Embassy Developments Ltd

Financial Performance

• Revenue from operations: INR 217 crores in Q1 FY27; INR 681 crores in Q1 FY26
• Total income: INR 241 crores in Q1 FY27 vs INR 694 crores prior year
• EBITDA: negative INR 106 crores vs positive INR 2 crores in Q1 FY26
• Net loss: INR 234 crores vs INR 166 crores in Q1 FY26
• Collections: INR 496 crores in Q1 FY27, up 54% YoY
• FY27 collections guidance reaffirmed: approximately INR 3,000 crores

Portfolio and Execution

• Ongoing residential inventory: ~INR 10,500 crores; completed OC inventory ~INR 400 crores
• Fresh launches pipeline: GDV ~INR 19,400 crores
• OC for Embassy One 09 Phase 1 and 5 Golf City Savroli towers; Citadel 81 floors approved upfront
• Nearly 60% of FY26 launched inventory sold; Bangalore launches 72% sold within 6 months
• FY27 launch pipeline: 9 owned projects (GDV ~INR 13,300 crores) + 2 DM projects (GDV >INR 6,000 crores)

Cash Flow and Balance Sheet

• Cash balance ~INR 1,165 crores at start of year; Q1 op cash flow negative INR 285 crores
• Gross debt ~INR 4,500 crores; cash ~INR 1,200 crores; net debt ~INR 3,300 crores; net debt/equity 0.35x
• Outstanding shareholder debt ~INR 1,063 crores (Blackstone 700; Embassy 363)
• Promoter convertible warrants issued at INR 111.51 per share; convert within 6 months

Guidance and Outlook

• Cost of debt around 14%; plan to refinance to lower-cost debt
• Debt-to-equity target 0.3x to 0.35x; refinancing to reduce overall leverage
• Inflection point expected mid calendar year as launches translate to stronger collections

Q&A Highlights

• Bangalore launches delayed by planning authority; four projects moved to Q2; Knowledge Park close to launch
• Q1 cash flow negative; collections expected to accelerate from Q2 onward as launches progress
• GDV split: 4 projects in H1; remaining launches in H2 of FY27
• Two Bangalore commercial opportunities: Embassy East Business Park and Knowledge Park DM; early-stage planning
• Nashik land: 1,400+ acres; MIDC amicable solution; debonding process 6–9 months

Overview

• Standalone BRSR for FY2025-26 by Embassy Developments Limited (formerly Equinox India Developments).
• Real estate development and construction; 92% of turnover from real estate activities.
• Reporting boundary: standalone for FY2025-26.
• Independent assurance on BRSR Core KPIs provided by Dhir & Dhir Associates.

Key ESG Risks & Opportunities

• Climate change risks: extreme events disrupt projects; mitigated by resilient design and risk assessments.
• Water management risk: scarcity/regulatory changes; mitigated by water conservation and recycling systems.
• Health and safety risk: potential injuries or liabilities; mitigated by HSE training and audits.
• Human rights and labour risk: rights violations; mitigated by HR policies and grievance mechanisms.
• Opportunities: climate resilience, energy/water efficiency, and circular waste management across developments.

Governance & Policy Highlights

• ESG oversight through Risk Management and CSR committees.
• Policies include anti-bribery, whistleblower, CSR, POSH, related party transactions, code of conduct.
• CSR policy and annual action plan guide sustainability initiatives.
• Independent assurance on BRSR Core KPIs by Dhir & Dhir Associates.
• Vigil mechanism and POSH policies publicly available online.

Social Responsibility & Workforce

• Total employees 309; 296 permanent; gender split roughly 65% male, 35% female.
• Board representation: 1 female director of 8 on board (12.5%).
• Permanent employee turnover 18.55% in FY2025-26; higher in prior year.
• All workers at sites outsourced; no permanent workers on construction sites.
• Well-being spending: 3.12% of revenue; prior year 0.09%.
• OHS management system; LTIFR NIL; no fatalities reported.
• Training: 106 employee programs; 2 BoD/KMP trainings; 100% employee coverage.
• CSR initiatives include Ummeed Inclusion Fellowship and foundational literacy programs.

Environmental Performance

• Total energy: 132.83 million MJ; renewables about 75.50 million MJ; non-renewables 57.33 million MJ.
• Energy intensity: 0.00000020 MJ per rupee of turnover; 44,877 MJ per employee.
• GHG emissions: Scope 1 180.52 tCO2e; Scope 2 633.22 tCO2e; total 813.74 tCO2e.
• Scope 3 emissions: 0.05 tCO2e; total footprint aligned to revenue basis.
• Water: groundwater 986.2 kl; third-party water 85,169.4 kl; total withdrawal 86,155.6 kl.
• Water discharge 69,086.56 kl; STP at Bangalore EONE 550 KLD for recycling; sludge to manure.
• Waste: total 6.05 MT; 4.52 MT recycled; 1.14 MT reused; 1.52 MT disposed.
• IS0 45001 aligned practices; external assurance by Dhir & Dhir Associates.

Stakeholder Engagement & Complaints

• Stakeholders: employees, customers, investors, suppliers, communities; ongoing engagement across channels.
• Customer complaints: 20 filed; 51 pending at year-end; 69 filed and 94 pending in prior year.
• Grievance mechanisms: investor emails; SCORES portal; CRM platform for customers.
• Regular interaction with communities and regulatory bodies as part of ESG engagement.

Other Notable Metrics

• Input material sourcing: 21.97% from MSMEs; 99.90% sourced within India.
• Chamber affiliation: Corporate member of CREDAI-MCHI.
• Cyber security: policy in place; data breaches NIL; data privacy framework.
• Green credits: Nil; Scope 3 emissions: 0.05 tCO2e; 0.00000000011 per turnover intensity.
• CSR projects include Ummeed Inclusion Fellowship and education initiatives; SDG alignment noted.

AGM Details

• Date/time: 08 Sep 2026, 11:30 AM IST; mode: VC/OAVM.
• Cut-off for voting rights: Sep 1, 2026.
• Remote e-voting: Sep 5–7, 2026.
• Books/records close: Sep 1–7, 2026.

Resolutions Put to Vote

• Item 1 (Ordinary): Adopt audited standalone and consolidated financial statements.
• Item 2 (Ordinary): Re-appoint Jitendra Virwani as Chairman & NED.
• Item 3 (Ordinary): Approve remuneration of Cost Auditors.
• Item 4 (Special): Approve remuneration revision of Rajesh Kaimal, CFO & ED.
• Item 5 (Ordinary): Appoint Neel Virwani as CBO; related party with promoter group; RPT ~0.32% post-issue equity.
• Item 6 (Special): Approve preferential issue of warrants to Promoter Group.

Meeting Details

• Date: August 11, 2026; Time: scheduled time.
• Type: earnings conference call; Mode: virtual audio conference.
• Event/organiser: Earnings conference call for Q1 FY27 by Embassy Developments Limited.
• Recording: audio recording available on the company website.

Participants

• Key company participants: Company Secretary (governance representative).

Purpose

• Discuss Q1 FY27 operational and financial performance (quarter ended June 30, 2026).

Q1 FY27 highlights

• Q1 FY27 presales ~₹868 crore, up ~338% YoY.
• Collections ~₹496 crore, up 54% YoY.
• Nearly 60% of FY26 launches sold as of June 30, 2026.
• Bengaluru projects: ~72% sold within six months.

Development progress and approvals

• RERA approval for Embassy Terazza, Juhu; GDV > ₹3,000 crore.
• One 09 Phase I OCC; five Golfcity Savroli towers received OCC.
• Embassy Citadel approvals for all 81 floors upfront.
• DM model Embassy Terazza site: two acres.
• Project GDV > ₹3,000 crore; ~0.3 million sq ft carpet area.

Capital actions and leverage

• Board approves convertible warrants worth ~₹363 crore at ₹111.51 per share.
• Warrants subject to shareholder approval; promoters commit to conversion within six months.
• Proceeds to repay outstanding Embassy Group debt; strengthens balance sheet.
• Net institutional debt ~₹3,300 crore; cash and equivalents ~₹1,200 crore.
• Promoters commit to converting warrants within six months, well ahead of 18-month limit.

FY26 base and FY27 guidance

• FY26 pre-sales ₹4,631 crore; up 128% YoY.
• FY27 launch pipeline ~₹19,400 crore GDV.
• FY27 guidance: ₹6,000 crore pre-sales from owned developments.
• FY27 guidance: ₹2,000 crore pre-sales from development management.
• Total FY27 pre-sales guidance ~₹8,000 crore.

Operating highlights

• Pre-sales for Q1 FY27 ₹868 cr, up 338% YoY.
• Collections ₹496 cr, up 54% YoY.
• OC received for One 09 (Gurugram) and five Golf City towers (Savroli).
• FY26 launched 4.3 msf; ~59% sold as of 30-Jun-2026.

Balance sheet and capital actions

• Net institutional debt ₹3,363 cr; cash ₹1,202 cr; leverage within guidance.
• Board approved convertible warrants preferential allotment to Embassy Group at ₹111.51/share, subject to approval; proceeds repay shareholder debt.

Outlook and guidance

• FY27 targets: ~₹6,000 cr pre-sales from owned developments and ₹2,000 cr from DM projects.

Standalone results

• Revenue from operations: Rs 129.45m; total income Rs 271.16m; loss after tax Rs 902.88m; EPS -0.65.

Consolidated results

• Total income Rs 2,412.81m; revenue from operations Rs 2,167.54m; loss after tax Rs 2,342.94m; EPS -1.69.

Fund-raise via warrants

• Board approves preferential issue up to Rs 362.62 crore via 3,25,18,900 unlisted warrants to promoter group; AGM approvals required.

Promoter stake impact

• Post-conversion promoter holding to 43.96% from 42.65%; increase of 1.31 percentage points.

Management appointment

• Neel Virwani appointed Senior Management Personnel effective Oct 1, 2026; subject to AGM approval.

Director re-appointment

• Jitendra Virwani to be re-appointed as Chairman & Non-Executive Director at AGM.

CIRP resolution

• CIRP ended; NCLAT May 4, 2026 order dismisses lender's application.

Subsidiaries and transfers

• Share transfer of Rs 1,000m completed Apr 16, 2026; three subsidiaries struck off; one foreign subsidiary struck off.

Amalgamation scheme

• Scheme of amalgamation for Spero Properties transfer; NCLT hearing scheduled Aug 14, 2026.

Meeting Details

• Date and time: August 11, 2026 at 11:00 IST
• Type: group earnings conference call
• Mode: virtual
• Organizer: Embassy Developments Limited

Participants

• Managing Director & Promoter
• CEO & Executive Director
• CFO & Executive Director

Purpose

• Discuss Q1 FY2027 operational and financial performance

Promoter pledge release details

• Promoter group Embassy Property Developments Private Limited releases pledge over 33,634,560 Embassy Developments shares.
• This release adds to prior pledge releases totaling 30,000,000 shares.
• Earlier tranches were disclosed on June 9 and July 15, 2026.
• Disclosure made under SEBI PIT Regulations 2015 Regulation 7(2)(b).
• Date of disclosure: July 31, 2026.