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Embassy Developments Limited (EMBDL)

₹55.16 +0.38% last close, 16 Oct

📊 NSE: EMBDL 🏢 Residential, Commercial Projects 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Embassy Developments' revenue was ₹217 Cr (-68.2% year on year, -36.6% on the previous quarter), and net profit ₹-234 Cr (a bigger loss than a year earlier); the operating margin was -60.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹217	-68.2%	-36.6%
Operating profit	₹-131	loss widened	loss narrowed
Net profit	₹-234	loss widened	loss narrowed
EPS (₹)	-1.69	loss widened	loss narrowed
Operating margin	-60.3%	—	—

Full quarterly financials → Results calendar →

EMBDL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 33.0% of the EMBDL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.35%. That is lower than usual for this stock. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.

33.0%Delivery, 16 Oct

43.35%Own 20-session average

0.3×Volume vs its average

₹55.16NSE close · +0.38%

Delivery in the last 5 sessions: 40.4% · 46.7% · 41.1% · 47.7% · 33.0%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Embassy Developments allots 3.25 Cr warrants to promoter at Rs 111.51, receives Rs 90.65 Cr

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 12 Oct 2026, 11:45 AM

Embassy Developments Limited has allotted 3,25,18,900 convertible warrants on a preferential basis to promoter entity Embassy Property Developments Private Limited. The warrants were issued at an exercise price of INR 111.51 each, representing a significant premium to the current market price of Rs 55.60. The company received 25% upfront subscription money totaling INR 90.65 Cr, with the total fundraise value amounting to approximately INR 362.62 Cr (around 4.7% of its Rs 7,690 Cr market cap). The warrants are exercisable within 6 months upon payment of the remaining 75% balance.

Allotment of 3,25,18,900 convertible warrants to promoter entity Embassy Property Developments Pvt Ltd
Exercise price set at INR 111.51 per warrant (face value INR 2 plus premium of INR 109.51)
Upfront receipt of 25% subscription money amounting to INR 90,65,45,634.75
Total capital to be raised upon full conversion is approximately INR 362.62 Cr
Warrants are exercisable within 6 months from allotment date

💡 Track whether the promoter exercises the warrants and infuses the remaining ~INR 272 Cr within the 6-month window, as well as the deployment of funds toward ongoing real estate project launches.

Embassy Developments: Sachin Shah Steps Down as CEO; MD Aditya Virwani Named MD & CEO

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 09 Oct 2026, 10:38 PM

Embassy Developments Limited announced that CEO & Executive Director Sachin Shah will step down effective December 31, 2026, transitioning to Senior Advisor from January 1, 2027. Managing Director Aditya Virwani has been re-designated as Managing Director & CEO effective January 1, 2027, for the remainder of his term up to February 24, 2030. The company entered FY27 with an 11-project pipeline across Bengaluru, Mumbai, and NCR, while noting a target of Rs 8,000 crore in pre-sales this year. This leadership consolidation comes as EMBDL works through operational turnarounds following post-merger integration.

CEO Sachin Shah stepping down effective close of business hours on December 31, 2026
Managing Director Aditya Virwani re-designated as Managing Director & CEO effective January 1, 2027, through February 24, 2030
Sachin Shah to remain associated with the group as Senior Advisor starting January 1, 2027
Company targeting Rs 8,000 crore in pre-sales this year with an 11-project pipeline across Bengaluru, Mumbai, and NCR

💡 Track execution on the 11 planned project launches and check upcoming quarterly pre-sales and OC approvals to verify progress toward the stated pre-sales milestones.

Embassy Developments Credit Rating Upgraded to IVR A/Stable; Facility Enhanced to Rs 350 Cr

🟢 POSITIVE ⭐ 9/10

OTHER 📅 09 Oct 2026, 09:03 PM

Infomerics has upgraded Embassy Developments Limited's long-term bank loan rating to 'IVR A/Stable' from 'IVR A-/Stable' while expanding the rated bank facilities to Rs 350.00 crore from Rs 200.00 crore. Additionally, Infomerics assigned an 'IVR A/Stable' rating to the company's Non-Convertible Debentures totaling Rs 160.00 crore. The total rated debt of Rs 510 crore represents roughly 25.8% of the company's existing total debt of Rs 1,978 crore. This rating upgrade comes despite recent TTM net losses of Rs 944 crore, highlighting an improvement in funding access and financial flexibility.

Long-term bank loan rating upgraded to 'IVR A/Stable' from 'IVR A-/Stable'
Rated bank loan facilities expanded by 75% to INR 350.00 crore from INR 200.00 crore
Assigned 'IVR A/Stable' rating to Non-Convertible Debentures aggregating INR 160.00 crore
Rating agency considered audited FY2025-26 financials and Q1 FY27 (quarter ended June 30, 2026) performance

💡 Monitor upcoming quarterly results for signs of revenue recognition recovery under Ind AS 115 (following OC receipts) and observe whether borrowing costs decrease on future debt issuances.

Embassy Developments: Sachin Shah Steps Down as CEO; MD Aditya Virwani Named MD & CEO

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 09 Oct 2026, 06:30 PM

CEO Sachin Shah stepping down effective close of business hours on December 31, 2026
Managing Director Aditya Virwani re-designated as Managing Director & CEO effective January 1, 2027, through February 24, 2030
Sachin Shah to remain associated with the group as Senior Advisor starting January 1, 2027
Company targeting Rs 8,000 crore in pre-sales this year with an 11-project pipeline across Bengaluru, Mumbai, and NCR

💡 Track execution on the 11 planned project launches and check upcoming quarterly pre-sales and OC approvals to verify progress toward the stated pre-sales milestones.

Q2 FY27 Pre-Sales Surge 272% QoQ to ~INR 3,225 Cr; H1 FY27 Pre-Sales Reach ~INR 4,093 Cr

🟢 POSITIVE ⭐ 8/10

OTHER 📅 08 Oct 2026, 02:09 PM

Embassy Developments reported robust Q2 FY27 operational updates with pre-sales surging 272% QoQ to ~INR 3,225 crore, compared to ~INR 868 crore in Q1 FY27. H1 FY27 pre-sales totaled ~INR 4,093 crore (up 574% YoY), achieving ~51% of its full-year FY27 guidance of INR 8,000 crore. The growth was led by three project launches totaling INR 7,500 crore GDV, including a record ~INR 711 crore single home transaction at Embassy Terraza in Mumbai. Collections reached ~INR 546 crore for the quarter, while net institutional debt stood at ~INR 3,732 crore against cash and equivalents of ~INR 1,258 crore as of September 30, 2026.

Q2 FY27 pre-sales reached ~INR 3,225 crore, up ~272% QoQ from ~INR 868 crore in Q1 FY27
H1 FY27 pre-sales reached ~INR 4,093 crore, up ~574% YoY and meeting ~51% of the INR 8,000 crore FY27 target
Launched 3 projects with INR 7,500 crore GDV: Embassy Origins Riverine, South Reserve, and Embassy Terraza
Embassy Terraza saw an ~INR 711 crore single home residential transaction, the largest in India to date
Net institutional principal outstanding stood at ~INR 3,732 crore after adjusting for ~INR 1,258 crore in cash equivalents

💡 Monitor how strong pre-sales convert into actual cash collections and revenue recognition under Ind AS 115 upon project completions, as well as the pace of debt reduction.

Promoter Jitendra Virwani Acquires 3.48 Lakh Shares of EMBDL for Rs 1.99 Cr

🟢 POSITIVE ⭐ 4/10

OTHER 📅 05 Oct 2026, 01:05 PM

Promoter and Chairman Jitendra Virwani purchased 3,48,500 equity shares of Embassy Developments Limited via open market on September 30, 2026. The transaction was valued at approximately Rs 1.99 crore. Post-acquisition, his direct holding increased from 10,34,470 shares (0.07%) to 13,82,970 shares (0.10%). Relative to the company's Rs 7,755 crore market cap, the purchase is small (~0.03% of equity) but signals insider support.

Acquisition of 3,48,500 equity shares via open market on September 30, 2026
Total transaction value stood at Rs 1,99,28,015.71
Promoter direct holding rose from 10,34,470 shares (0.07%) to 13,82,970 shares (0.10%)
Disclosure filed under SEBI PIT Regulation 7(2)(b) on October 05, 2026

💡 Monitor whether additional open market purchases by promoters continue and watch for upcoming Q2 FY27 earnings to assess operational turnaround.

Embassy Developments Logs ₹1,800 Cr Pre-Sales at Launch of Embassy Origins

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 05 Oct 2026, 09:03 AM

Embassy Developments Limited announced pre-sales exceeding ₹1,800 crore from the launch of its 85-acre residential development, Embassy Origins, in North Bengaluru. Within one week of its September 16, 2026 launch, the project registered 62% absorption across 477 homes, covering over 10 lakh sq. ft. of saleable area. This pre-sale milestone represents approximately 142% of the company's TTM revenue (₹1,264 crore), providing substantial visibility toward operational cash flows.

Pre-sales of over ₹1,800 crore achieved within a week of launch on September 16, 2026
Achieved 62% unit absorption with 477 homes booked across >10 lakh sq. ft.
Phase 1 spans 2.6 million sq. ft. across Embassy Riverine (217 villas) and Embassy South Reserve (855 apartments)
Embassy Origins is an 85-acre residential township located north of Yelahanka

💡 Track conversion of pre-sales into collections in upcoming quarterly filings, alongside construction progress and milestone-based revenue recognition under Ind AS 115.

Embassy Developments raises ₹105 Cr via 12.50% unlisted NCDs

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 22 Sep 2026, 06:41 PM

Embassy Developments Limited has approved the allotment of 10,500 rated, unlisted, secured, redeemable NCDs aggregating to ₹105 crore on a private placement basis. This forms part of a total approved issue size of up to ₹160 crore. The instruments carry a 12.50% per annum cash coupon payable semi-annually and have a tenure of 2 years, maturing on September 22, 2028. The issue adds to the company's existing debt load of ₹1,978 crore amid persistent operational losses.

Allotment of 10,500 NCDs aggregating to ₹105 crore on private placement basis
Carries a cash coupon of 12.50% p.a. payable semi-annually
Tenure of 2 years with maturity date set for September 22, 2028
Part of a total approved issue size of up to ₹160 crore
Secured by a charge on identified assets of the company and/or its subsidiaries

💡 Track the deployment of funds toward project execution and watch whether high interest obligations exacerbate quarterly net losses (TTM net loss at ₹944 crore).

Embassy Signs ₹711 Cr MoU for Entire Juhu Tower with Angel One CMD Dinesh Thakkar

🟢 POSITIVE ⭐ 8/10

OTHER 📅 22 Sep 2026, 07:13 AM

Embassy Developments Limited has signed an MoU to sell an entire residential tower at Embassy Terazza in Juhu, Mumbai, to Dinesh Thakkar (CMD, Angel One) for approximately ₹711 crore. The transaction covers a G+7 storey tower with a RERA carpet area of 63,000 sq. ft. This single deal represents ~56% of the company's TTM revenue of ₹1,264 crore, marking India's largest single residential unit sale. The project is being executed under a Development Management (DM) model within a project that has an estimated Gross Development Value exceeding ₹3,000 crore.

Sale of entire G+7 residential tower for a transaction value of approximately ₹711 crore
Covers a total RERA carpet area of 63,000 sq. ft. at Embassy Terazza, Juhu
Deal value equals ~56% of the company's TTM revenue of ₹1,264 crore
Project Embassy Terazza spans 2+ acres with an estimated GDV in excess of ₹3,000 crore
Project is being executed under a Development Management (DM) model

💡 Track the execution of the definitive agreement from the MoU stage, payment milestones, and cash flow inflows to see how this impacts debt levels and quarterly bookings.

Embassy Developments Board Approves Raising Upto Rs 160 Cr via Unlisted Secured NCDs

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 19 Sep 2026, 04:49 PM

Embassy Developments Limited has approved raising up to Rs 160 crore via the private placement of up to 16,000 rated, unlisted, secured, redeemable NCDs with a face value of Rs 1,00,000 each. The proposed borrowing is modest relative to the company's existing debt of Rs 1,978 crore (~8.1%) and represents about 2.1% of its current market cap (Rs 7,456 crore). The issuance is an enabling authorization, with coupons, tenure, and security details to be decided at allotment. The funds will likely support working capital or ongoing project execution amid recent net losses.

Approved fundraise of upto INR 160 crores via private placement
Issuance of upto 16,000 Non-Convertible Debentures (NCDs) of face value INR 1,00,000 each
Instruments are rated, unlisted, secured, redeemable, and taxable
Fundraise represents ~8.1% of existing debt of Rs 1,978 crore and ~12.7% of TTM revenue (Rs 1,264 crore)

💡 Track subsequent disclosures regarding the specific coupon rate, tenure, and allotment timeline when tranches are actually issued.

Embassy Developments Unveils Marketing Campaign for 85-Acre 'Embassy Origins' Project

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 18 Sep 2026, 12:23 PM

Embassy Developments Limited has launched a brand campaign centered on 'Natural Intelligence' for its upcoming nature-led development, Embassy Origins, located in North Bengaluru. The development spans an estimated area of approximately 85 acres. The announcement focuses on branding, multi-sensory marketing, and the introduction of an immersive Discovery Centre rather than hard project launch financial milestones. Financial metrics such as expected gross development value, launch inventory, or projected revenues were not disclosed in the press release.

Launched marketing campaign for Embassy Origins, an ~85-acre development in North Bengaluru
Introduced the Embassy Origins Discovery Centre to serve as an immersive sales gallery
Company holds an IVR A- (Stable) long-term debt rating from Infomerics
Parent Embassy Group brings a track record of delivering over 100 million sq. ft.

💡 Track subsequent quarterly filings to assess when the 85-acre project officially opens for bookings and its quantitative contribution to pre-sales guidance.

Embassy Launches Embassy Origins Phase 1 With ₹4,500 Cr GDV in Bengaluru

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 15 Sep 2026, 12:32 PM

Embassy Developments Limited has launched Embassy Origins, an ~85-acre residential project in North Bengaluru. The first phase carries a Gross Development Value (GDV) of ~₹4,500 crore, which is approximately 3.56x the company's TTM revenue of ₹1,264 crore. The phase includes two RERA-approved developments totaling >2.6 million sq. ft. of saleable area: Embassy Riverine (217 villas across ~1.1 million sq. ft.) and Embassy South Reserve (855 apartments across ~1.5 million sq. ft.). This launch forms a key part of the company's strategy to reach its ₹5,000 crore FY26 pre-sales guidance.

Phase 1 has a combined Gross Development Value (GDV) of ~₹4,500 crore across ~85 acres
Over 2.6 million sq. ft. of saleable residential space launched across two RERA-approved projects
Embassy Riverine comprises 217 villas across ~1.1 million sq. ft.
Embassy South Reserve comprises 855 apartments across ~1.5 million sq. ft.

💡 Track the quarterly pre-sales velocity, booking values, and cash collections from these two newly launched projects in upcoming investor presentations, alongside execution timelines.

Embassy Developments Appoints Neel Virwani as CBO; Targets ₹8,000 Cr FY27 Pre-Sales

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 09 Sep 2026, 09:45 AM

Embassy Developments Limited has appointed promoter scion Neel Virwani as Chief Business Officer (CBO) effective October 1, 2026, leading operations across North and West India (MMR and NCR). Alongside the leadership appointment, the company reiterated ambitious targets for FY27, aiming for ~₹6,000 crore in pre-sales from owned developments and ~₹2,000 crore from development management projects (total ~₹8,000 crore). This is supported by an 11-project launch pipeline boasting a Gross Development Value (GDV) of ~₹19,800 crore. These targets represent a substantial step up relative to TTM revenues of ₹1,264 crore and current net loss levels.

Neel Virwani appointed Chief Business Officer effective October 1, 2026, overseeing North and West India operations.
Company targeting ~₹6,000 crore in pre-sales from owned developments in FY27.
Targeting ~₹2,000 crore in pre-sales from development management projects in FY27.
Pipeline consists of 11 project launches with an aggregate GDV of ~₹19,800 crore.

💡 Track progress on the 11 planned project launches and quarterly pre-sales momentum relative to the targeted ₹8,000 crore aggregate FY27 run-rate.

Embassy Developments AGM Approves Preferential Issue of Warrants and Executive Appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 08 Sep 2026, 06:34 PM

Embassy Developments Limited concluded its 20th Annual General Meeting on September 8, 2026, passing all six agenda items. Notably, the special resolution for a preferential issue of warrants was approved with 99.9986% votes in favor across 99.23 crore votes polled. In addition, shareholders approved the appointment of Mr. Neel Virwani as Chief Business Officer (69.94% in favor, with promoter group abstaining as interested parties) and revised the remuneration of CFO & Executive Director Mr. Rajesh Kaimal (91.67% approval).

Preferential issue of warrants passed with 99.9986% total votes in favor (99,23,30,388 votes)
Appointment of Mr. Neel Virwani as Chief Business Officer passed with 69.9408% favor, facing 30.06% institutional opposition
Revision in remuneration of CFO Mr. Rajesh Kaimal passed with 91.6674% favor (8,26,85,684 votes against)
Total voter turnout for warrant issue stood at 71.3591% (99,23,44,026 votes polled out of 1,39,06,33,433 total shares)

💡 Track subsequent regulatory filings for the pricing, dilution quantum, and specific allottees regarding the approved preferential warrant issue.

Canara Bank Appeals NCLAT Order in Supreme Court; Hearing Set for September 24, 2026

🔵 WATCH ⭐ 5/10

LEGAL 📅 31 Aug 2026, 10:30 PM

Embassy Developments Limited has informed that Canara Bank filed an appeal before the Supreme Court of India against the NCLAT order dated May 4, 2026, which was passed in favor of the company regarding CIRP proceedings. The Supreme Court has not granted any interim order or stay, meaning the favorable NCLAT order remains in force. The matter is scheduled for hearing before the Supreme Court on September 24, 2026. The company stated it does not expect adverse financial implications based on the present status and is taking legal steps to defend its position.

Canara Bank challenged the May 4, 2026 NCLAT order before the Supreme Court of India
No interim stay granted by the Supreme Court; NCLAT order in favor of the company remains operative
Supreme Court has scheduled the hearing for September 24, 2026
Company reported receipt of communication on August 31, 2026

💡 Track the outcome of the Supreme Court hearing scheduled on September 24, 2026, specifically whether any stay or interim relief is granted on the CIRP-related NCLAT order.

View All EMBDL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating income fell 59% YoY to INR 586.77 Cr in FY23 from INR 1,444.78 Cr in FY22. Q3FY23 revenue declined 60% YoY to INR 478.62 Cr. Residential pre-sales grew 102% YoY in Q2 FY26 to INR 409 Cr, driven by Paradiso and Edge projects.

Geographic Revenue Split

Operations are concentrated in Mumbai, NCR, Chennai (1,856-acre land bank), and Bengaluru (Embassy Springs). Mumbai Metropolitan Region shows robust demand with 1,55,300 units sold in 2024 at an average price of INR 16,600 per sf.

Profitability Margins

Accounting margins are compressed due to Ind AS 103 fair valuation of inventory (INR 12,099.8 Cr) and investment property (INR 3,287.4 Cr). FY23 PAT loss widened to INR 607.59 Cr from INR 137.28 Cr in FY22 due to high development expenditure.

EBITDA Margin

FY22 reported a negative EBITDA of INR -137.29 Cr. Operating loss in Q3FY23 was INR 190.86 Cr compared to a profit in Q3FY22, primarily due to lower revenue recognition under Ind AS 115.

Capital Expenditure

Sanctioned INR 1,370 Cr in growth capital from Kotak Real Estate Fund to support upcoming launches. Construction spend for Edge @ Embassy Springs was INR 29 Cr in Q2 FY26.

Credit Rating & Borrowing

Credit rating revised to IVR A- / Rating Watch with Negative Implications in September 2023. Finance costs decreased 75% YoY in FY23 as gross debt was reduced to INR 256 Cr.

⚙️ Operational Drivers

Raw Materials

Steel, cement, and labor are primary inputs, typically representing 50-60% of construction costs in the real estate sector.

Capacity Expansion

Current land bank of 1,856 acres across Mumbai, NCR, and Chennai, plus 1,424 acres of SEZ land in Nashik, providing development visibility for the next 5-7 years.

Raw Material Costs

Borrowing costs are capitalized as part of inventory under Ind AS 23. Total inventory fair value stands at INR 12,099.8 Cr as of March 31, 2025.

Manufacturing Efficiency

Area sold increased 96% YoY to 407,000 sf in Q2 FY26. H1 FY26 area sold grew 24% YoY to 681,000 sf.

📈 Strategic Growth

Expected Growth Rate

102%

Growth Strategy

Achieving the INR 5,000 Cr FY2026 pre-sales guidance through a robust launch pipeline supported by INR 1,370 Cr Kotak growth capital and the reverse merger with Embassy Group assets which adds high-quality projects like Paradiso and Edge.

Products & Services

Residential apartments (Paradiso, Edge), commercial units (Embassy Knowledge Park), and SEZ land parcels.

Brand Portfolio

Embassy, Indiabulls Real Estate.

New Products/Services

Paradiso @ Embassy Springs (INR 183 Cr pre-sales in Q2 FY26) and Edge @ Embassy Springs (INR 60 Cr pre-sales in Q2 FY26).

Market Expansion

Focusing on premium residential and commercial developments in Bengaluru and the Mumbai Metropolitan Region.

Market Share & Ranking

One of the leading business conglomerates in India with a sizeable 1,856-acre land bank.

Strategic Alliances

Sanctioned INR 1,370 Cr growth capital line from Kotak Real Estate Fund.

🌍 External Factors

Industry Trends

The Indian real estate industry is highly cyclical with volatile cash flows. There is a trend toward consolidation and professional management, with EMBDL positioning itself through the Embassy merger to capture premium demand.

Competitive Landscape

Operates in a localized and unorganized industry subject to intense competition from other large developers.

Competitive Moat

Sustainable moat derived from a massive 1,856-acre land bank in tier-1 cities and the 'Embassy' brand reputation for high-quality developments.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles and regulatory changes in the real estate sector.

Consumer Behavior

Robust demand in MMR across both residential and commercial segments as of 2024-25.

Geopolitical Risks

Trade barriers affecting raw material costs like steel and cement.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RERA and local municipal regulations; revenue recognition is strictly governed by Ind AS 115 (completion method).

Legal Contingencies

Challenging an NCLT order regarding an alleged INR 372 Cr claim related to a power business demerged in 2011. Bombay High Court has stayed eviction proceedings by MIDC for the Nashik SEZ land.