Indiabulls Q1 FY27 Results (NSE: IBULLSLTD)
Signal: Loss reversed
The read
The headline inflection is a second consecutive quarter of EBITDA-margin expansion, reaching 49.8% from 14.8% in the restated year-ago quarter, but revenue fell 12.0% QoQ and consolidated earnings are concentrated in subsidiaries: financing generated ₹125.80 crore segment profit while asset reconstruction lost ₹12.81 crore.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹359.45 Cr | +292.3% | -12.0% |
| EBIT | ₹170.5 Cr | +4162.5% | |
| Net profit | ₹142.99 Cr | N/A | |
| EPS | ₹0.64 | N/A | |
| EBIT margin | 49.8% |
P&L walk
Revenue rose to ₹359.45 crore, up 292.3% YoY but down 12.0% QoQ, with EBITDA of ₹178.90 crore and 49.8% margin; financing and real estate contributed most of the operating profit, while asset reconstruction remained loss-making at -₹12.81 crore.
Segments
Financing, investing and related activities drove the group with ₹173.60 crore revenue and ₹125.80 crore result, while real estate contributed ₹106.03 crore revenue and ₹39.73 crore result; asset reconstruction dragged with a -₹12.81 crore result.
Key positives
- Consolidated revenue reached ₹359.45 crore, up 292.3% YoY, led by financing revenue of ₹173.60 crore and real estate revenue of ₹106.03 crore.
- EBITDA margin expanded 3500bps YoY to 49.8%; EBITDA grew approximately 1,223% versus 292.3% revenue growth, while employee costs grew only 4.3%, depreciation declined 11.8% and finance costs rose 13.4%.
- Financing, investing and related activities generated ₹125.80 crore segment result, up from ₹65.99 crore in the prior-quarter column.
- Consolidated other income was ₹24.97 crore, below 20% of PBT, and the XBRL earnings-quality flag was clean.
Key concerns
- Revenue declined 12.0% QoQ to ₹359.45 crore, primarily because real estate revenue fell 60.2% QoQ to ₹106.03 crore.
- Asset reconstruction remained loss-making at -₹12.81 crore despite ₹48.77 crore revenue, versus a positive ₹9.25 crore result in the restated year-ago quarter.
- Standalone PAT was only ₹8.72 crore versus consolidated PAT attributable to owners of ₹142.99 crore, demonstrating substantial dependence on subsidiaries and other group entities.
- Segment assets rose 8.9% YoY to ₹4,345.33 crore while depreciation fell 11.8% to ₹8.40 crore, requiring monitoring of asset capitalisation and depreciation adequacy.
Research and educational content only. Not investment advice.