Arthneeti

Embassy Office Parks REIT Q2 FY27 Share Price & Earnings Call Analysis

₹415.29+0.18% today
Market cap
₹39,365 Cr
P/E
160.49
ROE
1.26%
PEG
-9.00
Price to sales
8.26
Debt to equity
1.08
52W high / low
₹461 / ₹414
Sales growth (5Y)
13.27%
EBITDA margin
76.56%
Net profit margin
5.99%
Sales (last year)
₹4,763 Cr

Embassy Office Parks REIT owns, operates and invests in rent or income generating real estate and related assets in India.[1] It is India's first publicly listed REIT and is Asia's largest official REIT by area.[2]

Guidance scorecard · Q2 FY27 call

What Embassy Off.REIT's management guided
and where it ranks in Realty

#25of 41 in
Realty
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Embassy REIT reported a strong start to FY2027 with 17% YoY growth in Revenue and NOI, indicating robust growth momentum.
  • FY2027 NOI guidance is ₹4,150 to ₹4,350 crores, implying a 13% growth at midpoint.
  • Distribution Per Unit (DPU) guidance is ₹27.00 to ₹28.60 per unit, indicating a 10% YoY growth.
  • Leasing volumes remain strong, with 1.3 msf leased in Q1, including 0.7 msf of new leases; 81% of leasing by GCCs.
  • Market absorption remains healthy with India’s office sector recording a record 23 msf absorption this quarter.
  • Rental rates are increasing, with Embassy Manyata commanding 20% premium rents; new leases signed at 8% above market.

2 more points from Embassy Off.REIT's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Embassy Off.REIT said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Embassy REIT has a total development pipeline of 6.2 million sq ft, with around 60% already pre-leased, scheduled for delivery over the next 24 months.
  • Completion delays include Block B at Embassy Manyata due to rerouting of a naala and Phase 2 of Embassy Business Hub due to design changes and metro timing, pushing timelines by about 9 months.
  • New hotel developments include the recently launched 211-key Hilton Garden Inn and upcoming 5-star Hilton hotel with 318 keys, a 37,000 sq ft convention center, and 75,000 sq ft retail area, planned for launch during the year.

2 more points from Embassy Off.REIT's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Embassy Off.REIT said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Current RFP (Request for Proposal) in the market is about 22 million square feet (msf) in REIT operating/footprint markets.
  • Approximately 60% of this RFP demand is towards Bangalore, indicating strong demand concentration.
  • The earlier reported RFP number was about 30 msf a few months ago, but the current 22 msf refers specifically to the REIT's footprint markets.
  • Embassy REIT has a development pipeline of 6.2 msf, with around 60% pre-leased for deliveries scheduled over the next 24 months.

2 more points from Embassy Off.REIT's call on the order book

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Full Q1 FY27 analysis
Full Realty ranking

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

  1. Sobha LtdGood growth
    2
  2. Strong growth
    1
  3. Man Infraconstruction LtdGood growth
    3
See all potential multibaggersWhere does Embassy Off.REIT rank?

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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

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹12,035 Cr41.1
2Sobha Ltd20–40%Up 2%+₹12,548 Cr54.4
3Man Infraconstruction Ltd20–40%Up 2%+₹4,602 Cr21.2
420–40%Up 2%+₹1,157 Cr12.7
520–40%Flat₹1.06L Cr25.6
620–40%Flat₹61,922 Cr23.4

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Embassy Off.REIT announcements

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Financials of Embassy Off.REIT

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Embassy Off.REIT

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +9269669819349971,0221,0861,0601,1241,1931,2051,2411,303
Expenses +220228234230370258776239256277302282323
Operating Profit706738747704628763310821868917903959980
OPM %76%76%76%75%63%75%29%77%77%77%75%77%75%
Other Income +324542718458444864228465068
Interest262278292309328344347372384365374400413
Depreciation236252168266278295302290296291390309307
Profit before tax240253328200106182-295207252489185300329
Tax %10%9%14%11%-1,348%13%-18%25%8%22%333%35%-153%
Net Profit +2172302831791,530158-243155232381-430195831
EPS in Rs2.292.432.991.8916.141.67-2.561.642.454.02-4.542.068.77

Financials of Embassy Off.REIT

Profit & Loss

Annual income statement trend

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +02,1932,4573,0533,5323,8164,0394,5824,942
Expenses +96556026638749159891,0731,183
Operating Profit-91,5381,8552,3902,6582,9013,0503,5093,759
OPM %70%75%78%75%76%76%77%76%
Other Income +0168115132109161255385392
Interest03826458299761,0871,3291,4951,552
Depreciation05285717961,1288851,7831,2661,296
Profit before tax-97967548966621,0891931,1341,302
Tax %0%4%7%1%24%11%-742%70%
Net Profit +-97666988885069641,624339977
EPS in Rs-0.129.927.379.375.3410.1717.143.5710.31
Dividend Payout %0%243%296%235%412%213%136%2,150%

Financials of Embassy Off.REIT

Balance Sheet

Capital structure and asset base

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital22,90422,91228,82628,82628,82628,82628,82628,82628,826
Reserves-9-594-1,733-2,940-4,458-5,552-6,065-8,046-8,234
Borrowings +7,8475,74610,65612,13614,84216,95919,95722,53524,500
Other Liabilities +5,9535,4267,3317,1647,1907,1266,2177,0676,706
Total Liabilities36,69533,49045,07945,18746,40047,36048,93650,38251,799
Fixed Assets +26,75627,00737,42838,87838,46639,92141,79243,23344,629
CWIP5024111,3717101,2671,8042,0861,652557
Investments2,5523,6362,4122,3633,1242,9643,0202,9282,902
Other Assets +6,8852,4363,8683,2353,5432,6712,0382,5693,711
Total Assets36,69533,49045,07945,18746,40047,36048,93650,38251,799

Financials of Embassy Off.REIT

Cash Flows

Operating, investing and financing cash movement

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +31,6961,8702,3672,5662,5913,0793,522
Cash from Investing Activity +211-2,148-3,041-1,182-1,468-1,180-1,635-1,649
Cash from Financing Activity +4,747-4,1971,777-1,514-869-1,217-1,792-1,567
Net Cash Flow4,961-4,650606-329229194-348307
Free Cash Flow35121,1039661,4739761,3322,200
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit-33%120%104%106%101%93%106%107%

Financials of Embassy Off.REIT

Ratios

Working capital efficiency and return ratios

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4775378
Inventory Days
Days Payable
Cash Conversion Cycle4775378
Working Capital Days-176-152-150-585-473-641-533
ROCE %4%4%5%4%5%4%6%

Guidance history

How Embassy Off.REIT's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlannedPlanned—
Q4 FY26 call →10–20%FlatPlannedPlannedRising
Q3 FY26 call →10–20%FlatPlannedPlanned—
Q2 FY26 call →10–20%FlatPlannedPlannedRising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

53out of 100

Momentum score · price trend

53 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−4.4%56%
Last 6 months−2.2%50%
Last 3 months−5.3%53%
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 Off.REIT: 0.4 × 56 + 0.4 × 50 + 0.2 × 53 = 53.

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 Off.REIT's management said in earlier quarters

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