Indiabulls Q4 FY26 profit jumps 46.4% to ₹194 crore on real estate push
Synopsis
Indiabulls Limited closed FY26 with a 46.4% quarterly profit jump to ₹194 crore, backed by ₹2,752 crore in real estate sales bookings and a ₹21,000 crore-plus GDV pipeline. The numbers signal a credible pivot from a financial-services-heavy model to a real estate-led structure — with FY27 revenue visibility already in place.
Key Takeaways
Indiabulls Limited posted a 46.4% rise in Q4 FY26 profit after tax to ₹194 crore , with quarterly revenue at ₹418 crore .
Full-year FY26 PAT stood at ₹346 crore on revenue of ₹880 crore , a profit margin of 39.3% .
Real estate segment contributed ₹143 crore at operating level in Q4; full-year sales bookings reached ₹2,752 crore across 909 units .
Development pipeline GDV exceeds ₹21,000 crore spanning 110.52 lakh sq ft across ongoing and future projects.
Stock broking revenue hit ₹124.4 crore in FY26, with 26% YoY growth in Q4; client assets exceed ₹68,000 crore .
Asset reconstruction business recorded recoveries of ₹288 crore with assets under collection of ₹3,794 crore .
Indiabulls Limited on Wednesday, 29 April 2025, reported a 46.4% year-on-year rise in profit after tax to ₹194 crore for the quarter ended March 31, 2025 (Q4 FY26), capping a transformational financial year driven by its merger and a deliberate pivot to a real estate-led business model backed by diversified financial services.
Quarterly and Full-Year Financial Performance
Revenue for the March quarter stood at ₹418 crore, according to the company's financial statement. For the full financial year FY26, Indiabulls posted a profit after tax of ₹346 crore on revenue of ₹880 crore, translating to a profit margin of 39.3% — a figure that reflects improved operational efficiency following the company's corporate restructuring.
Real Estate Segment Leads Earnings
The real estate division remained the primary earnings engine, contributing approximately ₹143 crore at the operating level in the fourth quarter alone. For the full year, the company recorded sales bookings of ₹2,752 crore, with 909 units sold across 21.6 lakh square feet. Collections for FY26 stood at ₹400 crore.
Indiabulls' residential portfolio is focused on the ₹2 crore to ₹6 crore ticket-size segment, targeting both luxury and mid-income buyers across key markets including Delhi NCR, Mumbai, and Ludhiana. The company also flagged a robust development pipeline with a gross development value (GDV) exceeding ₹21,000 crore, spanning more than 110.52 lakh square feet of ongoing, upcoming, and future projects — providing what management described as clear revenue visibility for coming years.
Financial Services Vertical Holds Steady
Alongside real estate, the financial services arm delivered consistent results. The stock broking business reported revenue of ₹124.4 crore in FY26, with a 26% year-on-year growth in the March quarter, supported by client assets exceeding ₹68,000 crore. The asset reconstruction business maintained a disciplined stance, with assets under collection of ₹3,794 crore and recoveries of ₹288 crore during the year.
What Management Said
Divyesh Shah, Executive Director and CEO of Indiabulls Limited, said FY26 marked a year of meaningful progress.
Point of View
And it deserves scrutiny alongside the top line. The real estate pivot is credible on paper — ₹2,752 crore in bookings and a ₹21,000 crore GDV pipeline are not trivial — but collections of just ₹400 crore against those bookings suggest cash conversion remains a work in progress. The stock broking arm's 26% quarterly growth is a quiet outperformer that most coverage will overlook. The bigger question for FY27 is whether the GDV pipeline translates into recognised revenue at the same margin, or whether project execution risk compresses what looks like a healthy profitability story.
NationPress
1 May 2026
Frequently Asked Questions
What was Indiabulls Limited's profit in Q4 FY26?
Indiabulls Limited reported a profit after tax of ₹194 crore in Q4 FY26, a 46.4% rise year-on-year. Quarterly revenue stood at ₹418 crore for the period ended 31 March 2025.
How did Indiabulls perform for the full financial year FY26?
For the full year FY26, Indiabulls posted a profit after tax of ₹346 crore on revenue of ₹880 crore, achieving a profit margin of 39.3%. The results reflect improved efficiency following the company's merger and restructuring.
What is Indiabulls' real estate development pipeline?
Indiabulls has a gross development value (GDV) pipeline exceeding ₹21,000 crore, spanning more than 110.52 lakh square feet of ongoing, upcoming, and future projects across Delhi NCR, Mumbai, and Ludhiana.
How did Indiabulls' financial services business perform in FY26?
The stock broking business reported revenue of ₹124.4 crore in FY26 with 26% year-on-year growth in Q4, supported by client assets exceeding ₹68,000 crore. The asset reconstruction unit recorded recoveries of ₹288 crore with ₹3,794 crore in assets under collection.
What segment drove Indiabulls' Q4 FY26 earnings?
The real estate segment was the primary earnings driver, contributing approximately ₹143 crore at the operating level in Q4 FY26. Full-year sales bookings stood at ₹2,752 crore across 909 units and 21.6 lakh square feet.
