Embassy Developments
- P/E
- Not meaningful: loss-making over the last twelve months
Key Fundamentals
MicrocapRealtyConsumer DiscretionaryPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- −2.44%
- Debt to Equity
- 0.54
- EPS (TTM)
- −₹6.79
- Book Value
- ₹71.89
- Market Cap
- —
- P/E (TTM)
- Not meaningful: loss-making over the last twelve months
- P/B
- 0.72
- ROE
- −9.19%
- Dividend Yield
- 0.00%
- EBITDA
- −₹300 Cr
- 52W High
- ₹93.64
- 52W Low
- ₹39.46
- Volume
- 0
Peer Comparison
Consumer Discretionary › Realty › Residential Commercial Projects › Residential, Commercial Projects
| ₹720.00 | 39.02 | ₹1,76,861 Cr | 3.91 | 1.13% | 9.50% | 6.32% | ₹6,375 Cr | ₹4,567 Cr | |
| ₹1,122.00 | 27.17 | ₹1,09,477 Cr | 4.51 | 0.40% | 15.50% | 16.40% | ₹18,181 Cr | ₹4,129 Cr | |
| ₹2,079.50 | 58.10 | ₹73,757 Cr | 8.17 | 0.12% | 11.00% | 12.40% | ₹4,545 Cr | ₹1,629 Cr | |
| ₹1,580.00 | 59.74 | ₹67,457 Cr | 4.18 | 0.13% | 7.53% | 10.40% | ₹13,053 Cr | ₹1,265 Cr | |
| ₹1,710.90 | 23.64 | ₹61,958 Cr | 3.26 | 0.24% | 14.60% | 17.30% | ₹6,214 Cr | ₹2,632 Cr | |
| ₹1,739.00 | 32.73 | ₹51,392 Cr | 2.71 | 0.60% | 8.82% | 7.63% | ₹5,203 Cr | ₹1,591 Cr | |
| ₹541.10 | 25.40 | ₹17,553 Cr | 2.47 | 0.38% | 10.50% | 10.50% | ₹5,532 Cr | ₹784 Cr | |
| Embassy Developments (this company) | ₹52.02 | — | ₹7,003 Cr | 0.72 | 0.00% | −9.19% | −2.44% | ₹1,265 Cr | −₹943 Cr |
| Median 8 companies | ₹1,351.00 | 32.73 | ₹64,707 Cr | 3.59 | 0.31% | 10.00% | 10.45% | ₹5,873 Cr | ₹1,610 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 91/100
Category scores
- Quality
- 12
- Poor
- Returns, margins, earnings quality 22% weight
- Valuation
- 48
- Average
- Cheap vs sector & own history 24% weight
- Growth
- 1
- Poor
- Sales & profit trajectory 9% weight
- Financial Health
- 27
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 15
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 61
- Good
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Stock is trading at 0.79 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.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 10 | 6 | 3 |
| Oscillators | Bearish | 2 | 6 | 1 |
| Moving Averages | Strong Bearish | 8 | 0 | 2 |
Oscillators
Bearish
Overall
Strong Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 45.35
- Neutral
- MACD (12,26,9)
- −1.50
- Bullish
- SMA (50)
- 56.16
- Bearish
- SMA (200)
- 59.44
- Bearish
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | −5.21% |
|---|---|
| 5Y | +2.63% |
| 3Y | +43.43% |
| 1Y | −20.55% |
| TTM | −46.62% |
Net profit
| 10Y | Turned to loss |
|---|---|
| 5Y | Turned to loss |
| 3Y | Loss widened by ₹264 Cr |
| 1Y | Turned to loss |
| TTM | Loss widened by ₹839 Cr |
Operating cash flow
| 10Y | −26.63% |
|---|---|
| 5Y | −44.73% |
| 3Y | Turned positive |
| 1Y | −96.99% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | −57.66 pp |
|---|---|
| 5Y | −39.14 pp |
| 3Y | +33.34 pp |
| 1Y | −40.75 pp |
| TTM | −54.16 pp |
Revenue by year
| Mar 2017 | ₹2,320 Cr |
|---|---|
| Mar 2018 | ₹4,503 Cr |
| Mar 2019 | ₹4,944 Cr |
| Mar 2020 | ₹3,271 Cr |
| Mar 2021 | ₹1,521 Cr |
| Mar 2022 | ₹1,445 Cr |
| Mar 2023 | ₹587 Cr |
| Mar 2024 | ₹414 Cr |
| Mar 2025 | ₹2,180 Cr |
| Mar 2026 | ₹1,732 Cr |
Net profit by year
| Mar 2017 | ₹357 Cr |
|---|---|
| Mar 2018 | ₹2,360 Cr |
| Mar 2019 | ₹504 Cr |
| Mar 2020 | ₹121 Cr |
| Mar 2021 | ₹5.00 Cr |
| Mar 2022 | −₹137 Cr |
| Mar 2023 | −₹608 Cr |
| Mar 2024 | −₹1,038 Cr |
| Mar 2025 | ₹194 Cr |
| Mar 2026 | −₹872 Cr |
AI Analysis — Bull vs Bear
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.
- 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
- 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
- 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
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.
- 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.
- 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.
- 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.
Quarterly Results
₹ Cr| Particulars | 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 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 196 | 96 | 101 | 380 | 490 | 475 | 325 | 889 | 681 | 493 | 213 | 342 | 217 | 292 |
| Expenses | 254 | 119 | 134 | 372 | 514 | 399 | 231 | 881 | 692 | 545 | 365 | 604 | 347 | 442 |
| Operating Profit | −58 | −23 | −33 | 8 | −24 | 76 | 94 | 8 | −11 | −52 | −152 | −261 | −131 | −150 |
| OPM % | −29% | −24% | −33% | 2.1% | −5% | 16% | 29% | 0.9% | −1.6% | −11% | −71% | −76% | −60% | −51% |
| 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 | 136 |
| Depreciation | 3 | 3 | 3 | 2.9 | 2.84 | 3.05 | 2.18 | 5 | 7 | 9 | 20 | 13 | 13 | 14 |
| PBT | −677 | −16 | −28 | −122 | −73 | −27 | −11 | 129 | −165 | −152 | −238 | −345 | −238 | −279 |
| Tax % | 0% | 11% | 36% | −26% | −272% | 5% | 134% | 5% | 1% | 0% | −2% | −6% | 0% | −3% |
| Net Profit | −679 | −18 | −38 | −99 | 121 | −34 | −27 | 123 | −166 | −153 | −233 | −323 | −234 | −271 |
| EPS (₹) | −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 | — |
Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 549 | 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 (₹) | 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% | — |
Balance Sheet
₹ Cr| Particulars | 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 |
| 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 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | 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 | Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number. | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Embassy Developments insights
63 extracted metrics across FY11–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026Transcript PPT
- Concall · May 2026Transcript
- Q3 FY26 concall · Feb 2026Transcript PPT Recording
- Concall · Nov 2025PPT
- 7 Dec 2023
- 7 Jun 2023
- 31 Mar 2023
- 22 Sep 2022
- 15 Sep 2022
- General announcements 3 Nov 2026
- General announcements 3 Nov 2026
- General announcements 29 Oct 2026
Frequently Asked Questions about Embassy Developments
What does Embassy Developments Ltd do?
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Company Information
Incorporated in 2006, Embassy Developments Ltd is a real estate developer of residential, commercial, and SEZ projects.
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