Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · EMBASSY DEVELOPMENTS LTD · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
Develops and sells residential real estate across India, primarily in the luxury and mid-segment categories, with Bangalore and Mumbai as the key markets. Revenue is recognised on project completion, and FY26 revenue of INR1,731.832 crore came from real estate development and related activities, which is its only revenue-generating segment. Money is earned through pre-sales (bookings collected from homebuyers before completion) and project completions. FY26 presales hit INR4,631 crore, up 128% YoY, with Q4 FY26 setting a record at INR2,632 crore. The FY27 launch pipeline spans INR19,400 crore of gross development value (GDV) across 13 projects (11 owned + 2 development-management projects), with FY27 presales guided at INR6,000 crore from owned projects plus INR2,000 crore from DM projects, and collections guided at INR3,000 crore. Major projects include Embassy Citadel in Worli, Mumbai (INR8,800 crore GDV, ~1.6 million sq ft, 316 residences) where a construction contract worth over INR850 crore was awarded to Leighton Asia, and the Bangalore luxury portfolio led by Embassy Eden, which accounted for 65% of INR10 crore-plus ticket sales in Bangalore in FY26. Revenue recognition is structurally deferred to FY28 onwards because the bulk of FY26 presales came from projects whose occupancy certificates (OC) fall from FY28 onwards. A non-binding MoU with the Government of Uttar Pradesh targets an additional INR1,500 crore commercial office development in Lucknow, marking entry into UP's commercial real estate market. Total assets stand at INR21,537.857 crore and net institutional debt at INR3,363 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate development and related activities (100%). Asset-heavy, cyclical residential real estate developer with completion-based revenue recognition
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
1,445
587
414
2,180
1,732
EBITDA (ex other income)
(1)
(585)
(1,057)
136
(473)
margin %
(0.1)
(99.6)
(255.5)
6.2
(27.3)
Owners' profit
(137)
(608)
(1,038)
206
(873)
EPS, as reported (₹)
(3.00)
(11.29)
(19.20)
1.69
(6.43)
ROE % · ROCE %
(4.0) · 2.1
(16.6) · (13.3)
(37.5) · (31.6)
2.1 · 3.6
(8.8) · (2.2)
Debt / equity (x)
0.38
0.07
0.11
0.49
0.52
Cash from operations
(248)
(343)
(97)
1,461
44
Capex
(1)
(1)
(2)
0
(44)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · EMBASSY DEVELOPMENTS LTD · 28 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
246
279
889
681
1,174
212
342
217
Profit before tax
34
27
129
(165)
(317)
(239)
(345)
(238)
Net profit
24
22
123
(166)
(318)
(234)
(323)
(234)
EPS (₹)
0.38
0.35
1.06
(1.29)
(2.40)
(1.68)
(2.33)
(1.69)
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
DLF LIMITED
1,66,093
37.4
3.65
50.1
9.7
6.0
8.6
37.1
LODHA DEVELOPERS LIMITED
1,00,949
24.5
4.31
20.2
14.6
15.7
25.1
40.5
THE PHOENIX MILLS LTD
68,130
53.2
4.76
26.4
10.9
9.9
32.7
63.4
PRESTIGE ESTATE LTD
61,258
53.8
3.66
17.7
7.8
6.8
11.8
38.1
OBEROI REALTY LIMITED
58,867
19.3
3.28
16.9
14.0
15.5
24.0
61.1
GODREJ PROPERTIES LTD
47,761
29.8
2.47
21.9
9.5
11.4
46.3
107.7
BRIGADE ENTER. LTD
18,001
20.9
2.39
13.9
9.6
6.8
23.9
41.9
ANANT RAJ LIMITED
16,878
28.4
2.90
22.9
9.6
10.2
58.7
32.1
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/B
0.7
1.9
7 of 64
91%
ROCE
(5.8)
6.4
65 of 66
2%
ROE
(8.8)
8.0
63 of 64
2%
Debt / Equity
0.5
0.4
43 of 64
33%
EBITDA margin
(49.0)
29.6
64 of 66
3%
Revenue growth
(68.2)
12.8
65 of 67
3%
Profit growth
(41.5)
7.5
51 of 66
23%
Market cap
6778
1893
14 of 67
80%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · EMBASSY DEVELOPMENTS LTD · 28 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
27 Oct 2026 · Board to approve September 2026 quarterly and half-year results
results
low
—
—
27 Oct 2026 · 1.22 crore shares allotted on promoter warrant conversion
fund raising
high
—
—
23 Oct 2026 · 11 million promoter warrants converted into shares
fund raising
high
—
—
15 Oct 2026 · Promoter group acquires shares and warrants in Embassy Developments
ownership changes
high
—
—
14 Oct 2026 · Promoters acquire more shares via warrant conversion and market purchase
ownership changes
high
—
—
12 Oct 2026 · Embassy Developments submits quarterly RTA certificate under SEBI Regulation 74(5)
compliance
minimal
—
—
12 Oct 2026 · Promoter group allotted 3.25 crore convertible warrants at INR 111.51 each
fund raising
high
—
—
9 Oct 2026 · Credit rating upgraded to IVR A/Stable by Infomerics
credit debt
high
—
—
9 Oct 2026 · CEO Sachin Shah to step down; Aditya Virwani to take over as MD and CEO from Jan 2027
management changes
critical
—
—
8 Oct 2026 · Pre-sales jumped 272% QoQ to INR 3,225 cr in Q2 FY27
business updates
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
