Embassy Developments logo

Embassy Developments

EMBDL NSE

Key Fundamentals

MicrocapResidential Commercial ProjectsRealty
Market Cap
₹7,732 Cr
Volatility
Moderate
P/E Ratio
-8.5
EBITDA
₹-300 Cr
Return on Equity
-8.77%
Debt to Equity
0.54
Book Value
₹70.96
52W High
₹105.7
52W Low
₹39.46

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Stock is trading at 0.78 times its book value

Weaknesses

3
  • 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.

Growth Rate

Revenue Growth
-25.2% lower than 3Y
Net Income Growth
-531% lower than 3Y
Cash Flow Change
-96.96% lower than 3Y
ROE
-502% lower than 3Y
ROCE
-162% lower than 3Y
EBITDA Margin (Avg.)
-176% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

Embassy Developments Ltd (formerly Indiabulls Real Estate) trades at a market cap of ~₹8,562 Cr with a price-to-book of 0.87x, reflecting deep skepticism despite a turnaround to ₹203 Cr consolidated profit in FY25 from a loss of ₹5,272 Cr the prior year. The stock has declined 42% over the past year, weighed down by negative ROE of -9% last year, high promoter pledge at 64.9%, and low interest coverage, even as pre-sales grew 128% YoY to ₹4,631 Cr in FY26.

Bull Case 7
  • Stock trades at 0.87x book value, offering a meaningful discount to replacement cost of its land bank and development portfolio
  • Consolidated profit turned positive at ₹273 Cr PBT in FY25 versus a loss of ₹5,272 Cr in FY24, signaling an operational turnaround post-merger with NAM Estates
  • FY26 residential pre-sales reached ₹4,631 Cr, a 128% YoY growth achieving 93% of the ₹5,000 Cr guidance
  • Company has set an aggressive FY27 pre-sales target of ₹8,000 Cr (~73% growth) backed by a ₹19,400 Cr launch pipeline
  • GDV target of ₹22,000 Cr for FY26 with six project launches aggregating ~₹16,300 Cr GDV completed during the year
  • FY26 total collections stood at ~₹1,721 Cr (projects + land monetisation), with Q4 collections rising 39% QoQ to ₹577 Cr
  • Compounded sales growth of 43% over the last 3 years reflects revenue scaling post-restructuring
Bear Case 8
  • Promoters have pledged 64.9% of their holding, creating significant equity overhang and governance risk
  • Return on equity averaged -6.55% over the last 3 years and stood at -9% in the most recent year, indicating sustained value destruction
  • Stock has declined 42% over 1 year and delivered -4% CAGR over 10 years, showing persistent long-term wealth erosion
  • TTM revenue declined 21% and TTM profit growth was -977%, indicating the turnaround is uneven and not yet sustained
  • Low interest coverage ratio with net institutional debt of ₹2,939 Cr as of Q3 FY26, constraining financial flexibility
  • Negative trailing PE of -9.8x means the company is still loss-making on a trailing basis despite one-off quarterly profits
  • Zero dividend yield reflects no capital return to shareholders and prioritization of debt servicing
  • FY26 pre-sales missed the ₹5,000 Cr target by 7% due to RERA approval delays in Bengaluru, highlighting execution and regulatory risk

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Headwinds 1
  • High-cost NCD issuance at 11% Jul 15

    Embassy Developments allotted 1,02,000 NCDs worth ₹1,020 crore on private placement at a coupon rate of 11% per annum, indicating elevated borrowing costs.

Positives 2
  • Pre-sales surge 338% in Q1 Jul 7

    Pre-sales jumped 338% YoY to ₹868 crore in Q1 FY27, while collections rose 54% to ₹496 crore, signaling strong demand momentum.

  • Promoter pledge releases continue Jul 15

    Promoter group EPDPL released pledge over 1 crore equity shares, following an earlier release of 2 crore shares on June 9, 2026, reducing total pledged holdings.

Neutral 2
  • No encumbrance on promoter shares Jul 7

    Promoters declared no encumbrance on shares for FY26 under SEBI SAST Regulations, confirming clean holding structure.

  • Analyst meet hosted July 9 Jul 6

    Embassy Developments held an analyst meet in Mumbai on July 9, 2026, organized by JM Financial, covering publicly available information.

TL;DR: Embassy Developments is delivering exceptional sales growth with Q1 FY27 pre-sales up 338% YoY and improving promoter pledge dynamics. The key risk is elevated debt cost, evidenced by ₹1,020 crore NCD issuance at 11% coupon. The operational trend is strongly improving, but investors should monitor leverage levels as the company scales its project pipeline.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
196
96
101
380
490
475
325
889
681
493
213
342
217
Expenses
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%
16%
29%
0.9%
-1.6%
-11%
-71%
-76%
-60%
Other Income
-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
PBT
-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%
Net Profit
-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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,641
2,959
2,320
4,503
4,944
3,271
1,521
1,445
587
414
2,180
1,732
1,265
Expenses
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%
Other Income
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
PBT
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%
—
Net Profit
271
321
357
2,360
504
121
5
-137
-608
-1,038
194
-872
-944
EPS in Rs
5.84
6.41
8.3
49.99
11.19
2.65
0.09
-3
-11.23
-19.17
1.63
-6.28
-6.79
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Borrowings
6,544
8,903
9,410
7,648
7,033
2,737
1,223
1,329
693
732
4,607
5,322
Other Liabilities
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
Fixed Assets
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
Other Assets
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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-2,830
973
639
-891
-1,159
-432
853
-248
-343
-97
1,461
44
Investing
-81
235
-541
155
1,784
1,768
971
280
661
96
574
-74
Financing
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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs3.02%Promot.42.65%Others8.75%Public22.14%FIIs23.43%As ofJun 2026
64.80% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Embassy Developments

What does Embassy Developments Ltd do?
Incorporated in 2006, Embassy Developments Ltd is a real estate developer of residential, commercial, and SEZ projects.[1]
Where is Embassy Developments Ltd (EMBDL) listed?
Embassy Developments Ltd trades as EMBDL on the NSE and under code 532832 on the BSE.
Which sector does Embassy Developments Ltd belong to?
Embassy Developments Ltd is classified under the Realty sector, in the Residential Commercial Projects industry.
What is the market capitalisation of Embassy Developments Ltd?
Embassy Developments Ltd has a market capitalisation of ₹7,732 Cr, which places it in the Mid Cap band.
What is the PE ratio of Embassy Developments Ltd?
Embassy Developments Ltd trades at a PE ratio of -8.50, against a book value of ₹70.96 per share.
What is the 52-week high and low of Embassy Developments Ltd?
Over the last 52 weeks Embassy Developments Ltd has traded between ₹39.46 and ₹105.7.
What is the Return on Equity (ROE) of Embassy Developments Ltd?
Embassy Developments Ltd reported a return on equity of -8.77%. Its debt-to-equity ratio is 0.54.

Company Information

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

Website embassyindia.com
CEO Mr. Sachin Chittaranjan Shah
Employees 243
Listed 2007-03-23
Face Value ₹ 2
Issued Size 1,39,06,33,433

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