Embassy Developments Limited announced its unaudited financial results for the quarter ended December 31, 2025. The company reported a standalone Net Loss of ₹739.63 million for the quarter. The report also details the post-acquisition accounting treatment following the reverse merger with NAM Estates Private Limited, effective January 24, 2025, and provides updates on pending legal proceedings, including the stay on the Corporate Insolvency Resolution Process (CIRP).
Embassy Developments Limited (formerly Equinox India Developments Limited and earlier Indiabulls Real Estate Limited) released its outcome following the Board meeting held on February 09, 2026.
Standalone Financial Performance (Quarter Ended Dec 31, 2025)
The company reported the following key figures for the quarter ended December 31, 2025, compared to the previous year:
- Total Income: Standalone Total Income was ₹501.89 million, compared to ₹2,986.37 million in Q3 FY2024.
- Standalone Loss Before Tax: The Loss before tax stood at (₹810.26 million).
- Standalone Loss After Tax: The resulting Loss after tax for the quarter was (₹739.63 million).
- Total Comprehensive Loss: The Total Comprehensive Loss for the period was (₹745.54 million).
Basic Earnings/(Loss) per share for the quarter stood at (₹0.53).
Consolidated Financial Performance (Quarter Ended Dec 31, 2025)
The consolidated results, which include subsidiaries, partnerships, and joint ventures, reflected significant activity due to the amalgamation:
- Total Income: Consolidated Total Income was ₹2,640.19 million for the quarter.
- Consolidated Loss Before Tax: The Loss before tax reached (₹2,342.64 million).
- Consolidated Loss After Tax: The consolidated Loss after tax attributable to Equity Holders of the Company was (₹2,331.36 million).
- Total Comprehensive Loss: The Total Comprehensive Loss for the quarter was (₹2,406.04 million).
The Group’s business segment is reported as a single geographical segment focused on real estate development and related services, primarily operating in India.
Significant Corporate and Accounting Updates
Reverse Merger Accounting
The results reflect the effect of the scheme of amalgamation approved by the NCLAT on January 7, 2025, between NAM Estates Private Limited (“NAM”) and EDL, effective January 24, 2025. Due to this reverse acquisition, the standalone results represent the continuation of NAM’s financial results, with EDL’s capital structure change reflected.
For the year ended March 31, 2025, the results comprised two months of EDL’s operation and twelve months of NAM’s operation.
Warrant Forfeiture
During the quarter ended December 31, 2025, 47.53 million convertible warrants lapsed. Consequently, the upfront subscription money of ₹1,324.95 million paid at allotment was forfeited and transferred to Capital Reserve.
Labour Code Impact
In relation to the four new Labour Codes notified in November 2025, the incremental impact amounting to ₹43.77 million was recognized and disclosed as an “Exceptional item” in the consolidated results.
Legal Proceedings Update
An appeal was filed against the CIRP initiation order dated December 9, 2025. An order from the NCLAT on December 11, 2025, stayed the CIRP and IRP appointment pending a hearing scheduled for February 19, 2026. Management assessment, based on legal advice, suggests no material impact is expected on the financial position from these proceedings.
Subsidiary Updates
Subsidiaries Serpentes Constructions Limited and Albasta Developers Limited were struck off the Registrar of Companies records effective January 27, 2026. Furthermore, the foreign subsidiary Brenformexa Limited warranted attention due to an uncertainty regarding the recoverability of Rs. 6,290.7 million (USD 76.513 million), which has since been written off against a prior impairment provision.
Source: BSE
