Embassy Developments Ltd
₹ 60.6
3.75%
23 Sep
2:35 p.m.
About
Incorporated in 2006, Embassy Developments Ltd is a real estate developer of residential, commercial, and SEZ projects.[1]
Key Points
- Market Cap ₹ 8,420 Cr.
- Current Price ₹ 60.6
- High / Low ₹ 99.2 / 39.4
- Stock P/E
- Book Value ₹ 81.3
- Dividend Yield 0.00 %
- ROCE -0.94 %
- ROE -2.79 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Stock is trading at 0.71 times its book value
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of -2.28% over last 3 years.
- Contingent liabilities of Rs.3,874 Cr.
- Promoters have pledged 64.9% of their holding.
- Working capital days have increased from -182 days to 127 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.
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Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 36 | 17 | 27 | 82 | 117 | 363 | 6 | 0 | 3 | 1,069 | 2,107 | 412 | 316 | |
| 31 | 47 | 44 | 38 | 73 | 293 | 22 | 18 | 23 | 1,065 | 1,814 | 603 | 557 | |
| Operating Profit | 4 | -29 | -17 | 45 | 44 | 70 | -17 | -18 | -20 | 4 | 293 | -191 | -242 |
| OPM % | 12% | -170% | -61% | 54% | 37% | 19% | -277% | -724% | 0.4% | 14% | -46% | -77% | |
| 283 | 408 | 398 | 301 | 438 | 191 | 41 | 10 | -347 | 17 | 61 | 115 | 114 | |
| Interest | 274 | 304 | 363 | 361 | 330 | 302 | 160 | 46 | 27 | 407 | 288 | 189 | 133 |
| Depreciation | 5 | 3 | 1 | 1 | 1 | 10 | 4 | 2 | 2 | 7 | 14 | 31 | 33 |
| Profit before tax | 9 | 72 | 17 | -16 | 150 | -51 | -139 | -55 | -396 | -393 | 52 | -296 | -295 |
| Tax % | -152% | 9% | -3% | 22% | 29% | 69% | 0% | 2% | 0% | -13% | -405% | -4% | |
| 23 | 66 | 17 | -20 | 106 | -85 | -140 | -56 | -397 | -342 | 264 | -283 | -285 | |
| EPS in Rs | 0.54 | 1.42 | 0.36 | -0.42 | 2.35 | -1.88 | -3.07 | -1.24 | -7.32 | -6.31 | 2.16 | -2.04 | -2.05 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 37% |
| 5 Years: | 133% |
| 3 Years: | 429% |
| TTM: | -78% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -140% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | -4% |
| 5 Years: | -17% |
| 3 Years: | -9% |
| 1 Year: | -40% |
| Return on Equity | |
|---|---|
| 10 Years: | -1% |
| 5 Years: | -2% |
| 3 Years: | -2% |
| Last Year: | -3% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 85 | 92 | 96 | 95 | 90 | 91 | 90 | 91 | 108 | 108 | 244 | 278 |
| Reserves | 5,674 | 6,300 | 6,072 | 6,828 | 6,452 | 6,358 | 6,232 | 6,247 | 6,632 | -842 | 9,927 | 11,022 |
| 2,829 | 3,074 | 3,454 | 3,212 | 4,007 | 2,296 | 523 | 516 | 148 | 4,199 | 2,696 | 1,978 | |
| 127 | 92 | 110 | 58 | 110 | 107 | 18 | 25 | 4 | 3,819 | 3,093 | 2,680 | |
| Total Liabilities | 8,715 | 9,558 | 9,732 | 10,193 | 10,659 | 8,852 | 6,863 | 6,878 | 6,891 | 7,285 | 15,959 | 15,959 |
| 7 | 5 | 3 | 2 | 2 | 20 | 1 | 5 | 4 | 160 | 2,069 | 2,062 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 0 |
| Investments | 5,042 | 5,238 | 6,211 | 6,895 | 6,097 | 3,838 | 3,793 | 3,854 | 3,201 | 3,691 | 11,070 | 9,597 |
| 3,667 | 4,316 | 3,518 | 3,295 | 4,559 | 4,994 | 3,068 | 3,018 | 3,687 | 3,434 | 2,811 | 4,300 | |
| Total Assets | 8,715 | 9,558 | 9,732 | 10,193 | 10,659 | 8,852 | 6,863 | 6,878 | 6,891 | 7,285 | 15,959 | 15,959 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13 | -483 | 385 | -57 | 26 | 111 | -13 | 6 | 17 | 70 | 580 | -178 | |
| -756 | 547 | -845 | 720 | -31 | 1,897 | 1,946 | 47 | -455 | -337 | 858 | 34 | |
| 765 | 521 | -173 | -693 | 18 | -2,020 | -1,941 | -47 | 438 | 189 | -1,413 | 352 | |
| Net Cash Flow | 22 | 585 | -633 | -31 | 13 | -12 | -8 | 5 | -1 | -77 | 25 | 209 |
| Free Cash Flow | 10 | -484 | 385 | -57 | 25 | 111 | -13 | 6 | 16 | 62 | 564 | -199 |
| CFO/OP | 1,013% | 1,580% | -2,364% | -92% | 82% | 128% | 423% | 57% | 108% | 1,989% | 201% | 90% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 4 | 61 | 25 | 8 | 18 | 0 | 0 | 0 | 93 | 2 | 5 | |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 4 | 61 | 25 | 8 | 18 | 0 | 0 | 0 | 93 | 2 | 5 | |
| Working Capital Days | 23,308 | 48,236 | 17,455 | 4,825 | 6,642 | 2,643 | 160,589 | 453,499 | -377 | -296 | 127 | |
| ROCE % | 4% | 3% | 4% | 3% | 5% | 3% | 0% | -0% | 0% | 0% | 4% | -1% |
Insights
In beta| Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Land Bank Acres |
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| Area Sold (New Bookings) '000 sf |
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| Construction Spend INR Cr |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Allotment
- Embassy Developments allotted 10,500 NCDs worth Rs 105 crore at 12.5%, maturing September 22, 2028.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Embassy Developments signs MoU to sell entire Juhu residential tower for ₹711 crore to Dinesh Thakkar.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Analyst/institutional investor group meeting scheduled on 24 September 2026 at 2:00 PM in Mumbai.
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Board Meeting Outcome for Board Meeting Outcome For Outcome Of The Meeting Of Board'S Constituted Committee Of Embassy Developments Limited.
- Board committee approved up to ₹160 crore NCD private placement, secured against identified assets.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Embassy Developments launches ‘Natural Intelligence’ campaign for 85-acre Embassy Origins and Discovery Centre in North Bengaluru.
Annual reports
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Annual Report 2026
from bse
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Annual Report 2025
from bse
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Annual Report 2024
from bse
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Annual Report 2023
from bse
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Annual Report 2022
from bse
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Annual Report 2021
from bse
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Annual Report 2020
from bse
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Annual Report 2019
from bse
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Annual Report 2018
from bse
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Annual Report 2017
from bse
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Annual Report 2016
from bse
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Annual Report 2015
from bse
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Annual Report 2014
from bse
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Annual Report 2013
from nse
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Annual Report 2013
from bse
Concalls
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT
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May 2026Transcript
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Feb 2026Transcript PPT REC
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Nov 2025PPT
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Aug 2025PPT
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Jun 2025PPT
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May 2025PPT
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Feb 2025PPT
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Oct 2024PPT
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Jun 2024PPT
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Apr 2024PPT
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Oct 2023PPT
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Aug 2023PPT
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Aug 2023PPT
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Feb 2023PPT
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Jun 2022Transcript
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Feb 2022PPT
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Jan 2022PPT
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May 2021REC
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Nov 2017PPT
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Sep 2017PPT
Business Overview:[1][2]
a) EDL (formerly known as Equinox India Developments Limited and earlier Indiabulls
Real Estate Limited) is a part of the Embassy Group.
b) Headquartered in Bengaluru, it has
delivered over 75 million sq. ft. of premium
real estate across India’s major cities and
select international markets.
c) It has introduced India’s 1st publicly
listed Real Estate Investment Trust -
Embassy REIT and were instrumental
in bringing WeWork to India.
d) The company is a real estate developer which specializes in the construction and development of residential, commercial, and Special Economic Zone projects across Indian cities, with a strategic focus on Bengaluru, the Mumbai Metropolitan Region, and the National Capital Region.