Dhani Services Share Price

Indiabulls Limited (formerly known as Dhani Services Limited), together with its subsidiaries, is a diversified entity operating across real estate development, stock broking, asset reconstruction (ARC), and digital payment services. The company offers a range of services including residential and commercial property development, stock and commodity broking, asset reconstruction, digital wallet and UPI services, e-commerce, and personal loans through its Dhani app. The company was formerly known as Indiabulls Ventures Limited and changed its name to Dhani Services Limited in October 2020. Following a merger with Dhani Services Limited and Indiabulls Enterprises Limited, the entity was renamed to Indiabulls Limited effective October 17, 2025.

The Indiabulls share price today on the NSE and BSE is a reflection of how market participants respond to a company’s performance and broader business developments within its industry. It captures the sentiment of the investors based on financial results, operational updates, macroeconomic factors, and trends specific to sectors. Movements in the share price͏ reveal how the market evaluates the company’s current position and its future prospects, making ͏it a key indicator of market perception across various industries.

Market sentiment around the Indiabulls stock price often mirrors shifts in real estate demand, broking activity, and investor views on the NBFC and fintech sector’s growth prospects. Factors such as the pace of new project launches, competitive intensity, regulatory changes, and changing consumer preferences influence near-term market valuation and medium-term earnings forecasts.

The Indiabulls live share price provides real-time information about the last price traded, bid price, ask price, and volume traded. These indicators represent trading activity and liquidity and the reaction of investors to corporate announcements, quarterly results, and sector news. Constant monitoring of Indiabulls live price helps observe short-term price fluctuations and understand how the stock is moving in relation to the broader market. Furthermore, monitoring the Indiabulls price today helps investors understand real-time market sentiment, price volatility, and trading behaviour, allowing market participants to evaluate short-term performance, identify possible entry or exit points, and respond to news, quarterly results or sector trends that may affect the company’s valuation and overall investment outlook.

Indiabulls Limited Company Fundamentals

a. Company Background

Indiabulls Limited (formerly Dhani Services Limited) is an Indian diversified company engaged in real estate development, broking, financing, digital wallet services, asset reconstruction, and e-commerce. It was incorporated in 1995 and is headquartered in Mumbai, Maharashtra, India. The company has its registered office in Mumbai, Maharashtra. Indiabulls Limited was formerly known as Indiabulls Ventures Limited and changed its name to Dhani Services Limited in October 2020. Following a merger with Dhani Services Limited and Indiabulls Enterprises Limited, the entity was renamed to Indiabulls Limited effective October 17, 2025. The company operates through its Dhani app, offering personal loans, business instalment loans, and pharmaceutical products. It also provides card-enabled prepaid payment program management and remittance services, stock and commodity broking services, cross-selling of real estate, and asset reconstruction business of stressed assets. The company’s real estate development segment has a development pipeline of 140.65 lakh square feet across owned and joint venture projects, with total expected revenues projected at ₹23,042 crore. It operates within India’s growing real estate and financial services industry, driven by urbanization, rising incomes, and increasing demand for digital financial services.

b. Product Lines

• Real estate development (residential and commercial properties)

• Stock and commodity broking services

• Asset reconstruction and stressed assets management

• Digital wallet and UPI payment services

• Personal loans and business instalment loans

• E-commerce platform (Dhani Store offering electronics, fashion, personal care, pharmaceuticals, groceries)

• Prepaid payment program management and remittance services

• Cross-selling of real estate properties

c. Company Revenue Model

• Primary revenue from the Real Estate Development segment through sale of residential and commercial properties

• Revenue from the Stock Broking segment through brokerage fees and commissions

• Revenue from the Asset Reconstruction segment through portfolio acquisitions and management fees

• Revenue from digital wallet and UPI transaction fees

• Revenue from interest income on personal and business loans

• Revenue from e-commerce sales through Dhani Store

• Income from prepaid payment program management and remittance services

d. Geographic Presence

• Registered office and corporate headquarters located in Mumbai, Maharashtra, India

• Strong pan-India presence with real estate projects in Gurugram, NCR, Mumbai, and other locations

• Real estate development projects including Indiabulls Estate & Club (Gurugram), Indiabulls Heights (Gurugram), Indiabulls Green Avenue (Kharkhouda, NCR), Indiabulls Tower (Prabhadevi, Mumbai)

• Digital services reach across India through Dhani app and digital platforms

• Focus on expanding presence in key metropolitan areas for real estate development

• Delivery model leverages technology-led financial services ecosystem

e. Key Milestones

• 1995: Company incorporated

• 2013: Name changed to Indiabulls Ventures Limited

• 2020: Name changed from Indiabulls Ventures Limited to Dhani Services Limited in October 2020

• 2025: NCLT approved Scheme of Arrangement for merger on August 29, 2025

• 2025: Merger of Dhani Services Limited and Indiabulls Enterprises Limited into the entity formerly known as Yaari Digital Integrated Services Limited effective October 14, 2025

• 2025: Name changed from Yaari Digital Integrated Services Limited to Indiabulls Limited effective October 17, 2025

• 2025: First full operating quarter ended December 31, 2025, with PAT of ₹78.4 crore and revenue of ₹102.6 crore

• 2026: Launched new real estate projects and expanded digital financial services

f. Industry Perspective: Real Estate and Financial Services Industry in India

Indiabulls operates in the global real estate and financial services industry. Globally, the real estate market continues to expand driven by urbanization, population growth, and infrastructure development. In India, the real estate sector witnessed sustained growth momentum in FY 2024-25, driven by strong end-user demand, improved affordability, and structural policy support. The sector benefited from rising urbanization, preference for home ownership, particularly in Tier I and select Tier II cities. Residential real estate saw robust sales across mid-income and premium segments, with demand buoyed by stable interest rates and improved buyer sentiment. The government’s continued thrust on infrastructure, digitization of land records, RERA enforcement, and affordable housing initiatives contributed positively to sectoral stability. The Indian capital markets demonstrated resilience during FY 2024-25, despite global macroeconomic headwinds. The stock broking industry saw significant customer additions, with digital platforms driving growth. The asset reconstruction industry continues to see new portfolio acquisitions from banks and NBFCs, driven by stressed asset resolution. The digital payments industry in India is expanding rapidly, with UPI transactions growing significantly year-over-year. The industry outlook remains positive, supported by sustained government focus on infrastructure, rising disposable incomes, and increasing digital adoption.

Indiabulls Limited Stock Market Presence: Listings & Index Representation

Indiabulls Limited (formerly Dhani Services Limited) is actively traded on India‘s principal equity markets, with its shares listed on the National Stock Exchange of India (NSE) under the symbol IBULLSLTD and on the Bombay Stock Exchange (BSE) with the scrip code 533520. The company was formerly listed under the symbol DHANI on the NSE and scrip code 532960 on the BSE. The ISIN number of the company’s equity shares is INE274G01010. The face value of the equity shares is ₹2 per share. Its listing on both exchanges ensures that the Indiabulls share price is accessible to a wide investor base, encompassing both retail and institutional market participants. The company forms part of several benchmark indices that represent broad market segments. Indiabulls is included in indices such as the BSE 500, BSE AllCap, BSE SmallCap, BSE Finance, BSE Financial Services, Nifty Microcap 250, Nifty Smallcap 250, and Nifty Total Market. These index participations signal the company’s relevance within market categories that attract both active and passive investment flows. Being represented in multiple indices enhances the visibility and liquidity of the Indiabulls stock price, as index tracking funds and exchange traded strategies often adjust allocations in line with constituent revisions. It also allows investors to benchmark the company’s stock performance relative to broader market trends and peer groups, facilitating cross sectional comparisons within India’s financial services and real estate landscape. The inclusion of Indiabulls in these indices reflects its market capitalisation and trading depth, which are key factors market participants consider when evaluating long term investment prospects and the responsiveness of the stock price to corporate and industry developments.

Indiabulls Limited Stock Performance and Share Price History

The Indiabulls price has displayed significant volatility over the past decade, shaped by the company‘s financial performance, corporate restructuring, and broader market trends. The Indiabulls share price delivered a positive return of 138.6% in calendar year 2024, reflecting a strong recovery and investor optimism around the merger. The Indiabulls share price also delivered positive returns of 53.9% in 2020 and 45.7% in 2018. However, the Indiabulls share price experienced negative returns of 75.0% in 2022, 47.2% in 2021, 45.6% in 2019, and 6.3% in 2023. Over the 10-year period ending April 2026, the Indiabulls share price has delivered a cumulative return of approximately 5.5%, underperforming the BSE Finance index which delivered 12.5% over the same period. The Indiabulls share price reached a 52-week high of ₹109.88 and a 52-week low of ₹49.85, indicating a wide trading range and substantial price fluctuations. As of April 2026, the Indiabulls share price was trading at approximately ₹51.06 on the NSE, with a market capitalisation of ₹3,316.86 crore.

The Indiabulls stock price has been particularly responsive to quarterly earnings releases and corporate announcements. When the company reported a turnaround with PAT of ₹78.4 crore for the December 2025 quarter, the Indiabulls stock price showed a positive reaction. The Indiabulls price has shown a pattern of strong positive momentum following strong earnings reports and the merger announcement, while periods of weak financial results or market consolidation have contributed to declines in the Indiabulls stock price. The Indiabulls share price delivered a 1-year total return of approximately -9.2% as of October 2025, underperforming the BSE Finance index which returned -1.8% over the same period. The Indiabulls share price has shown a YTD return of approximately -45.6% as of October 2025, while the 1-month return was -16.5% and the 3-month return was -17.9%. The Indiabulls share price has been influenced by corporate developments including the merger of Dhani Services Limited and Indiabulls Enterprises Limited, the name change to Indiabulls Limited, and the expansion of the real estate development pipeline. The Indiabulls share price has shown average weekly volatility of approximately 5-7% over the past year. The Indiabulls share price has a beta of 0.06 over the long term (5-year monthly), indicating that the stock has exhibited significantly lower volatility than the broader market over extended periods. The Indiabulls share price has a 3-month beta of -0.16, indicating negative correlation with market movements during that period. Comprehending these patterns in the Indiabulls price is instrumental for investors seeking to contextualise long term performance trends vis à vis short term price dynamics, as the Indiabulls stock price movements illustrate how industry fundamentals, corporate restructuring cycles, regulatory changes, and investor expectations converge in market pricing.

Indiabulls Limited Investor Relevance and Role in Portfolio

Indiabulls holds a distinctive position for portfolio investors who seek exposure to the Indian real estate and financial services sector with a focus on a diversified business model. The company‘s diversified portfolio across real estate development, stock broking, asset reconstruction, and digital payments aligns it with investment strategies that value both infrastructure growth and digital financial inclusion. The Indiabulls share price often mirrors how these themes resonate with investor portfolios, whereby both thematic and sector specific funds monitor real estate sales metrics and broking customer additions when evaluating allocation decisions.

Institutional stakeholders play a moderate role in Indiabulls‘ ownership profile. The promoters held 33.91% of the company as of September 2025. Mutual fund holders of Indiabulls include Vanguard International Equity Index Funds and other institutional investors. Mutual funds collectively hold approximately 0.20% of the company. Foreign Institutional Investors (FIIs) hold approximately 18.67% of the company. Domestic Institutional Investors (DIIs) hold approximately 1.50% of the company. Retail and other shareholders hold approximately 61.58% of the company. Overall institutional holding in the company stands at approximately 20.21% as of September 2025.

Based on data, the beta for Indiabulls has been recorded at 0.06 for the long-term range (5-year monthly), indicating that the stock has exhibited significantly lower volatility than the broader market over extended periods. In the short-term daily analysis, beta values of 0.34 for the one-month range and -0.16 for the three-month range show mixed sensitivity to market fluctuations. Weekly data reveals a beta of 0.23 over one year. The 2-week beta over a two-year period is not available, while the monthly beta over two years is also not available. The mean values across these periods range from 51.06 to 59.13, with standard deviations from 0.78 to 9.82, indicating higher price variability in longer periods. The Indiabulls share price has shown periods of heightened responsiveness to sector-specific news, quarterly earnings releases, and real estate project announcements. The Indiabulls share price reflects that the company‘s diversified business model and post-merger restructuring may provide growth opportunities, though the real estate and financial services sectors remain sensitive to economic cycles and regulatory changes. The Indiabulls stock price is thus viewed as a growth opportunity within a portfolio context with varying volatility characteristics depending on the time frame.

Indiabulls Limited Sectoral Relevance and Peer Positioning

The sector relevance of Indiabulls is anchored in its role within the broader Indian real estate and financial services industry, where it competes with other diversified companies. As part of this industry, the company’s strategic positioning connects real estate development, stock broking, asset reconstruction, and digital payments that serve multiple customer segments. Competitors in adjacent segments include companies such as Aditya Birla Capital Limited, Bajaj Finance Limited, Bajaj Finserv Limited, Shriram Finance Limited, Jio Financial Services Limited, Power Finance Corporation Limited, Tata Capital Limited, Muthoot Finance Limited, Cholamandalam Investment & Finance Company Limited, and HDFC Asset Management Company Limited. In the real estate development segment, peers include DLF Limited, Godrej Properties, and Sobha Limited. In the stock broking segment, peers include 5Paisa Capital Limited and Angel One Limited.

In valuation terms, factors like the Indiabulls P/E ratio tend to reflect narrative shifts in earnings expectations and investor confidence relative to these peers. The Indiabulls P/E ratio stood at approximately 86.23-99.4 as of April 2026, compared to the industry P/E of 19.54, indicating that the stock is trading at a significant premium to the industry average. The Indiabulls earnings history over the past five years has shown a pattern of significant volatility. Net profit was negative in FY2021 (-₹229.77 crore), FY2022 (-₹860.37 crore), FY2023 (-₹481.31 crore), FY2024 (-₹373.94 crore), and FY2025 (-₹67.65 crore). However, recent quarterly results have shown improvement, with a net profit of ₹6.16 crore in the June 2025 quarter and a consolidated profit of ₹151.87 crore for the first nine months of FY2025-26. The 10-year aggregate net profit of the company stands at approximately -₹1,125.32 crore. Total revenue has declined from ₹1,465.42 crore in FY2022 to ₹486.88 crore in FY2025, representing a significant contraction. The Indiabulls EPS narrative has followed a similar pattern of volatility. EPS has been negative in recent fiscal years, with a TTM EPS of approximately ₹0.59. The Indiabulls market cap has shown a pattern of significant fluctuation over the past decade. Indiabulls market cap has declined from approximately ₹5,000-6,000 crore in earlier years to approximately ₹3,316-3,372 crore as of April 2026. This directional behaviour in valuation multiples demonstrates how market expectations around growth prospects and earnings durability influence broader assessment of the Indiabulls share price within its industry context. The Indiabulls stock price remains a key barometer for the diversified real estate and financial services segment.

Over the last ten years, Indiabulls market cap has shown a pattern of significant fluctuation. The company’s market cap declined from approximately ₹5,000-6,000 crore in earlier years to approximately ₹3,372 crore as of April 2026. The market cap has shown a 10-year aggregate CFO of approximately -₹2,764.24 crore, a 10-year aggregate EBITDA of approximately ₹2,093.02 crore, and a 10-year aggregate net profit of approximately -₹1,125.32 crore. The current market cap stands at approximately ₹3,372 crore, having ranged between lower levels and its current value over the past decade.

Indiabulls earnings, in terms of net profit, have exhibited a pattern of significant volatility over the past decade. Net profit was negative in FY2021 (-₹229.77 crore), FY2022 (-₹860.37 crore), FY2023 (-₹481.31 crore), FY2024 (-₹373.94 crore), and FY2025 (-₹67.65 crore). However, recent quarterly results have shown improvement, with a net profit of ₹6.16 crore in the June 2025 quarter and a consolidated profit of ₹151.87 crore for the first nine months of FY2025-26. The 10-year aggregate net profit of the company stands at approximately -₹1,125.32 crore.

Indiabulls EPS history over the past decade has shown a pattern of significant volatility. EPS has been negative in recent fiscal years, with a TTM EPS of approximately ₹0.59. The EPS showed improvement in the June 2025 quarter, turning positive, before showing volatility in subsequent quarters. This volatile EPS trajectory reflects the impact of corporate restructuring, merger-related expenses, and the cyclical nature of the real estate and financial services industries.

Indiabulls P/E ratio history has shown a pattern of extreme variation, fluctuating between not meaningful and elevated levels over the past decade. The P/E ratio stood at approximately 86.23-99.4 as of April 2026, which is at a significant premium to the industry P/E of 19.54. The P/E ratio has ranged from negative values during loss-making periods to elevated levels in recent quarters. This valuation premium reflects that investor expectations remain anchored to the company’s earnings recovery trajectory and post-merger growth potential.

Summary

Indiabulls is a diversified real estate and financial services company listed on both the NSE and BSE, where the Indiabulls share price reflects real estate demand cycles, broking activity trends, and competitive dynamics within the financial services sector. Its representation in multiple stock indices supports market visibility, while investor interest is shaped by earnings trends, valuation narratives, and broader digital adoption patterns. Within the sector, the company‘s competitive context and earnings dynamics provide key perspectives on its role in the Indian real estate and financial services market.