Investor Update for the quarter ended June 30, 2025
EMBDL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Embassy Developments (formerly Indiabulls Real Estate) reported its first full quarter under the new Embassy Group promoter management. Revenue rose 24% YoY to ₹694 Cr, driven by ₹198 Cr in pre-sales (up 18% YoY) and 206k sf of area sold (up 16% YoY). However, collections fell 30% YoY to ₹322 Cr, EBITDA collapsed to just ₹2 Cr (vs ₹43 Cr), and the company swung to a loss of ₹166 Cr (vs ₹121 Cr profit a year ago). Management blamed the weak profit on the reverse merger accounting treatment, where fair-value adjustments depress reported margins despite cash flows being unaffected. The company added 4 new projects worth ~₹2,830 Cr GDV, raised ~₹956 Cr from a Whitefield land divestment, and allotted ~14.3 Cr new shares to Blackstone, Micro Labs and the promoters. Gross debt stands at ₹2,654 Cr with a low 0.25x debt-to-equity ratio and ₹776 Cr in cash.
The operational numbers (pre-sales, area sold) are improving and the FY2026 pre-sales target of ~₹5,000 Cr is on track, but the headline loss and sharp EBITDA decline will likely weigh on near-term sentiment. The comparison is distorted by the reverse merger accounting, so investors should focus on cash collections, launch execution, and the ₹22,000+ Cr launch pipeline rather than the reported PAT.