Indiabulls Housing – A compounder from here?

Hi,

Here is a rough calculation of how the FY2027 numbers will look like taking management’s word. In my view, without accounting for write-back of provisions, the company can’t have anywhere close to Rs 4000 Cr PAT. Further, without considering substantial leverage (much higher than the 2x gearing the company is guiding for), 18% ROE from ongoing business cannot be generated.

Comments and critique invited

Excel Attached
Sammaan FY2027.xlsx (12.2 KB)