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 ₹ 39,982 Cr.
- Current Price ₹ 422
- High / Low ₹ 462 / 373
- Stock P/E 30.4
- Book Value ₹ 229
- Dividend Yield 0.20 %
- ROCE 6.58 %
- ROE 5.92 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 235%
Cons
- Promoter holding is low: 7.69%
- Tax rate seems low
- Company has a low return on equity of 4.48% over last 3 years.
- Earnings include an other income of Rs.2,174 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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 48 | |
| Operating Profit | 1,050 | 1,075 | 1,085 | -9 | 758 | 916 | 1,982 | 1,877 | 1,862 | 1,583 | -48 |
| OPM % | 75% | 72% | 67% | 89% | 75% | 94% | 91% | 98% | 97% | ||
| 204 | 224 | 254 | 0 | 16 | 5 | 8 | 7 | 4 | 0 | 2,174 | |
| Interest | 710 | 695 | 633 | 0 | 285 | 470 | 646 | 602 | 721 | 652 | 810 |
| 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 | 1,315 |
| Tax % | 59% | 37% | 33% | 0% | 1% | 1% | 0% | 0% | 0% | 0% | 0% |
| 93 | 177 | 257 | -9 | 481 | 447 | 1,340 | 1,279 | 1,207 | 631 | 1,314 | |
| EPS in Rs | -0.12 | 6.24 | 4.72 | 14.13 | 13.49 | 12.73 | 6.66 | 13.86 | |||
| Dividend Payout % | 0% | 0% | 0% | 0% | 387% | 461% | 156% | 163% | 170% | 350% | 185% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -100% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 30% |
| 5 Years: | 24% |
| 3 Years: | 1% |
| TTM: | 108% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 11% |
| 1 Year: | 10% |
| Return on Equity | |
|---|---|
| 10 Years: | 4% |
| 5 Years: | 5% |
| 3 Years: | 4% |
| Last Year: | 6% |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -7,132 |
| 5,621 | 6,406 | 8,555 | 0 | 3,902 | 8,332 | 7,449 | 9,466 | 9,145 | 8,065 | 12,114 | |
| 1,737 | 1,362 | 1,428 | 604 | 10 | 49 | 56 | 31 | 19 | 26 | 53 | |
| Total Liabilities | 10,529 | 11,163 | 13,461 | 23,498 | 25,946 | 34,939 | 33,308 | 34,554 | 33,369 | 30,790 | 33,861 |
| 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 | 24,864 |
| 1,543 | 2,557 | 3,410 | 4,753 | 6,866 | 10,765 | 9,375 | 9,928 | 8,825 | 6,468 | 8,997 | |
| Total Assets | 10,529 | 11,163 | 13,461 | 23,498 | 25,946 | 34,939 | 33,308 | 34,554 | 33,369 | 30,790 | 33,861 |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 925 | 987 | 1,251 | 3 | -50 | -33 | -40 | -48 | -57 | -42 | -53 | |
| -211 | -951 | -2,536 | -468 | -5,979 | -5,259 | 3,466 | 668 | 3,148 | 3,393 | -714 | |
| -657 | 91 | 1,163 | 4,747 | 2,032 | 5,725 | -3,623 | -612 | -3,101 | -3,869 | 920 | |
| Net Cash Flow | 58 | 127 | -123 | 4,282 | -3,997 | 433 | -197 | 8 | -9 | -518 | 153 |
| Free Cash Flow | 414 | 209 | -708 | 3 | -50 | -33 | -40 | -48 | -57 | -42 | -53 |
| CFO/OP | 94% | 101% | 127% | -33% | -6% | -3% | -2% | -2% | -3% | -3% | 111% |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | 7% |
Insights
In beta| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Portfolio Completed Area msf |
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| Portfolio Occupancy % |
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| Weighted Average Lease Expiry (WALE) Years |
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| Average In-place Rent Rs psf pm |
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| Hotel Average Occupancy % |
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| Number of Occupiers Nos. |
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| Total Hotel Keys Keys |
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| Total Lease-up Area msf |
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Extracted by Screener AI
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
6 May - Embassy Office Parks REIT disclosed PIT-regulation receipt from its Employee Welfare Trust.
- Reg 23(5)(i): Disclosure of material issue 30 Apr
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Reg 23(5)(i): Disclosure of material issue
29 Apr - CARE reaffirmed Embassy Office Parks REIT ratings: AAA stable for debentures, A1+ for ₹2,000 crore commercial paper.
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Reg 23(5)(i): Disclosure of material issue
29 Apr - Embassy REIT submitted its Annual Secretarial Compliance Report for year ended March 31, 2026.
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Reg 23(5)(i): Disclosure of material issue
28 Apr - Recording of Q4 and FY26 earnings conference call shared on April 28, 2026.
Annual reports
Concalls
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Apr 2026Transcript PPT REC
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Jul 2025Transcript PPT REC
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Apr 2025Transcript PPT REC
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Apr 2025TranscriptPPTREC
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Feb 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Jul 2024Transcript PPT REC
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May 2024Transcript PPT REC
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Feb 2024Transcript PPT
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Oct 2023Transcript PPT REC
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Aug 2023Transcript PPT REC
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May 2023Transcript PPT REC
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Jan 2023Transcript PPT REC
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Nov 2022TranscriptAI SummaryPPT
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Oct 2022TranscriptPPTREC
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Jul 2022Transcript PPT REC
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May 2022Transcript PPT REC
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Mar 2022TranscriptAI SummaryPPT
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Feb 2022Transcript PPT REC
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Nov 2021Transcript PPT REC
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Jul 2021Transcript PPT
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Apr 2021Transcript PPT
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Feb 2021Transcript PPT
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Nov 2020Transcript PPT
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Aug 2020Transcript PPT
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May 2020Transcript PPT
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Feb 2020Transcript PPT
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Nov 2019Transcript PPT
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Aug 2019Transcript PPT
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May 2019TranscriptAI SummaryPPT
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.