Indiabulls real-estate pipeline reaches Rs 27,308 crore

Indiabulls Limited reported a real-estate gross development value, or GDV, pipeline of Rs 27,308 crore across 13 projects as of 30 September 2026, after adding a Rs 3,700 crore Dwarka Expressway development-management project during Q2 FY27. The portfolio spans 133.2 lakh square feet and includes six projects in its FY27 pipeline.

How is Indiabulls' Rs 27,308 crore real-estate pipeline composed?

Indiabulls' Rs 27,308 crore portfolio comprises Rs 3,650 crore of projects launched in FY26, an FY27 pipeline of Rs 11,714 crore and a future pipeline of Rs 11,945 crore. The company reported 13 projects covering 133.2 lakh square feet as of 30 September 2026.

The FY27 component includes six projects, including the Rs 3,700 crore Dwarka Expressway addition made during the quarter ended 30 September 2026. Indiabulls said its real-estate portfolio is diversified across the National Capital Region, or NCR, Mumbai and Ludhiana.

The future pipeline, at Rs 11,945 crore, is the largest of the three disclosed categories, exceeding the Rs 11,714 crore FY27 pipeline by Rs 231 crore. Projects launched in FY26 account for Rs 3,650 crore of the reported GDV portfolio.

What did the Dwarka Expressway project add to Indiabulls' pipeline?

The Dwarka Expressway project added Rs 3,700 crore of GDV and 21 lakh square feet of saleable area to Indiabulls' portfolio in Q2 FY27. Indiabulls added the project through a development-management arrangement.

The project's Rs 3,700 crore GDV is included in the Rs 11,714 crore FY27 pipeline and represents about 32% of that category. Its 21 lakh square feet of saleable area equals about 16% of the 133.2 lakh square feet reported for the overall portfolio.

The announcement does not disclose a launch date, completion date, ownership interest, land cost, bookings or collections for the Dwarka Expressway project as of 30 September 2026. It also does not provide a project-by-project GDV split for the other five FY27 pipeline projects.

What real-estate bookings and collections has Indiabulls reported?

Indiabulls reported Rs 3,060 crore of bookings and Rs 541 crore of collections as of 30 September 2026. It also reported sales of 1,018 units across 23.85 lakh square feet.

The 23.85 lakh square feet sold is lower than the 133.2 lakh square feet reported across the 13-project portfolio, which includes FY26-launched projects, the FY27 pipeline and future projects. The release does not provide project-level or city-level splits for the Rs 3,060 crore bookings, Rs 541 crore collections or 1,018 units sold.

Indiabulls' reported bookings exceed collections by Rs 2,519 crore as of 30 September 2026. The filing does not state cancellation rates, average selling prices, unsold inventory, collection timing or the prior-period values for bookings and collections.

How did Indiabulls' Q2 and H1 FY27 results change?

Indiabulls reported revenue from operations of Rs 336.4 crore in Q2 FY27, up 31% year on year, and profit after tax, or PAT, of Rs 151.1 crore, up 101% year on year. For H1 FY27, revenue from operations was Rs 720.8 crore, up 100% year on year, while PAT was Rs 292.1 crore, up 297% year on year.

The reported 297% increase in H1 FY27 PAT was greater than the 100% increase in H1 revenue from operations. In Q2 FY27, PAT growth of 101% also exceeded the 31% rise in revenue, although the release does not provide segment revenue, cost movements or an explanation for the increases.

During Q2 FY27, Indiabulls received Rs 250 crore, equal to 25% of the Rs 1,000.07 crore preferential capital raise approved to fund its growth pipeline entirely through equity. The company also said it maintained a zero net debt position.

What other business updates did Indiabulls report?

Indiabulls' asset reconstruction platform, IARCL, reported fee-paying assets under management, or AUM, of Rs 588.41 crore as of September 2026. IARCL also reported assets under collection of Rs 4,049.81 crore and a capital adequacy ratio of 100.07%, compared with the stated regulatory minimum of 15%.

The broking business added 19,034 clients during the period, a 149% year-on-year increase, taking its total client base to 9.8 lakh. Its client activation rate increased to 34.7% in Q2 FY27 from 23.0% in Q2 FY26, a rise of 11.7 percentage points.

Indiabulls said it mutually agreed to terminate the acquisition agreement with Fintech Cloud Private Limited dated 11 September 2026, and the proposed acquisition will not proceed. The release does not state the financial consideration, reason for termination or expected financial effect of the decision.

Conclusion

Indiabulls' reported real-estate portfolio reached Rs 27,308 crore across 13 projects after the addition of the Rs 3,700 crore Dwarka Expressway project in Q2 FY27. The company also reported Rs 3,060 crore of bookings, Rs 541 crore of collections and 1,018 units sold as of 30 September 2026, alongside Q2 FY27 PAT of Rs 151.1 crore.

The next disclosed milestone is management's expectation that the real-estate development pipeline will expand to approximately Rs 30,000 crore of GDV during the quarter. Investors can watch for any announced additions to the six-project FY27 pipeline and further disclosures on the approved Rs 1,000.07 crore preferential capital raise.