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
| ₹ 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) |
| ₹ 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) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,59,533 | 35.9 | 3.51 | 48.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,11,589 | 27.0 | 4.76 | 22.1 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,594 | 52.8 | 4.73 | 26.2 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 64,519 | 56.6 | 3.85 | 18.5 | 7.8 | 6.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Catalyst Trusteeship pledges 4.43 crore Embassy Development shares | ownership changes | high | — | — |
| 11 Sept 2026 · Catalyst Trusteeship creates new pledge on 5.35 cr Embassy Dev shares | ownership changes | high | — | — |
| 9 Sept 2026 · Catalyst Trusteeship releases pledge on 4.43 cr Embassy Dev shares | ownership changes | high | — | — |
| 9 Sept 2026 · Embassy Developments appoints Neel Virwani as Chief Business Officer | compliance | low | — | — |
| 8 Sept 2026 · All 6 resolutions passed at Embassy Developments 20th AGM | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · AGM 2026: All 6 resolutions passed including warrants issue and CFO pay revision | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Release of pledged shares by Catalyst Trusteeship Ltd | ownership changes | high | — | — |
| 31 Aug 2026 · Canara Bank appeals to Supreme Court against NCLAT order favouring Embassy Developments | regulatory legal | high | — | — |
| 28 Aug 2026 · Newspaper publication of corrigendum to 20th AGM notice | compliance | minimal | — | — |
| 27 Aug 2026 · Embassy Developments issues corrigendum to 20th AGM notice | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 11.8 |
| 38.1 |
| OBEROI REALTY LIMITED | 63,306 | 20.8 | 3.53 | 18.2 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 52,653 | 32.9 | 2.72 | 23.7 | 9.5 | 11.4 | 46.3 | 107.7 |
| ANANT RAJ LIMITED | 21,490 | 36.2 | 3.69 | 29.3 | 9.6 | 10.2 | 58.7 | 32.1 |
| BRIGADE ENTER. LTD | 20,941 | 24.4 | 2.78 | 15.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.8 | 2.1 | 7 of 64 | 91% |
| ROCE | (5.8) | 6.8 | 66 of 67 | 2% |
| ROE | (8.8) | 8.2 | 66 of 67 | 2% |
| Debt / Equity | 0.5 | 0.4 | 46 of 67 | 32% |
| 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 | 7698 | 2250 | 14 of 67 | 80% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
