EMBDL
Embassy Developments share price & financials
- Price
- ₹63.04
- Market cap
- ₹8.6k Cr
- Sector
- Realty
- Calls analysed
- 4
Embassy Developments Limited Q1 FY27
What went well
- Presales for Q1 FY27 stood at INR 868 crores, marking a 338% year-on-year increase.
- Collections for Q1 FY27 increased 54% to INR 496 crores, indicating healthy cash flow generation.
- Approximately 60% of the inventory launched in FY26 has already been sold, with Bangalore performing exceptionally well at 72% sold within 6 months.
What to watch
- Revenue from operations for Q1 FY27 was INR 217 crores, a significant decrease from INR 681 crores in Q1 FY26.
- EBITDA for Q1 FY27 was negative INR 106 crores, compared to a positive INR 2 crores in Q1 FY26.
What Embassy Developments Limited does
Embassy Developments Limited (formerly Indiabulls Real Estate Limited, then Equinox India Developments Limited, renamed after a reverse merger with the Bengaluru-based Embassy Group's development business) builds residential and commercial real estate across Indian metros, mainly Bengaluru, the Mumbai Metropolitan Region and the National Capital Region, with additional projects in Vizag, Jodhpur and Indore. It develops apartments, villas, plotted layouts and commercial (retail and office) space on land it owns as well as through joint-development (JDA) and development-management (DM) arrangements with landowners and partners, earning a development-management fee (about 10% of gross project revenue) on projects executed for others such as Birch Real Estate and Embassy-KSL Realty Ventures. Under Ind AS 115, revenue is recognised only on project completion/handover rather than at the time units are pre-sold, so the scale of live projects, launched area and land reserves is a better read of the operating business than any single reporting period's income statement.
Segments
- Residential
- Commercial (Retail + Office)
- Development Management (DM) projects
- Cities of presence
- 7
- Projects (total, incl. phased launches counted separately)
- 40+
- Total portfolio (saleable + leasable area)
- 38+ msf
- Residential portfolio area
- ~26 msf
- Commercial portfolio area (retail + office)
- ~12 msf
- Land bank (fully paid-up, excl. ongoing projects)
- 3,251 acres
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 2 delivered 3 missed 10 open- P&L Profitability (PAT) delayed said Q3 FY26 Promised: Positive PAT within 4 to 6 quarters Q1 FY27: Company reported a net loss of ₹234 crores. Management is now actively exploring a shift to the percentage completion method for revenue recognition, which could address the reporting lag. The original timeline remains delayed.
- Commercial Development Volume on track said Q4 FY22 Promised: Develop at least 1.5 million sq ft of commercial per year Q1 FY27: The launch of Embassy Knowledge Park (4.45 MSF GDV) is slated for Q2 FY27, reinforcing the company's commitment to large-scale commercial development and keeping this long-term promise on track.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 68.1%, net profit down 41.0% 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 | 475 | 325 | 889 | 681 | 493 +4% | 213 −34% | 342 −62% | 217 −68% |
| EBITDA | 76 | 94 | 8 | -11 | -52 −168% | -152 −262% | -261 −3362% | -131 −1091% |
| Net profit | -34 | -27 | 123 | -166 | -153 −350% | -233 −763% | -323 −363% | -234 −41% |
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 −41.2% 1Y
1Y: ₹94.02 on 10 Sept 2025 → ₹55.28. High ₹104.21 (18 Sept 2025), low ₹39.46 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.9%
- 11 Aug
- Q4 FY26
- −2.6%
- 21 May
- Q3 FY26
- −4.5%
- 10 Feb
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 43.3% a year over 3 years, FY23 to FY26. Operating margin widened to -27.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹587 Cr | ₹773 Cr | ₹2.2k Cr | ₹1.7k Cr |
| Operating profit | ₹-545 Cr | ₹-106 Cr | ₹154 Cr | ₹-476 Cr |
| Operating margin | -92.8% | -13.7% | 7.1% | -27.5% |
| Interest | ₹27 Cr | ₹158 Cr | ₹461 Cr | ₹548 Cr |
| Depreciation | ₹12 Cr | ₹11 Cr | ₹15 Cr | ₹49 Cr |
| Net profit | ₹-608 Cr | ₹-834 Cr | ₹183 Cr | ₹-875 Cr |
| Net margin | -103.6% | -107.9% | 8.4% | -50.6% |
| Cash from operations | ₹-343 Cr | ₹-97 Cr | ₹1.5k Cr | ₹44 Cr |
| Free cash flow | ₹-343 Cr | ₹-100 Cr | ₹1.4k Cr | ₹44 Cr |
| ROCE | -7.0% | -11.0% | 4.0% | -2.0% |
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 | ₹90 Cr | ₹91 Cr | ₹108 Cr | ₹108 Cr | ₹274 Cr | ₹278 Cr |
| Reserves | ₹3.4k Cr | ₹3.3k Cr | ₹3.1k Cr | ₹2.2k Cr | ₹10.0k Cr | ₹9.6k Cr |
| Borrowings | ₹1.2k Cr | ₹1.3k Cr | ₹693 Cr | ₹732 Cr | ₹4.7k Cr | ₹5.3k Cr |
| Other liabilities | ₹4.1k Cr | ₹3.0k Cr | ₹2.7k Cr | ₹2.9k Cr | ₹5.9k Cr | ₹6.3k Cr |
| Total liabilities | ₹8.8k Cr | ₹7.8k Cr | ₹6.6k Cr | ₹5.9k Cr | ₹20.9k Cr | ₹21.5k Cr |
| Fixed assets | ₹86 Cr | ₹96 Cr | ₹83 Cr | ₹72 Cr | ₹5.9k Cr | ₹6.2k Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹145 Cr | ₹269 Cr | ₹157 Cr | ₹158 Cr | ₹298 Cr | ₹165 Cr |
| Other assets | ₹8.5k Cr | ₹7.4k Cr | ₹6.3k Cr | ₹5.7k Cr | ₹14.6k Cr | ₹15.2k Cr |
| Total assets | ₹8.8k Cr | ₹7.8k Cr | ₹6.6k Cr | ₹5.9k Cr | ₹20.9k Cr | ₹21.5k 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.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +5.10 pp while FIIs trimmed −4.70 pp. The shareholder count shrank 5% to 2,57,137.
- Promoters
- 42.6%
- FIIs
- 23.4%
- DIIs
- 3.0%
- Public
- 30.9%
- Others
- 0.0%
Since Jun 2025
- Public +5.10 pp
- FIIs −4.70 pp
- DIIs −0.64 pp
How it drifted, 12 quarters
Over this window the public fell from 75.2% to 30.9% — −44.4 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 23.6%, DIIs 1.1%, Public 75.2%, Others 0.1%.Dec '23: FIIs 23.1%, DIIs 1.8%, Public 75.0%, Others 0.1%.Mar '24: FIIs 24.6%, DIIs 0.4%, Public 74.9%, Others 0.1%.Jun '24: FIIs 28.9%, DIIs 3.4%, Public 67.6%, Others 0.1%.Sep '24: FIIs 30.1%, DIIs 5.0%, Public 64.8%, Others 0.1%.Dec '24: FIIs 29.8%, DIIs 5.4%, Public 64.7%, Others 0.1%.Mar '25: Promoters 43.4%, FIIs 15.9%, DIIs 3.5%, Public 37.1%, Others 0.1%.Jun '25: Promoters 42.4%, FIIs 28.1%, DIIs 3.7%, Public 25.8%, Others 0.0%.Sep '25: Promoters 42.7%, FIIs 26.6%, DIIs 3.6%, Public 27.0%, Others 0.0%.Dec '25: Promoters 42.6%, FIIs 25.3%, DIIs 3.4%, Public 28.6%, Others 0.0%.Mar '26: Promoters 42.6%, FIIs 24.1%, DIIs 3.3%, Public 30.0%, Others 0.0%.Jun '26: Promoters 42.6%, FIIs 23.4%, DIIs 3.0%, Public 30.9%, Others 0.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Quant Mutual Fund Mutual fund newly disclosed 2.59% held
- Baillie Gifford Pacific Fund A Sub Fund Of Baillie Global fund house +0.06 pp 2.64% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Embassy Developments Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| JV Holding Private Limited | 17.49% | unchanged |
| Embassy Property Developments Private Limited | 13.94% | unchanged |
| NCL SG Holdings Pte Ltd FPI fund | 7.96% | unchanged |
| Bellanza Developers Private Limited | 7.48% | unchanged |
| Florence Investment Ltd FPI fund | 5.99% | unchanged |
| Baillie Gifford Pacific Fund A Sub Fund Of Baillie Global fund house | 2.64% | +0.06 pp |
| Quant Mutual Fund Mutual fund | 2.59% | newly disclosed |
| OMR Investments LLP | 2.21% | unchanged |
| Wwd Pearl Ltd FPI fund | 1.34% | unchanged |
| Micro Labs Limited | 1.29% | unchanged |
| Brep Asia Sg City View Holding (Nq) Pte. Ltd. FPI fund | 1.03% | unchanged |
| Karan Virwani | 0.49% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Embassy Developments Limited
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