Embassy Developments Limited (EDL) reported a robust Q3 FY26, achieving ₹1,392 Cr in pre-sales, marking a 240% increase QoQ. The company launched two residential projects, Embassy Greenshore and Embassy Eden, with strong initial traction. Furthermore, the commercial segment saw the launch of the 2.7 million sq. ft. Embassy East Business Park. Despite strong operations, consolidated EBITDA was negative at (₹101 Cr) due to legacy project costs, while the company remains focused on execution and brand building in Mumbai.
Embassy Developments Limited (EDL) announced its Investor Update for the quarter ended December 31, 2025, highlighting significant operational performance and key strategic steps, including a group-wide rebranding effort.
Q3 FY2026 Business Highlights
The quarter showed exceptional growth in sales momentum:
- Pre-Sales: Achieved ₹1,392 Cr, a massive 240% increase over Q2 FY26 (₹409 Cr). Cumulative 9MFY26 Pre Sales stood at ₹1,999 Cr, reflecting a 46% YoY growth.
- New Bookings (Area Sold): Volume reached 1,192k Sq Ft in Q3 FY26, up 193% QoQ. 9M FY26 total area sold was 1,805k Sq Ft, a 36% YoY increase.
- Collections: Totaled ₹414 Cr in Q3 FY26, showing a 15% QoQ growth. However, cumulative 9MFY26 collections dipped 24% YoY to ₹1,096 Cr.
- Construction Spend: ₹401 Cr was spent in Q3 FY26, maintaining a high spends-to-collections ratio of ~97% for the quarter.
- Possessions: Received Occupation Certificate (OC) for 239 apartments at the Serene Amara senior living project in Bengaluru.
Key Launches in Q3 FY26
EDL successfully launched new residential projects and made strides in commercial development:
- Embassy Greenshore, Bengaluru: Launched with a Gross Development Value (GDV) of ~₹1,600 Cr; achieved pre-sales of ₹804 Cr in the quarter.
- Embassy Eden, Bengaluru: Launched with a GDV of ~₹1,800 Cr; achieved pre-sales of ₹286 Cr in the quarter.
- Embassy East Business Park, Bengaluru: Launched its first phase comprising 2.7 million square feet of institutional-grade commercial assets, with an estimated GDV of ~₹3.1K Cr.
- Future Launch Readiness: Embassy Citadel, Worli (Mumbai), with an estimated GDV of over ~₹8,800 Cr, received RERA approval in December 2025 and is slated for a Q4 FY26 launch.
Financial Performance and Capitalization
While operations were strong, consolidated financial results reflected costs from legacy portfolios:
- Consolidated EBIDTA: Stood at negative (₹101 Cr) for Q3 FY26, primarily due to higher Cost of Goods Sold on two legacy projects from the erstwhile Indiabulls Real Estate portfolio (Vizag and Thane Phase I).
- Project Surplus: Estimated project surplus across all projects stands at ~₹28.2k Cr, with a net operational Cash Margin of ~47.5%.
- Debt Position: Gross Institutional Debt is ~₹3.7k Cr, resulting in a Debt to Equity ratio of 0.36x, based on total equity of ~₹10.3k Cr.
- Cash: Closing cash and bank balance stood at ₹670 Cr for both Q3 FY26 and 9M FY26.
Update on Insolvency Proceedings
Regarding the matter involving the erstwhile Indiabulls Real Estate entity, the Company confirmed receiving an unconditional stay from the National Company Law Appellate Tribunal (NCLAT) on the NCLT admission order dated December 9, 2025. Final arguments are scheduled for February 19, 2026. Management assures stakeholders that business continuity is unaffected and adequate financial capacity exists to address the claim.
Geographical Footprint and Future Outlook
EDL maintains a diverse footprint across 8 cities, managing over 38+ million sq. ft. in its portfolio. The company’s fully paid land bank totals 3,116 acres, offering strategic flexibility. The management is focused on accelerating Q4 pre-sales momentum and establishing the Embassy brand in the Mumbai market. Planned future developments total 30.3 msf with a GDV of ~₹24,200 Cr.
Source: BSE
