 2026.
Price
₹27
Market Cap
₹6.0K Cr
P/E Ratio
12.3
Revenue Rank
Margin Rank
How does Indiabulls rank in Commercial Services & Supplies?
Compare Indiabulls against every Commercial Services & Supplies company this quarter on revenue, margins and earnings-call signals.
Indiabulls — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹409 Cr, net profit ₹194 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 2- →Real estate is the primary growth driver, expected to contribute nearly 80% of group profit.
- →Current GDV potential stands at over INR 21,000 crores with a sellable area exceeding 1.1 crore sq ft.
- →FY27 real estate profits expected to at least double from FY26 levels; FY28 profits projected to triple.
- →Pipeline includes 40 lakh sq ft planned launches in the current year and 42 lakh sq ft in future projects.
- →Broking business focusing on online discount broking with new products and tech platforms; expected steady growth.
- →Asset reconstruction business growing steadily, with profits anticipated to begin from next year.
- →Real estate revenue recognition is on a percentage completion basis, indicating ongoing revenue inflows.
- →Rental income from commercial assets (e.g., Worli property) expected to provide stable annuity income from year 4 onward.
📈 Profitability & Margins
Rank 3- →Indiabulls expects to double its PAT in FY27 and again by FY28, targeting INR600-700 crores PAT next year and INR1,200 crores PAT subsequently.
- →Over the next 5-7 years, the company aims to achieve INR1000-1500 crores PAT, reflecting strong future growth.
- →Real estate is projected to contribute nearly 80% of group profits and is the main near-term earnings engine.
- →Financial services (stockbroking, asset reconstruction, SMB, digital payments) will grow steadily in a capital-efficient, low-risk manner.
- →The broking business is focused on growth, with new tech-driven products and expanding customer base expected to drive profits.
- →Rental income from the Indiabulls Tower in Mumbai is expected to commence from the fourth year, contributing stable annuity income (~INR100-120 crores per annum).
- →The company's restructuring and simplified operations are expected to provide a solid platform for sustained year-on-year profit growth.
🏗️ Capital Expenditure Plans
Yes- →Indiabulls is investing in expanding its broking business, focusing on online discount broking with a new team and multiple product launches planned this year.
- →In real estate, capital expenditure of approximately INR 600 crores is planned for the Worli commercial project, which is under construction and expected to complete in 3-4 years.
- →Indiabulls Tower in Prabhadevi, Mumbai, a commercial leased property, is expected to generate stable annuity income of INR 100-120 crores per year.
- →Investment in Spring Cash (US-based SMB business) was made about 6 months ago at a valuation of $30 million, with plans for multiple fundraises at higher valuations over time.
- →No current plans to grow the NBFC loan book; it is being run down gradually with no new disbursements planned.
- →Overall, focus is on capital-light growth in financial services and significant real estate project launches with a GDV pipeline exceeding INR 21,000 crores.
💰 Fundraising & Capital Structure
No- →No current plans to raise debt: The company is debt-free across all businesses, including broking and NBFC.
- →NBFC loan book is being run down, with no fresh disbursements planned in FY26 and FY27.
- →Equity fundraising example: Spring Cash (US-based investment) raised capital recently; Indiabulls invested at a $30 million valuation about six months ago, with expectations of future fundraising at higher valuations.
- →No mention of any immediate or planned large-scale equity or debt fundraising by Indiabulls Limited itself.
- →Expansion in broking business is planned through internal capital and new product launches, not through external funding.
- →Overall, capital is allocated to profitable and high-growth verticals without debt, indicating a capital-light approach.
📋 Order Book & Pipeline
Yes- →Indiabulls has a total Gross Development Value (GDV) potential of approximately INR 21,000+ crores from real estate projects.
- →The company has a sellable area exceeding 1.1 crore square feet across residential, commercial, plotted, and mixed-use developments in Gurugram, Mumbai, and Ludhiana.
- →For FY26, about 40 lakh square feet of area have been launched.
- →There is a pipeline of 1.1 crore square feet of area planned for launch beyond FY26.
- →Projects are at various stages including planning, approval, and design phases.
- →The company expects to complete all projects and realize cash inflows by FY31 or FY32.
- →The GDV includes both owned projects and joint venture (JV) partner contributions, with JV partners estimated to contribute roughly 20% of the GDV.
- →Major launched projects include Indiabulls Estate and Club Sector 104, Indiabulls Heights Sector 104, and Indiabulls Tower in Prabhadevi, Mumbai.
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were Indiabulls Q4 FY26 results?
Real estate is the primary growth driver, expected to contribute nearly 80% of group profit. Indiabulls expects to double its PAT in FY27 and again by FY28, targeting INR600-700 crores PAT next year and INR1,200 crores PAT subsequently.
What is Indiabulls share price analysis?
Indiabulls currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 12.3 with a market cap of ₹5,959 Cr. Investors should review the full earnings analysis for detailed insights.
Is Indiabulls planning capital expenditure?
Indiabulls is investing in expanding its broking business, focusing on online discount broking with a new team and multiple product launches planned this year.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.