Indiabulls Limited — Investor Meet, 06-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Indiabulls Limited hosted a conference call to discuss the financial results for the quarter and financial year ended March 31, 2026. Management shared insights into the company's strategic repositioning, focusing on profitability in Real Estate and Financial Services. The company has completed a significant restructuring, emerging with a simplified structure, net cash positive balance sheet, and no loss-making entities. The outlook is positive, with a clear focus on execution and profitable growth.

**Financial Performance:** For FY26, revenue stood at INR880.78 Cr with a Profit After Tax (PAT) of INR346 Cr. Q4 FY26 saw revenue of INR418.39 Cr and PAT of INR194.26 Cr, largely driven by real estate operations. Real estate is projected to contribute ~80% of group profit, with FY27 profits expected to at least double YoY, and FY28 profits tripling YoY.

**Management Commentary & Outlook:** The company is focused on profitable growth from its Real Estate and Financial Services verticals. Real estate projects have a Gross Development Value (GDV) potential of over INR21,000 Cr. The company anticipates profits to grow year-on-year, led by real estate revenue.

**Order Book & Operational Updates:** Real estate operations are a strong driver, with ~40 lakh sq ft planned for launch in the current financial year and a pipeline of over 1.1 crore sq ft. The financial services segment includes broking, asset reconstruction, and SMB investments. The broking business is profitable, and the asset reconstruction business is in a collection phase, with profits expected from next year.

**Analyst Q&A Highlights:** Management clarified there are no pending litigations with financial implications. The company expects significant PAT growth driven by real estate, with revenue recognized on a percentage completion basis. The NBFC book is being managed for collection, with no new disbursements planned. The group has zero debt, and cash on hand is approximately INR750 Cr. The Worli property is expected to generate INR100-120 Cr in annual rent.

**Investor Angle:** The company is focused on execution and long-term value creation, with management expressing confidence in achieving significant profit growth over the next five to seven years.