Outcome of the meeting of the board of directors of Embassy Developments Limited held on August 11, 2025
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Embassy Developments reported its Q1 FY26 (quarter ended June 30, 2025) results alongside a board decision to take on two new Development Management mandates. On a standalone basis, revenue from operations was Rs 118.8 crore with a loss after tax of Rs 88.8 crore (EPS of Rs -0.69). On a consolidated basis, revenue from operations was Rs 680.9 crore with a loss after tax of Rs 165.6 crore (EPS of Rs -1.29). The board approved DM arrangements for two residential projects with related parties: Embassy Bayview in Juhu, Mumbai (estimated project revenue of about Rs 3,060 crore, DM fee of about Rs 306 crore) and Embassy Astra in Hebbal, Bengaluru (estimated project revenue of about Rs 2,540 crore, DM fee of about Rs 254 crore). Both projects will pay a 10% DM fee to the company. The company also raised about Rs 1,198.5 crore through share warrants and completed the acquisition of Squadron Developers Private Limited during the quarter. Prior-year figures are not comparable because of the reverse acquisition accounting following the NAM Estates merger.
The DM fee pipeline of about Rs 560 crore from these two projects is a positive sign for future fee-based, low-capital-intensity revenue, but the Q1 numbers show ongoing losses and are not directly comparable with prior periods due to the reverse merger. Both DM deals are material related party transactions and need shareholder approval, which may shape near-term stock movement and governance scrutiny.