Indiabulls Limited

Real Estate — Real Estate - Development · NSE

₹35.40−₹0.43 (−1.20%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of Indiabulls Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Indiabulls Limited, together with its subsidiaries, engages in the in financial services and digital platforms business in India. The company engages in real estate development, stock broking, asset reconstruction, digital payments and financial services, and equipment leasing.

IndustryReal Estate - Development

SectorReal Estate

Employees16

Annual revenue₹832 Cr

How does it make money?

Turns over ₹832 Cr a year. Of every ₹100 of sales, about ₹33 reaches shareholders as profit, with ₹35 left at the operating level before interest, tax and depreciation. Each of its 16 employees supports ₹52.02 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹52.02 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 6.4% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +756536% while net margin moved -100% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+756536%

Margin effect-100%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 0.94 — moves roughly with the market
✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

70/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

55/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

18.9x

3Y Median

1.5x

40 monthly readings · mean 3.9x · range 1.0x–28.1x

Sector Median

30.2x

median of 3 sector peers

⚠️Current valuation is approximately 1138% above its 3y median of 1.5x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 37% below the peer median of 30.2x.

vs. its own history

Expensive

1.5x median over 40 months · +1138%

vs. sector peers

Cheap

30.2x median of 3 peers · -37%

vs. generic bands

Fair

15x–35x

EV/EBITDA

27.3x

PEG

0.45

What's Good / What's Bad

🟢 What's Going Well2

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Very low debt
Debt/Equity of 0.15x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 114% over 3 years, from ₹214 Cr to ₹459 Cr.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 159882.7 points, from 159918.2% to 35.5%.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 2163% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 37% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹157 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 159918.2% to 35.5%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 1138% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 1397% a year✓ 1863.2% CAGR
Latest reported year was 1922000.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 33%✓ 35.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹157 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 6.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹7,934 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

18.9x

Fair

Fairly valued against the generic band

P/B Ratio

2.67x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.87

Profitable

Profitable on a per-share basis

ROE

8.9%

Moderate

Moderate capital efficiency

ROCE

6.4%

Weak

Low return on total capital employed

Debt/Equity

0.15x

Low

Conservative leverage

Revenue Growth (YoY)

1922000.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

205.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹157 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

44.4%

Good

Healthy core-business profitability

Net Margin

36.1%

Good

Strong bottom-line conversion

Current Ratio

2.86

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.94

Market-like

Moves roughly in line with the market

52W Range Position

88%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

32.1 / 29.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

67.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹444 Cr	₹832 Cr	+1863.2%
EBITDA	₹176 Cr	-₹24 Cr	-₹31 Cr	₹295 Cr	+18.8%
EBITDA Margin	159918.2%	-121950.0%	-7.0%	35.5%	—
PAT (Net Profit)	₹95 Cr	-₹22 Cr	-₹260 Cr	₹274 Cr	+42.4%
EPS	₹9.44	₹-2.15	₹-1.24	₹1.26	-48.9%
ROE	—	—	-10.5%	8.9%	—
ROCE	—	-368.7%	-5.1%	6.4%	—
Total Debt	₹214 Cr	₹244 Cr	₹973 Cr	₹459 Cr	+28.9%
Free Cash Flow	-₹11 Cr	-₹12 Cr	₹104 Cr	₹157 Cr	—

🟢 Revenue has grown at 1863.2% a year over 3 years.

🟢 EBITDA has grown at 18.8% a year over 3 years.

🔴 EBITDA Margin has fallen from 159918.2% to 35.5% over 3 years (-159882.7 pts).

🟢 PAT (Net Profit) has grown at 42.4% a year over 3 years.

🔴 EPS has shrunk at 48.9% a year over 3 years.

🟢 ROE has risen from -10.5% to 8.9% over 3 years (+19.4 pts).

🟢 ROCE has risen from -368.7% to 6.4% over 3 years (+375.1 pts).

🔴 Total Debt has grown at 28.9% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹11 Cr to ₹157 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4,173 Cr

Total Liabilities

₹1,065 Cr

Cash & Equivalents

₹336 Cr

Operating Cash Flow

₹194 Cr

Capex

-₹36 Cr

Shareholding (proxy)

Institutional Holding

2.6%

Insider Holding

53.0%

Corporate Actions

Ex-Dividend Date

11 May 2018

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

3 mixed3 general

INDIABULLS LIMITED Share Price

Upstox, 16 Oct

Indiabulls share price gain 5% on Fintech Cloud stake acquisition

Moneycontrol.com, 15 SeptM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

Indiabulls share price jumps despite stock market crash; here's why

Livemint, 24 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

IBULLSLTD Stock Price and Chart — NSE:IBULLSLTD

TradingView, 06 Jun

Why Is Indiabulls Share Price Falling Key Reasons 2026

Univest, 15 JunPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Indiabulls reports ₹141 Cr Q1FY27 profit, zero debt balance sheet

scanx.trade, 23 Jul

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth

MiddlingProfitability · Valuation

WeakRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — ROCE stays above 8% · see Key things to watch ↑