Embassy Developments Limited approved its unaudited standalone and consolidated financial results for the quarter ended December 31, 2025, following a Board meeting on February 09, 2026. The standalone results showed a significant net loss of ₹739.63 million for the quarter. The consolidated results indicated a net loss of ₹2,406.04 million for the same period. The company also confirmed that the trading window will close until February 11, 2026.
Board Approval and Disclosure Timeline
Embassy Developments Limited (formerly Equinox India Developments Limited and earlier Indiabulls Real Estate Limited) announced the outcome of its Board of Directors meeting held on February 09, 2026. The Board reviewed and approved the unaudited financial results (standalone and consolidated) for the quarter ended December 31, 2025. The statutory auditors have issued their Limited Review Reports for both standalone and consolidated results.
Standalone Financial Performance Highlights (Q3 FY2026)
The standalone financial statement for the quarter ended December 31, 2025, showed the following key figures (Rs. in millions):
- Total Income: 501.89 million
- (Loss)/ Profit before tax: (810.26) million
- (Loss)/ Profit after tax: (739.63) million
- Total Comprehensive Loss for the period: (745.54) million
- Basic (Loss) per share: (0.53)
Consolidated Financial Performance Highlights (Q3 FY2026)
The consolidated results encompassing the Group’s entities demonstrated a larger loss profile for the quarter ending December 31, 2025 (Rs. in millions):
- Total Income: 2,640.19 million
- (Loss)/ Profit before tax: (2,386.41) million
- (Loss)/ Profit after tax attributable to Equity holders: (2,331.36) million
- Total Comprehensive Loss for the period: (2,406.04) million
Key Notes and Adjustments
Reverse Merger Accounting Treatment
Following the amalgamation scheme approved by the NCLAT effective January 24, 2025, the business acquisition was treated as a reverse acquisition, with NAM as the accounting acquirer. Consequently, the standalone results for the year ended March 31, 2025, included two months of EDL’s operation and twelve months of NAM’s operation. The consolidated results for the same period reflect a similar treatment, incorporating results from EDL’s 174 subsidiaries post-acquisition date.
Warrant Forfeiture
During the quarter, 47.53 million convertible warrants were unexercised and lapsed. The associated upfront subscription money of Rs 1,324.95 millions was forfeited and transferred to Capital Reserve, in accordance with regulatory provisions.
Regulatory Impact (Labour Codes)
The implementation of the four new Labour Codes notified in November 2025 resulted in an incremental impact of Rs 43.77 millions recognized as an ‘Exceptional item’ in the consolidated results.
Contingent Liability (STPL Guarantee)
The Board noted the ongoing proceedings related to the corporate guarantee invoked concerning the former subsidiary, STPL. While the CIRP was initiated via an NCLT order dated December 9, 2025, the subsequent stay granted by the NCLAT on December 11, 2025, is pending. Management assessed that no material liability is expected to devolve on the Company based on legal advice.
Insider Trading Window Closure
In compliance with regulations, the trading window for designated persons will remain closed up to and including February 11, 2026.
Source: BSE
