Embassy Developments Limited announced exceptional results for Q3 FY26 (ending December 31, 2025), highlighted by a massive ~240% Quarter-over-Quarter (QoQ) growth in pre-sales, reaching ~INR 1,392 crore. The company also achieved critical regulatory milestones with key RERA approvals, boosting confidence for FY26 guidance. Furthermore, cumulative pre-sales for the 9-month period (9M FY26) grew ~46% YoY.
Q3 FY26 Performance Highlights
Embassy Developments Limited (“EDL”) reported strong sales traction for the third quarter ended December 31, 2025 (Q3 FY26). The key financial highlight was the pre-sales figure of ~INR 1,392 crore for the quarter, marking a substantial ~240% Q-o-Q growth compared to ~INR 409 crore recorded in Q2 FY26. New bookings volume followed suit, reaching ~1,192k sq. ft., up ~193% QoQ from Q2 FY26.
For the cumulative 9M FY26, pre-sales reached ~INR 1,999 crore, representing a ~46% growth over 9M FY25. Total area sold year-to-date stands at ~1,805k sq. ft., showing a ~36% YoY increase.
Collections and Execution Alignment
Cash collections for Q3 FY26 were ~INR 414 crore, reflecting a ~15% QoQ growth over the previous quarter. Cumulative collections for 9M FY26 totaled ~INR 1,096 crore. Construction spending during the quarter stood at ~INR 401 crore, resulting in a strong spend-to-collections ratio of ~97%. Total construction spend for the nine months was ~INR 868 crore, representing approximately ~79% of collections.
Key Project Milestones and Pipeline
During the quarter, the Company achieved significant launches, including two residential projects—Embassy Greenshore and Embassy Eden (both in North Bengaluru)—along with the 2.7 msf commercial project Embassy East Business Park Phase I in East Bengaluru. These launches collectively represent an estimated Gross Development Value (GDV) of over INR 6,500 crore.
- Embassy Greenshore has already secured pre-sales of ~INR 804 crore against a total GDV of ~INR 1,600 crore.
- Embassy Eden (GDV of ~INR 1,800 crore) showed higher-than-anticipated pricing realisations post-launch in December.
- Upcoming Q4 FY26 launches include Embassy Citadel in Worli (~INR 8,800 crore GDV), Embassy Verde Phase 2 (~INR 700 crore GDV), Embassy Serenity in Alibaug (~INR 400 crore GDV), and the DM project Embassy Sky Terraces (~INR 2,600 crore GDV).
Additionally, the Company received the Occupancy Certificate for 239 apartments at Serene Amara, a senior living project developed via a joint venture in Bengaluru.
Balance Sheet Strength
As of December 31, 2025, Embassy Developments maintained a prudent balance sheet. Gross institutional debt was ~INR 3,700 crore (0.36x Debt/Equity), while net institutional debt stood at ~INR 3,000 crore (0.29x Net Debt/Equity). Cash and cash equivalents were reported at ~INR 670 crore. The company’s portfolio holds an estimated project surplus of ~INR 28,200 crore, supported by a net operational cash margin of ~47.5% across its development pipeline.
Management Commentary
Aditya Virwani, Managing Director, stated that “Q3 reflects the transition of Embassy Developments into a scaled, execution-led platform.” He expressed confidence in delivering FY26 guidance due to strong pre-sales momentum, key RERA approvals, and healthy cash flows, while continuing to expand presence across Mumbai and Bengaluru.
Source: BSE
