Indiabulls logo

Indiabulls

IBULLSLTD NSE

Key Fundamentals

MicrocapDiversified ServicesCommercial Services
Market Cap
₹5,811 Cr
Volatility
Moderate
P/E Ratio
14.05
EBITDA
₹212 Cr
Return on Equity
24.67%
Debt to Equity
0.15
Book Value
₹13.31
52W High
₹32.5
52W Low
₹8.9

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 36.6% CAGR over last 5 years

Weaknesses

2
  • Promoter holding is low: 32.9%
  • Working capital days have increased from -1,58,026 days to 629 days

Growth Rate

Revenue Growth
—
Net Income Growth
-355% lower than 3Y
Cash Flow Change
143% lower than 3Y
ROE
167% higher than 3Y
ROCE
-110% lower than 3Y
EBITDA Margin (Avg.)
-102% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk high

Indiabulls Limited is a services sector company with a market cap of ₹7,066 Cr, trading at a PE of 19.7x and PB of 2.2x. The stock has delivered strong 1-year returns of 74% and profit CAGR of 37% over 5 years, but faces concerns around volatile revenue patterns, low promoter holding at 32.9%, and a dramatic deterioration in working capital days.

Bull Case 7
  • Strong 1-year stock price appreciation of 74%, indicating significant market momentum
  • Compounded profit growth of 37% CAGR over 5 years demonstrates sustained earnings expansion
  • 3-year stock CAGR of 33% suggests medium-term wealth creation for shareholders
  • 10-year compounded profit growth of 46% CAGR reflects long-term earnings compounding ability
  • PE ratio of 19.7x is reasonable relative to the strong profit growth trajectory of 50% over 3 years
  • Last year ROE of 23% indicates efficient utilization of shareholder equity
  • TTM profit growth of 575% shows a massive earnings recovery or turnaround in the most recent period
Bear Case 8
  • Promoter holding is low at 32.9%, raising concerns about management commitment and vulnerability to hostile actions
  • Working capital days have deteriorated drastically from -1,58,026 days to 629 days, signaling a fundamental shift in business model or severe operational inefficiency
  • TTM sales growth is -14,469%, indicating an extreme and abnormal revenue contraction or accounting reclassification that demands scrutiny
  • 5-year stock CAGR of -21% shows the company destroyed shareholder value over that period despite profit growth
  • 10-year stock CAGR of 0% means a decade of zero capital appreciation for long-term holders
  • Zero dividend yield means no income return for shareholders despite reported profitability
  • Debt-to-equity ratio and key return metrics like multi-year ROE/ROCE are unavailable, limiting visibility into financial health
  • 52-week high and low data showing 0 suggests limited price discovery transparency or data gaps

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Positives 5
  • Shares surge 185% from lows Jun 17

    Stock rallied 185% from 52-week low of ₹8.93 (Feb 25) to ₹25.50 (Jun 10), gaining 145% in three months driven by restructuring and improved financials.

  • Dramatic profit turnaround in FY26 Jun 17

    FY26 revenue rose 63% to ₹880.78 crore with PAT of ₹346.13 crore versus a loss of ₹272.73 crore in FY25. Q4 FY26 profit was ₹194.26 crore against a loss of ₹164.17 crore YoY.

  • ₹1,000 crore preferential warrant issue Jun 17

    Proposed issue of 51.55 crore warrants at ₹19.40 each, with promoter entities taking 71% subscription, expected to lift promoter stake from 32.89% to ~45%.

  • Strong real estate pipeline Jun 17

    Development pipeline exceeds ₹21,000 crore GDV across 1.1 crore sq ft of sellable area. FY26 sales bookings reached ₹2,752 crore covering 909 units and 21.6 lakh sq ft.

  • Gehlaut returns as key promoter Jun 17

    Sameer Gehlaut's return post-NCLT approved restructuring in Aug 2025 consolidated 17 group entities into one listed vehicle, increasing promoter stake from 27.46% to 32.89%.

Neutral 2
  • EGM notice corrigendum issued Jun 24

    Indiabulls issued a corrigendum to its EGM notice for July 2, 2026, clarifying shareholding data and fund utilization for the ₹1,000.07 crore preferential issue.

  • EGM called for warrant approval Jun 10

    EGM scheduled for July 2, 2026 to approve preferential issue of warrants worth ₹1,000.07 crore to promoter and non-promoter entities.

TL;DR: Indiabulls Limited is experiencing a strong turnaround driven by NCLT-approved restructuring of 17 entities, Sameer Gehlaut's return as promoter, and a sharp FY26 profit swing to ₹346 crore from a ₹273 crore loss. The real estate pipeline of ₹21,000 crore GDV and proposed ₹1,000 crore capital infusion provide growth visibility. Key risks remain execution on the large development pipeline and sustained demand in real estate. The trend is clearly improving with momentum accelerating in recent quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
0
0
0
0
0
115
106
102
92
236
97
409
359
Expenses
1
1
2
1
0
103
82
284
78
129
111
238
206
Operating Profit
-1
-1
-2
-1
0
12
24
-182
14
107
-14
170
154
OPM %
-408%
—
—
—
—
11%
23%
-180%
15%
45%
-15%
42%
43%
Other Income
0
0
3
0
0
12
14
48
12
20
6
-55
25
Interest
4
4
5
6
5
22
7
13
8
15
10
10
10
Depreciation
0
0
0
0
0
10
10
10
10
10
9
9
8
PBT
-6
-6
-4
-7
-5
-8
22
-157
7
103
-28
96
161
Tax %
0%
0%
0%
0%
0%
69%
114%
4%
125%
27%
-384%
-102%
12%
Net Profit
-6
-6
-4
-7
-5
-13
-3
-164
-2
75
78
194
141
EPS in Rs
-0.55
-0.57
-0.37
-0.67
-0.53
-1.17
-0.37
-16.26
0.04
0.07
0.34
0.84
0.61
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
207
310
223
233
171
225
168
1
0
0
-6
833
1,101
Expenses
163
225
193
182
173
281
163
95
11
5
2
557
684
Operating Profit
45
85
31
51
-2
-56
5
-93
-11
-5
-8
277
417
OPM %
22%
27%
14%
22%
-1.2%
-25%
3.2%
-7349%
-10309%
-22850%
-46%
33%
38%
Other Income
0
2
20
32
179
-49
74
20
185
3
1
-17
-4
Interest
13
45
36
43
42
130
125
57
87
19
60
43
44
Depreciation
17
36
27
28
26
32
29
2
1
0
0
37
36
PBT
15
6
-13
12
108
-267
-75
-132
85
-22
-68
179
333
Tax %
-21%
-18%
1%
37%
28%
10%
17%
11%
-12%
0%
0%
-93%
—
Net Profit
18
7
-13
8
78
-293
-88
-146
95
-22
-68
346
489
EPS in Rs
3.5
1.4
-4.15
0.63
8.21
-33.09
-10.58
-16.32
9.45
-2.15
-6.79
1.18
1.86
Div. Payout %
0%
0%
0%
159%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
10
10
10
11
18
18
18
20
20
20
20
447
Reserves
870
877
310
472
1,415
290
394
-314
-243
-254
-296
2,637
Borrowings
293
447
697
671
342
1,141
332
502
214
244
263
459
Other Liabilities
62
727
138
72
196
235
881
85
46
36
37
632
Total Liabilities
1,235
2,060
1,155
1,226
1,971
1,684
1,625
294
38
46
24
4,173
Fixed Assets
690
937
604
502
420
355
235
6
1
0
0
571
CWIP
6
0
0
0
0
0
1
0
0
0
0
0
Investments
0
0
0
222
874
541
589
48
22
31
3
118
Other Assets
539
1,124
551
502
677
788
801
239
15
14
21
3,484
Total Assets
1,235
2,060
1,155
1,226
1,971
1,684
1,625
294
38
46
24
4,173
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
21
168
-529
-76
-175
-218
841
-487
-11
-12
5
194
Investing
-45
-271
571
-19
-549
-499
179
328
223
0
54
38
Financing
19
107
-30
97
709
717
-1,004
157
-212
12
-41
-216
Net Cash Flow
-5
4
13
2
-14
0
16
-2
-1
0
19
17
Free Cash Flow
-31
-99
-537
15
-244
-212
950
-490
-11
-12
5
161
CFO/OP
51
217
-1,709
-152
7,948
343
15,509
516
107
44
-87
68
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
134
68
77
158
185
131
180
167
1,560
0
0
33
Inventory Days
229
—
—
450
244
—
—
—
—
—
0
1,151
Days Payable
360
—
—
490
239
—
—
—
—
—
—
497
Cash Conversion Cycle
4
68
77
118
190
131
180
167
1,560
0
0
687
Working Capital Days
294
364
53
-457
668
-1,125
-780
-15,801
-1,05,916
-4,57,528
-17,180
629
ROCE %
3%
4%
2%
3%
1%
1%
2%
-14%
174%
-338%
—
16%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Promot.32.91%Public30.45%DIIs0.11%FIIs17.08%Others19.45%As ofJun 2026

Documents

Frequently Asked Questions about Indiabulls

What does Indiabulls Limited do?
Incorporated in 2007, Indiabulls Ltd is in the business of Real Estate and Financial Services[1]
Where is Indiabulls Limited (IBULLSLTD) listed?
Indiabulls Limited trades as IBULLSLTD on the NSE and under code 533520 on the BSE.
Which sector does Indiabulls Limited belong to?
Indiabulls Limited is classified under the Commercial Services sector, in the Diversified Services industry.
What is the market capitalisation of Indiabulls Limited?
Indiabulls Limited has a market capitalisation of ₹5,811 Cr, which places it in the Mid Cap band.
What is the PE ratio of Indiabulls Limited?
Indiabulls Limited trades at a PE ratio of 14.05, against a book value of ₹13.31 per share.
What is the 52-week high and low of Indiabulls Limited?
Over the last 52 weeks Indiabulls Limited has traded between ₹8.9 and ₹32.5.
What is the Return on Equity (ROE) of Indiabulls Limited?
Indiabulls Limited reported a return on equity of 24.67%. Its debt-to-equity ratio is 0.15.

Company Information

Incorporated in 2007, Indiabulls Ltd is in the business of Real Estate and Financial Services[1]

Website indiabulls.com
CEO Mr. Kubeir Khera
Employees 3
Listed 2011-08-18
Face Value ₹ 2
Issued Size 2,32,43,82,138

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