Embassy Office Parks REIT
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]
It is a Real Estate Investment Trust (REIT) that owns, operates or finances income producing real estate. It gives all investors access to the benefits of real estate investment with the advantage of investing in publicly traded units.
As per Indian regulations, it is compulsory for the REIT to distribute at least 90% of its cash flows to the unitholders of the trust.[3]
- Market Cap ₹ 36,243 Cr.
- Current Price ₹ 382
- High / Low ₹ 433 / 335
- Stock P/E 57.4
- Book Value ₹ 239
- Dividend Yield 0.20 %
- ROCE 4.00 %
- ROE 2.69 %
- Face Value ₹ 10.0
Pros
Cons
- Company has low interest coverage ratio.
- Promoter holding is low: 7.69%
- Tax rate seems low
- Company has a low return on equity of 4.22% over last 3 years.
- Promoter holding has decreased over last 3 years: -53.9%
- Working capital days have increased from 33.0 days to 69.2 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Real Estate Investment Trusts Industry: Construction
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,397 | 1,485 | 1,612 | 0 | 852 | 1,221 | 2,105 | 2,055 | 1,901 | 1,633 | |
| 347 | 410 | 527 | 9 | 94 | 305 | 123 | 178 | -24 | 350 | |
| Operating Profit | 1,050 | 1,075 | 1,085 | -9 | 758 | 916 | 1,982 | 1,877 | 1,925 | 1,283 |
| OPM % | 75% | 72% | 67% | 89% | 75% | 94% | 91% | 101% | 79% | |
| 204 | 224 | 254 | 0 | 16 | 5 | 8 | 7 | 4 | 0 | |
| Interest | 710 | 695 | 633 | 0 | 285 | 470 | 646 | 602 | 721 | 652 |
| Depreciation | 316 | 324 | 323 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 229 | 280 | 383 | -9 | 489 | 451 | 1,344 | 1,282 | 1,209 | 631 |
| Tax % | 59% | 37% | 33% | 0% | 1% | 1% | 0% | 0% | 0% | 0% |
| 93 | 177 | 257 | -9 | 481 | 447 | 1,340 | 1,279 | 1,207 | 631 | |
| EPS in Rs | -0.12 | 6.24 | 4.72 | 14.13 | 13.49 | 12.73 | 6.66 | |||
| Dividend Payout % | 0% | 0% | 0% | 0% | 387% | 461% | 156% | 163% | 211% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | -8% |
| TTM: | -14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | -22% |
| TTM: | -48% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 2% |
| 3 Years: | 1% |
| 1 Year: | 8% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 4% |
| Last Year: | 3% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 387 | 428 | 448 | 22,904 | 22,912 | 28,826 | 28,826 | 28,826 | 28,826 | 28,826 |
| Reserves | 2,784 | 2,967 | 3,030 | -9 | -878 | -2,268 | -3,023 | -3,769 | -4,621 | -6,127 |
| 5,621 | 6,406 | 8,555 | 0 | 3,902 | 8,332 | 7,449 | 9,466 | 9,145 | 8,065 | |
| 1,737 | 1,362 | 1,428 | 604 | 10 | 49 | 56 | 31 | 19 | 26 | |
| Total Liabilities | 10,529 | 11,163 | 13,461 | 23,498 | 25,946 | 34,939 | 33,308 | 34,554 | 33,369 | 30,790 |
| 7,926 | 7,784 | 8,804 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 299 | 651 | 957 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 761 | 171 | 291 | 18,745 | 19,080 | 24,174 | 23,933 | 24,626 | 24,544 | 24,321 |
| 1,543 | 2,557 | 3,410 | 4,753 | 6,866 | 10,765 | 9,375 | 9,928 | 8,825 | 6,468 | |
| Total Assets | 10,529 | 11,163 | 13,461 | 23,498 | 25,946 | 34,939 | 33,308 | 34,554 | 33,369 | 30,790 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 925 | 987 | 1,251 | 3 | -50 | -33 | -40 | -48 | -57 | -42 | |
| -211 | -951 | -2,536 | -468 | -5,979 | -5,259 | 3,466 | 668 | 3,148 | 3,393 | |
| -657 | 91 | 1,163 | 4,747 | 2,032 | 5,725 | -3,623 | -612 | -3,101 | -3,869 | |
| Net Cash Flow | 58 | 127 | -123 | 4,282 | -3,997 | 433 | -197 | 8 | -9 | -518 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 10 | 9 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventory Days | ||||||||||
| Days Payable | ||||||||||
| Cash Conversion Cycle | 10 | 9 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Working Capital Days | -195 | 29 | 127 | 24 | 30 | 27 | 17 | 13 | 69 | |
| ROCE % | 10% | 9% | -0% | 3% | 3% | 6% | 6% | 6% | 4% |
Documents
Announcements
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the REIT and any change in such rating
1d - CRISIL reaffirms Embassy REIT's AAA/Stable ratings on NCDs and A1+ on CPs; stable outlook maintained.
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the REIT and any change in such rating
1d - CRISIL reaffirms Embassy REIT's AAA/Stable rating on NCDs and A1+ on CPs; plans Rs 2,500 Cr equity raise.
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Reg 23(5)(i): Disclosure of material issue
6 May - Embassy REIT Q4 FY2025: 8% DPU growth, 87% occupancy, ₹3,130 Cr capex pipeline, positive FY2026 outlook.
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Reg 23(5)(i): Disclosure of material issue
30 Apr - Published audited financial results advertisement for quarter and year ended March 31, 2025.
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Reg 23(5)(i): Disclosure of material issue
30 Apr - Earnings call recording link for Q4 and FY ended March 31, 2025 shared by Embassy REIT.
Annual reports
Concalls
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Feb 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Jul 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Oct 2023Transcript PPT REC
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Jan 2023TranscriptPPT
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Nov 2022TranscriptNotesPPT
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Jul 2022TranscriptPPT
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Feb 2022TranscriptPPT
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Nov 2021TranscriptPPT
Assets Portfolio[1]
The trust's portfolio comprises various commercial office space, hospitality, and renewable energy assets. The REIT has strong portfolio of Grade-A commercial offices with a leasable area of 35.80 million square feet (msf) spread across Bengaluru, Mumbai, Pune, and National Capital Region (NCR).
Portfolio - As of Q3FY24, EOPR had 45.4 msf of commercial space area, of which 35.8 msf is completed and 84% is occupied, 6.9 msf of under-construction space, while 2.8 msf is proposed development. The commercial space is diversified in Bengaluru, Mumbai, Pune, and the NCR region. EOPR also has completed hotels with an inventory of 1,096 keys, under construction hotels of 518 keys in Bengaluru, and a 100-MW solar park in Bellary, Karnataka. The commercial office space portfolio contributes nearly 90% of the REIT’s total revenue.[2]