Embassy Developments Ltd

₹ 56.1 -4.07%

01 Oct - close price

About

Incorporated in 2006, Embassy Developments Ltd is a real estate developer of residential, commercial, and SEZ projects.^[1]

Key Points

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.

Website BSE NSE

Market Cap ₹ 7,806 Cr.
Current Price ₹ 56.1
High / Low ₹ 99.2 / 39.4
Stock P/E
Book Value ₹ 71.0
Dividend Yield 0.00 %
ROCE -2.44 %
ROE -9.19 %
Face Value ₹ 2.00

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Pros

Stock is trading at 0.79 times its book value

Cons

Company has low interest coverage ratio.
Company has a low return on equity of -7.22% over last 3 years.
Promoters have pledged 64.9% of their holding.

* 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 Residential, Commercial Projects

Part of Nifty Microcap 250 Nifty Total Market BSE 1000 Nifty Smallcap 500 BSE Consumer Discretionary BSE 500 BSE 250 SmallCap Index BSE 400 MidSmallCap Index

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	196	96	101	380	490	475	325	889	681	493	213	342	217
	254	119	134	372	514	399	231	881	692	545	365	604	347
Operating Profit	-58	-23	-33	8	-24	76	94	8	-11	-52	-152	-261	-131
OPM %	-29%	-24%	-33%	2.1%	-5.0%	16%	29%	0.9%	-1.6%	-11%	-71%	-76%	-60%
	-616	12	11	22	68	2	4	266	13	44	47	69	25
Interest	1	3	4	150	115	101	106	139	160	135	113	140	119
Depreciation	3	3	3	2	2	5	3	5	7	9	20	13	13
Profit before tax	-677	-16	-28	-122	-73	-27	-11	129	-165	-152	-238	-345	-238
Tax %	0%	11%	36%	-26%	-272%	5%	134%	5%	1%	0%	-2%	-6%	0%
	-679	-18	-38	-99	121	-34	-27	123	-166	-153	-233	-323	-234
EPS in Rs	-12.55	-0.34	-0.71	-1.83	1.93	-0.54	-0.33	1.06	-1.21	-1.11	-1.67	-2.33	-1.68
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	2,641	2,959	2,320	4,503	4,944	3,271	1,521	1,445	587	414	2,180	1,732	1,265
	2,030	2,062	1,667	1,197	3,897	2,472	1,341	1,446	942	839	1,887	2,205	1,861
Operating Profit	611	898	653	3,306	1,047	799	180	-1	-356	-425	293	-473	-596
OPM %	23%	30%	28%	73%	21%	24%	12%	-0.1%	-61%	-103%	13%	-27%	-47%
	95	137	518	229	278	90	140	96	-167	-577	210	173	185
Interest	336	501	561	744	464	481	228	110	28	9	461	550	507
Depreciation	20	69	71	97	17	31	17	12	12	11	15	48	54
Profit before tax	351	464	539	2,694	844	378	75	-27	-563	-1,023	27	-897	-973
Tax %	23%	31%	34%	12%	40%	68%	94%	409%	8%	2%	-643%	-3%
	271	321	357	2,360	504	121	5	-137	-608	-1,038	194	-872	-944
EPS in Rs	5.84	6.41	8.30	49.99	11.19	2.65	0.09	-3.00	-11.23	-19.17	1.63	-6.28	-6.79
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-5%
5 Years:	3%
3 Years:	43%
TTM:	-47%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-1334%

Stock Price CAGR
10 Years:	-5%
5 Years:	-18%
3 Years:	-12%
1 Year:	-43%

Return on Equity
10 Years:	3%
5 Years:	-7%
3 Years:	-7%
Last Year:	-9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	87	95	90	91	90	91	108	108	244	278
Reserves	7,085	3,901	3,956	2,850	2,860	3,467	3,392	3,324	3,122	2,220	9,077	9,590
	6,544	8,903	9,410	7,648	7,033	2,737	1,223	1,329	693	732	4,607	5,322
	3,130	5,226	5,115	9,487	6,209	4,992	4,051	3,007	2,664	2,855	6,552	6,338
Total Liabilities	16,844	18,122	18,568	20,080	16,192	11,287	8,757	7,751	6,587	5,915	20,481	21,528
	112	112	3,787	952	189	135	86	96	83	72	6,089	6,188
CWIP	127	0	1	0	0	0	0	0	0	0	9	1
Investments	5,829	2,989	875	3,859	2,568	132	145	269	157	158	98	165
	10,776	15,021	13,904	15,269	13,434	11,020	8,526	7,385	6,347	5,685	14,284	15,175
Total Assets	16,844	18,122	18,568	20,080	16,192	11,287	8,757	7,751	6,587	5,915	20,481	21,528

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-2,830	973	639	-891	-1,159	-432	853	-248	-343	-97	1,461	44
	-81	235	-541	155	1,784	1,768	971	280	661	96	574	-74
	3,315	-695	-834	2,057	-1,695	-1,890	-1,791	-64	-331	-8	-1,971	629
Net Cash Flow	403	513	-735	1,321	-1,071	-555	33	-31	-13	-10	64	600
Free Cash Flow	-2,882	934	607	-1,100	-1,196	-440	854	-248	-343	-100	1,407	1
CFO/OP	-429%	125%	138%	-20%	-107%	-40%	444%	25,878%	121%	21%	513%	-8%

Ratios

Consolidated / View Standalone

	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	22	408	602	1	20	9	72	69	47	56	9	5
Inventory Days			10,926		2,377	5,051	2,595
Days Payable			432		217	320	126
Cash Conversion Cycle	22	408	11,096	1	2,180	4,740	2,541	69	47	56	9	5
Working Capital Days	692	836	1,095	-56	219	384	764	789	2,186	2,407	937	1,501
ROCE %	6%	7%	7%	27%	13%	11%	5%	2%	-7%	-11%	4%	-2%

Insights

In beta

Mar 2019

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Land Bank
Acres

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Collections
INR Cr

Pre-Sales
INR Cr

Area Sold (New Bookings)
'000 sf

Construction Spend
INR Cr

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Shareholding Pattern

Numbers in percentages

1 Recently

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	43.36%	42.44%	42.66%	42.65%	42.65%	42.65%
	23.59%	23.11%	24.58%	28.90%	30.14%	29.78%	15.93%	28.13%	26.65%	25.30%	24.05%	23.43%
	1.07%	1.78%	0.41%	3.42%	5.02%	5.38%	3.52%	3.66%	3.63%	3.38%	3.25%	3.02%
	75.23%	75.01%	74.89%	67.60%	64.75%	64.73%	37.14%	25.75%	27.01%	28.63%	29.99%	30.85%
	0.11%	0.11%	0.11%	0.09%	0.09%	0.09%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%
No. of Shareholders	3,16,665	3,12,356	3,04,762	3,59,479	3,14,999	2,95,333	2,73,968	2,70,360	2,73,438	2,68,704	2,62,132	2,57,137

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	50.35%	36.93%	38.90%	23.38%	11.99%	0.03%	0.00%	0.00%	43.36%	42.65%	42.65%
	18.08%	24.81%	28.50%	21.09%	15.90%	18.39%	21.43%	24.58%	15.93%	24.05%	23.43%
	2.72%	0.45%	0.32%	0.32%	1.80%	4.86%	1.37%	0.41%	3.52%	3.25%	3.02%
	28.86%	37.81%	32.28%	55.21%	69.63%	76.03%	77.10%	74.89%	37.14%	29.99%	30.85%
	0.00%	0.00%	0.00%	0.00%	0.69%	0.69%	0.11%	0.11%	0.05%	0.04%	0.04%
No. of Shareholders	87,596	96,053	1,17,373	1,05,628	1,53,856	3,10,512	3,14,158	3,04,762	2,73,968	2,62,132	2,57,137

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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