Indiabulls Limited Reports Impressive Q2 FY26 Results Post-Merger
Indiabulls Limited, formed after the merger of Yaari Digital Integrated Services, Dhani Services Limited, and Indiabulls Enterprises, has announced its Q2 FY26 results. The company reported a robust financial performance, marking its first consolidated results post-merger. The merger, effective from October 14, 2025, has resulted in a debt-free entity with promoters increasing their stake to 32.8%.
The company operates in the real estate and financial services sectors, with ongoing projects in Gurugram and Mumbai. Indiabulls Limited expects total sales of ₹3,400 crore in the current financial year. Its financial services segment includes SMB lending, equipment leasing, stockbroking, and asset reconstruction.
Financial Highlights The company reported the following financial highlights for Q2 FY26: - 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: - 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 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 - 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.
2. Financial Services - 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.
