Key Metrics 
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10 Yrs X-Ray 
Valuation 
Analyst Note 
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Financials 
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About
Indiabulls Ltd (IBULLSLTD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533520 NSE: IBULLSLTD e-Commerce | Small Cap | Indiabulls Share Price
₹30.42 0.77 (2.60%)
As on 18-Sep'26 16:59
Indiabulls Ltd (IBULLSLTD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533520 NSE: IBULLSLTD e-Commerce | Small Cap | Indiabulls Share Price
₹30.42 0.77 (2.60%)
As on 18-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹7,095 Cr.
Current Price
₹30.4
52-Week Low / High
₹9 / 33
TTM EPS
₹1.8
TTM Sales
₹763 Cr.
Book Value per Share
₹13.8
P/E Ratio
16.93
Industry PE
104.8
Price to Book (P/B)
2.21
Higher than its 5-year historical median
Price to Sales (P/S)
9.30
Higher than its 5-year historical median
EV/EBITDA
14.19
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
12.82%
Underperforms industry median
Return on Capital Employed (ROCE)
6.44%
Underperforms industry median
Return on Assets (ROA)
10.22%
Operating Profit Margin
30%
Net Profit Margin
41.53%
Gross Profit Margin
33.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
76.49%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
32.91%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,747 Cr.
Equity
₹466.4 Cr.
Face Value
₹2
All Time Low / High
₹3.05 / 785.00
Check Before You Invest
Quality
Not GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Strong
Is Indiabulls Ltd a good quality company?
Indiabulls Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Indiabulls Ltd performance compare with that of its Peers?
Revenue growth of Indiabulls Ltd vs industry peers?
Indiabulls Ltd revenue CAGR is 37.68%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Indiabulls Ltd?
Promoters hold 32.91% of the Indiabulls Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Indiabulls Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 1.8% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indiabulls Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 3.6% | 1% | 2.3% | -0% | -0.1% | -4.9% | 93.6% | -0.2% | -1.1% | -0.2% | - |
| Value Creation Index ⓘ | -0.7 | -0.9 | -0.8 | -1.0 | -1.0 | NA | 5.7 | NA | -1.1 | -1.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 5.8 | 1.1 | 0 | 0.1 | 0.1 | 0.7 | 0.1 | 0 | 65.8 | 116 | 40 |
| Sales YoY Gr. | - | -81.2% | -97.3% | 100% | 66.7% | 600% | -84.3% | -100% | NA | 76.5% | - |
| Adj EPS ⓘ | 3.7 | -0.5 | 0.4 | -2.6 | -10 | -17.3 | 41.9 | -4.4 | -0.5 | -0.1 | -0.1 |
| YoY Gr. | - | -113.6% | NA | -693% | NA | NA | NA | -110.4% | NA | NA | - |
| BVPS (₹) ⓘ | 114.6 | 116.6 | 178.3 | 181.1 | 172.4 | -40.4 | -0.5 | -4.1 | 28.4 | 28.3 | 27.2 |
| Adj Net Profit ⓘ | 18.6 | -2.7 | 3.9 | -22.8 | -87.9 | -170 | 414 | -43.2 | -105 | -25.8 | -14 |
| Cash Flow from Ops. ⓘ | 1.5 | -6.6 | -13.2 | -14.6 | 443 | -654 | -5.1 | -2.1 | -136 | -58.3 | - |
| Debt/CF from Ops. ⓘ | 164.5 | -38.3 | 0 | -15.1 | 1.7 | -1.6 | -90.9 | -238.7 | -7.8 | -17.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 39.4% | 310.2% | 918.1% | 76.5% | ||||
| Adj EPS ⓘ | -168.4% | NA | -114.2% | NA | ||||
| BVPSⓘ | -14.4% | -30.3% | NA | -0.4% | ||||
| Share Price | 1.8% | -21.3% | 39% | 75.3% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 2.7 | -0.4 | 0.3 | -1.4 | -5.6 | -30.7 | -204.9 | 191.1 | -3.5 | -0.4 | -0.2 |
| Op. Profit Mgn % ⓘ | -45.5 | -237.2 | -46533.3 | -13550 | -5940 | -12748.6 | -7763.6 | 0 | -100.9 | 20.5 | 35.4 |
| Net Profit Mgn % ⓘ | 319.1 | -247.6 | 12943.3 | -37941.7 | -87915 | -24319.1 | 376062.7 | 0 | -158.9 | -22.2 | -34.9 |
| Debt to Equity ⓘ | 0.4 | 0.4 | 0 | 0.1 | 0.5 | -2.6 | -89.1 | -12.7 | 0.2 | 0.2 | - |
| Working Cap Days ⓘ | 26,500 | 1,31,536 | 50,41,617 | 42,77,618 | 49,92,543 | 5,27,610 | 4,23,715 | 0 | 1,461 | 1,828 | 68,828 |
| Cash Conv. Cycle ⓘ | 144 | 434 | 19,326 | 6,599 | 3,778 | 173 | -1,681 | 0 | 857 | 952 | 58,320 |
Valuation of Indiabulls - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 223 | 233 | 171 | 225 | 168 | 1 | 0 | 0 | 444 | 833 |
| Operating Expenses ⓘ + | 193 | 182 | 173 | 453 | 168 | 96 | 12 | 5 | 648 | 584 |
| Operating Profit ⓘ | 31 | 51 | -2 | -227 | 0 | -94 | -12 | -5 | -204 | 249 |
| Operating Profit Margin (%) | 13.7% | 21.8% | -1.2% | -100.0% | 0.1% | -7,433.9% | -11,209.1% | -24,550.0% | -45.9% | 29.9% |
| Other Income ⓘ + | 20 | 32 | 179 | 123 | 79 | 21 | 186 | 3 | 96 | 76 |
| Interest ⓘ | 36 | 43 | 42 | 130 | 125 | 57 | 87 | 19 | 66 | 44 |
| Depreciation ⓘ | 27 | 28 | 26 | 32 | 29 | 2 | 1 | 0 | 46 | 37 |
| Profit Before Tax ⓘ | -13 | 12 | 108 | -267 | -75 | -132 | 85 | -22 | -219 | 179 |
| Tax ⓘ | 0 | 5 | 30 | 26 | 13 | 14 | -10 | 0 | 53 | -167 |
| Profit After Tax | -13 | 8 | 78 | -293 | -88 | -146 | 95 | -22 | -273 | 346 |
| PAT Margin (%) | -5.7% | 3.4% | 45.7% | -130.0% | -52.0% | -11,478.0% | 86,227.3% | -1,08,050.0% | -61.4% | 41.5% |
| Adjusted EPS (₹) | -4.2 | 0.6 | 7.6 | -33.1 | -10.8 | -14.8 | 9.6 | -2.2 | -1.2 | 1.2 |
| Dividend Payout Ratio (%) | 0% | 159.50% | 13.20% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 320 | 381 | 1,389 | 308 | 412 | -294 | -223 | -234 | 2,345 | 3,053 | |
| Debt + | 671 | 414 | 316 | 864 | 307 | 500 | 214 | 244 | 943 | 436 | |
| Minority Interest | -5 | 0 | 80 | 85 | 92 | 0 | 0 | 0 | 41 | 25 | |
| Trade Payables | 28 | 19 | 21 | 32 | 37 | 39 | 31 | 31 | 142 | 138 | |
| Others Liabilities ⓘ | 135 | 405 | 157 | 395 | 776 | 48 | 15 | 5 | -63 | -285 | |
| Total Liabilities ⓘ | 1,149 | 1,219 | 1,963 | 1,684 | 1,625 | 294 | 38 | 46 | 3,408 | 3,366 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 604 | 502 | 420 | 355 | 235 | 6 | 1 | 0 | 197 | 120 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | |
| Investments ⓘ | 0 | 222 | 874 | 541 | 589 | 48 | 22 | 31 | 73 | 118 | |
| Inventories | 16 | 18 | 21 | 28 | 26 | 1 | 0 | 0 | 322 | 371 | |
| Trade Receivables | 47 | 101 | 87 | 81 | 83 | 1 | 0 | 0 | 65 | 76 | |
| Cash Equivalents | 26 | 26 | 11 | 11 | 27 | 1 | 0 | 0 | 749 | 750 | |
| Others Assets ⓘ | 456 | 351 | 550 | 667 | 665 | 237 | 14 | 14 | 2,001 | 1,929 | |
| Total Assets ⓘ | 1,149 | 1,219 | 1,963 | 1,684 | 1,625 | 294 | 38 | 46 | 3,408 | 3,366 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -529 | -76 | -175 | -218 | 841 | -487 | -11 | -12 | 110 | 194 |
| Cash Flow From Investing Activity ⓘ + | 571 | -19 | -549 | -499 | 179 | 328 | 223 | 0 | 64 | 38 |
| Cash Flow From Financing Activity ⓘ + | -30 | 97 | 709 | 717 | -1,004 | 157 | -212 | 12 | -86 | -216 |
| Net Cash Flow ⓘ | 13 | 2 | -14 | -1 | 16 | -2 | -1 | -0 | 88 | 17 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -2.12 | 2.24 | 8.83 | -34.55 | -24.35 | N/A | N/A | N/A | -25.84 | 12.82 |
| ROCE (%) | 1.95 | 5.09 | 10.28 | -8.53 | 4.59 | N/A | N/A | N/A | -8.95 | 6.44 |
| Asset Turnover Ratio | 0.14 | 0.2 | 0.11 | 0.12 | 0.1 | 0 | 0 | 0 | 0.26 | 0.25 |
| PAT to CFO Conversion(x) | N/A | -9.5 | -2.24 | N/A | N/A | N/A | -0.12 | N/A | N/A | 0.56 |
| Working Capital Days | ||||||||||
| Receivable Days | 85.40 | 116 | 200.40 | 135.70 | 177.70 | 0 | 1,742.10 | 0 | 53.40 | 30.90 |
| Inventory Days | 30 | 26.90 | 41.90 | 40.40 | 58.50 | 3,813.80 | 0 | 0 | 264.10 | 151.70 |
| Payable Days | 1,890.10 | 598.20 | 230.30 | 185.60 | 283.60 | 0 | 0 | 0 | -517.20 | -1,032.70 |
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Indiabulls Ltd FAQs
The current trading price of Indiabulls on 18-Sep-2026 16:59 is ₹30.42.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Indiabulls stood at ₹7,094.6 Cr
The latest P/E ratio of Indiabulls as of 17-Sep-2026 is 0.00.
The latest P/B ratio of Indiabulls as of 17-Sep-2026 is 1.12.
The 52-week high of Indiabulls is ₹32.50 and the 52-week low is ₹8.93.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indiabulls is ₹40.09 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Indiabulls Ltd is a below average quality company.
The key valuation ratios of Indiabulls Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Indiabulls Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Indiabulls Ltd
Indiabulls (formerly known as Yaari Digital Integrated Services) operates across Real Estate and Financial Services, with a focus on creating sustainable long-term value through disciplined capital allocation, transparent governance, and strong execution. In Real Estate, the company develops residential, commercial, and mixed-use projects with an emphasis on quality, timely delivery, and customer experience. In Financial Services, Indiabulls operates a stock broking business, along with digital lending, payments, wallet infrastructure, and an ARC business, within regulated frameworks and compliant processes.
Indiabulls follows a long-term development approach - prioritising value creation for stakeholders through disciplined project execution in real estate, supported by prudent expansion of its financial services offerings. The company remains focused on sustainable growth, operational discipline, and contributing meaningfully to India’s economic progress.
Consequent to the Scheme of Arrangement coming into effect on October 14, 2025, Dhani Services and Indiabulls Enterprises, along with the other participating companies, were merged into Yaari Digital Integrated Services. The company received fresh Certificate of Incorporation dated October 17, 2025, issued by the Registrar of Companies, Central Processing Centre, Manesar (ROC). The name of the company stands changed from ‘Yaari Digital Integrated Services’ to ‘Indiabulls’ with effect from October 17, 2025.
Business area of the company
The company operates across Real Estate and Financial Services, with a focus on creating sustainable long-term value through disciplined capital allocation, transparent governance, and strong execution.
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