Embassy Developments Ltd(EMBDL)

NSE: EMBDLBSE: 532832

₹ 48.34-0.35%refreshed 26 Oct, 12:59 pm ISTMarket cap: ₹ 6,722 crWebsite: www.equinoxindia.com/Updated: 24 Oct 2026

About

Embassy Developments Limited is an Indian residential and commercial real estate developer, active primarily in Bengaluru, Mumbai (MMR), and NCR, with a growing development management business. The company reported FY26 revenue of ₹1,731.83 Cr and achieved pre-sales of ₹4,631 Cr in FY26, up 128% year-on-year. It holds a total GDV platform of ₹52,000 Cr across ongoing, upcoming, planned, and development management projects, with an estimated project surplus of ~₹28,200 Cr at ~47.5% net operational cash margin.^[1]

Business segments

Real estate development and related activities is the sole reported segment, accounting for 100% of revenue as of FY20 segment disclosure.^[2]
The portfolio comprises owned residential and commercial projects alongside development management (DM) arrangements where Embassy earns fee income without deploying land capital.^[3]
The company builds residential, commercial and SEZ projects in Indian cities and is the flagship development arm of the Embassy Group (FY25 annual report).^[4]

Products and portfolio

As of FY25, the portfolio spanned 36.6 million sq ft with an estimated GDV of ₹49.2k crore, backed by a land bank of over 3,100 acres.^[4]
Residential offerings (FY25) include branded residences, uber-luxury apartments and villas, town homes, condominiums, integrated townships, senior living and contemporary homes across mid-income, premium and luxury segments.^[4]
Embassy Citadel (Worli, Mumbai) is the flagship luxury project: 1 msf, ₹8,800 Cr GDV, 81 floors with all-floor approvals secured upfront; Leighton appointed civil contractor (Q1 FY27).^[5]
Bengaluru portfolio includes Embassy Greenshore, Embassy Eden (luxury villas), Embassy Verde, Embassy One, Embassy Knowledge Park villas and apartments, and Embassy Springs developments (Q3 FY26).^[6]
Mumbai pipeline covers three residential projects (Worli, Juhu via DM, Alibaug) with combined GDV over ₹12,000 Cr and planned investment of ~₹4,500 Cr (Q3 FY26).^[6]
Commercial: Embassy East Business Park (Phase 1: 2.7 msf, GDV ₹3,100 Cr) under construction in Whitefield, Bengaluru; Embassy Knowledge Park (116 acres) at concept stage (Q3 FY26).^[6]
Bangalore held >65% market share in the ₹10 Cr+ ticket-size segment in FY26, in a market of ~₹2,000 Cr, led by Embassy Eden.^[3]

Key operating numbers

FY26 pre-sales of ₹4,631 Cr, up 128% YoY vs ₹2,031 Cr in FY25; area sold 3,581k sf, up 62% YoY vs 2,200k sf in FY25.^[3]
Pre-sales reached ₹868 Cr in Q1 FY27, up 338% YoY vs ₹198 Cr in Q1 FY26; area sold rose 135% YoY to 484k sf.^[5]
Q2 FY27 pre-sales of ₹3,225 Cr, up 272% QoQ; H1 FY27 pre-sales of ₹4,093 Cr, up 574% YoY.^[7]
Collections in H1 FY27 were ₹1,041 Cr, up 53% YoY; Q2 FY27 collections were ₹546 Cr, up 10% QoQ.^[7]
Net institutional debt ~₹3,300 Cr and net debt-to-equity 0.35x as of Q1 FY27; average cost of debt ~14% in Q1 FY27.^[5]
Project surplus margin ~53% as of Q1 FY27; cumulative unsold inventory (launched and under construction) ₹13,630 Cr as of Q1 FY27.^[5]
Q2 FY27 saw 3 project launches with combined GDV of ₹7,500 Cr, 39% of FY27 launch guidance.^[7]

Launch pipeline and land bank

FY27 launch pipeline targets ~₹19,400 Cr GDV: 9 owned projects (₹13,300 Cr) plus 2 DM projects, Embassy Terazza Juhu (₹3,050 Cr) and Sky Terraces Bengaluru (₹3,050 Cr).^[5]
FY26 launched GDV was ₹16,300 Cr across 6 projects; ~59% of FY26 launched inventory (4.3 msf) sold as of June 30, 2026.^[3]
Post-FY27 planned pipeline carries 20.4 msf and ~₹23,500 Cr GDV for launch from FY28 onwards.^[3]
Bengaluru absorption: ~72% of launched inventory sold within 6 months of launch as of Q1 FY27.^[5]

Operations and construction

Strategic focus on Bengaluru, MMR and NCR, with presence in Chennai, Jodhpur, Vadodara, Vizag and Indore (FY25); co-headquartered in Mumbai and Bengaluru.^[4]
Embassy One 09 Phase 1 (Gurugram) and five more towers at Golf City Savroli received Occupancy Certificates in Q1 FY27; OC-received portfolio ~98% cumulatively sold.^[5]
Six delayed legacy projects across MMR, NCR and Visakhapatnam reached handover by Q3 FY26, letting 3,300+ families take possession.^[6]
Construction spend was ₹276 Cr in Q1 FY27; FY26 construction spend was ₹1,182 Cr (~71% of FY26 collections).^[5]
Panvel Park (Golf City Savroli) workforce scaled from ~50 to 1,500+ workers; expected selling price to rise from ₹9,000 - 10,000 to ₹14,000 - 15,000 per sqft (Q3 FY26).^[6]
The group employed over 720 people as of March 31, 2025.^[4]

Expansion and capex

FY27 construction spend target ~₹2,500 Cr; management targets a collections inflection around April - May 2027 as slab cycles begin on Greenshore, Verde and Citadel.^[3]
Nashik SEZ land (~1,500 acres): company seeks MIDC resolution to debond from SEZ and develop industrial plotted development; completion targeted during FY27.^[6]
Embassy Knowledge Park commercial (116 acres, Bengaluru): concept to be finalised by end of FY27, planned as a low-rise R&D-type centre.^[5]

Recent developments

On 9 Oct 2026, rating upgraded to IVR A/Stable from IVR A-/Stable; rated bank facilities enhanced to ₹350 Cr from ₹200 Cr; NCDs rated IVR A/Stable for ₹160 Cr.^[8]
On 9 Oct 2026, Sachin Shah resigned as CEO & Executive Director effective 31 Dec 2026; Aditya Virwani to be Managing Director & CEO from 1 Jan 2027.^[9]
Board approved preferential warrants to promoter Embassy Group at ₹111.51/share to repay ₹363 Cr shareholder debt, subject to shareholder approval (Q1 FY27).^[5]
NCLAT order of 4 May 2026 set aside NCLT Delhi admission of Canara Bank's Section 7 application; company exited ASM framework from 6 May 2026.^[3]
Karnataka High Court set aside KIADB resumption order on ~78 acres at Kadugodi (Embassy East Business Park), on the company's undertaking to comply with lease terms.^[3]
Kotak Real Estate Fund sanctioned ~₹1,370 Cr growth capital (disbursement ~₹875 Cr) in Q2 FY26.^[10]
In FY25 the company completed a ₹1,125 crore transaction for about 25 acres in its Whitefield, Bengaluru office park.^[4]
NAM Estates merged with Equinox India Developments (formerly Indiabulls Real Estate) on January 24, 2025; the merged entity was renamed Embassy Developments Limited.^[4]

Market Cap

₹6,722 Cr

High / Low

₹97 / 39

Stock P/E

-7.1

Price / Book

0.7

Book Value

₹71

EPS

₹-6.3

No. of Shares

139.06 Cr

ROCE

-2.4%

ROE

-9.1%

OPM

-18.3%

Debt / Equity

0.53

Sales

₹1,732 Cr

Net Profit

₹-872 Cr

Promoter holding

42.7%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Embassy Developments Ltd(EMBDL)

About

Business segments

Products and portfolio

Key operating numbers

Launch pipeline and land bank

Operations and construction

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions