Embassy Developments Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹7,065 Cr
- ROE
- -9.19%
- Price to sales
- 5.57
- Debt to equity
- 0.54
- 52W high / low
- ₹94.1 / ₹39.5
- Sales growth (5Y)
- 2.62%
- EBITDA margin
- -47.11%
- Net profit margin
- -50.89%
- Promoter holding
- 42.67%
- Sales (last year)
- ₹1,265 Cr
Incorporated in 2006, Embassy Developments Ltd is a real estate developer of residential, commercial, and SEZ projects.[1]
Guidance scorecard · Q1 FY27 call
What Embassy Developments Ltd's management guided
and where it ranks in Realty
Realty
RevenueQ1 FY27 call
10–20%- Embassy Developments targets approximately INR19,400 crores of launch GDV in FY27, spanning 9 owned projects and 2 development management projects.
- They anticipate a robust launch pipeline with 11 launches planned over the coming quarters, diversified across Bengaluru, Mumbai, and NCR.
- Presales for Q1 FY27 surged 338% year-on-year to INR868 crores, and collections increased 54% to INR496 crores, signaling strong market demand.
- Collections for FY27 are guided at about INR3,000 crores, expected to accelerate as projects progress through slab cycles around mid-next year.
- The company expects cash surplus to increase significantly in the coming years, with over 50% surplus on projects primarily from owned land banks.
2 more points from Embassy Developments Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Embassy Developments Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Embassy Developments is focusing on launching new projects primarily from its own fully paid land banks, with INR19,000 crores of inventory planned to launch this year.
- The company is investing in large projects such as Embassy East Business Park (excavation ongoing) and Embassy Knowledge Park, the latter aimed at creating a low-rise R&D-type commercial center, with clarity expected by the end of the fiscal year.
- Land bank monetization is a priority but not immediate; scattered lands require significant capital for land aggregation and infrastructure, to be addressed once surplus capital is available.
- Capex is primarily directed at construction spend (around 30-35% of project costs).
2 more points from Embassy Developments Ltd's call on capex
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FundraisingQ1 FY27 call
See what Embassy Developments Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Embassy Developments Limited has a robust launch pipeline with a GDV (Gross Development Value) of approximately INR 19,400 crores for FY27.
- The pipeline includes 9 owned projects with a GDV of INR 13,300 crores and 2 development management projects contributing over INR 6,000 crores of GDV.
- Key upcoming launches: Embassy One North Tower (INR 1,400 crores), Embassy Knowledge Park villas and apartments (INR 4,450 crores), Embassy Springs parcel (INR 1,900 crores), Whitefield JDA project (INR 2,000 crores), Embassy Hub plot A (INR 2,100…
2 more points from Embassy Developments Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Realty
on management's own guidance
- Sobha LtdGood growth2
- Strong growth1
- Man Infraconstruction LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Realty companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹12,035 Cr | 41.1 | |
| 2 | Sobha Ltd | 20–40% | Up 2%+ | ₹12,548 Cr | 54.4 |
| 3 | Man Infraconstruction Ltd | 20–40% | Up 2%+ | ₹4,602 Cr | 21.2 |
| 4 | 20–40% | Up 2%+ | ₹1,157 Cr | 12.7 | |
| 5 | 20–40% | Flat | ₹1.06L Cr | 25.6 | |
| 6 | 20–40% | Flat | ₹61,922 Cr | 23.4 |
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Pro shows every company guiding 40%+ revenue growth →Full Realty rankingEmbassy Developments Ltd announcements
All announcements →- Fundraise / allotmentNotableEmbassy Developments allots 3,25,18,900 convertible warrants to promoter group entity
- Fundraise / allotmentNotableEmbassy Developments Limited credit rating upgraded to IVR A/Stable on Oct 9, 2026
- Board / shareholder meeting outcomeNotableEmbassy Developments Limited holds 20th AGM approving financials and appointments
Financials of Embassy Developments Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Embassy Developments Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 108 | 196 | 96 | 101 | 380 | 490 | 475 | 325 | 889 | 681 | 493 | 213 | 342 |
| Expenses + | 463 | 254 | 119 | 134 | 372 | 514 | 399 | 231 | 881 | 692 | 545 | 365 | 604 |
| Operating Profit | -355 | -58 | -23 | -33 | 8 | -24 | 76 | 94 | 8 | -11 | -52 | -152 | -261 |
| OPM % | -328% | -29% | -24% | -33% | 2% | -5% | 16% | 29% | 1% | -2% | -11% | -71% | -76% |
| Other Income + | -14 | -616 | 12 | 11 | 22 | 68 | 2 | 4 | 266 | 13 | 44 | 47 | 69 |
| Interest | 1 | 1 | 3 | 4 | 150 | 115 | 101 | 106 | 139 | 160 | 135 | 113 | 140 |
| Depreciation | 3 | 3 | 3 | 3 | 2 | 2 | 5 | 3 | 5 | 7 | 9 | 20 | 13 |
| Profit before tax | -373 | -677 | -16 | -28 | -122 | -73 | -27 | -11 | 129 | -165 | -152 | -238 | -345 |
| Tax % | 1% | 0% | 11% | 36% | -26% | -272% | 5% | 134% | 5% | 1% | 0% | -2% | -6% |
| Net Profit + | -376 | -679 | -18 | -38 | -99 | 121 | -34 | -27 | 123 | -166 | -153 | -233 | -323 |
| EPS in Rs | -6.94 | -12.55 | -0.34 | -0.71 | -1.83 | 1.93 | -0.54 | -0.33 | 1.06 | -1.21 | -1.11 | -1.67 | -2.33 |
Financials of Embassy Developments Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,641 | 2,959 | 2,320 | 4,503 | 4,944 | 3,271 | 1,521 | 1,445 | 587 | 1,188 | 2,180 | 1,732 |
| Expenses + | 2,030 | 2,062 | 1,667 | 1,197 | 3,897 | 2,472 | 1,341 | 1,446 | 942 | 1,182 | 1,887 | 2,205 |
| Operating Profit | 611 | 898 | 653 | 3,306 | 1,047 | 799 | 180 | -1 | -356 | 6 | 293 | -474 |
| OPM % | 23% | 30% | 28% | 73% | 21% | 24% | 12% | -0% | -61% | 1% | 13% | -27% |
| Other Income + | 95 | 137 | 518 | 229 | 278 | 90 | 140 | 96 | -167 | 29 | 210 | 173 |
| Interest | 336 | 501 | 561 | 744 | 464 | 481 | 228 | 110 | 28 | 556 | 461 | 549 |
| Depreciation | 20 | 69 | 71 | 97 | 17 | 31 | 17 | 12 | 12 | 7 | 15 | 48 |
| Profit before tax | 351 | 464 | 539 | 2,694 | 844 | 378 | 75 | -27 | -563 | -527 | 27 | -897 |
| Tax % | 23% | 31% | 34% | 12% | 40% | 68% | 94% | 409% | 8% | -8% | -643% | -3% |
| Net Profit + | 271 | 321 | 357 | 2,360 | 504 | 121 | 5 | -137 | -608 | -517 | 194 | -872 |
| EPS in Rs | 5.84 | 6.41 | 8.30 | 49.99 | 11.19 | 2.65 | 0.09 | -3.00 | -11.23 | -9.18 | 1.63 | -6.28 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Embassy Developments Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 85 | 92 | 87 | 95 | 90 | 91 | 90 | 91 | 108 | 108 | 244 | 278 |
| Reserves | 7,085 | 3,901 | 3,956 | 2,850 | 2,860 | 3,467 | 3,392 | 3,324 | 3,122 | -1,555 | 9,077 | 9,590 |
| Borrowings + | 6,544 | 8,903 | 9,410 | 7,648 | 7,033 | 2,737 | 1,223 | 1,329 | 693 | 7,749 | 4,594 | 5,322 |
| Other Liabilities + | 3,130 | 5,226 | 5,115 | 9,487 | 6,209 | 4,992 | 4,051 | 3,007 | 2,664 | 3,637 | 6,572 | 6,348 |
| Total Liabilities | 16,844 | 18,122 | 18,568 | 20,080 | 16,192 | 11,287 | 8,757 | 7,751 | 6,587 | 9,939 | 20,488 | 21,538 |
| Fixed Assets + | 112 | 112 | 3,787 | 952 | 189 | 135 | 86 | 96 | 83 | 3,737 | 6,089 | 6,188 |
| CWIP | 127 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 1 |
| Investments | 5,829 | 2,989 | 875 | 3,859 | 2,568 | 132 | 145 | 269 | 157 | 867 | 98 | 165 |
| Other Assets + | 10,776 | 15,021 | 13,904 | 15,269 | 13,434 | 11,020 | 8,526 | 7,385 | 6,347 | 5,335 | 14,291 | 15,185 |
| Total Assets | 16,844 | 18,122 | 18,568 | 20,080 | 16,192 | 11,287 | 8,757 | 7,751 | 6,587 | 9,939 | 20,488 | 21,538 |
Financials of Embassy Developments Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -2,830 | 973 | 639 | -891 | -1,159 | -432 | 853 | -248 | -343 | 690 | 1,461 | 44 |
| Cash from Investing Activity + | -81 | 235 | -541 | 155 | 1,784 | 1,768 | 971 | 280 | 661 | -490 | 574 | -79 |
| Cash from Financing Activity + | 3,315 | -695 | -834 | 2,057 | -1,695 | -1,890 | -1,791 | -64 | -331 | -244 | -1,971 | 629 |
| Net Cash Flow | 403 | 513 | -735 | 1,321 | -1,071 | -555 | 33 | -31 | -13 | -44 | 64 | 595 |
| Free Cash Flow | -2,882 | 934 | 607 | -1,100 | -1,196 | -440 | 854 | -248 | -343 | 599 | 1,407 | 44 |
| CFO/OP | -429% | 125% | 138% | -20% | -107% | -40% | 444% | 25,878% | 121% | 11,557% | 512% | -9% |
Financials of Embassy Developments Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 22 | 408 | 602 | 1 | 20 | 9 | 72 | 69 | 47 | 72 | 9 | 5 |
| Inventory Days | 10,926 | 2,377 | 5,051 | 2,595 | 2,824 | |||||||
| Days Payable | 432 | 217 | 320 | 126 | 212 | |||||||
| Cash Conversion Cycle | 22 | 408 | 11,096 | 1 | 2,180 | 4,740 | 2,541 | 69 | 47 | 72 | 9 | 2,617 |
| Working Capital Days | 692 | 836 | 1,095 | -56 | 219 | 384 | 764 | 789 | 2,186 | -505 | 935 | 1,526 |
| ROCE % | 6% | 7% | 7% | 27% | 13% | 11% | 5% | 2% | -7% | 1% | 3% | -2% |
Guidance history
How Embassy Developments Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Up 2%+ | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
17 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −46.0% | 7% |
| Last 6 months | +9.9% | 67% |
| Last 3 months | −17.2% | 23% |
The price is 92.9% below its all-time high of ₹711.73 (4 Jan 2008). Stocks more than 20% below their peak have their score halved, so 34 became 17.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Embassy Developments Ltd: 0.4 × 7 + 0.4 × 67 + 0.2 × 23 = 34, halved to 17 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Embassy Developments Ltd's management said in earlier quarters
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