Indiabulls Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Indiabulls Ltd filed with BSE on 06 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Indiabulls Limited reported FY26 revenue of INR879 crores and profit after tax of INR346 crores, with Q4 FY26 revenue of INR417 crores and PAT of INR195 crores. Management said the quarter marked the first quarter of real estate revenue recognition following a multi-year restructuring that merged 17 group entities into the listed entity. Management described real estate as the dominant earnings driver and financial services as a capital-light platform comprising broking, asset reconstruction, SMB investment and payments.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR879 crores (FY26)
p. 4
“For the full year, we delivered revenue of INR879* crores, supported by improving operating performance with profit after tax of INR346 crores.”
Divyesh Shah, page 4 of the filed PDF · View the filing
Profit after tax: INR346 crores (FY26)
p. 4
“For the full year, we delivered revenue of INR879* crores, supported by improving operating performance with profit after tax of INR346 crores.”
Divyesh Shah, page 4 of the filed PDF · View the filing
Revenue: INR417 crores (Q4 FY26)
p. 4
“The fourth quarter marked a strong finish to the year, with Q4 FY26 revenue of INR417 crores* and PAT of INR195 crores*, driven primarily by contribution from our real estate operation, giving us a profit of INR143 crores.”
Divyesh Shah, page 4 of the filed PDF · View the filing
PAT: INR195 crores (Q4 FY26)
p. 4
“The fourth quarter marked a strong finish to the year, with Q4 FY26 revenue of INR417 crores* and PAT of INR195 crores*, driven primarily by contribution from our real estate operation, giving us a profit of INR143 crores.”
Divyesh Shah, page 4 of the filed PDF · View the filing
Real estate profit contribution in Q4: INR143 crores (Q4 FY26)
p. 4
“The fourth quarter marked a strong finish to the year, with Q4 FY26 revenue of INR417 crores* and PAT of INR195 crores*, driven primarily by contribution from our real estate operation, giving us a profit of INR143 crores.”
Divyesh Shah, page 4 of the filed PDF · View the filing
Total GDV potential: approximately INR21,000 plus crores
p. 4
“with total GDV potential of approximately INR21,000 plus crores and a sellable area of exceeding 1.1 crore lakh square feet, spanning residential, commercial, plotted, and mixed-use development across Gurugram, Mumbai, and Ludhiana.”
Divyesh Shah, page 4 of the filed PDF · View the filing
Area sold in FY26: 21.6 lakh square feet (FY26)
p. 5
“Going back to the FY26 numbers, we sold about 21.6 lakh square feet throughout the year, and Q4 FY26 marks the first quarter of real estate revenue recognition in the company's books.”
Divyesh Shah, page 5 of the filed PDF · View the filing
ARC fee-paying assets under management: INR622 crores
p. 5
“The asset reconstruction business currently manages fee-paying assets under management of INR622 crores, with assets under allocation totalling INR3,794 crores.”
Divyesh Shah, page 5 of the filed PDF · View the filing
ARC assets under allocation: INR3,794 crores
p. 5
“The asset reconstruction business currently manages fee-paying assets under management of INR622 crores, with assets under allocation totalling INR3,794 crores.”
Divyesh Shah, page 5 of the filed PDF · View the filing
New broking customers added: 28,000 (Q4 FY26)
p. 5
“We are actively scaling our presence in digital and discount broking with the addition of 28,000 customers in Q4 FY26, particularly building new-age platform such as Algo, which was now among the early movers in offering algo trading solutions to retail customers.”
Divyesh Shah, page 5 of the filed PDF · View the filing
Cash and cash equivalents: about INR750 crores
p. 9
“The cash on hand for me as of right now, which is available, you could say cash and equivalent of cash is about INR750 crores.”
Divyesh Shah, page 9 of the filed PDF · View the filing
Interest income from loan book: roughly INR120 crores top line (annual)
p. 8
“So interest on our loans what we earn is roughly it's a very small number because just a INR1,000 crores book, but we should be running over the entire year about roughly INR120 crores top line on this business.”
Divyesh Shah, page 8 of the filed PDF · View the filing
US investment (SpringCash) valuation: $30 million
p. 8
“So typically, the our investment in the US company was done at $30 million, where the company was valued at $30 million, and we did it about 6 months back.”
Divyesh Shah, page 8 of the filed PDF · View the filing
SpringCash B2B disbursals: about $100 million
p. 8
“They have done about $100 million of disbursal through their 150 B2B businesses.”
Divyesh Shah, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Real estate profit growth — at least 2x from current level · FY27
stated firmly by Divyesh Shah
p. 5
“with real estate profits in FY27 expected to grow at least 2x from what it is today, and FY28 will be at least 3x from what it is here.”
Divyesh Shah, page 5 of the filed PDF · View the filing
Real estate profit growth — at least 3x from current level · FY28
stated firmly by Divyesh Shah
p. 5
“with real estate profits in FY27 expected to grow at least 2x from what it is today, and FY28 will be at least 3x from what it is here.”
Divyesh Shah, page 5 of the filed PDF · View the filing
Upcoming launches — approximately 40 lakh square feet with GDV of INR6,000 plus crores · current financial year
stated firmly by Divyesh Shah
p. 5
“upcoming launches of approximately 40 lakh square feet in the current financial year with a GDV of INR6,000 plus crores, and a strong future pipeline of 42 lakh square feet valued at INR11,900 plus crores.”
Divyesh Shah, page 5 of the filed PDF · View the filing
NBFC loan disbursement — no fresh disbursements · this year and next year
stated firmly by Divyesh Shah
p. 10
“As of today we do not have any plans to disburse loans into this year or next year.”
Divyesh Shah, page 10 of the filed PDF · View the filing
Worli/Prabhadevi property annual rent — roughly INR1,000 crores · from fourth year onwards
stated conditionally by Divyesh Shah
p. 11
“So we should expect from the fourth year onwards this rental yield to start flowing into our balance sheet.”
Divyesh Shah, page 11 of the filed PDF · View the filing
Capex for Worli/Prabhadevi asset — roughly INR600 crores
stated firmly by Divyesh Shah
p. 11
“This spend on this asset would be roughly about INR600 crores.”
Divyesh Shah, page 11 of the filed PDF · View the filing
PAT — INR1000 crores - INR1500 crores · next five to seven years
stated as an aspiration by Divyesh Shah
p. 13
“So, I think next five years,God willing and doing everything well, we should be, hitting new highs and, I may sound very optimistic, but I think we should be easily crossing INR1000 crores - INR1500 crores of PAT in the coming five to seven years easily.”
Divyesh Shah, page 13 of the filed PDF · View the filing
Real estate GDV conversion into P&L — complete construction and cash realization · by 2030-31 or max 2032
stated as an aspiration by Divyesh Shah
p. 13
“So, I think by 30-31 or at max to max 32, we should complete all this entire construction project and the money should come into our balance sheet.”
Divyesh Shah, page 13 of the filed PDF · View the filing
Real estate as growth driver — next 5 to 7 years
stated firmly by Divyesh Shah
p. 11
“For the next 5 to 7 years, real estate will be a strong driver of growth.”
Divyesh Shah, page 11 of the filed PDF · View the filing
Broking business growth — next one year
stated as an aspiration by Divyesh Shah
p. 14
“So, you know, you will see in the next one-year good amount of growth coming in from this business.”
Divyesh Shah, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the 17 subsidiaries had already been shut down during the merger and there are no litigations or financial liabilities against Indiabulls Limited.
Answered by Divyesh Shah
Asked by Gunit Singh: What litigations exist across the company's 17 subsidiaries and what is the potential financial impact?
p. 5
“We do not have any litigations going on and there is no financial implication to Indiabulls Limited.”
Divyesh Shah, page 5 of the filed PDF · View the filing
Management said the growth would come from real estate, citing 40 lakh square feet of launches this year and a 1.1 crore square feet pipeline.
Answered by Divyesh Shah
Asked by Gunit Singh: What drives the projected doubling and tripling of PAT in FY27 and FY28?
p. 7
“So this is the inventory which we have as of hand.* We will keep adding more projects going down the line which is not accounted for today, but this is where the growth will come for the company.”
Divyesh Shah, page 7 of the filed PDF · View the filing
Management described broking, ARC, SMB investment and payments as the other business lines, with real estate as the major driver.
Answered by Divyesh Shah
Asked by Gunit Singh: What is the debt/NPA status and revenue contribution of the other businesses besides real estate?
p. 8
“But our major driver, Gunit, is coming mostly from real estate.”
Divyesh Shah, page 8 of the filed PDF · View the filing
Management said the NBFC and group have no debt and cash on hand is about INR750 crores.
Answered by Divyesh Shah
Asked by Amit Mehendale: What is the debt position of the NBFC and group, and the cash on hand?
p. 9
“So let me tell you, the group has no debt. We all our businesses do not have any debt.”
Divyesh Shah, page 9 of the filed PDF · View the filing
Management explained a tax shield of about INR3,000 crores means PBT and PAT will be the same until that is exhausted.
Answered by Divyesh Shah
Asked by Amit Mehendale: Is the profit guidance on a PBT or PAT basis given the tax shield?
p. 9
“So also let me tell you what happened is during this merger, the company actually inherited a tax shield of about roughly INR3,000 crores in revenue.”
Divyesh Shah, page 9 of the filed PDF · View the filing
Management guided to roughly INR1,000 crores of annual rent (later corrected via note to 100-120 crores).
Answered by Divyesh Shah
Asked by Vikash: What lease rent is expected from the Worli property?
p. 10
“So we expect roughly about INR1,000 crores* of annual rent from the Worli property.”
Divyesh Shah, page 10 of the filed PDF · View the filing
Management said the loan book is being reduced with no plans for fresh disbursement.
Answered by Divyesh Shah
Asked by Randhir Singh: What is the NBFC advances growth outlook for FY26 and FY27?
p. 10
“As of now we are not doing existing growth in NBFC.”
Divyesh Shah, page 10 of the filed PDF · View the filing
Management said roughly 80% recovery on sold units due to strict payment discipline and cancellation policy.
Answered by Divyesh Shah
Asked by Varun Mishra: What is the recovery rate on sold real estate units?
p. 12
“So in terms of percentage, roughly we have about 80% recovery on all the sold units.”
Divyesh Shah, page 12 of the filed PDF · View the filing
Management estimated roughly seven years and confirmed GDV includes JV partner contributions at about a 20% benchmark.
Answered by Divyesh Shah
Asked by Abhinav: What timeline is expected to convert the entire GDV into P&L, and does GDV include JV partner shares?
p. 13
“So, From today we looking roughly at seven years to actually cumulate everything into our balance sheet, since we've already launched a few projects last year, this year also our pipeline is fixed and ready to go.”
Divyesh Shah, page 13 of the filed PDF · View the filing
Management attributed the lag to a three-year restructuring period and said focus is now on growing the online discount broking business.
Answered by Divyesh Shah
Asked by Abhijit Mahajan: Why has the broking business lagged newer entrants like Zerodha and Groww, and what is the plan going forward?
p. 14
“So, the broking business, as I said, it took us about three years for restructuring and setting everything in right and that's how the broking business suffered a bit.”
Divyesh Shah, page 14 of the filed PDF · View the filing
Risks flagged
Fintech lending to faceless customers had structurally weak unit economics and underwriting/collection challenges
p. 3
“we recognized that fintech lending to faceless customers suffers from structurally weak unit economics, challenges in underwriting and collection, and an inability to generate sustainable profits.”
Divyesh Shah, page 3 of the filed PDF · View the filing
Difficulty giving quarter-to-quarter guidance due to the nature of the real estate business
p. 5
“It is difficult to give a quarter-to-quarter guidance knowing the nature of the business, but this is a trajectory and it is grounded, driven by already signed and approved projects”
Divyesh Shah, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.