Embassy Developments Ltd
₹ 52.8
4.99%
09 Apr
- close price
About
Incorporated in 2006, Embassy Developments Ltd is a real estate developer of residential, commercial, and SEZ projects.[1]
Key Points
- Market Cap ₹ 7,350 Cr.
- Current Price ₹ 52.8
- High / Low ₹ 128 / 39.4
- Stock P/E
- Book Value ₹ 73.8
- Dividend Yield 0.00 %
- ROCE 3.19 %
- ROE 2.53 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Stock is trading at 0.72 times its book value
- Company is expected to give good quarter
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -7.79% over past five years.
- Company has a low return on equity of -9.83% over last 3 years.
- Company might be capitalizing the interest cost
- Promoters have pledged 47.8% of their holding.
- Earnings include an other income of Rs.370 Cr.
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,736 | 2,641 | 2,959 | 2,320 | 4,503 | 4,944 | 3,271 | 1,521 | 1,445 | 587 | 1,188 | 2,180 | 2,276 | |
| 1,225 | 2,030 | 2,062 | 1,667 | 1,197 | 3,897 | 2,472 | 1,341 | 1,446 | 942 | 1,182 | 1,887 | 2,483 | |
| Operating Profit | 511 | 611 | 898 | 653 | 3,306 | 1,047 | 799 | 180 | -1 | -356 | 6 | 293 | -207 |
| OPM % | 29% | 23% | 30% | 28% | 73% | 21% | 24% | 12% | -0% | -61% | 1% | 13% | -9% |
| 64 | 95 | 137 | 518 | 229 | 278 | 90 | 140 | 96 | -167 | 29 | 210 | 370 | |
| Interest | 220 | 336 | 501 | 561 | 744 | 464 | 481 | 228 | 110 | 28 | 556 | 461 | 548 |
| Depreciation | 21 | 20 | 69 | 71 | 97 | 17 | 31 | 17 | 12 | 12 | 7 | 15 | 41 |
| Profit before tax | 334 | 351 | 464 | 539 | 2,694 | 844 | 378 | 75 | -27 | -563 | -527 | 27 | -426 |
| Tax % | 39% | 23% | 31% | 34% | 12% | 40% | 68% | 94% | 409% | 8% | -8% | -643% | |
| 203 | 271 | 321 | 357 | 2,360 | 504 | 121 | 5 | -137 | -608 | -517 | 194 | -429 | |
| EPS in Rs | 5.28 | 5.84 | 6.41 | 8.30 | 49.99 | 11.19 | 2.65 | 0.09 | -3.00 | -11.23 | -9.18 | 1.63 | -2.94 |
| Dividend Payout % | 57% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | -2% |
| 5 Years: | -8% |
| 3 Years: | 15% |
| TTM: | 36% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | -8% |
| 5 Years: | -7% |
| 3 Years: | 39% |
| TTM: | -1125% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 0% |
| 5 Years: | -8% |
| 3 Years: | -3% |
| 1 Year: | -47% |
| Return on Equity | |
|---|---|
| 10 Years: | 8% |
| 5 Years: | -6% |
| 3 Years: | -10% |
| Last Year: | 3% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 85 | 85 | 92 | 87 | 95 | 90 | 91 | 90 | 91 | 108 | 108 | 244 | 274 |
| Reserves | 6,789 | 7,085 | 3,901 | 3,956 | 2,850 | 2,860 | 3,467 | 3,392 | 3,324 | 3,122 | -1,555 | 9,077 | 9,984 |
| 2,977 | 6,544 | 8,903 | 9,410 | 7,648 | 7,033 | 2,737 | 1,223 | 1,329 | 693 | 7,749 | 4,594 | 4,714 | |
| 3,617 | 3,130 | 5,226 | 5,115 | 9,487 | 6,209 | 4,992 | 4,051 | 3,007 | 2,664 | 3,637 | 6,572 | 5,885 | |
| Total Liabilities | 13,469 | 16,844 | 18,122 | 18,568 | 20,080 | 16,192 | 11,287 | 8,757 | 7,751 | 6,587 | 9,939 | 20,488 | 20,857 |
| 304 | 112 | 112 | 3,787 | 952 | 189 | 135 | 86 | 96 | 83 | 3,737 | 6,089 | 5,929 | |
| CWIP | 88 | 127 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 0 |
| Investments | 5,566 | 5,829 | 2,989 | 875 | 3,859 | 2,568 | 132 | 145 | 269 | 157 | 867 | 98 | 298 |
| 7,510 | 10,776 | 15,021 | 13,904 | 15,269 | 13,434 | 11,020 | 8,526 | 7,385 | 6,347 | 5,335 | 14,291 | 14,630 | |
| Total Assets | 13,469 | 16,844 | 18,122 | 18,568 | 20,080 | 16,192 | 11,287 | 8,757 | 7,751 | 6,587 | 9,939 | 20,488 | 20,857 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 578 | -2,830 | 973 | 639 | -891 | -1,159 | -432 | 853 | -248 | -343 | -97 | 1,461 | |
| -1,337 | -81 | 235 | -541 | 155 | 1,784 | 1,768 | 971 | 280 | 661 | 96 | 507 | |
| 529 | 3,315 | -695 | -834 | 2,057 | -1,695 | -1,890 | -1,791 | -64 | -331 | -8 | -1,971 | |
| Net Cash Flow | -230 | 403 | 513 | -735 | 1,321 | -1,071 | -555 | 33 | -31 | -13 | -10 | -3 |
| Free Cash Flow | 551 | -2,882 | 934 | 607 | -1,100 | -1,196 | -440 | 854 | -248 | -343 | -100 | 1,461 |
| CFO/OP | 129% | -429% | 125% | 138% | -20% | -107% | -40% | 444% | 25,878% | 121% | -1,450% | 498% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 21 | 22 | 408 | 602 | 1 | 20 | 9 | 72 | 69 | 47 | 72 | 9 |
| Inventory Days | 6,711 | 10,926 | 2,377 | 5,051 | 2,595 | |||||||
| Days Payable | 209 | 432 | 217 | 320 | 126 | |||||||
| Cash Conversion Cycle | 6,522 | 22 | 408 | 11,096 | 1 | 2,180 | 4,740 | 2,541 | 69 | 47 | 72 | 9 |
| Working Capital Days | 611 | 692 | 836 | 1,095 | -56 | 219 | 384 | 764 | 789 | 2,186 | -505 | 935 |
| ROCE % | 6% | 6% | 7% | 7% | 27% | 13% | 11% | 5% | 2% | -7% | 1% | 3% |
Insights
In beta| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pre-Sales Value INR Cr |
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| Total Development Portfolio msf |
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| New Sales Area (Area Sold) msf |
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| Total Collections INR Cr |
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| Total Land Bank Acres |
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Documents
Announcements
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Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - Sale Of Subsidiary Company
4m - Embassy Developments to sell Sepset, owner of Jodhpur Mega Mall, for ₹100 crore.
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Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('SEBI LODR Regulations')
1d - Shares moved to ASM Stage 1 from April 10; NCLAT stay on CIRP continues, next hearing April 17.
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Corporate Insolvency Resolution Process (CIRP)-Updates - Corporate Insolvency Resolution Process (CIRP)
1d - NCLAT stay on CIRP continues; shares moved to ASM Stage 1 from April 10, 2026.
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Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015, As Amended.
9 Apr - Q4 FY26 pre-sales rose 89% to INR 2,632 crore; FY26 pre-sales reached INR 4,631 crore.
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Voluntary Strike-Off Of Non-Operational Step-Down Subsidiary Of The Company
6 Apr - Non-operational step-down subsidiary Apesh Real Estate Limited struck off on April 06, 2026.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
from nse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
Concalls
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Feb 2026TranscriptPPTREC
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Nov 2025TranscriptAI SummaryPPT
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Aug 2025TranscriptAI SummaryPPT
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Jun 2025TranscriptAI SummaryPPT
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May 2025TranscriptAI SummaryPPT
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Feb 2025TranscriptAI SummaryPPT
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Oct 2024TranscriptAI SummaryPPT
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Jun 2024TranscriptAI SummaryPPT
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Apr 2024TranscriptAI SummaryPPT
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Oct 2023TranscriptAI SummaryPPT
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Aug 2023TranscriptAI SummaryPPT
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Aug 2023TranscriptAI SummaryPPT
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Feb 2023TranscriptAI SummaryPPT
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Jun 2022TranscriptPPT
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Feb 2022TranscriptAI SummaryPPT
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Jan 2022TranscriptAI SummaryPPT
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Nov 2017TranscriptAI SummaryPPT
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Sep 2017TranscriptAI SummaryPPT
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.