Embassy Office Parks REIT
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Commercial Offices: 86.8% • Hospitality: 11.6% • Other Segment: 1.6%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 24.0% CAGR over last 5 years
- Solid return on assets for a lender - ROA of 4.1%
- Asset quality is healthy - gross NPA of just 0.0%
- Latest quarter profit grew 625.7% YoY, showing strong momentum
- Company generates healthy free cash flow
CONS
- Capital adequacy is tight at 0.0% - limited headroom to grow
- A large part of profit comes from other income (165.3% of PBT)
- Company has a low return on capital employed of 5.4%
- Company has a low return on equity of 4.5% over last 3 years
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1990.00 | 31.43 | 318810.21 | 0.08 | 6296.67 | 18.15 | 42036.90 | 92.22 | 11.88 | 40.79 |
| AIIL | 510.20 | 20.65 | 43327.49 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 30.27 | 88.91 |
| CHOLAHLDNG | 1487.10 | 10.46 | 27924.39 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13055.20 | 13.41 | 26413.42 | 0.66 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 256.20 | 21.86 | 24650.38 | 0.08 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13572.20 | 55.69 | 15511.08 | 1.62 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11458.70 | 92.58 | 12718.73 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 129.45 | 11.91 | 12387.85 | 2.51 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 403.15 | 18.39 | 8954.12 | 2.77 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 247.65 | 155.41 | 8537.33 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | -1.28 | -2.08 |
| KAMAHOLD | 2341.45 | 8.07 | 7513.85 | 1.77 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| EMBASSY | 435.98 | 0.00 | 0.00 | 0.00 | 1952.18 | 903.77 | 12408.12 | 1042.75 | 6.13 | 79.81 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| 539 | 387 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 141 | -54 | 227 | 97 | 185 | 14 | 11 | 2,527 | |
| Operating Profit | 398 | 441 | -227 | -97 | -11 | -14 | -11 | -114 |
| OPM % | 73.83% | 114.01% | — | — | — | — | — | — |
| Other Income | 3 | 2 | 382 | 375 | 428 | 481 | 913 | 3,804 |
| Interest | 157 | 180 | 166 | 155 | 175 | 212 | 216 | 2,413 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 245 | 263 | -12 | 123 | 243 | 256 | 686 | 1,277 | |
| Tax % | 0.58% | 0.24% | -0.08% | -0.02% | 0.52% | 0.01% | 0.02% | 0.01% |
| Net Profit | 243 | 262 | -12 | 123 | 242 | 256 | 686 | 1,277 |
| 3 | 3 | -0 | 1 | 0 | 3 | 7 | 1 | |
| Equity Capital | 28,826 | 28,826 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | 852 | 1,221 | 2,105 | 2,055 | 1,901 | 0 | 0 | 0 | |
| 9 | 94 | 305 | 123 | 178 | 40 | 350 | 48 | 2,737 | |
| Operating Profit | -9 | 774 | 921 | 1,991 | 1,884 | 1,929 | 1,283 | 2,125 | — |
| OPM % | — | 91 | 75 | 95 | 92 | 101 | — | — | — |
| Other Income | 0 | 16 | 5 | 8 | 7 | 68 | 1,634 | 2,174 | 5,626 |
| Interest | 0 | 285 | 470 | 646 | 602 | 721 | 652 | 810 | 3,016 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -9 | 489 | 451 | 1,344 | 1,282 | 1,209 | 631 | 1,315 | 2,462 | |
| Tax % | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -9 | 481 | 447 | 1,340 | 1,279 | 1,207 | 631 | 1,313 | 2,460 |
| EPS | -5 | 6 | 5 | 14 | 13 | 13 | 7 | 14 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -0 | 6 | 5 | 14 | 13 | 13 | 7 | 14 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 24%
- 3 Years:
- 1%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 5%
- 3 Years:
- 5%
- Last Year:
- 6%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - |
| Equity Capital | 28,826 | 28,826 | 28,826 | 28,826 | 28,826 |
| -3,023 | -3,769 | -4,621 | -6,127 | -7,132 | |
| 0 | 0 | 2,949 | 2,948 | 3,012 | |
| Trade Payables | 1 | 1 | 0 | 0 | 1 |
| 7,504 | 9,496 | 6,214 | 5,142 | 9,153 | |
| Total Liabilities | 33,308 | 34,554 | 33,369 | 30,790 | 33,861 |
| ASSETS | - | - | - | - | - |
| 23,933 | 24,626 | 24,544 | 24,321 | 24,864 | |
| Cash & Bank | 520 | 528 | 519 | 1 | 154 |
| 8,855 | 9,400 | 8,306 | 6,467 | 8,843 | |
| Total Assets | 33,308 | 34,554 | 33,369 | 30,790 | 33,861 |
| Total Debt | 7,449 | 9,466 | 9,145 | 8,065 | 12,114 |
| Net Working Capital | 677 | -3,466 | -2,361 | -2,637 | -2,842 |
| Contingent Liabilities | 0 | 2 | 2 | 3 | 3 |
| Book Value per Share | 272.21 | 264.35 | 255.36 | 239.47 | 228.87 |
| Face Value | 304.11 | 304.11 | 304.11 | 304.11 | 304.11 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 3 | -50 | -33 | -40 | -48 | -57 | -42 | -53 | |
| Cash from Investing | -468 | -5,979 | -5,259 | 3,466 | 668 | 3,148 | 3,393 | -714 |
| Cash from Financing | 4,747 | 2,032 | 5,725 | -3,623 | -612 | -3,101 | -3,869 | 920 |
| 4,282 | -3,997 | 433 | -197 | 8 | -9 | -518 | 153 | |
| Free Cash Flow | 3 | -50 | -33 | -40 | -48 | -57 | -42 | -53 |
| OCF / Net Profit | -0.33 | -0.10 | -0.07 | -0.03 | -0.04 | -0.05 | -0.07 | -0.04 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||
| EPS (₹) | -0.12 | 6.24 | 4.72 | 14.13 | 13.49 | 12.73 | 6.66 | 13.86 |
| Book Value (₹) | 296.69 | 285.54 | 280.18 | 272.21 | 264.35 | 255.36 | 239.47 | 228.87 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -0.12 | 6.24 | 4.72 | 14.13 | 13.49 | 12.73 | 6.66 | 13.86 |
| PROFITABILITY | ||||||||
| Operating Margin % | 0.00% | 90.81% | 75.44% | 94.54% | 91.67% | 97.91% | 0.00% | 0.00% |
| Net Margin % | 0.00% | 56.51% | 36.65% | 63.63% | 62.25% | 63.47% | 0.00% | 0.00% |
| ROE % | -0.04% | 2.14% | 1.68% | 5.12% | 5.03% | 4.90% | 2.69% | 5.92% |
| ROCE % | -0.04% | 3.17% | 2.64% | 5.84% | 5.56% | 5.69% | 4.00% | 6.58% |
| -0.04% | 1.95% | 1.28% | 3.93% | 3.77% | 3.55% | 1.97% | 4.06% | |
| EFFICIENCY | ||||||||
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| FINANCIAL HEALTH | ||||||||
| Debt to Equity (x) | 0.00x | 0.18x | 0.31x | 0.29x | 0.38x | 0.38x | 0.36x | 0.56x |
| Interest Coverage (x) | 0.00x | 2.71x | 1.96x | 3.08x | 3.13x | 2.68x | 1.97x | 2.62x |
| 7.09x | 74.44x | 17.55x | 13.01x | 0.16x | 0.20x | 0.11x | 0.07x | |
| GROWTH | ||||||||
| Revenue Growth % | 0.00% | 0.00% | 0.00% | 72.45% | -2.40% | -7.47% | -100.00% | 0.00% |
| Operating Profit Growth % | 0.00% | 8288.56% | 0.00% | 116.10% | -5.36% | 2.42% | -33.48% | 65.60% |
| Net Profit Growth % | 0.00% | 5195.77% | 0.00% | 199.42% | -4.52% | -5.65% | -47.70% | 108.11% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -5.65% | -47.70% | 108.11% | |
| VALUATION | ||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 29.00x | 54.98x | 30.32x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.45x | 1.53x | 1.84x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 22.61x | 33.32x | 24.37x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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