Indiabulls financials: balance sheet, profit and loss, cash flow

NSE: IBULLSLTDBSE: 533520Commercial Services & SuppliesSmall Cap

Indiabulls Limited · Formerly Yaari Digital Integrated Services · Face value ₹2 · Listed Aug 2011

₹31.64₹0.24 (0.75%)BSE ₹31.73

Share price at the NSE close on 29 Oct 2026. Previous close ₹31.88.

29 Oct: open ₹32.00, high ₹32.19, low ₹31.22

52-week range of traded prices to 29 Oct 2026

₹8.90Low, 9 Mar 2026₹38.89High, 8 Oct 2026

Market cap: ₹7,379 Cr910th largest listed
P/E: 17.61
P/E without one-offs: 15.25
P/B: 2.39
Dividend yield: Nonein the last 12 months
ROE: 13.6%
ROE without one-offs: 15.7%
ROCE: 10.7%
Debt to equity: 0.15
Volume, NSE: 80,53,58747.1% delivered

Indiabulls' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Indiabulls annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Back to profit in the year to Mar 2026, ₹346 CrA loss in 6 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

The years either side of a change of basis do not compare. From the year to Mar 2023, part of the business was demerged on 1 Sep 2022, and figures before the change include the part that left.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue833
Operating expenses−557
Operating profit277
Depreciation−37
Other income+47
One-off items−65
Finance costs−43
Profit before tax179
Tax+167
Net profit346

What the company owns

Plant, investments and other assets₹2,976 Cr
Cash and bank₹750 Cr
Inventory₹371 Cr
Receivables₹76 Cr

What pays for it: net worth and liabilities

Net worth₹3,108 Cr
Other liabilities₹607 Cr
Borrowings₹459 Cr

Indiabulls business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Indiabulls segment results by quarter

Revenue by segment

₹879 CrTotal

Real Estate development and related activities₹267 Cr30.3% of total
Financing and related activities₹209 Cr23.8% of total
Asset reconstruction and related activities₹177 Cr20.1% of total
Broking and related activities₹123 Cr14.0% of total
Others₹64 Cr7.2% of total
Equipment renting service and related activities₹39 Cr4.4% of total

Profit by segment

Real Estate development and related activities₹118 Cr43.4% of total
Financing and related activities₹10 Cr3.8% of total
Asset reconstruction and related activities₹106 Cr38.8% of total
Broking and related activities₹35 Cr12.9% of total
Equipment renting service and related activities₹3 Cr1.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Real Estate development and related activities
Revenue, ₹ crore
267
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
118
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financing and related activities
Revenue, ₹ crore
0
39
33
10
209
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
21
16
−2
10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Asset reconstruction and related activities
Revenue, ₹ crore
177
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
106
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Broking and related activities
Revenue, ₹ crore
123
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
35
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
4
16
0
0
64
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−3
−40
−7
−16
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Equipment renting service and related activities
Revenue, ₹ crore
39
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	172	225	168	161	–	–	–	879
Company revenue, as in its results	171	225	168	161	0	0	0	833
Revenue	–	–	–	–	–	–	–	267
Profit	–	–	–	–	–	–	–	118
Margin	–	–	–	–	–	–	–	44.3%
Return on capital	–	–	–	–	–	–	–	12.5%
Assets	–	–	–	–	–	–	–	1,110
Liabilities	–	–	–	–	–	–	–	161
Capital employed	–	–	–	–	–	–	–	949
Revenue	0	39	33	10	–	–	–	209
Revenue growth	–	–	−14.8%	−70.6%	–	–	–	–
Profit	−1	21	16	−2	–	–	–	10
Profit growth	–	–	−24.1%	–	–	–	–	–
Margin	−762.5%	53.0%	47.2%	−23.6%	–	–	–	4.9%
Return on capital	−1.3%	10.0%	16.9%	−8.9%	–	–	–	0.8%
Assets	149	218	161	85	–	–	–	1,304
Liabilities	33	10	67	59	–	–	–	58
Capital employed	116	207	93	26	–	–	–	1,246
Revenue	–	–	–	–	–	–	–	177
Profit	–	–	–	–	–	–	–	106
Margin	–	–	–	–	–	–	–	59.8%
Return on capital	–	–	–	–	–	–	–	35.4%
Assets	–	–	–	–	–	–	–	326
Liabilities	–	–	–	–	–	–	–	27
Capital employed	–	–	–	–	–	–	–	299
Revenue	–	–	–	–	–	–	–	123
Profit	–	–	–	–	–	–	–	35
Margin	–	–	–	–	–	–	–	28.4%
Return on capital	–	–	–	–	–	–	–	8.2%
Assets	–	–	–	–	–	–	–	654
Liabilities	–	–	–	–	–	–	–	224
Capital employed	–	–	–	–	–	–	–	430
Revenue	4	16	0	0	–	–	–	64
Revenue growth	–	–	−97.9%	–	–	–	–	–
Profit	−3	−40	−7	−16	–	–	–	0
Margin	−91.0%	−253.6%	−2,127.3%	–	–	–	–	0.0%
Return on capital	−24.8%	−24.5%	−2.2%	−5.2%	–	–	–	–
Assets	17	423	320	302	–	–	–	0
Liabilities	3	261	2	0	–	–	–	0
Capital employed	13	162	319	302	–	–	–	0
Revenue	–	–	–	–	–	–	–	39
Profit	–	–	–	–	–	–	–	3
Margin	–	–	–	–	–	–	–	8.5%
Return on capital	–	–	–	–	–	–	–	4.1%
Assets	–	–	–	–	–	–	–	84
Liabilities	–	–	–	–	–	–	–	5
Capital employed	–	–	–	–	–	–	–	79
Revenue	80	76	47	58	–	–	–	–
Revenue growth	–	−5.5%	−38.2%	23.1%	–	–	–	–
Profit	17	14	0	6	–	–	–	–
Profit growth	–	−19.3%	−97.7%	1,771.9%	–	–	–	–
Margin	21.8%	18.7%	0.7%	10.4%	–	–	–	–
Return on capital	10.9%	8.8%	0.2%	4.5%	–	–	–	–
Assets	244	216	196	160	–	–	–	–
Liabilities	83	55	46	27	–	–	–	–
Capital employed	161	161	150	134	–	–	–	–
Revenue	47	68	50	55	–	–	–	–
Revenue growth	–	46.7%	−26.5%	9.9%	–	–	–	–
Profit	−13	−22	−12	−17	–	–	–	–
Margin	−28.6%	−31.9%	−24.1%	−30.3%	–	–	–	–
Return on capital	−104.7%	−166.8%	−2,052.5%	–	–	–	–	–
Assets	26	39	28	22	–	–	–	–
Liabilities	14	26	27	28	–	–	–	–
Capital employed	13	13	1	−5	–	–	–	–
Revenue	20	27	38	37	–	–	–	–
Revenue growth	–	33.3%	41.4%	−2.8%	–	–	–	–
Profit	2	−5	6	−1	–	–	–	–
Margin	11.9%	−20.0%	16.3%	−2.8%	–	–	–	–
Return on capital	23.9%	−92.4%	86.1%	−8.5%	–	–	–	–
Assets	17	18	25	37	–	–	–	–
Liabilities	7	13	18	25	–	–	–	–
Capital employed	10	6	7	12	–	–	–	–
Revenue	–	–	–	1	–	–	–	–
Profit	–	–	–	−90	–	–	–	–
Margin	–	–	–	−7,166.7%	–	–	–	–
Assets	–	–	–	7	–	–	–	–
Liabilities	–	–	–	42	–	–	–	–
Capital employed	–	–	–	−34	–	–	–	–
Revenue	21	–	–	–	–	–	–	–
Profit	−19	–	–	–	–	–	–	–
Margin	−88.7%	–	–	–	–	–	–	–
Assets	102	–	–	–	–	–	–	–
Liabilities	256	–	–	–	–	–	–	–
Capital employed	−154	–	–	–	–	–	–	–
Revenue	0	–	–	–	–	–	–	–
Profit	−7	–	–	–	–	–	–	–
Margin	−24,703.4%	–	–	–	–	–	–	–
Return on capital	−2.2%	–	–	–	–	–	–	–
Assets	305	–	–	–	–	–	–	–
Liabilities	2	–	–	–	–	–	–	–
Capital employed	302	–	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	981	–	–	–	–	–	–	–
Liabilities	60	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Indiabulls quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 29 Apr	Jun 2026Twelve monthsFiled 23 Jul
Revenue from operations	223	233	171	225	168	161	0	0	0	833	1,101
	193	182	173	453	168	266	12	5	8	557	684
Materials and goods bought	7	14	32	0	102	178	3	0	0	137	170
Employee costs	–	–	48	67	42	39	4	3	1	–	–
Other expenses	–	–	93	386	23	50	6	2	7	–	–
Operating profit before depreciation	31	51	−2	−228	0	−105	−12	−5	−8	277	417
Operating margin	13.7%	21.8%	−1.2%	−100.9%	0.1%	−65.6%	−11,209.1%	−24,550.0%	–	33.2%	37.9%
Materials, % of revenue	–	–	18.7%	0.0%	60.8%	110.6%	2,600.0%	1,600.0%	–	–	–
Employee costs, % of revenue	–	–	28.1%	29.7%	25.2%	24.2%	3,227.3%	13,300.0%	–	–	–
Other expenses, % of revenue	–	–	54.4%	171.2%	13.9%	30.9%	5,481.8%	9,750.0%	–	–	–
Depreciation and amortisation	41	28	26	32	29	23	1	0	0	37	36
Operating profit after depreciation	−11	23	−28	−260	−29	−128	−14	−5	−8	240	381
Other income	20	32	179	123	79	44	186	3	1	47	61
Finance costs	30	43	42	130	125	72	87	19	60	43	44
Profit before one-off items and tax	−21	12	108	−267	−75	−157	85	−22	−68	244	398
One-off items	0	0	0	0	0	0	0	0	0	−65	−65
Profit before tax	−21	12	108	−267	−75	−157	85	−22	−68	179	333
	0	5	30	26	13	17	−10	0	0	−167	−156
Current tax	0	5	32	17	14	18	−10	0	0	5	6
Deferred tax	0	0	−1	9	−1	0	0	0	0	−172	−162
	−22	8	78	−293	−88	−174	95	−22	−68	346	489
Belonging to the company's shareholders	−22	–	73	−296	−94	−176	95	−22	−68	274	419
Belonging to outside owners of subsidiaries	–	–	5	2	7	2	–	0	–	72	70
Other comprehensive income	–	–	1	−833	213	−9	−36	9	26	22	12
Total comprehensive income	–	–	79	−1,126	126	−183	59	−12	−43	369	501
Net margin	−9.7%	3.4%	45.7%	−130.0%	−52.0%	−108.3%	86,227.3%	−1,08,050.0%	–	41.5%	44.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017, Mar 2018 and Mar 2026 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 29 Apr
	1,514	–	504	324	−223	−234	−276	3,108
	1,433	–	412	230	−223	−234	−276	3,083
Share capital	18	–	18	18	20	20	20	447
Reserves	1,415	–	394	212	−243	−254	−296	2,637
Belonging to outside owners of subsidiaries	80	–	92	94	–	0	–	25
	316	–	307	570	214	244	263	459
Repayable after a year	289	–	68	556	214	240	25	–
Repayable within a year	27	–	240	14	0	3	238	–
	165	–	1,044	163	46	39	275	–
Trade payables	21	–	37	77	31	31	28	–
Other financial liabilities	47	–	747	33	5	3	8	–
Other liabilities	42	–	7	15	0	0	0	–
Provisions	0	–	0	0	0	0	0	–
Tax owed	27	–	13	24	10	2	0	–
	292	–	78	574	214	240	25	–
Other financial liabilities	–	–	4	12	–	0	–	–
Other liabilities	0	–	2	1	–	0	–	–
Provisions	4	–	4	5	0	0	0	–
Total assets	1,971	–	1,626	1,060	38	46	24	4,173
	607	–	784	304	23	32	3	–
Plant in use, after depreciation	287	–	154	139	1	0	0	100
Plant being built	–	–	1	0	–	0	–	–
Intangible assets	2	–	4	3	0	0	0	–
Goodwill	131	–	73	73	0	0	0	–
Investments	0	–	458	48	22	31	3	–
Loans given	140	–	64	12	0	0	0	–
Other financial assets	1	–	7	4	–	0	–	–
Deferred tax	8	–	1	0	–	0	–	–
Other assets	39	–	22	25	0	0	0	–
	1,364	–	842	756	15	14	21	–
Inventories	21	–	26	9	0	0	0	371
Trade receivables	87	–	83	79	0	0	0	76
Cash and cash equivalents	11	–	26	6	0	0	19	336
Other bank balances	1	–	1	1	0	0	0	414
Current investments	874	–	131	21	0	0	0	–
Loans given	6	–	255	309	0	0	0	–
Other financial assets	47	–	5	7	0	12	0	–
Other assets	317	–	316	324	14	2	2	–
Net debt	−570	–	149	541	214	243	244	−291

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2020, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 29 Apr
	841	−741	−11	−12	5	194
	817	−738	−12	−2	7	–
	835	−648	−6	1	15	–
Receivables	−5	−1	0	0	0	–
Inventories	3	2	0	0	0	–
Payables	6	39	0	0	−2	–
Other working capital	832	−688	−6	0	18	–
Tax paid	−1	−12	1	−10	−2	–
Interest paid	0	−5	0	0	0	–
Capital spending	2	8	0	0	0	36
Free cash flow	839	−749	−11	−12	5	157
	179	521	223	0	54	38
Plant and property sold	111	6	0	0	0	–
Interest received	40	5	11	0	0	–
Dividends received	0	15	0	0	0	–
	−1,004	201	−212	12	−41	−216
Borrowings raised	50	201	10	13	30	–
Borrowings repaid	−850	0	−222	0	−68	–
Interest paid	−185	0	0	−1	−3	–
Lease payments	1	−1	0	0	0	–
Dividends paid	0	0	0	0	0	0
Shares bought back	18	0	0	0	0	0
Shares issued	0	0	0	0	0	306
Net change in cash	16	−20	−1	0	19	17

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Indiabulls dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 29 Apr
Earnings per share	−₹4.26	₹0.68	₹8.87	−₹33.08	−₹10.58	−₹19.70	₹9.44	−₹2.15	−₹6.79	₹1.26
Diluted earnings per share	−₹4.26	₹0.63	₹7.88	−₹33.08	−₹10.58	−₹19.70	₹9.44	−₹2.15	−₹6.79	₹1.26
Dividend per share	–	₹1.00	–	–	–	–	–	–	–	–
Book value per share	–	–	₹160.44	–	₹47.02	₹26.23	−₹22.60	−₹23.68	−₹28.01	₹13.81
Shareholder yield	–	–	–	–	1.7%	0.0%	0.0%	0.0%	0.0%	−14.4%
Market cap at the year end (₹ crore)	168	1,022	2,744	381	1,063	494	100	93	145	2,124

Ratios

Consolidated, years to March.Indiabulls PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 29 Apr
Revenue growth	−27.9%	4.2%	−26.6%	31.9%	−25.3%	−4.7%	–	−81.8%	−100.0%	–
Operating profit growth	−63.9%	66.3%	–	–	–	–	–	–	–	–
Net profit growth	–	–	893.1%	–	–	–	–	–	–	–
Earnings per share growth	–	–	1,204.4%	–	–	–	–	–	–	–
	–	–	5.1%	–	−22.9%	−54.9%	2,883.0%	9.5%	–	19.5%
	–	–	–	–	–	−31.9 pts	2,937.9 pts	−2,873.5 pts	–	–
From the net margin	–	–	–	–	–	−21.9 pts	43,227.0 pts	−6,495.6 pts	–	–
From asset turnover	–	–	–	–	–	−6.9 pts	−43,099.8 pts	−5,061.3 pts	–	–
From borrowing	–	–	–	–	–	−3.1 pts	2,810.6 pts	8,683.4 pts	–	–
Return on capital employed	–	–	−1.5%	–	−3.6%	−14.3%	–	−53.6%	–	6.7%
Cash conversion	–	–	–	–	–	–	−11.9%	–	–	56.0%
Interest cover	–	0.5	–	–	–	–	–	–	–	5.6
Debt to equity	–	–	0.21	–	0.61	1.76	–	–	–	0.15
Receivable days	–	–	185	–	180	179	1,560	0	–	33
Inventory days	–	–	244	–	91	18	0	0	–	990
Payable days	–	–	239	–	133	158	3,958	35,371	–	–
Cash conversion cycle, days	–	–	190	–	138	40	−2,398	−35,371	–	–
Working capital days	–	–	726	–	−261	1,316	−1,05,916	−3,99,310	–	–
Asset turnover	–	–	0.09	–	0.10	0.12	0.00	0.00	0.00	0.40
Assets per rupee of net worth	–	–	1.38	–	3.95	4.19	166.88	−0.18	−0.14	1.50
Sales per rupee of plant	–	–	0.60	–	1.09	1.15	0.13	0.15	0.00	8.30
Capital spending to depreciation	–	–	–	–	0.08	0.35	0.00	0.00	0.00	0.99
Plant being built, % of plant in use	–	–	–	–	0.4%	0.0%	–	0.0%	–	–

Interest cover is left blank for the years to Mar 2017, Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2023, Mar 2024 and Mar 2025: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the years to Mar 2023 and Mar 2025: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. Revenue growth is left blank for the year to Mar 2023: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2020, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 13.1%
Cash from operations against operating profit: 70.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	–	1,864.0%
Profit growth, yearly rate	–	–	42.4%
Return on equity, average	–	714.3%	14.5%
Return on capital employed, average	–	–	−23.4%
Operating margin, average	−3,984.2%	−8,947.9%	−12,258.4%
Net margin, average	−2,448.0%	−5,472.4%	−54,004.2%
Asset turnover, average	–	0.10	0.13

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−566	187	194
Cash from investing	836	93	38
Cash from financing	−256	−245	−216
Capital spending	44	36	36
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	306	306	306

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.50	−21.23	−23.33	−367.93	5.43
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	−3.58	0.73
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	−0.21	0.53	−18.18	–	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	−138.26	−1.61	–	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	6.24	−2,87,763.64	−550.00	–	–
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.00	–	–	–	–
Effective tax ratePublished threshold 17.16 per cent	36.79	27.96	–	–	–	−12.00	–	–	−93.09
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−13.02	–	–	−96.31

A threshold marked as ours has no published figure; it is the line we read the check against.