IBULLSLTD - Indiabulls

📊 NSE: IBULLSLTD 🏢 Diversified Commercial Services 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

The Company operates in a single reportable business segment (Online commerce/Digital platform). While specific revenue figures were not disclosed, the net loss after tax increased by 106.66% from INR 43.37 crore in FY 2023-24 to INR 89.63 crore in FY 2024-25.

Geographic Revenue Split

The Company primarily operates in India, which is considered a single geographical segment contributing 100% of revenue.

Profitability Margins

Profitability is currently negative. The net loss margin worsened as the net loss expanded from INR 43.37 crore to INR 89.63 crore YoY. Return on Net Worth is negative/not applicable due to negative total equity balances in both FY 2024-25 and FY 2023-24.

EBITDA Margin

Not disclosed in available documents; however, core profitability is under pressure as evidenced by the doubling of net losses YoY.

⚙️ Operational Drivers

Raw Materials

As a digital platform and online commerce entity, the primary operational drivers are IT systems, digital infrastructure, and human capital rather than physical raw materials.

Key Suppliers

KFin Technologies Limited serves as the Registrar and Share Transfer Agent for the Company.

Capacity Expansion

The Company is scaling up operations through a Composite Scheme of Arrangement involving the amalgamation of Indiabulls Enterprises Limited and Dhani Services Limited (DSL) into the Company to pool resources and simplify the holding structure.

Raw Material Costs

Not disclosed in available documents; primary costs are likely related to technology maintenance and digital reach.

Manufacturing Efficiency

Not applicable for a digital platform business model.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The Company intends to achieve growth through a massive business restructuring involving the amalgamation of Dhani Services Limited and Indiabulls Enterprises Limited. This strategy aims to provide synergy of consolidated operations, streamline management, and pool resources to accelerate scaling. The Company is also focusing on promoting digital platform businesses and extending its footprint into the hinterlands using technology.

Products & Services

Online commerce platform services and digital platform business solutions.

Brand Portfolio

Yaari, Indiabulls.

New Products/Services

The Company is focusing on new-age business ventures and promoting digital platform businesses to grow to the next frontier.

Market Expansion

Market expansion plans involve extending the digital footprint into the hinterlands of India to provide customer convenience and optimize cost efficiencies.

Strategic Alliances

A Composite Scheme of Arrangement is in place for the amalgamation of Indiabulls Enterprises Limited and Dhani Services Limited into the Company.

🌍 External Factors

Industry Trends

The industry is shifting toward digital interactions and online commerce. The Company is positioning itself as an emerging online commerce entity grounded in technology to enhance customer-centricity and convenience.

Competitive Moat

The Company's moat is built on its cutting-edge technology platform and digital reach, which management believes provides a competitive edge in promoting digital platform businesses.

Consumer Behavior

Consumer trends are progressively reliant on digital interactions and IT systems for commerce and information management.

⚖️ Regulatory & Governance

Industry Regulations

The Company must comply with the Companies Act 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, and Indian Accounting Standards (Ind AS) 108.

Legal Contingencies

A first motion application for the Composite Scheme of Arrangement was filed with the National Company Law Tribunal (NCLT), Chandigarh on April 10, 2024. Shareholders and unsecured creditors approved the scheme on March 29, 2025.

⚠️ Risk Analysis

Key Uncertainties

Key risks include cyber-attacks (unauthorized access, data misuse) and the fluid nature of supply chain disruptions which could impact business continuity.