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Embassy Developments Q2 FY27 results: net loss narrows to ₹271.20 crore, revenue down 75.1%
Embassy Developments Ltd reported consolidated revenue of ₹292.21 crore in Q2 FY27, a net loss of ₹271.20 crore and basic EPS of ₹1.95. Revenue was lower than Q2 FY26 but higher than Q1 FY27, while the EBITDA margin improved sequentially. The company reported quarterly pre-sales of ₹3,225 crore and collections of ₹546 crore in its investor update.
Key points
- Consolidated revenue was ₹292.21 crore, down 75.1% from ₹1,174 crore in Q2 FY26 and up 34.8% from ₹216.75 crore in Q1 FY27.
- The company reported a net loss of ₹271.20 crore, compared with a net loss of ₹318.26 crore in Q2 FY26 and ₹234.40 crore in Q1 FY27.
- EBITDA was a loss of ₹149.84 crore, with an EBITDA margin of -51.3%, compared with -5.4% in Q2 FY26 and -60.3% in Q1 FY27.
- Total expenses fell 61.8% year on year to ₹592.06 crore, while other income fell 66.7% to ₹18.96 crore.
- Pre-sales for the quarter were ₹3,225 crore and collections were ₹546 crore, according to the investor update filed on 3 November 2026.
How did Embassy Developments perform in Q2 FY27?
Embassy Developments reported consolidated revenue of ₹292.21 crore in Q2 FY27, compared with ₹1,174 crore in Q2 FY26 and ₹216.75 crore in Q1 FY27. Revenue fell 75.1% year on year but rose 34.8% from the previous quarter. Total income was ₹311.17 crore, up 29.0% sequentially but down 74.7% year on year.
The company reported an EBITDA loss of ₹149.84 crore and an EBITDA margin of -51.3%. The margin was lower than -5.4% in Q2 FY26 but improved by 9.0 percentage points from -60.3% in Q1 FY27. PBT was a loss of ₹280.89 crore, while the net loss was ₹271.20 crore and basic EPS was ₹1.95. On a standalone basis, revenue was ₹73.69 crore and the company reported a net loss of ₹63.81 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 292.21 | 216.75 | 1,174 | −75.1% | +34.8% |
| Other income | 18.96 | 24.53 | 56.93 | −66.7% | −22.7% |
| Total expenses | 592.06 | 478.96 | 1,548 | −61.8% | +23.6% |
| EBITDA | −149.84 | −130.66 | −63.03 | ||
| EBITDA margin | -51.3% | -60.3% | -5.4% | −45.9 pp | +9.0 pp |
| Profit before tax | −280.89 | −237.68 | −316.74 | ||
| Tax | −7.48 | 0.29 | 1.32 | ||
| Net profit | −271.20 | −234.40 | −318.26 | ||
| EPS (₹) | −1.95 | −1.69 | −2.40 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Embassy Developments' costs and profit?
Total expenses fell 61.8% from ₹1,548 crore in Q2 FY26 to ₹592.06 crore in Q2 FY27. Cost of materials decreased 71.3% to ₹292.61 crore, employee cost fell 46.5% to ₹65.73 crore and finance costs declined 53.9% to ₹136.29 crore. Depreciation fell 9.9% to ₹13.72 crore and other expenses decreased 13.0% to ₹83.71 crore. The company recorded no exceptional item in Q2 FY27, compared with a gain of ₹0.50 crore in the year-ago quarter.
Other income fell 66.7% from ₹56.93 crore to ₹18.96 crore. The EBITDA loss increased by ₹86.81 crore, while the PBT loss narrowed by ₹35.85 crore and the net loss narrowed by ₹47.06 crore. Tax was a credit of ₹7.48 crore, against tax of ₹1.32 crore in Q2 FY26. Against Q1 FY27, total expenses rose 23.6% to ₹592.06 crore and other income fell 22.7% to ₹18.96 crore; the EBITDA loss widened by ₹19.18 crore and the net loss by ₹36.80 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 292.61 | 1,018 | −725.36 | −71.3% |
| Employee cost | 65.73 | 122.90 | −57.17 | −46.5% |
| Finance costs | 136.29 | 295.91 | −159.62 | −53.9% |
| Depreciation | 13.72 | 15.23 | −1.51 | −9.9% |
| Other expenses | 83.71 | 96.19 | −12.48 | −13.0% |
| Total expenses | 592.06 | 1,548 | −956.14 | −61.8% |
| Other income | 18.96 | 56.93 | −37.97 | −66.7% |
| Tax | −7.48 | 1.32 | −8.80 | |
| Exceptional items | none | +0.50 (gain) |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹22,248.15 crore, compared with ₹21,537.86 crore at 31 March 2026. Total equity was ₹9,464.51 crore, down from ₹9,963.99 crore, while borrowings rose from ₹5,217.59 crore to ₹6,276.85 crore. Cash and cash equivalents fell from ₹779.04 crore to ₹679.95 crore; inventories were ₹12,849.9 crore, against ₹12,432.52 crore.
In the first half of FY27, operating cash flow was an outflow of ₹536.41 crore, compared with an inflow of ₹268.54 crore in H1 FY26. Investing cash flow was an outflow of ₹162.07 crore against an inflow of ₹1.27 crore, while financing cash flow was ₹599.38 crore against ₹324.56 crore. Capital expenditure was ₹61.07 crore, compared with ₹5.75 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 22,248 | 21,538 |
| Total equity | 9,465 | 9,964 |
| Borrowings | 6,277 | 5,218 |
| Cash and equivalents | 679.95 | 779.04 |
| Inventories | 12,850 | 12,433 |
| Trade receivables | 25.19 | 22.84 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −536.41 | 268.54 |
| Cash from investing | −162.07 | 1.27 |
| Cash from financing | 599.38 | 324.56 |
| Capital expenditure | 61.07 | 5.75 |
Source: Company's results filing (XBRL).
How has Embassy Developments done over the last 8 quarters?
Revenue in the quarterly series fell from ₹1,174.03 crore in Q2 FY26 to ₹212.4 crore in Q3 FY26, then recovered to ₹342.46 crore in Q4 FY26 and ₹216.75 crore in Q1 FY27 before rising to ₹292.21 crore in Q2 FY27. The lowest revenue in the series was ₹212.4 crore in Q3 FY26, while the highest was ₹1,174.03 crore in Q2 FY26.
The net result remained negative throughout the series shown, from a profit of ₹22.39 crore in Q3 FY25 to a net loss of ₹271.2 crore in Q2 FY27. The EBITDA margin bottomed at -76.2% in Q4 FY26 and improved to -60.3% in Q1 FY27 and -51.3% in Q2 FY27, although it remained below -5.4% in Q2 FY26. Revenue rose from the previous quarter, while the net loss increased from ₹234.4 crore to ₹271.2 crore.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 3 November 2026. The company’s investor update reported Q2 FY27 pre-sales of ₹3,225 crore, H1 FY27 pre-sales of ₹4,093 crore, Q2 collections of ₹546 crore and H1 collections of ₹1,041 crore. It also reported a credit rating upgrade from “IVR A-/ Stable” to “IVR A/Stable”.
The same-day filings included a disclosure that the promoter group’s holding reached 43.99% after 3,25,18,900 warrants were converted into equity shares. Management said the proceeds of ₹363 crore were used to repay shareholder debt owed to the promoter group. The investor update also stated that Aditya Virwani would become Managing Director and CEO effective 1 January 2027, while Sachin Shah would continue as Senior Advisor to the Chairman.
How did Embassy Developments shares react?
By the next day’s close, the stock was down 0.6% from its pre-results close. The industry median was up 3.5% over the same close comparison, leaving the stock 4.1 percentage points behind the sector. Earlier results-day moves included declines of 1.0% on 10 August 2026, 2.4% on 20 May 2026 and 5.1% on 9 February 2026.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | −0.8% | |
| 15 minutes | −0.6% | |
| 30 minutes | −1.1% | |
| Reaction day | −2.1% | +1.7% |
| Next day | −0.6% | +3.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 August 2026 | −1.0% |
| 20 May 2026 | −2.4% |
| 9 February 2026 | −5.1% |
| 6 November 2025 | −3.9% |
| 29 May 2025 | +3.5% |
| 10 January 2025 | −4.6% |
| 23 October 2024 | −2.7% |
| 14 August 2024 | +0.5% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Among 42 other Residential Commercial Projects companies that had filed for the quarter, the median revenue growth was 17.6%. All 42 peers grew faster than Embassy Developments, while none grew slower. Profit was up for 23 peers, with the comparison based on 42 peers.
| Embassy Developments revenue growth (YoY) | −75.1% |
|---|---|
| Median of 42 other Residential Commercial Projects companies | +17.6% |
| Companies with slower revenue growth than Embassy Developments | 0 of 42 |
| Companies with faster revenue growth than Embassy Developments | 42 of 42 |
| Companies whose net profit rose | 23 of 42 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Embassy Developments' revenue in Q2 FY27?
Revenue from operations was ₹292.21 crore, down 75.1% from ₹1,174 crore in Q2 FY26 (consolidated).
Did Embassy Developments make a profit in Q2 FY27?
No. It reported a net loss of ₹271.20 crore, against a net loss of ₹318.26 crore in Q2 FY26.
What was Embassy Developments' EPS in Q2 FY27?
Basic loss per share was ₹1.95, against a loss of ₹2.40 in Q2 FY26.
How did Embassy Developments shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.1% from the previous close; the median Residential Commercial Projects stock moved +1.7%.
When did Embassy Developments announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Meeting Of The Board Of Directors Of Embassy Developments Limited ('Company') Held On November 03, 2026, And Submission Of Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
- Outcome Of The Meeting Of The Board Of Directors Of Embassy Developments Limited ('Company') Held On November 03, 2026, And Submission Of Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 3 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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