Embassy Developments Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2020 • Real Estate Projects Advisory, Construction and Development of Real Estate Projects: 100.0%
AI Sector View
AI GENERATEDRealty
Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.
PROS
- Promoters have been increasing their shareholding - up 42.6pp over 2 years
- Operating margins have improved to -27.3% from -82.5%
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -14.4% over last 3 years
- Company has a low return on capital employed of -8.6%
- Interest coverage is weak at -0.6x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.82x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 656.40 | 36.55 | 162479.46 | 1.22 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1165.45 | 28.23 | 116454.47 | 0.36 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1897.90 | 53.03 | 67883.68 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| PRESTIGE | 1541.85 | 58.31 | 66412.14 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| OBEROIRLTY | 1796.30 | 24.84 | 65313.87 | 0.45 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| GODREJPROP | 1860.00 | 35.01 | 56028.13 | 0.54 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 613.40 | 38.15 | 22074.85 | 0.16 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 662.00 | 31.08 | 21598.36 | 0.23 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1341.65 | 113.30 | 14985.65 | 0.19 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1228.35 | 56.96 | 13137.67 | 0.49 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 785.75 | 10.59 | 11054.40 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| EMBDL | 57.36 | 0.00 | 7976.67 | 0.00 | -234.40 | -41.51 | 216.75 | -68.17 | -2.39 | -58.63 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 196 | 96 | 101 | 380 | 490 | 475 | 325 | 889 | 681 | 493 | 212 | 342 | 2,168 | |
| 254 | 119 | 134 | 372 | 514 | 399 | 231 | 881 | 692 | 545 | 365 | 604 | 4,790 | |
| Operating Profit | -58 | -23 | -33 | 8 | -24 | 76 | 94 | 8 | -11 | -52 | -152 | -261 | -2,622 |
| OPM % | -29.43% | -23.86% | -32.92% | 2.13% | -4.98% | 16.03% | 28.90% | 0.88% | -1.58% | -10.60% | -71.75% | -76.25% | -120.97% |
| -616 | 12 | 11 | 22 | 68 | 2 | 4 | 266 | 13 | 44 | 47 | 69 | 245 | |
| Interest | 1 | 3 | 4 | 150 | 115 | 101 | 106 | 139 | 160 | 135 | 113 | 140 | 1,186 |
| Depreciation | 3 | 3 | 3 | 2 | 2 | 5 | 3 | 5 | 7 | 9 | 20 | 13 | 130 |
| Profit before Tax | -677 | -16 | -28 | -122 | -73 | -27 | -11 | 129 | -165 | -152 | -239 | -345 | -2,341 |
| Tax % | -0.34% | -11.29% | -35.90% | 26.32% | 271.52% | -5.10% | -133.57% | 4.81% | -0.51% | -0.32% | 2.12% | 5.60% | -0.12% |
| Net Profit | 0 | 0 | 0 | 0 | -282 | 243 | 224 | 123 | -166 | -153 | -234 | -323 | -2,344 |
| -12.55 | -0.34 | -0.71 | -1.83 | 1.93 | -0.54 | -0.33 | 1.06 | -1.29 | -1.12 | -1.68 | -2.33 | -1.69 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,320 | 4,503 | 4,944 | 3,271 | 1,521 | 1,445 | 587 | 414 | 2,180 | 1,732 | 1,265 | |
| 1,675 | 1,192 | 3,901 | 2,470 | 1,342 | 1,446 | 1,133 | 842 | 2,016 | 2,205 | 1,993 | |
| Operating Profit | 645 | 3,311 | 1,043 | 801 | 180 | -1 | -546 | -428 | 163 | -473 | -728 |
| OPM % | 27.81% | 73.53% | 21.09% | 24.48% | 11.81% | -0.10% | -93.02% | -103.46% | 7.50% | -27.33% | -57.56% |
| 524 | 229 | 279 | 91 | 141 | 97 | 23 | -574 | 339 | 173 | 185 | |
| Interest | 561 | 744 | 464 | 481 | 228 | 110 | 28 | 9 | 461 | 550 | 507 |
| Depreciation | 71 | 97 | 17 | 31 | 17 | 12 | 12 | 11 | 15 | 48 | 54 |
| Profit before Tax | 539 | 2,694 | 844 | 378 | 75 | -27 | -563 | -1,023 | 18 | -896 | -970 |
| Tax % | 33.86% | 12.43% | 40.23% | 67.93% | 93.72% | -408.63% | -7.98% | -1.52% | -974.54% | 2.57% | 2.43% |
| Net Profit | 357 | 2,360 | 504 | 121 | 5 | -137 | -608 | -1,038 | 194 | -872 | -946 |
| EPS | 8.60 | 49.42 | 11.04 | 2.67 | 0.10 | -3.00 | -11.29 | -19.20 | 1.63 | -6.28 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -5%
- 5 Years:
- 3%
- 3 Years:
- 43%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -39%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- -13%
- 3 Years:
- -14%
- Last Year:
- -9%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 87 | 95 | 90 | 91 | 90 | 91 | 108 | 108 | 244 | 278 | |
| Minority Interest | 711 | 10 | 11 | 11 | 11 | 11 | 12 | 12 | 6 | 96 |
| 3,956 | 2,850 | 2,839 | 3,034 | 2,959 | 2,896 | 3,119 | 2,217 | 8,476 | 9,590 | |
| 10,284 | 7,018 | 5,826 | 3,527 | 1,760 | 1,491 | 428 | 469 | 4,546 | 5,743 | |
| Trade Payables | 309 | 452 | 898 | 447 | 301 | 344 | 422 | 391 | 1,019 | 932 |
| 2,843 | 8,658 | 5,914 | 3,839 | 3,432 | 2,813 | 2,346 | 2,574 | 6,190 | 4,889 | |
| Total Liabilities | 18,190 | 19,084 | 15,578 | 10,950 | 8,554 | 7,646 | 6,435 | 5,771 | 20,481 | 21,528 |
| 129 | 61 | 52 | 74 | 26 | 36 | 24 | 14 | 2,610 | 2,663 | |
| Capital Work in Progress | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 1 |
| 875 | 3,859 | 2,568 | 132 | 145 | 269 | 157 | 158 | 98 | 165 | |
| 7,829 | 11,361 | 9,849 | 7,056 | 6,186 | 5,521 | 4,822 | 4,783 | 12,051 | 12,433 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63 | 52 | 23 | |
| Cash & Bank | 550 | 1,794 | 738 | 375 | 197 | 121 | 137 | 129 | 415 | 1,002 |
| 8,806 | 2,009 | 2,371 | 3,312 | 2,000 | 1,698 | 1,295 | 625 | 5,247 | 5,242 | |
| Total Assets | 18,190 | 19,084 | 15,578 | 10,950 | 8,554 | 7,646 | 6,435 | 5,771 | 20,481 | 21,528 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 903 | -651 | -1,124 | -317 | 799 | -272 | -429 | -97 | 1,461 | 44 | |
| Cash from Investing | -875 | 222 | 1,785 | 2,779 | 971 | 280 | 661 | 96 | 507 | -79 |
| Cash from Financing | -834 | 2,057 | -1,695 | -1,890 | -1,791 | -64 | -331 | -8 | -1,971 | 629 |
| -1,069 | 1,389 | -1,070 | 456 | 33 | -31 | -13 | -10 | -3 | 595 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Press Release dated September 09, 2026, titled Embassy Developments LimitedAppoints Neel Virwani as Chief Business Officer".
2026-09-08 - Proceeding / Outcome of the 20th Annual General Meeting of the members of Embassy Developments Limited held on Tuesday, September 08, 2026 and disclosure under Regulation 30 & 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
2026-08-31 - Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015
2026-08-28 - Newspaper Publication - Corrigendum to the Notice of 20" Annual General Meeting
2026-08-27 - Corrigendum to the notice of 20th Annual General Meeting of the Members of Embassy Developments Limited.
2026-08-17 - Newspaper Publication - Notice of 20th Annual General Meeting of the Company.
2026-08-16 - Embassy Developments Limited has informed the Exchange about transcript of earnings conference call held on August 11, 2026.
2026-08-16 - Embassy Developments Limited has informed the Exchange that Record date for the purpose of Meeting is 01-Sep-2026.
2026-08-16 - Convening of 20th Annual General Meeting (AGM) of the Members of EmbassyDevelopments Limited, on Tuesday, September 08, 2026, at 11:30 A.M. (IST)
News
Recent coverage and analyst commentary for EMBDL
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