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 ₹ 36,943 Cr.
- Current Price ₹ 390
- High / Low ₹ 433 / 335
- Stock P/E 22.7
- Book Value ₹ 240
- Dividend Yield 0.20 %
- ROCE 3.67 %
- ROE 7.06 %
- 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 4.25% over last 3 years.
- Promoter holding has decreased over last 3 years: -53.9%
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 0 | 2,193 | 2,457 | 3,053 | 3,532 | 3,816 | 4,127 | |
| 9 | 655 | 602 | 663 | 874 | 831 | 1,634 | |
| Operating Profit | -9 | 1,538 | 1,855 | 2,390 | 2,658 | 2,984 | 2,493 |
| OPM % | 70% | 75% | 78% | 75% | 78% | 60% | |
| 0 | 168 | 115 | 132 | 109 | 161 | 170 | |
| Interest | 0 | 382 | 645 | 829 | 976 | 1,087 | 1,329 |
| Depreciation | 0 | 528 | 571 | 796 | 1,128 | 969 | 1,142 |
| Profit before tax | -9 | 796 | 754 | 896 | 662 | 1,089 | 193 |
| Tax % | 0% | 4% | 7% | 1% | 24% | 11% | -742% |
| -9 | 766 | 698 | 888 | 506 | 964 | 1,624 | |
| EPS in Rs | -0.12 | 9.92 | 7.37 | 9.37 | 5.34 | 10.17 | 17.14 |
| Dividend Payout % | 0% | 243% | 296% | 235% | 412% | 265% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 11% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | 23% |
| TTM: | 73% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | 1% |
| 1 Year: | 12% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 4% |
| Last Year: | 7% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 22,904 | 22,912 | 28,826 | 28,826 | 28,826 | 28,826 | 28,826 |
| Reserves | -9 | -594 | -1,733 | -2,940 | -4,458 | -5,552 | -6,065 |
| 7,847 | 5,746 | 10,656 | 12,136 | 14,842 | 16,959 | 19,957 | |
| 5,953 | 5,426 | 7,331 | 7,164 | 7,190 | 7,126 | 6,230 | |
| Total Liabilities | 36,695 | 33,490 | 45,079 | 45,187 | 46,400 | 47,360 | 48,948 |
| 26,756 | 27,007 | 37,428 | 38,878 | 38,466 | 39,921 | 43,565 | |
| CWIP | 502 | 411 | 1,371 | 710 | 1,267 | 1,804 | 313 |
| Investments | 2,552 | 3,636 | 2,412 | 2,363 | 3,124 | 2,964 | 3,020 |
| 6,885 | 2,436 | 3,868 | 3,235 | 3,543 | 2,671 | 2,050 | |
| Total Assets | 36,695 | 33,490 | 45,079 | 45,187 | 46,400 | 47,360 | 48,948 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 3 | 1,696 | 1,870 | 2,367 | 2,566 | 2,591 | 3,079 | |
| 211 | -2,148 | -3,041 | -1,182 | -1,468 | -1,180 | -1,653 | |
| 4,747 | -4,197 | 1,777 | -1,514 | -869 | -1,217 | -1,792 | |
| Net Cash Flow | 4,961 | -4,650 | 606 | -329 | 229 | 194 | -366 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 4 | 7 | 7 | 5 | 3 | 7 | |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 4 | 7 | 7 | 5 | 3 | 7 | |
| Working Capital Days | -176 | -148 | -147 | -131 | -116 | -117 | |
| ROCE % | 4% | 4% | 5% | 4% | 5% | 4% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
15h - Embassy REIT raises ₹2,000 Cr debt at 7.21%, refinancing existing loans, saving 77 bps interest.
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Reg 23(5)(i): Disclosure of material issue
16 May - Embassy REIT issues ₹2,000 Cr NCDs in two series with 7.21%-7.22% coupon rates.
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Reg 23(5)(i): Disclosure of material issue
13 May - General Counsel's approved trading plan to sell 11,455 Embassy REIT units in Sept 2025 at ₹375 each.
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Reg 23(5)(i): Disclosure of material issue
13 May - Revocation of pledge on 1.2 million Embassy REIT units by sponsor on May 9, 2025.
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Reg 23(5)(i): Disclosure of material issue
13 May - Embassy REIT approved ₹2,000 Cr NCD issuance for debt refinancing and capex purposes.
Annual reports
Concalls
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Apr 2025TranscriptNotesPPTREC
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Apr 2025TranscriptNotesPPTREC
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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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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 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]