Indiabulls Q2 FY27 Results (NSE: IBULLSLTD)
Signal: Growth decelerated
The read
The quarter remains a sharp but uneven earnings inflection: revenue was ₹331.84 crore, +40.4% YoY but -7.7% QoQ, and PAT was ₹151.12 crore, +100.7% YoY, with real estate and financing driving the result while asset reconstruction turned to a ₹6.84 crore loss and depreciation fell despite higher segment assets.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹331.84 Cr | +40.4% | -7.7% |
| Net profit | ₹151.12 Cr | +100.7% | |
| EPS | ₹0.66 | N/A |
P&L walk
Revenue rose to ₹331.84 crore, +40.4% YoY but -7.7% QoQ, with real estate contributing ₹167.60 crore and financing/investing ₹124.62 crore; PAT increased to ₹151.12 crore from ₹75.31 crore as impairment fell to ₹4.78 crore, although the filing carries an auditor emphasis on liabilities written back through other income.
Segments
Real estate development was the main driver, generating ₹167.60 crore of revenue and ₹91.30 crore of segment result versus no year-ago revenue and a ₹16.77 crore loss; financing and investing also improved to ₹81.36 crore of result from a ₹6.61 crore loss, while asset reconstruction slipped to a ₹6.84 crore loss from a ₹125.31 crore profit.
Key positives
- Real-estate development generated ₹167.60 crore of revenue and ₹91.30 crore of segment result, versus no year-ago revenue and a ₹16.77 crore loss.
- Financing, investing and related activities turned from a ₹6.61 crore segment loss YoY to an ₹81.36 crore result, on revenue of ₹124.62 crore.
- Impairment on financial assets declined 79.1% YoY to ₹4.78 crore, while finance costs fell 34.2% to ₹9.66 crore.
- Operating cash flow was ₹152.00 crore in H1FY27 versus cash used of ₹11.47 crore in H1FY26.
Key concerns
- Asset reconstruction moved from a ₹125.31 crore segment result YoY to a ₹6.84 crore loss, showing material earnings volatility across the portfolio.
- Revenue declined 7.7% QoQ to ₹331.84 crore after ₹359.45 crore in Q1FY27, despite the strong YoY increase.
- Basic EPS of ₹0.66 cannot be meaningfully compared with the ₹0.00 year-ago figure, while paid-up equity share capital increased 7.5% YoY to ₹455.27 crore.
Research and educational content only. Not investment advice.