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Embassy Office Parks REIT (EMBASSY) investor relations material
Embassy Office Parks REIT Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record quarterly distribution of INR 617 crore (INR 6.51 per unit), up 12% year-on-year, with portfolio occupancy at 90% by area and 93% by value; Bangalore at 95% occupancy.
Revenue from operations grew 13% year-on-year to INR 1,124 crore; NOI rose 15% to INR 927 crore.
Delivered 0.9 million sq ft in Bangalore (100% pre-leased) and 0.4 million sq ft in Chennai (100% pre-leased); development pipeline at 7.2 million sq ft.
Hospitality portfolio EBITDA increased 12% year-on-year, driven by a 16% rise in ADRs; occupancy at 64%.
Unaudited consolidated and standalone financial results for the quarter and half-year ended September 30, 2025, were approved, with statutory auditor review reports issued without modification.
Financial highlights
NOI increased 15% year-on-year to INR 927 crore, driven by leasing, escalations, hotel ADRs, and new deliveries.
Distributions grew 12% year-on-year to INR 617 crore, supported by NOI growth and working capital changes.
Net debt at INR 2,079 crore, leverage ratio at 31%, and average in-place debt cost reduced to 7.35%.
Gross asset value up 8% year-on-year to INR 63,980 crore; NAV per unit up 7% to INR 445.91.
Profit after tax for Q2 FY26: INR 2,321.79 million; basic and diluted earnings per unit for Q2 FY26: INR 2.45.
Outlook and guidance
FY2026 guidance maintained: NOI expected at INR 3,589-3,811 crore and DPU at INR 24.5-26 per unit, implying 13% NOI and 10% DPU growth at midpoint.
Occupancy expected in the 90–91% range by March 2026, with embedded growth levers including lease-up of 4.2 million sq ft vacant area and 7.2 million sq ft new developments.
Distributions to be paid quarterly, ensuring at least 90% of net distributable cash flows are distributed annually as per SEBI REIT regulations.
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