IBULLSLTDServices

Indiabulls Limited

Diversified Commercial Services · ISIN INE126M01010 · BSE 533520 · NSE EQ · FV ₹2
Last price
₹30
+2.99%today
What this company does

Indiabulls Limited operates in Diversified Commercial Services, part of the Services sector. It booked ₹359 cr of revenue in its latest quarter (Q1 FY27) and kept 39.8% of sales as profit. It is the 5th largest of 9 Diversified Commercial Services companies we track, by market value.

In the report:
70out of 100
Equitytale Health Score
Solid

Healthier than 70% of companies in Services, on all six measures of filed financials. Each measure is ranked against the 50–116 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
65

At close. Not part of the score.

Profitability & returns81

How much profit it earns on the money it employs

Balance sheet69

How much it owes, and whether earnings cover the interest

Cash quality36

Whether reported profit actually arrives as cash

Growth & consistency80

Whether sales and profit have grown, and how steadily

Valuation66

What today's price implies, against our models or its peers

Governance & risk86

How much of the promoters' stake is pledged, and how much they hold

Is this company doing well?
not investment advice
Strengths
Makes a profit
Strong 40% net margin
No promoter shares pledged
Strong 19% return on equity
Watch-outs
! Operating cash flow is negative

What if I invest in IBULLSLTD?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 0% a year, it would become
₹12.00 lakh

The slider starts at 0%, taken from this company's own revenue trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹30 +2.99%
latest close · 2026-09-17
1-year return
-69.7%
52-wk low ₹2452-wk high ₹118
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio11.6Low
LowAverageHigh
P/B ratio2.15Moderate
Below bookModerateHigh
EV / EBITDA9.4Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity18.5%Strong
WeakFairStrong ▸15%
Net margin39.8%Strong
ThinDecentStrong
EBITDA margin49.8%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.14Comfortable
LowModerateHigh ▸1
Interest cover17.7×Strong
RiskyOkayStrong ▸5×
More figures
Market cap
₹6,637 cr
Book value
₹14
EPS
₹0.64
latest quarter
Net debt
₹100 cr
owes more than its cash
Enterprise value
₹6,737 cr
EBITDA
₹716 cr
annualised
EBIT
₹682 cr
annualised
Operating margin
47.4%
Return on assets
13.7%
Earnings yield
8.63%
P/S
4.62
Sales / share
₹6.4
Tax rate
12.3%
Face value
₹2
Shares
223.9 cr
Working capital
Current assets
Current liabilities
Delivery %
61.6%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹7₹7, midpoint ₹7

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹359 cr
Other Income₹25 cr
Total Income₹384 cr
Cost of Materials₹53 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-14 cr
Employee Benefit Expense₹53 cr
Finance Costs₹10 cr
Depreciation & Amortisation₹8 cr
Other Expenses₹59 cr
Total Expenses₹224 cr
Profit before Tax₹161 cr
Tax Expense₹20 cr
Net Profit₹141 cr
Net margin on total income36.7%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹38 cr10.0%
Employee benefit expense₹53 cr13.8%
Finance costs₹10 cr2.5%
Depreciation & amortisation₹8 cr2.2%
Other expenses₹114 cr29.7%
Tax expense₹20 cr5.2%
Profit for the period₹141 cr36.7%
Total income ₹384 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue97 cr409 cr359 cr
Total income103 cr418 cr384 cr
Expenses130 cr257 cr224 cr
Profit before tax-28 cr96 cr161 cr
Tax-106 cr-98 cr20 cr
Net profit (owners' share)79 cr196 cr143 cr
Net margin (owners' share, on revenue)81.9%48.0%39.8%
EPS (₹)0.360.880.64
YoY (latest quarter): total income +19,22,000.0% · net profit
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹4,173 cr
Shareholder equity
₹3,083 cr
parent shareholders
Total debt
₹436 cr
Cash
₹336 cr
Cash flow · H1 FY26
Operating
₹-11 cr
Investing
₹100 cr
Financing
₹-172 cr
Peer comparison
Diversified Commercial Services · by market value
CompanyPriceMarket capP/E
International Gemological Institute Limited₹315₹13,591 cr20.5
WeWork India Management Limited₹683₹9,464 cr
Nesco Limited₹1,082₹7,619 cr19.1
Inox Green Energy Services Limited₹175₹7,012 cr43.2
Indiabulls Limitedthis company₹30₹6,637 cr11.6
Bluspring Enterprises Limited₹124₹6,520 cr
Smartworks Coworking Spaces Limited₹520₹5,941 cr113.0
LEAP India Limited₹136₹5,619 cr56.8
Quess Corp Limited₹353₹5,272 cr16.0
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
trailing 12 months
Dividend / share (TTM)
Last dividend
₹1
ex 11 May 2018
ActionDetailEx-date
Dividend₹1 / share11 May 2018
Dividend₹1 / share6 May 2013
Who owns it · 2026-06-30
No pledge
Promoter
32.9%
FII / Foreign
17.1%
DII / Domestic
0.1%
Retail / others
46.0%
Promoter stake up 5.4% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtCalleis Infracon Private Limited · Promoter Group10.00 L · ₹1.6 cr26 Dec 25
BoughtValerian Real Estate Private Limited · Promoter Group10.10 cr4 Nov 25
BoughtInuus Developers Private Limited · Promoter Group45.84 cr4 Nov 25
Bulk / block deals
BoughtUNICO GLOBAL OPPORTUNITIES FUND LIMITED · NSE1.50 cr @ ₹211 Jun 26
SoldACM GLOBAL FUND VCC · NSE1.50 cr @ ₹211 Jun 26
BoughtUNICO GLOBAL OPPORTUNITIES FUND LIMITED · NSE1.50 cr @ ₹211 Jun 26
Stake changes
SoldACM Global Fund VCC→ 4.53% · 4.72 cr7 Jul 26
BoughtCalleis Infracon Private Limited · promoter→ 2.89% · 10.00 L26 Dec 25
BoughtKaranbhumi Estates Private Limited · promoter→ 0.43%4 Nov 25
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Postal ballot · 28 Jan 2026
See the official result
1
Approval to the appointment of Mr. Gurbans Singh (DIN: 06667127), as a Whole-time Director and Key Managerial Personnel designated as Executive Chairman of the Company, for a period of five years, with effect from October 31, 2025.
Backed by 96% of shareholders other than promotersneeded 75%
46.55 cr votes for, 1.89 cr against · 8% of mutual funds and other big investors said no
2
Approval to the appointment of Mr. Divyesh B. Shah (DIN: 00010933), as a Whole Time Director and Key Managerial Personnel designated as Chief Executive Officer of the Company, for a period of five years, with effect from October 31, 2025.
Backed by 96% of shareholders other than promotersneeded 50%
43.84 cr votes for, 1.67 cr against · 8% of mutual funds and other big investors said no
3
Approval to the appointment of Dr. Prabhat Kumar, IAS (Retd.) (DIN: 06415793), as an Independent Director of the Company, for a period of three years, with effect from October 31, 2025.
Backed by 100% of shareholders other than promotersneeded 75%
48.51 cr votes for, 61,782 against · 0% of mutual funds and other big investors said no
4
Approval to the appointment of Mr. Rajinder Singh Nandal (DIN: 03094903), as an Independent Director of the Company, for a period of three years, with effect from October 31, 2025.
Backed by 100% of shareholders other than promotersneeded 75%
48.51 cr votes for, 62,042 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 12 named members
owning 32.9% between them · as of 2026-06-30
INUUS DEVELOPERS PRIVATE LIMITED19.68%
VALERIAN REAL ESTATE PRIVATE LIMITED4.43%
SAMEER GEHLAUT4.34%
CALLEIS INFRACON PRIVATE LIMITED2.88%
KRITIKKA INFRASTRUCTURE PRIVATE LIMITED1.15%
KARANBHUMI ESTATES PRIVATE LIMITED0.43%
Galax Minerals Private Limitedno shares
Hermes Limitedno shares

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

Money raised in Sep 2025 by selling shares to selected investors

As of Sep 2025, the company says it has spent 50% of what it set aside. Acuite Ratings & Research Limited watches the spending on the exchange’s behalf.

Funding growth plans of subsidiary(ies)
now filed as: No Change
50%
of what was set aside
Working capital requirements of subsidiary(ies)
now filed as: No Change
50%
of what was set aside
Debt repayment of subsidiary(ies)
now filed as: No Change
50%
of what was set aside
General Corporate purposes
now filed as: No Change
50%
of what was set aside

The amount this filing states as raised is many times the whole company’s market value, so it is almost certainly entered in the wrong unit. We show the purposes and how far along each one is, and leave the rupee figures out rather than repeat a number that cannot be right.

Money raised in Sep 2025 by selling shares to selected investors

As of Sep 2025, the company says it has spent 50% of what it set aside. Acuite Ratings & Research Limited watches the spending on the exchange’s behalf.

Funding growth plans of subsidiary(ies)
now filed as: No Change
50%
of what was set aside
Working capital requirements of subsidiary(ies)
now filed as: No Change
50%
of what was set aside
Debt repayment of subsidiary(ies)
now filed as: No Change
50%
of what was set aside
General Corporate purposes
now filed as: No Change
50%
of what was set aside

The amount this filing states as raised is many times the whole company’s market value, so it is almost certainly entered in the wrong unit. We show the purposes and how far along each one is, and leave the rupee figures out rather than repeat a number that cannot be right.

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.