Indiabulls Q2 FY27 Results: Consolidated Net Profit ₹151 Crore on Total Income of ₹336 Crore
- Earnings
- Financial services
Reviewed byRachit TripathiBlacklitt Research
Indiabulls (NSE: IBULLSLTD) reported consolidated total income of ₹336.39 crore and net profit of ₹151.12 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹45.74 crore and net profit ₹1.31 crore. It said in a filing on 5 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹336.39 crore, up 31.1% YoY and down 12.5% QoQ
- Net profit: ₹151.12 crore, up 100.7% YoY and up 7.2% QoQ
- EPS, basic: ₹0.66 a share, against ₹0.00 a year earlier
- Finance costs: ₹9.66 crore, down 34.2% YoY and up 0.2% QoQ
Standalone
The company on its own, without its subsidiaries
- Total income: ₹45.74 crore, up 185.9% YoY and down 13.8% QoQ
- Net profit: ₹1.31 crore, against a loss of ₹65.10 crore a year earlier
- EPS, basic: ₹0.01 a share, against a loss of ₹0.31 a year earlier
- Finance costs: ₹22.60 crore, 49.4% of total income this quarter
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 336.39 | 256.59 | +31.1% | 384.42 | -12.5% | |
| Revenue from operations | 331.84 | 236.27 | +40.4% | 359.45 | -7.7% |
| Other income | 4.55 | 20.32 | -77.6% | 24.97 | -81.8% |
| 151.12 | 75.31 | +100.7% | 141.02 | +7.2% | |
| Finance costs | 9.66 | 14.68 | -34.2% | 9.64 | +0.2% |
| Depreciation | 7.97 | 9.52 | -16.3% | 8.40 | -5.1% |
| Tax expense | 7.77 | 28.02 | -72.3% | 19.84 | -60.8% |
| Net profit margin | 44.92% | 29.35% | +15.57 pp | 36.68% | +8.24 pp |
| Tax as share of profit before tax | 4.9% | 27.1% | -22.23 pp | 12.3% | -7.44 pp |
| EPS, basic (₹) | 0.66 | 0.00 | n/a | 0.64 | +3.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Profit grew faster than income. Net profit rose 100.7% year on year to ₹151.12 crore, while total income rose 31.1% to ₹336.39 crore. Revenue from operations rose 40.4% to ₹331.84 crore, and other income fell 77.6% to ₹4.55 crore from ₹20.32 crore. Other income was 1.4% of total income this quarter.
Net profit rose 100.7%, against 53.8% for profit before tax, which was ₹158.89 crore against ₹103.33 crore a year earlier. Tax expense was ₹7.77 crore against ₹28.02 crore, or 4.9% of profit before tax against 27.1%. Current tax was ₹3.71 crore and deferred tax expense ₹4.06 crore in the quarter.
Finance costs were ₹9.66 crore, down 34.2% from a year earlier and up 0.2% on the June quarter. The segment note shows asset reconstruction revenue of ₹13.61 crore, against ₹48.77 crore in the June quarter and ₹147.69 crore a year earlier. Real estate development revenue was ₹167.60 crore, against ₹106.03 crore in the June quarter.
The auditors draw attention to a note on liabilities written back by the holding company and shown under other income; their opinion is not modified on this matter. The notes say other income includes a reversal of liabilities of ₹18.10 crore.
The auditors did not review the interim results of sixteen subsidiaries, three of them foreign, and eight trusts included in the consolidated statement, and relied on another auditor's review report for them. Their total assets were ₹4,021.02 crore as at 30 Sep 2026.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 45.74 | 16.00 | +185.9% | 53.09 | -13.8% | |
| Revenue from operations | 43.63 | 13.79 | +216.4% | 34.53 | +26.4% |
| Other income | 2.11 | 2.21 | -4.5% | 18.56 | -88.6% |
| 1.31 | -65.10 | n/a | 8.72 | -85.0% | |
| Finance costs | 22.60 | 20.85 | +8.4% | 22.87 | -1.2% |
| Depreciation | 3.28 | 3.82 | -14.1% | 3.49 | -6.0% |
| Tax expense | 0.45 | 0.04 | n/a | 2.93 | -84.6% |
| Net profit margin | 2.86% | -406.87% | +409.74 pp | 16.42% | -13.56 pp |
| Tax as share of profit before tax | 25.6% | n/a | n/a | 25.2% | +0.42 pp |
| EPS, basic (₹) | 0.01 | -0.31 | n/a | 0.04 | -75.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit was ₹1.31 crore, against a loss of ₹65.10 crore a year earlier and ₹8.72 crore in the June quarter. Net profit fell 85.0% on the June quarter, more than total income did (down 13.8%). Total income was ₹45.74 crore against ₹16.00 crore a year earlier, and revenue from operations rose 216.4% to ₹43.63 crore.
Finance costs of ₹22.60 crore were 49.4% of total income. Profit before tax was ₹1.76 crore, and tax expense of ₹0.45 crore was 25.6% of it. Basic EPS was ₹0.01, against a loss of ₹0.31 a year earlier.
Revenue from real estate projects and other development activities was ₹33.04 crore, against ₹20.91 crore in the June quarter. Other income was ₹2.11 crore, against ₹18.56 crore in the June quarter. The notes say other income includes a reversal of liabilities of ₹18.10 crore, and the auditors draw attention to a note on liabilities written back by the company.
Inference
On 24 Sep 2026 the company allotted 51,55,00,000 warrants: 36,55,00,000 to promoter group entities and 15,00,00,000 to non-promoter group entities. The warrants are convertible into an equivalent number of equity shares of ₹2 face value at a premium of ₹17.40 a share. The upfront payment of ₹250.02 crore, which the filing describes as 25.0% of the total issue price, followed in-principle approval from stock exchanges on 9 Sep 2026.
The company allotted 78,22,164 shares to employees in the six months to 30 Sep 2026 on exercise of options under its Employee Stock Option Scheme 2025, and now has 233,22,04,302 fully paid-up shares. It also granted 30,09,036 options at ₹26 a share. On 1 Oct 2026 the Reserve Bank of India granted a certificate of registration as a Core Investment Company; the company is evaluating whether that certificate will be surrendered if it does not apply.
The filing does not say how the warrant proceeds will be used. The company's market value was ₹7,328 crore at the 5 Nov 2026 close of ₹32.19 a share.
Filed with BSE on . Reference: Original filing (PDF)
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.