Embassy Developments (EMBDL) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 began with strong operational momentum, achieving pre-sales of INR 868 crore (up 338% year-on-year) and collections of INR 496 crore (up 54% year-on-year), driven by robust demand and a healthy residential portfolio.

• Nearly 60% of FY26 launch inventory is sold, with Bengaluru achieving 72% sales within six months; execution milestones include occupancy certificates for key projects in Gurugram and Savroli.

• No new launches in Q1 was a deliberate strategy to ensure readiness and optimal pricing; four launches are planned for Q2.

• Board approved unaudited Q1 FY27 results and a preferential allotment of convertible warrants to the promoter group to strengthen the balance sheet and reduce cost of capital.

• Appointment of Mr. Neel Virwani as Senior Management Personnel and re-appointment of Mr. Jitendra Virwani as Chairman & Non-Executive Director, subject to AGM approval.

Financial highlights

• Q1 FY27 consolidated revenue from operations was INR 217 crore, down from INR 681 crore in Q1 FY26; net loss widened to INR 234 crore from INR 166 crore.

• Pre-sales for Q1 FY27 reached INR 868 crore, area sold was 484k sq ft (up 135% year-on-year).

• Collections for Q1 FY27 were INR 496 crore, up 54% year-on-year.

• Construction spend for Q1 FY27 was INR 276 crore, representing 56% of collections.

• Cash and cash equivalents stood at INR 1,202 crore as of June 30, 2026.

Outlook and guidance

• FY27 guidance maintained: INR 6,000 crore pre-sales from owned developments, INR 2,000 crore from development management projects, and INR 3,000 crore in collections.

• Launch pipeline for FY27 includes nine owned projects and two development management projects, totaling INR 19,800 crore GDV.

• Four projects are set to launch in Q2 FY27, with a total of 11 projects planned for the year.

• Management expects collections and operating cash flows to strengthen as projects progress and milestones are achieved.

• Promoter group’s significant capital commitment via warrant subscription reflects confidence in long-term business fundamentals.