Indiabulls Limited Posts Impressive Q2 FY26 Results Post-Merger
Indiabulls Limited, formed after the merger of Yaari Digital Integrated Services, Dhani Services Limited, and Indiabulls Enterprises, announced its Q2 FY26 results. The company reported strong financial performance and a robust pipeline of real estate projects.
Indiabulls LimitedQ2 Fy26MergerReal EstateFinancial ServicesReal Estate NewsNov 01, 2025
The company reported revenue of ₹256.60 crore, EBITDA of ₹127.50 crore, and PAT of ₹75.30 crore. The merger, which became effective on October 14, 2025, has resulted in a debt-free entity with no outstanding loans or Non-Convertible Debentures (NCDs). Promoters have increased their stake to 32.8% by converting warrants worth ₹406 crore at ₹90.30 per share during Q2 FY26.
Financial Highlights
The company's financial highlights for Q2 FY26 are as follows:
- Revenue : ₹256.60 crore
- EBITDA : ₹127.50 crore
- PAT : ₹75.30 crore
Merger Update
The Scheme of Amalgamation, approved by the Hon'ble National Company Law Tribunal (NCLT), has led to the formation of Indiabulls Limited. Key points to note include:
- The merger became effective on October 14, 2025, with the appointed date of April 1, 2023.
- Indiabulls Limited is now debt-free, with no outstanding loans or NCDs.
- Promoters have increased their stake to 32.8% in the merged entity by converting warrants amounting to ₹406 crore at ₹90.30 per share during Q2 FY26.
Business Verticals
Indiabulls Limited operates in two main business verticals:
1. Real Estate
2. Financial Services
Real Estate Segment
The company has a strong pipeline of real estate projects:
- Ongoing projects include Indiabulls Estate & Club (Phase 1) and Indiabulls Heights in Gurugram.
- Future projects in various stages of development across Gurugram, Mumbai, and other locations.
- The company has achieved sales of over ₹2,000 crore till September 30, 2025, and expects total sales close to ₹3,400 crore in the current financial year.
Financial Services Segment
The financial services segment includes various offerings:
Small & Medium Business (SMB) Platform
- Indiabulls Ltd. owns a 16.4% stake in Spring Cash LLC, USA, an AI-powered lending solutions platform for SMBs.
- Plans to introduce this platform to the Indian SME sector in partnership with Indiabulls' NBFC.
Equipment Leasing Business
- Serves over 90 clients, including major corporations like Larsen & Toubro, Tata Projects, and Reliance Industries.
Stockbroking and UPI Services
- 1.75 lakh active demat accounts with over ₹65,000 crore in assets.
- Received regulatory approval as a Third-Party Application Provider (TPAP) for UPI services.
Asset Reconstruction Company (ARC)
- Manages loan recovery portfolios from various financial institutions.
- Supported by an in-house field team of over 2,000 collection executives.
Management Restructuring
Following the merger, Indiabulls Limited has undergone significant management changes:
- Mr. Gurbans Singh appointed as Executive Director & Chairman.
- Mr. Divyesh B. Shah appointed as Executive Director & CEO.
- New independent directors added to the board.
Outlook
The merger has positioned Indiabulls Limited as a diversified entity with strong footholds in real estate and financial services. The company's debt-free status and robust project pipeline in real estate, coupled with its expanding financial services offerings, suggest a positive outlook for future growth.
Frequently Asked Questions
What are the financial highlights of Indiabulls Limited for Q2 FY26?
Indiabulls Limited reported revenue of ₹256.60 crore, EBITDA of ₹127.50 crore, and PAT of ₹75.30 crore for Q2 FY26.
When did the merger of Indiabulls Limited become effective?
The merger of Indiabulls Limited became effective on October 14, 2025.
What are the main business verticals of Indiabulls Limited?
Indiabulls Limited operates in two main business verticals: Real Estate and Financial Services.
What are the key projects in the real estate segment of Indiabulls Limited?
The key projects in the real estate segment include Indiabulls Estate & Club (Phase 1) and Indiabulls Heights in Gurugram, with future projects in various stages of development across Gurugram, Mumbai, and other locations.
Who are the newly appointed key executives in Indiabulls Limited following the merger?
Following the merger, Mr. Gurbans Singh was appointed as Executive Director & Chairman, and Mr. Divyesh B. Shah was appointed as Executive Director & CEO.
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