Embassy Developments (EMBDL) Q3 25/26 earnings summary

Executive summary

• Completed merger of Indiabulls Real Estate and Embassy Group's NAM Estates, forming a pan-India platform with presence in eight cities and a portfolio of 40+ projects totaling 38 million sq ft; business combination accounted as a reverse acquisition, with NAM as the accounting acquirer.

• Q3 FY26 saw robust operational and commercial performance, with pre-sales of INR 1,392 crore, up 240% sequentially, driven by strong launches and pricing at Embassy Greenshore and Embassy Eden.

• Four new launches are planned for Q4, targeting a total FY26 GDV of over INR 19,000 crore and aiming to meet the FY26 pre-sales guidance of INR 5,000 crore.

• Six previously delayed residential projects reached handover, restoring confidence and enabling 3,300 families to take possession.

• A rebranding initiative was completed, including a new logo and Mumbai market entry campaign.

Financial highlights

• Consolidated Q3 FY26 total income: ₹2,640.19 million; net loss: ₹2,337.17 million; nine-month loss: ₹5,519.80 million.

• Q3 FY26 pre-sales: INR 1,392 crore, up 240% quarter-on-quarter; 9M FY26 pre-sales reached INR 1,999 crore, up 46% YoY; area sold was 1,805k sq ft, up 36% YoY.

• Q3 FY26 consolidated EBITDA was negative INR 101 crore, mainly due to higher costs from legacy projects and advance CAM payments.

• Cash and bank balance at Q3 end: INR 670 crore; net institutional debt-to-equity ratio: 0.29x.

• Share warrant money received: ₹1,551.76 million in Q3 and ₹14,058.25 million for nine months; ₹1,324.95 million forfeited due to lapsed warrants.

Outlook and guidance

• Targeting INR 5,000 crore pre-sales for FY 2026, with strong visibility from recent and upcoming launches; FY26-FY28 outlook includes ~INR 21,000 crore in new launches and ~INR 19,500 crore in pre-sales.

• GDV of launched projects in FY 2026 expected to exceed INR 19,000 crore; three-year launch pipeline aggregates to INR 41,000 crore GDV, with total company GDV at INR 52,000 crore.

• Focus on cash flow generation, surplus visibility, and maintaining balance sheet discipline.

• Five launches deferred to next fiscal year; focus remains on sales momentum and execution.

• Management expects no material impact from ongoing legal proceedings.