The company reported a Profit After Tax of ₹78.4 crore for the quarter ended December 31, 2025, marking its first full operating period post-merger. This transition to a unified corporate structure focuses on scaling real estate sales and expanding digital financial services.
Indiabulls Limited (NSE: IBULLSLTD; BSE: 533520) finalized its first full operating quarter on December 31, 2025, following the merger of Dhani Services Limited and Indiabulls Enterprises Limited into the entity formerly known as Yaari Digital Integrated Services Limited. The company reported consolidated revenue of ₹102.6 crore for the quarter. Profit After Tax (PAT) for the period stood at ₹78.4 crore, representing an increase from ₹75.3 crore in the preceding quarter.
Company Profile and Business Model
Indiabulls Limited is a diversified entity operating across real estate development, stock broking, asset reconstruction (ARC), and digital payment services. The business model integrates residential and commercial property development with a technology-led financial services ecosystem. The corporate structure was fully streamlined post-merger, with shares trading on both the National Stock Exchange and Bombay Stock Exchange.
Latest Quarterly Results and Highlights
For the quarter ended December 31, 2025, the company achieved a total income of ₹102.58 crore. This follows a consolidated total income of ₹462.39 crore for the nine-month period ending December 2025. Total expenses for the nine-month period were ₹379.52 crore. The company recorded a consolidated profit of ₹151.87 crore for the first nine months of the financial year. Paid-up equity share capital stood at ₹464.87 crore as of December 31, 2025.
Performance by Business Vertical and Segment Updates
• Real Estate Development: The segment maintains a development pipeline of 140.65 lakh square feet across owned and joint venture projects. Total expected revenues from this pipeline are projected at ₹23,042 crore, with an estimated net margin of ₹9,155 crore.
• Stock Broking (Indiabulls Securities): New customer additions increased by approximately 88% on a nine-month year-over-year basis. Assets Under Management (AUM) reached over ₹68,000 crore.
• ARC Platform: The segment acquired new portfolios from banks and NBFCs with a principal outstanding of approximately ₹545 crore during the quarter. Total assets under collection are approximately ₹3,800 crore.
• Wallet and UPI: UPI transactions routed through the company’s digital wallet grew 84% year-over-year.
Strategic Analysis and Core Growth Strategies
The company’s core strategy involves balance sheet simplification and the scaling of its Asset Reconstruction Company (ARC) platform. Strategic expansion includes the planned rollout of a Small and Medium Business (SMB) platform in the Indian market, leveraging models validated in the US market. The company is also undergoing regulatory certification for a Third-Party Application Provider (TPAP) enabled UPI platform.
Regulatory Milestones and Management Commentary
The National Company Law Tribunal (NCLT), Chandigarh Bench, approved the Scheme of Arrangement on August 29, 2025. The name change from Yaari Digital Integrated Services Limited to Indiabulls Limited became effective on October 17, 2025. Management, led by Whole-time Director and CEO Divyesh B. Shah, stated that the company remains on track to achieve over ₹3,000 crore in real estate sales for the current financial year.
Guidance and Future Outlook
The company expects sustained contributions to profitability as real estate projects advance. Profit recognition for several key projects is anticipated to commence in the fourth quarter of FY 2025–26. The growth trajectory is supported by new institutional portfolio acquisitions in the ARC segment and the integration of credit products into the digital payment platform.
Where Does Indiabulls Limited Stand Today?
The company has transitioned from a digital services firm into a diversified real estate and financial services conglomerate. It currently maintains robust capital strength with a restated consolidated net worth reflected in its recent filings. Operational scale is supported by a significant presence in the NCR and Mumbai real estate markets.