Indiabulls Limited Management Discussions

Global Economic Overview

The Global Economy during FY2025-26 navigated a complex
and evolving landscape amid geopolitical tensions, trade
uncertainties and shifting monetary policy stances across major
economies of the world. Despite these headwinds, financial
markets demonstrated notable resilience, underpinned by
factors including robust corporate earnings, improving liquidity
conditions and growing expectations of monetary easing in key
markets.

Trade disruptions and tariff-related developments added a
layer of uncertainty for businesses worldwide, particularly
those reliant on global supply chains and export-driven
revenue streams. These dynamics contributed to elevated
input costs and weighed on investor confidence across several
regions. Concurrently, ongoing geopolitical conflicts, including
continuing tensions in Europe and the Middle East, fuelled
volatility in commodity markets, most notably crude oil and
precious metals, while reinforcing demand for safe-haven
assets such as gold.

Global equity markets, although volatile during certain
periods of the year, staged a measured recovery as
central banks signalled a more accommodative
policy stance. The gradual pivot towards lower
interest rates improved liquidity, strengthened
bond markets and helped restore investor
confidence in risk assets. Emerging markets,
including India, experienced intermittent
foreign portfolio outflows amid global
uncertainty; however, long-term investor
conviction remained firmly intact, anchored
by strong underlying growth fundamentals
and continued structural reforms.

Technology continued to serve as a key
catalyst for global economic momentum.

Sustained investment in artificial intelligence,
digital infrastructure, and automation reinforced
performance across growth-oriented sectors even as
elevated valuations and macroeconomic uncertainty
called for a measured and disciplined approach from
investors and businesses alike.

In a nutshell, FY2025-26 was characterised by a global
environment where risks and opportunities remained
closely balanced. While geopolitical developments, trade-
related frictions, and evolving policy frameworks presented
near-term challenges, improving monetary conditions,
sustained technological advancement, and resilient corporate
fundamentals provided a stabilising counterweight. Against this
backdrop, strategic discipline, prudent financial stewardship,
and operational agility remained critical imperatives for
businesses navigating this evolving landscape.

Indian Economic Overview

During FY2025-26, the Indian economy reaffirmedits position as
one of the worlds fastest-growing major economies, demonstrating
strong resilience amid a challenging global backdrop. As per
the First Advance Estimates of the Ministry of Statistics and
Programme Implementation, real GDP for the year was placed
at ^201.90 lakh crore, registering a growth rate of 7.4% over
the Provisional Estimate of ^187.97 lakh crore for FY2024-25.
This was subsequently revised upward in the Second Advance
Estimates to 7.6%, with nominal GDP growth estimated at 8.6%.

Growth momentum remained strong throughout the year, with real
GDP expanding 7.8% in Q1 and accelerating to 8.2% in Q2 of FY2025-
26, up from 5.6% in the corresponding quarter of the previous
year, taking FH1 FY2026 growth to 8%, compared with 6.1% in HI

FY2024-25. Q3 FY2025-26 growth was estimated at 7.8%, reflecting
sustained economic momentum throughout the year. Despite
global headwinds, including US tariff actions, India continued to be
recognised by the International Monetary Fund (IMF) as the only
major economy expected to grow above 6% during the year.

This performance was bolstered by the Governments continued
focus on capital expenditure, tax simplification, and structural
reforms, including Goods and Services Tax (GST) rate rationalisation
effective from September 2025, which directly impacted pricing
across roughly 11% of the CPI basket. Indias medium-term growth
outlook remained intact, supported by resilient consumption, robust
investment activity, and policy continuity.

Meanwhile, Indias external position remained broadly comfortable
throughout the year. For the full fiscal year, the current account

deficit stood at 0.6% of Gross Domestic Product (GDP), with an
absolute deficit of $25.2 billion, compared with US$22.9 billion in
FY2024-25. Net Foreign Direct Investment (FDI) inflows rose sharply
to US$6.9 billion during the year, up from US$1 billion in FY2025,
while net Foreign Portfolio Investment (FPI) flows turned negative,
with outflows of US$16.4 billion against inflows of US$3.6 billion a
year earlier. Forex reserves declined by US$23.6 billion during the
year, compared with a depletion of US$5 billion in FY2025, though
reserves remained comfortable in absolute terms, recovering to
US$658.8 billion by late March 2026, and continuing to provide an
adequate buffer against external volatility.

Amajorsupportivefactorthrough FY2025-26wasthe accommodative
stance adopted by the Reserve Bank of India (RBI). The RBI reduced
the repo rate in a phased manner during the year, lowering it by
25 basis points to 6% in April 2025, followed by a further 50-basis-
point cut to 5.50% in June 2025 and a final 25-basis-point reduction
to 5.25% in December 2025, bringing the cumulative reduction for
the fiscal year to 100 basis points. The rate remained unchanged
at 5.25% through subsequent policy reviews into FY2026-27, as
the central bank adopted a cautious, data-driven approach amid a
weakening rupee and evolving geopolitical risks.

Inflation outcomes during the year were exceptionally benign,
among the lowest on record. As per the Economic Survey 2025-
26, average headline Consumer Price Index (CPI) inflation for
April-December 2025 came in at just 1.7%, the lowest since
the inception of the CPI series, driven by sustained disinflation
in food and fuel, which together constitute over 52% of the
consumption basket. India recorded one of the sharpest declines
in headline inflation among major emerging economies during
2025, at about 1.8 percentage points, even as growth remained
robust at 8% in HI FY2026, reflecting non-inflationary expansion
rather than overheating. Inflation troughed at an eight-year low
before edging up modestly later in the year, with December
2025 inflation at 1.33%, still comfortably below the RBIs 2-6%
tolerance band; the RBI accordingly projected full-year FY2026
inflation at around 2.1%. This created meaningful headroom for
the RBIs rate-cutting cycle while preserving policy flexibility.

Indias fiscal position remained on its fiscal consolidation path.
The fiscal deficit was budgeted at 4.4% of GDP in FY2026,
down from 4.8% in the previous year, while the revenue deficit
narrowed to 0.8% of GDP, its lowest level since FY09. Gross GST
collections during April-December 2025 stood at ^17.4 lakh
crore, registering a year-on-year growth of 6.7%, reflecting
steady revenue buoyancy alongside continued front-loading of
capital expenditure on infrastructure.

Equity markets witnessed a pronounced divergence in
institutional flows during the year. Foreign Institutional Investors
(FIIs) recorded their highest-ever annual net outflow in calendar
year 2025, selling equities worth ^1,66,283 crore, driven by
rupee depreciation, global risk aversion, and trade-related
uncertainty. Domestic Institutional Investors (DIIs), however,
provided a strong counterbalance: DII inflows, anchored
by monthly Systematic Investment Plan (SIP) contributions
exceeding ^30,000 crore, absorbed close to 90% of foreign
selling pressure during several volatile phases, and DII holdings
in Indian equities overtook FII holdings for the first time, with
foreign ownership slipping to a multi-year low of 14.7%. This
structural shift in market ownership helped contain volatility
despite sustained foreign outflows.

Indias corporate bond market continued its multi-year growth
trajectory, supported by the easing rate environment. Following
a record ^9.9 lakh crore in issuances during FY2024-25, total
corporate bond issuances for FY2025-26 were estimated to
reach close to ^11 lakh crore, a fresh all-time high, with Q1
FY2026 issuance alone hitting a four-year high of ^3.27 lakh
crore. Issuance activity moderated in the second quarter as
some borrowers shifted towards bank credit when external
benchmark-linked lending rates became comparatively more
attractive, though full-year volumes still reflected the continued
deepening of Indias debt capital markets and growing
institutional participation.

Overall, FY2025-26 marked a year of strong, broad-based
growth for the Indian economy, marked by GDP expansion well
above 7%, near-record-low inflation, a meaningful monetary
easing cycle, and continued fiscal consolidation. While rupee

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challenges, Indias deepening domestic capital base,
comfortable forex reserves and disciplined macroeconomic
management ensured that the underlying growth narrative
remained firmly intact, reinforcing investor confidence in the
economys medium-term trajectory.

ABOUT THE COMPANY

Indiabulls Limited entered a transformational phase during
FY2025-26 following the implementation of the Scheme of
Arrangement, resulting in a simplified corporate structure
and the emergence of a real estate-led business model. The
Company today operates through a diversified portfolio
comprising real estate development, stock broking, asset
reconstruction, digital payments and financial services, and
equipment leasing.

The Companys strategic focus is centred on building a
scalable real estate platform supported by disciplined capital
allocation, execution excellence, and a robust development
pipeline. The complementary financial services businesses
continue to provide diversification, operating synergies, and
long-term value creation opportunities.

During FY2025-26, the Company reported consolidated
revenue of ^880.7 crore and Profit After Tax (PAT) of ^346.1
crore, marking the first meaningful contribution from its real
estate development business following project launches and
commencement of revenue recognition. Q4 FY2026 alone
contributed revenue of ^418.3 crore and PAT of ^194.2 crore
with a profit margin of 46.4%, reflecting strong momentum
heading into FY2027. The year marked an important milestone
in the Companys transition towards becoming a real estate-
led enterprise with improving earnings visibility and a
strengthened balance sheet.

Real Estate: The Growth Engine

Real estate has emerged as Indiabulls Limiteds principal business
vertical, contributing significantly to profitability and long-term
value creation. During Q4 FY2026, the segment contributed
approximately ^143 crore to earnings, underscoring its role
as the primary driver of financial performance, supported by
premium positioning, efficient project execution, and disciplined
capital deployment.

The Company follows a capital-efficient development strategy
focused on premium residential, mid-income residential, and
commercial developments across high-growth urban micro-
markets, supported by a combination of owned developments
and joint ventures.

FY2025-26 marked the first full year of execution under the
Companys renewed real estate strategy. During the fiscal
year, the Company successfully launched multiple residential
developments across Gurugram and Kharkhoda, witnessing
encouraging customer response and strong sales momentum.

The Company achieved sales bookings of around ^2,752 crore,
covering approximately 21.6 lakh square feet across 909 units, while
collections during the year stood at ^400 crore.

Real estate continued to anchorgrowth, contributing around ^143 crore
at the earnings level in Q4FY26; supported by strong pipeline visibility.

As on March 31, 2026, the Companys development portfolio
comprises approximately 110.52 lakh square feet (sq. ft.) of
saleable area with an estimated Gross Development Value (GDV)
of over ^21,366 crore, spanning launched, ongoing, and future
developments. The portfolio is primarily concentrated in the
National Capital Region (NCR), with projects across premium
residential, plotted developments, and commercial assets.

Gurugram, in particular, has emerged as a key growth market for the
industry: the citys share of Tier-1 residential sales rose from 6.1%
in calendar year 2021 (CY21) to 14.6% in CY25, with the average
ticket size for the market increasing by 30% year-on-year in CY25,
and units priced above ^5 crore accounting for 63% of total
revenue, a premium segment where the Companys ^2-6 crore
ticket size offerings are well positioned. This growth has been
underpinned by improving metro connectivity, proximity to the
IGI Airport, strong investment appeal, and the rising aspirations
of high-income individuals along the Dwarka Expressway corridor.

The Company remains focused on disciplined execution, phased
monetisation, prudent capital deployment, and customer-centric
product offerings, supporting strong earnings visibility over the
medium term.

HIGHLIGHTS

Ongoing and future developments:

Projects launched in FY2026: 28.67 lakh sq. ft. of saleable area,
with sales potential of ^3,393 crore.

Planned launches for FY2027: 39.74 lakh sq. ft. with sales
potential of ^6,029 crore.

Next year and future pipeline: 42.11 lakh sq. ft. with sales
potential of ^11,944 crore.

Geographically, the portfolio is concentrated in the National
Capital Region (86% of sq. ft.), with the balance spread across
Mumbai (2%) and Ludhiana (11%). By segment, residential
development accounts for 70% of the portfolio, followed by
commercial (15%), mixed development (12%), and plotted land
(3%). Key projects launched during the fiscal year included
Indiabulls Estate & Club (Sector 104, Gurugram - Phase 1),
Indiabulls Heights (Sector 104, Gurugram), Indiabulls Tower
(Prabhadevi, Mumbai), and Indiabulls Green Avenue (Kharkhoda,
NCR).

Stock Broking - Indiabulls Securities

Indiabulls Securities continues to be the Companys integrated
capital markets platform, offering investment and trading solutions
across equities, derivatives (F&O), mutual funds, IPOs, bonds,
alongside the Indiabulls Algo automated trading platform, a Margin
Trading Facility (MTF) service for active investors and other financial
products.

Despite the moderation in overall industry trading activity during
FY2026, the business demonstrated resilience with broking revenue
of ^124 crore, broadly stable year-on-year, with momentum
improving markedly in the fourth quarter. Q4 FY2026 broking
revenue grew 26% year-on-year to ^34 crore, up from ^27 crore in Q4
FY2025, driven by expansion into digital and discount broking. Client
additions also accelerated sharply from around 3,016 in Q4 FY2025
to approximately 28,000 in Q4 FY2026.

As of 31 March 2026, the business served over 9 lakh broking clients
through 1.73 lakh demat accounts and approximately 1,12,422 active
accounts with client assets under stock broking exceeding ^68,000
crore. The business maintains a presence across 14 cities supported

by 174 associated partners and 200 dedicated relationship managers
spanning Delhi-NCR, Haryana, Uttar Pradesh, Rajasthan, Gujarat,
Maharashtra, Telangana, Tamil Nadu, and West Bengal.

Indias broader securities brokerage market, valued at US$4.25
billion in 2025 and projected to reach US$6.21 billion by 2030,
continues to benefit from structural tailwinds: a surge in the
investor base (over 11 crore unique investors in 2025, up 2.5x from
2020), rising equitisation of household savings (from 2% in 2012
to over 15% in 2025), wider product offerings, and a demographic
dividend, with nearly 75% of new demat accounts opened by
individuals under 30.

During the year, the Company continued to strengthen its
technology platform through enhancements across its mobile,
web, and desktop trading applications while expanding
product capabilities for both retail investors and active traders.
While market activity remained subdued for a significant part
of FY2026, business momentum improved during the fourth
quarter, reflecting the Companys continued investment in
technology and customer acquisition.

Key initiatives undertaken during the fiscal year FY2026 included:

Expansion of digital trading platforms across mobile, web and desktop

Continued enhancement of the IB Algo platform for retail algorithmic trading

Strengthening of trading infrastructure and analytical capabilities

Comprehensive investment offerings across equities, mutual funds, IPOs, ETFs, bonds, and derivatives

Continued focus on customer experience, digital onboarding and product innovation.

Source: Mordor Intelligence, CRISIL, PIB, NSDL, CDSL; Indiabulls Limited Investor Presentation, Q4 FY2026.

Asset Reconstruction (IBARCL)

Indiabulls Limiteds Asset Reconstruction business, operated
through India Asset Reconstruction Company Limited (IBARCL),
continues to focus on acquisition, resolution, and recovery of
distressed financial assets through a disciplined and recovery-led
approach, sourcing assets across multiple banks and NBFCs with a
focus on high-recovery-potential assets.

The business follows a selective acquisition strategy with an
emphasis on operational recoveries, legal resolution, and value
maximisation. During FY2026, IBARCL maintained a healthy capital
adequacy ratio while continuing recoveries across its portfolio. As

of 31 March 2026, the business managed fee-paying Assets Under
Management (AUM) of around ^622 crore, and assets under
collection of approximately ^3,794 crore, while recoveries during
FY2026 stood at approximately ^288 crore. As of 31st March 2026,
IBARCL reported a net worth of around ^533 crore and a capital
adequacy ratio of 97.92%.

The business is supported by an integrated in-house recovery
capability, inclu ding a ground collection team of approximately
2,200 members, enabling better control over resolution timelines.
Its diversified security receipt portfolio, disciplined and calibrated

capital deployment, and the niche, high-entry-barrier nature of
the asset reconstruction industry continue to support consistent
performance and limit competitive pressure.

The Company believes the evolving regulatory framework, improving
banking sector asset quality, and increasing institutional participation
continue to provide long-term opportunities within the asset
reconstruction industry.

Payments & Digital Financial Services

Indiabulls Limiteds Payments & Services business continues to
operate through the Dhani platform, offering digital payment
solutions, prepaid instruments, and technology-enabled financial
services.

The platform continues to provide customers with a unified digital
ecosystem comprising wallet services, utility payments, recharges,
and card-based payment solutions, while strengthening its UPI

Key Operational Highlights: FY2026

The Company reported consolidated revenue of ^8.81 billion.

Total active customers/clients stood at 0.1067 million,
including 0.0474 million clients who traded on the exchange(s)
through Indiabulls Securities Limited (formerly Dhani Stocks
Ltd.) during FY2025-26.

As of 31 March, 2026, 0.17 million clients held shares with Indiabulls
Securities Limited (formerly Dhani Stocks Ltd.), with an aggregate
value of ^65,815.14 crore.

Asset Liability Management

Given the short-term maturity of its loan portfolio and adequate
liquidity buffers maintained by Indiabulls Limited, its asset-liability
position remains comfortable. The Companys capital requirements
are assessed to maintain an efficient overall financing structure
while avoiding excessive leverage. It manages the capital structure
and adjusts it in the light of changes in economic conditions and the
risk characteristics of the underlying assets.

Analytics

In todays increasingly data-driven business environment, data
analytics plays a pivotal role in enhancing operational efficiency,
improving decision-making, and supporting the achievement
of strategic business objectives. Recognising the importance of
leveraging data as a key business asset, Indiabulls Limited has
made significant investments in developing advanced analytics
infrastructure and capabilities to effectively process, manage, and
analyse large volumes of customer data.

These analytics capabilities enable the Company to gain deeper
customer insights and design personalised products, services,
and offers tailored to individual customer needs. In addition, data
analytics serves as a critical component of the Companys risk

capabilities following NPCI approval as a Third-Party Application
Provider (TPAP).

During FY2026, the Company continued investing in technology
infrastructure, customer experience, and product capabilities
to enhance its digital payment offerings. The business remains
focused on leveraging the Dhani platform to increase customer
engagement while exploring opportunities to expand value-added
financial services.

In addition, the Company continues its strategic investment in
Spring Cash, a U.S.-based AI-enabled Small and Medium-Sized
Business (SMB) financing platform. Spring Cash combines
AI-driven CFO capabilities with intelligent underwriting and
embedded working capital solutions for small and medium
businesses. The investment represents the Companys long-
term commitment to technology-led financial services
innovation and provides valuable learnings for future
opportunities in the Indian market.

management framework by facilitating continuous monitoring
of portfolio performance across various customer segments,
identifying emerging delinquency patterns, and enabling timely,
targeted interventions to mitigate potential credit risks and enhance
overall portfolio quality.

Risk Management, Governance & Controls

Indiabulls Limited and its subsidiaries are exposed to a wide
range of risks, including credit, liquidity, interest rate, operational,
business, and regulatory risks, making effective risk management a
key strategic priority. Oversight of the risk management framework
is provided by the Board of Directors of the respective company
through various governance committees, including the Audit
Committee, Asset Liability Management Committee (ALCO), and
Risk Management Committee (RMC), which ensure that risks are
managed within the Companys approved risk appetite.

Given the short-term maturity of its loan portfolio and adequate
liquidity buffers, the Companys asset-liability position remains
comfortable. Capital requirements are assessed to maintain an
efficient financing structure while avoiding excessive leverage,
with the capital structure adjusted in light of changing economic
conditions and the risk characteristics of underlying assets.

The Company has invested significantly in advanced analytics
infrastructure to process, manage, and analyse large volumes of
customer information, supporting both personalised product design
and continuous portfolio-risk monitoring to identify emerging
delinquency patterns and enable timely, targeted interventions.

Wholly owned subsidiary Dhani Loans and Services Limited remains
fully compliant with the regulatory framework prescribed by
the Reserve Bank of India for Non-Banking Financial Companies
(NBFCs), adhering to applicable prudential norms on asset
classification, provisioning, capital adequacy, and credit rating
compliance. The Company complies with SEBI Listing Regulations
and other applicable regulations.

On information security, the Company has established
comprehensive Information Technology, Information Security, Cyber
Security, and Data Privacy & Protection policies aligned with industry
best practices, including an Information Security Management
System (ISMS) framework based on ISO 27001 principles, supported
by multiple layers of security controls, continuous monitoring,
and regular vulnerability assessments. The Company has initiated
measures to align its processes and governance framework with the
Digital Personal Data Protection Act, 2023 (DPDP Act).

The Company maintains adequate internal control systems, based
on established policies and guidelines, covering operations, financial
reporting, strategic investments and regulatory compliance. The
effectiveness of these controls is reviewed periodically by the Audit
Committee and the Board of Directors.

To further strengthen its risk governance framework, the Company
continues to invest in experienced professionals, robust processes
and advanced technology solutions. The risk management
framework is comprehensive and structured, encompassing the
identification, assessment, measurement, monitoring, reporting
and mitigation of risks across the organisation, thereby supporting
prudent decision-making, regulatory compliance and sustainable
business growth.

Borrowings

Total borrowings of the Group as of March 2026 stood at ^4.36 billion
compared with ^9.43 billion as of March 2025. The borrowings (net)
of the company have decreased by ^5.07 billion during the fiscal
year due to repayments made to its lenders.

Regulatory Guidelines/Amendments

The wholly owned subsidiary of the Company, namely Dhani Loans
and Services Limited, remains fully compliant with the regulatory
framework prescribed by the Reserve Bank of India (RBI) for Non-
Banking Financial Companies (NBFCs). The Company adheres to
all applicable prudential norms, including requirements relating to
asset classification, provisioning, capital adequacy and credit rating
compliance, thereby ensuring sound financial health and regulatory
discipline.

The Company complies with SEBI Listing Regulations and other
applicable regulations, to the extent applicable.

Training And Human Resources Management

Indiabulls Limited remains committed to fostering an inclusive,
high-performance workplace that empowers employees through
continuous learning, professional development and meaningful
career opportunities. During the fiscal year FY2025-26, the
Company strengthened its talent acquisition framework through
enhanced pre-screening and behavioural assessments, a structured
MIS reporting framework and a robust candidate tracking system,
streamlining the end-to-end recruitment lifecycle.

It maintains a competitive, equitable, and performance-oriented
rewards framework designed to attract, motivate, and retain high-
calibre talent. Performance-based incentives, career progression
opportunities, and Employee Stock Option Plans (ESOPs), approved
by the Compensation Committee over the years, reinforce a culture
of ownership, accountability, and long-term value creation. These
initiatives streamlined the end-to-end recruitment lifecycle, reduced
manual interventions, improved data integrity, and enhanced
visibility into hiring progress, enabling faster, more informed, and
data-driven talent acquisition decisions.

Our people continue to remain the cornerstone of the Companys
sustained growth and long-term success. We are committed to
fostering an inclusive, high-performance workplace that empowers
employees through continuous learning, professional development,
and meaningful career opportunities while promoting collaboration,
innovation, and a strong sense of belonging.

Recognising that our employees are the primary ambassadors of
the Companys values and customer experience, we continue to
invest in capability building through technology-enabled learning
and development initiatives. Our focus remains on equipping
employees with future-ready skills, strengthening leadership
capabilities, and fostering a culture of continuous learning to
support evolving business requirements.

Employee well-being remains an integral part of our people
strategy. Through various health, wellness, and engagement
initiatives, we continue to promote a safe, supportive, and inclusive
work environment that encourages holistic development and
strengthens employee engagement.

The Human Resources function serves as a strategic business partner,
driving talent acquisition, performance management, leadership
development, employee engagement, policy governance, and
organisational effectiveness. Upholding the highest standards of
integrity, confidentiality, accountability, and trust, HR works closely
with business leaders to align people strategies with organisational
priorities and build a resilient, agile, and future-ready workforce.

Our talent philosophy focuses on identifying, developing, and
retaining high-performing individuals by providing accelerated
growth opportunities, structured career pathways, and continuous
developmental support. Through close collaboration with business
functions, we ensure the timely onboarding of the right talent while
nurturing leadership capabilities to support the Companys long-term
strategic objectives.

IT Security and Customer Privacy

Indiabulls Limited recognises information and customer data as
critical assets and remains committed to safeguarding them against
evolving cyber threats through a robust information security and
privacy framework. The Company has established comprehensive
Information Technology, Information Security, Cyber Security,
and Data Privacy & Protection policies aligned with industry best
practices and internationally recognised standards, including an
Information Security Management System (ISMS) framework based
on ISO 27001 principles.

To ensure the confidentiality, integrity and availability of information
assets, Your Company has implemented multiple layers of security
controls, continuous monitoring mechanisms, secure technology
infrastructure and business continuity and resilience measures.
Regular vulnerability assessments, security reviews and periodic
evaluations of security controls are conducted to assess effectiveness
and strengthen the overall security posture. It also maintains robust
backup, recovery and restoration processes supported by industry-
leading solutions to ensure business continuity and protection of
critical information assets.

Indiabulls Limiteds Privacy Policy governs the collection,
storage, processing, sharing, and usage of customer information,
ensuring transparency and compliance with applicable statutory
and regulatory requirements. In line with evolving regulatory
requirements, the Company has also initiated measures to align its
processes, systems and governance framework with the provisions
of the Digital Personal Data Protection Act, 2023 (DPDP Act), further
strengthening its commitment to data privacy, customer consent
management and protection of personal data.

Through continuous investments in cybersecurity, data protection,
employee awareness and risk management practices, the Company

remains focused on protecting customer privacy, strengthening
stakeholder trust and ensuring a secure and resilient digital
ecosystem.

Internal Control Systems

Indiabulls Limited has adequate internal control systems, based
on established policies and guidelines, which ensure the timely
and accurate execution of responsibilities. The Internal Control
Systems of the Company cover operations, financial reporting,
strategic investments and regulatory compliance to protect
the interests of investors. The effectiveness and reliability
of Internal Control Systems are reviewed periodically by the
Audit Committee and the Board of Directors, which provide
recommendations for further strengthening the existing internal
control framework.

Significant Changes In Key Financial Ratios

In compliance with the requirements of Schedule V of the
SEBI LODR Amendment Regulations, 2018, significant changes
(changes of 25% or more between FY2024-25 and FY2025-26) in
the key financial ratios applicable to the Company are presented
below:

Key Financial Ratios (Consolidated) - FY2025-26 vs FY2024-25

Ratio	FY2024-25	FY2025-26
Debt-Equity Ratio	0.37	0.14
Debt Service Coverage Ratio	(0.70)	0.40
Interest Coverage Ratio	(2.39)	5.15
InventoryTurnover Ratio	0.01	0.34
Trade Payables Turnover Ratio	0.02	0.84
Trade ReceivablesTurnover Ratio	5.21	11.80
Net Profit Margin	(61.37%)	41.53%
Operating Profit Margin	(34.79%)	26.69%
EBITDA Margin	(24.49%)	31.09%
Current Ratio	1.95	2.85
Return on Net Worth	(8.95%)	12.31%
Net Capital Turnover Ratio	0.45	0.62
Return on Capital Employed	(6.15%)	7.16%

Debt Equity Ratio:

The debt-to-equity ratio of the Company on a consolidated basis
has reduced from 0.37 for FY2024-25 to 0.14 for FY2025-26,
primarily due to the repayment of borrowings during FY2025-26.

Debt Service Coverage Ratio:

The Debt Service Coverage Ratio of the Company on a
consolidated basis as of 31 March, 2026, stood at 0.40 compared
to (0.70) as of 31 March, 2025. This improvement is attributable

to higher earnings before interest, depreciation, amortisation, and
taxes in the current year as compared to the previous year.

Interest Coverage Ratio:

The Interest Coverage Ratio of the Company on a consolidated
basis as on 31 March, 2026, stood at 5.15 compared to (2.39)
as on 31 March, 2025. This improvement is attributable to
higher earnings before interest and taxes in the current year as
compared to the previous year.

InventoryTurnover Ratio:

The Inventory turnover ratio of the Company on a consolidated
basis as on 31 March, 2026, stood at 0.34 compared to 0.01 as
on 31 March, 2025. This increase is primarily attributable to
higher inventory consumption following the commencement
and recognition of real estate sales during the current financial
year.

Trade Payables Turnover Ratio:

The Trade Payable turnover ratio of the Company on a
consolidated basis as on 31 March, 2026, stood at 0.84
compared to 0.02 as on 31 March, 2025. This increase is
primarily attributable to higher inventory consumption
following the commencement and recognition of real estate
sales during the current financial year.

Trade Receivable Turnover Ratio:

The Trade receivable turnover ratio of the Company on a
consolidated basis increased from 5.21 for FY2024-25 to 11.80
for FY2025-26. This increase is primarily attributable to the
commencement and recognition of real estate sales during
the current financial year, which resulted in a significant rise in
revenue from operations.

Net Profit Margin:

The net profit margin of the Company on a consolidated basis
has improved from (61.37%) for FY2024-25 to 41.53% for
FY2025-26. This is due to an improvement in profit after tax in
the current year as compared to the previous year.

Operating Profit Margin:

The operating profit margin of the Company on a consolidated
basis has improved from (34.79%) for FY2024-25 to 26.69% for
FY2025-26. This is due to an improvement in earnings before
interest and taxes in the current year as compared to the
previous year.

EBITDA Margin:

The EBITDA margin of the Company on a consolidated basis
has improved from (24.49%) for FY2024-25 to 31.09% for
FY2025-26. This improvement is attributable to higher earnings
before interest, depreciation and taxes in the current year as
compared to the previous year.

Current Ratio:

The Current Ratio of the Company on a consolidated basis as
on 31 March, 2026, stood at 2.85 compared to 1.95 as on 31
March, 2025. This is due to a reduction in current liabilities on
account of the repayment of borrowings in the current year.

Return on Net Worth:

The return on net worth of the Company on a consolidated basis
has improved from (8.95%) for FY2024-25 to 12.31% for FY2025-
26. This improvement is attributable to higher profit after tax in
the current year compared with the previous year.

Net Capital Turnover Ratio:

The net capital turnover ratio of the Company on a consolidated
basis as on 31 March, 2026, stood at 0.62 compared to 0.45 as
on 31 March, 2025. This is due to a reduction in current liabilities
resulting from the repayment of borrowings in the current year.

Return on Capital Employed:

The Companys consolidated return on capital employed has
improved from (6.15%) for FY2024-25 to 7.16% for FY2025-
26. This is due to an improvement in earnings before interest
and taxes in the current fiscal year as compared to the
previous year.

There has been no significant change in the other
key financial ratios, as applicable to the Company.

Overall, the improvement in nearly all key ratios during fiscal
year FY2025-26 was primarily driven by the commencement
of real estate revenue recognition, a reduction in consolidated
borrowings following debt repayment, and the resulting
improvement in profitability at the EBIT and EBITDA levels
compared with the prior year.

Total consolidated borrowings stood at around ^4.36 billion as
of March 2026, compared to ^9.43 billion as of March 2025 -
a net reduction of ^5.07 billion during the fiscal year, primarily
on account of repayments to lenders.

CAUTIONARY STATEMENT

The statements presented in this Annual Report that are not historical facts are forward-looking statements. These statements
reflect assumptions, views, and expectations based on current market dynamics and future outlook. Actual outcomes may differ
from those expressed in this Annual Report. The Company undertakes no obligation to update these statements in the event of
new information or subsequent developments.