Please find attached herewith the transcript of earnings conference call held on May 21, 2026
EMBDL · price
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Embassy Developments reported record Q4 FY26 presales of INR2,632 crores (up 89% QoQ) and FY26 presales of INR4,631 crores (up 128% YoY), achieving 93% of INR5,000 crore guidance. The company provided FY27 guidance of INR6,000 crore presales from owned projects plus INR2,000 crore from DM projects, with INR3,000 crore collections expected (75% growth). Key launches driving performance include Embassy Citadel in South Mumbai (GDV INR8,800 crore, INR797 crore pre-sales in 45 days) and Embassy Verde Phase 2. The company also secured favorable legal outcomes, including NCLAT squashing CIRP proceedings and exiting the ASM framework. Reported FY26 PAT was negative INR872 crore due to revenue recognition timing (projects targeting OC from FY28 onwards), with management expecting margins to normalize as projects complete.
The strong Q4 performance and FY27 guidance demonstrate robust operational momentum. The legal overhang resolution and planned debt reduction (cost of debt from 14.8% to 10%) should support re-rating. However, investors should note the structural revenue timing gap and high promoter pledge (68%) as near-term risks.