Embassy Developments (EMBDL) Q2 25/26 earnings summary

Executive summary

• Achieved steady progress in H1FY26, with all ongoing projects on track and two legacy developments completed in Vizag and Thane, boosting receivable inflows and sales momentum in West/North regions.

• Focused on preparing for major new launches in Bengaluru and Mumbai, expected to drive pre-sales and support the FY2026 pre-sales guidance of ₹5,000 crore.

• Secured ₹1,370 crore in growth capital from Kotak Real Estate Fund to support upcoming launches and business development.

• Delivered six long-stalled legacy projects to over 3,300 families, resolving legacy challenges and ensuring timely handovers.

• Consolidated revenue from operations for the quarter ended September 30, 2025, was ₹4,931.09 million, with a total income of ₹5,369.06 million; for the half year, revenue was ₹11,740.28 million.

Financial highlights

• Q2FY26 pre-sales at ₹409 crore, up 102% quarter-on-quarter; H1FY26 pre-sales at ₹607 crore, up 24% year-over-year.

• Q2FY26 collections at ₹359 crore, up 12% quarter-on-quarter; H1FY26 collections at ₹681 crore.

• Construction spend in Q2FY26 was ₹286 crore, with spends to collections at ~80%.

• Gross institutional debt at ₹3,600 crore with a debt-to-equity ratio of 0.37x; net debt at ₹2,600 crore (0.25x net debt to equity).

• Cash and cash equivalents at September 30, 2025, stood at ₹7,733.87 million, up from ₹1,790.19 million at the start of the period.

Outlook and guidance

• Targeting ₹5,000 crore in pre-sales for FY2026, supported by a robust pipeline of new launches in Bengaluru and Mumbai.

• Over the next three years, plans to bring projects worth ₹41,000 crore GDV to market, with an estimated net surplus of ₹21,500 crore.

• FY2026 new launches expected to have a total GDV of ₹28,000 crore, including 10 residential and 3 commercial projects.

• The company completed the acquisition of 100% shareholding in Squadron Developers Limited during the half year.

• Share warrant money of ₹12,056.49 million was received during the half year, with additional ₹71.09 million pending share allotment.