EMBASSY
Embassy Off.REIT share price & financials
- Price
- ₹425.83
- Market cap
- ₹41.8k Cr
- Sector
- Realty
- Calls analysed
- 6
Embassy Off.REIT Q1 FY27
What went well
- Revenue of ₹1,241 crores, up 17% YoY.
- NOI of ₹1,020 crores, up 17% YoY.
- DPU of ₹6.31 per unit, up 9% YoY.
What to watch
- Higher interest expense partially offset DPU growth.
- Project delivery delays of approximately 9 months for Block B at Embassy Manyata and Phase 2 at Embassy Business Hub.
What Embassy Off.REIT does
Embassy Office Parks REIT is India's first publicly listed Real Estate Investment Trust and the largest office REIT in Asia by area. It owns and operates a portfolio of over 50 million square feet of Grade-A office space spread across 14 integrated business parks and city-centre buildings in Bengaluru, Mumbai, Pune, the National Capital Region and Chennai, earning rental income by leasing space to roughly 280 global and domestic corporate occupiers, with global capability centres (GCCs) forming a large share of recent demand. Alongside its office portfolio, Embassy REIT operates business hotels and a captive solar power park that supplies renewable electricity to tenants, and continues to add space through an active office development pipeline.
Segments
- Commercial Offices
- Other Assets (Hospitality & Utilities)
- Total portfolio
- 50+ million sq ft of office space
- Market position
- India's first listed REIT and the largest office REIT in Asia by area
- Office parks / ecosystems
- 14 premium office ecosystems (integrated business parks and city-centre buildings)
- Markets covered
- Bengaluru, Mumbai, Pune, National Capital Region (Noida) and Chennai
- Corporate occupiers
- ~280 leading global and domestic corporations
- Completed operating area
- 43.5 million sq ft as of Mar 2026
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 7 delivered 1 missed 9 open- FY27 DPU on track said Q4 FY26 Promised: ₹27.00 to ₹28.60 per unit Q1 FY27: Guidance reaffirmed. Q1 DPU at ₹6.31. Management confident of meeting full-year target, citing seasonality (property tax payment in Q1).
- FY26 DPU delivered said Q4 FY25 Promised: ₹24.50 to ₹26.00 per unit Q4 FY26: Achieved ₹25.28 per unit, within the guided range
- Hotel Occupancy missed said Q2 FY26 Promised: Focus will move on to occupancy Q4 FY26: Full year FY26 occupancy was 63%, showing no material improvement from the starting point.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 17.1%, net profit up 25.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 997 | 1,022 | 1,086 | 1,060 | 1,124 +13% | 1,193 +17% | 1,205 +11% | 1,241 +17% |
| EBITDA | 628 | 763 | 310 | 821 | 868 +38% | 917 +20% | 903 +191% | 959 +17% |
| Net profit | 1,530 | 158 | -243 | 155 | 232 −85% | 381 +141% | -430 −77% | 195 +26% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +10.5% 1Y
1Y: ₹397.47 on 10 Sept 2025 → ₹439.07. High ₹460.99 (11 Feb 2026), low ₹397.32 (11 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +0.2%
- 30 Jul
- Q4 FY26
- +0.1%
- 27 Apr
- Q3 FY26
- +2.4%
- 9 Feb
- Q2 FY26
- −0.4%
- 5 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.1% a year over 3 years, FY23 to FY26. Operating margin widened to 76.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.5k Cr | ₹3.8k Cr | ₹4.0k Cr | ₹4.6k Cr |
| Operating profit | ₹2.7k Cr | ₹2.9k Cr | ₹2.4k Cr | ₹3.5k Cr |
| Operating margin | 75.2% | 76.0% | 59.5% | 76.6% |
| Interest | ₹976 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.5k Cr |
| Depreciation | ₹1.1k Cr | ₹885 Cr | ₹1.1k Cr | ₹1.3k Cr |
| Net profit | ₹505 Cr | ₹964 Cr | ₹1.6k Cr | ₹338 Cr |
| Net margin | 14.3% | 25.3% | 40.2% | 7.4% |
| ROCE | 4.0% | 5.0% | 4.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹28.8k Cr | ₹28.8k Cr | ₹28.8k Cr | ₹28.8k Cr | ₹28.8k Cr | ₹28.8k Cr |
| Reserves | ₹-1.7k Cr | ₹-2.9k Cr | ₹-4.5k Cr | ₹-5.6k Cr | ₹-6.8k Cr | ₹-8.0k Cr |
| Borrowings | ₹10.7k Cr | ₹12.1k Cr | ₹14.8k Cr | ₹17.0k Cr | ₹21.1k Cr | ₹22.5k Cr |
| Other liabilities | ₹7.3k Cr | ₹7.2k Cr | ₹7.2k Cr | ₹7.1k Cr | ₹6.4k Cr | ₹7.1k Cr |
| Total liabilities | ₹45.1k Cr | ₹45.2k Cr | ₹46.4k Cr | ₹47.4k Cr | ₹49.5k Cr | ₹50.4k Cr |
| Fixed assets | ₹37.4k Cr | ₹38.9k Cr | ₹38.5k Cr | ₹39.9k Cr | ₹43.4k Cr | ₹43.2k Cr |
| Capital work in progress | ₹1.4k Cr | ₹710 Cr | ₹1.3k Cr | ₹1.8k Cr | ₹449 Cr | ₹1.7k Cr |
| Investments | ₹2.4k Cr | ₹2.4k Cr | ₹3.1k Cr | ₹3.0k Cr | ₹3.0k Cr | ₹2.9k Cr |
| Other assets | ₹3.9k Cr | ₹3.2k Cr | ₹3.5k Cr | ₹2.7k Cr | ₹2.7k Cr | ₹2.6k Cr |
| Total assets | ₹45.1k Cr | ₹45.2k Cr | ₹46.4k Cr | ₹47.4k Cr | ₹49.5k Cr | ₹50.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Embassy Off.REIT
Guides on how to read this kind of business and the numbers that matter.