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 ₹ 41,079 Cr.
- Current Price ₹ 433
- High / Low ₹ 462 / 355
- Stock P/E 54.7
- Book Value ₹ 233
- Dividend Yield 0.14 %
- ROCE 4.00 %
- ROE 2.69 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 228%
Cons
- Promoter holding is low: 7.69%
- Tax rate seems low
- Company has a low return on equity of 4.22% over last 3 years.
- Earnings include an other income of Rs.1,635 Cr.
- Promoter holding has decreased over last 3 years: -28.1%
* 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
Consumer Discretionary Realty Realty Real Estate Investment Trusts (REITs)
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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,397 | 1,485 | 1,612 | 0 | 852 | 1,221 | 2,105 | 2,055 | 1,901 | 1,633 | 0 | |
| 347 | 410 | 527 | 9 | 94 | 305 | 123 | 178 | 40 | 50 | 135 | |
| Operating Profit | 1,050 | 1,075 | 1,085 | -9 | 758 | 916 | 1,982 | 1,877 | 1,862 | 1,583 | -135 |
| OPM % | 75% | 72% | 67% | 89% | 75% | 94% | 91% | 98% | 97% | ||
| 204 | 224 | 254 | 0 | 16 | 5 | 8 | 7 | 4 | 0 | 1,635 | |
| Interest | 710 | 695 | 633 | 0 | 285 | 470 | 646 | 602 | 721 | 652 | 749 |
| Depreciation | 316 | 324 | 323 | 0 | 0 | 0 | 0 | 0 | -64 | 300 | 0 |
| Profit before tax | 229 | 280 | 383 | -9 | 489 | 451 | 1,344 | 1,282 | 1,209 | 631 | 752 |
| Tax % | 59% | 37% | 33% | 0% | 1% | 1% | 0% | 0% | 0% | 0% | |
| 93 | 177 | 257 | -9 | 481 | 447 | 1,340 | 1,279 | 1,207 | 631 | 750 | |
| EPS in Rs | -0.12 | 6.24 | 4.72 | 14.13 | 13.49 | 12.73 | 6.66 | 7.92 | |||
| Dividend Payout % | 0% | 0% | 0% | 0% | 387% | 461% | 156% | 163% | 170% | 350% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | -8% |
| TTM: | -100% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | -22% |
| TTM: | -3% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 5% |
| 3 Years: | 12% |
| 1 Year: | 19% |
| Return on Equity | |
|---|---|
| 10 Years: | 3% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 387 | 428 | 448 | 22,904 | 22,912 | 28,826 | 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 | -6,718 |
| 5,621 | 6,406 | 8,555 | 0 | 3,902 | 8,332 | 7,449 | 9,466 | 9,145 | 8,065 | 10,921 | |
| 1,737 | 1,362 | 1,428 | 604 | 10 | 49 | 56 | 31 | 19 | 26 | 40 | |
| Total Liabilities | 10,529 | 11,163 | 13,461 | 23,498 | 25,946 | 34,939 | 33,308 | 34,554 | 33,369 | 30,790 | 33,069 |
| 7,926 | 7,784 | 8,804 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 299 | 651 | 957 | 0 | 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 | 24,295 |
| 1,543 | 2,557 | 3,410 | 4,753 | 6,866 | 10,765 | 9,375 | 9,928 | 8,825 | 6,468 | 8,774 | |
| Total Assets | 10,529 | 11,163 | 13,461 | 23,498 | 25,946 | 34,939 | 33,308 | 34,554 | 33,369 | 30,790 | 33,069 |
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 | -709 | -553 | -601 | |
| ROCE % | 10% | 9% | -0% | 3% | 3% | 6% | 6% | 6% | 4% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
21h - Approved issuance of 1,40,000 NCDs totalling ₹1,400 Crore on Feb 20, 2026 for refinancing/capex.
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Reg 23(5)(i): Disclosure of material issue
13 Feb - Q3 FY2026: Revenue ₹1,193cr, NOI ₹985cr; Pinehurst acquisition ₹852cr; ₹4,000cr capex pipeline; DPU ₹6.47.
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Reg 23(5)(i): Disclosure of material issue
11 Feb - Hosted Kotak Wealth session and institutional investor meetings in Chennai on Feb 11, 2026; REIT overview and Q3 FY2026 update.
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Reg 23(5)(i): Disclosure of material issue
10 Feb - Sandeep Tapadia sold Embassy REIT units (5,279) Feb 4–6, 2026 under trading plan Sep 23, 2025.
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Reg 23(5)(i): Disclosure of material issue
9 Feb - Audio recording of Embassy REIT earnings call for quarter and nine months ended Dec 31, 2025 available (Feb 9, 2026).
Annual reports
Concalls
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Feb 2026Transcript PPT
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Nov 2025TranscriptAI SummaryPPT
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Jul 2025Transcript PPT
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Apr 2025TranscriptAI SummaryPPTREC
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Apr 2025Transcript PPT REC
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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 2022TranscriptAI SummaryPPT
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Oct 2022TranscriptPPT
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Jul 2022TranscriptPPT
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May 2022TranscriptPPT
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Feb 2022TranscriptPPT
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Nov 2021TranscriptPPT
Assets Portfolio[1]
The trust's portfolio comprises commercial office space, hospitality, and renewable energy assets. The REIT has strong portfolio of Grade-A commercial offices with a leasable area of 51 million square feet (msf) spread across Bengaluru(75%), Mumbai(9%), Pune(7%), Chennai(3%) and National Capital Region (NCR – 6%).
Portfolio - As of QFY26, Embassy comprises 51 msf portfolio of which 40.9 msf is completed and 90% is occupied, 7.2 msf of under-construction space, while 2.8 msf is proposed development. 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. It has 14 commercial offices, 65% gross rents from GCCs, 5% mark to market upside, 8.5% years WALE. The commercial office space portfolio contributes nearly 90% of the REIT’s total revenue.