Indiabulls Ltd Reports Strong FY26 Turnaround: Profit Jumps to ₹179Cr on 87% Revenue Growth

Indiabulls Limited has reported a significant turnaround for the fiscal year ending March 31, 2026 (FY26). The company posted consolidated revenue from operations of ₹833.38 Crore, an 87% increase year-over-year from FY25's restated ₹444.37 Crore. This substantial revenue growth fueled a return to consolidated profitability, with a Profit Before Tax (PBT) of ₹179.26 Crore, a marked improvement from a loss of ₹(219.38) Crore in the previous fiscal year.

Financial Snapshot for FY26

The audited results, approved by the Board of Directors on April 29, 2026, reveal a contrasting performance between the consolidated and standalone entities. While the consolidated figures show a strong recovery, the standalone performance for FY26 recorded a loss before tax of ₹(95.73) Crore, a slight improvement from FY25's standalone loss of ₹(102.59) Crore. The company officially changed its name from Yaari Digital Integrated Services Limited to Indiabulls Limited, effective October 17, 2025.

Turnaround Driven by Growth

The substantial revenue jump and return to consolidated profitability signal a successful operational turnaround, largely attributed to the recent corporate restructuring. This marks a key step for the newly unified entity as it aims for a stronger financial footing and future growth. The divergence between consolidated profit and standalone loss highlights the varied performance across different business segments within the group.

Corporate Background

Indiabulls Limited's current structure stems from a complex Scheme of Arrangement effective October 14, 2025. This involved merging 17 companies into Yaari Digital Integrated Services Limited (YDISL) and demerging a real estate undertaking. The company was subsequently renamed Indiabulls Limited on October 17, 2025. This consolidation was designed to streamline operations, reduce redundancies, and create synergies, bringing entities like Dhani Services Limited and Indiabulls Enterprises Limited under one umbrella. FY25 financial figures have been restated to reflect this restructuring. The company is now positioned as a diversified financial services and real estate entity.

Key Changes Post-Restructuring

Shareholders now hold stakes in a single, consolidated Indiabulls Limited, which targets greater operational efficiency. The business now spans real estate development and digital financial services. FY25 results are restated due to the merger, impacting direct year-over-year comparisons for past periods but emphasizing the FY26 recovery. The name change to Indiabulls Limited signifies a fresh start for the consolidated entity.

Past Regulatory Concerns

While the latest results show a positive financial turnaround, past regulatory actions against related entities require attention. SEBI penalized Indiabulls Real Estate's CFO for insider trading in 2020. Additionally, the RBI fined Indiabulls Commercial Credit for KYC non-compliance in 2022, and SEBI fined Dhani Services and its officials for insider trading in 2021. These past events, though not directly tied to the former Yaari Digital entity's FY26 performance, form part of the broader group's history.

Peer Landscape

Indiabulls Limited's post-restructuring diversified business model, covering financial services and real estate, sees it compared with:

• Dhani Services Limited, which focuses on digital financial services and merged into the current Indiabulls Limited.
• Shriram Finance Limited, a prominent player in India's diversified financial services sector, serving as a benchmark for scale and profitability in lending.
• Indiabulls Housing Finance Limited, a separate entity within the larger Indiabulls group, operating in the housing finance domain.

Looking Ahead

Investors and stakeholders will be monitoring several key areas:

• The standalone entity's progress toward profitability.
• The integration of merged entities and the realization of synergies across financial services and real estate.
• The performance of key business segments, such as real estate sales and digital lending platforms.
• Investor sentiment and market reaction to the consolidated entity's strategy and financial health.
• Management commentary on future outlook and growth plans.