Embassy Developments (EMBDL) Q2 26/27 earnings summary

Executive summary

• Record Q2 FY27 pre-sales of INR 3,225 crore, up 689% YoY; H1 pre-sales reached INR 4,093 crore, up 574% YoY and nearly 90% of FY26 pre-sales.

• H1 collections were INR 1,041 crore, up 53% YoY; 1,912k sq. ft. was sold, up 212% YoY.

• FY27 targets remain INR 19,400 crore launch GDV, INR 8,000 crore pre-sales and INR 3,000 crore collections.

Financial highlights

• Consolidated revenue from operations was INR 2,922.10 million in Q2 FY27 and INR 5,089.64 million in H1 FY27.

• Consolidated Q2 total income was INR 3,111.72 million; loss before tax was INR 2,808.92 million and loss after tax INR 2,712.01 million.

• Consolidated H1 loss after tax was INR 5,056.03 million, versus INR 3,182.63 million a year earlier; EBITDA was negative INR 237 crore.

• Standalone H1 total income was INR 1,171.00 million and loss after tax was INR 1,540.97 million.

• Q2 launches generated INR 8,397 crore GDV across three projects; H1 project spend was INR 739 crore.

Outlook and guidance

• FY27 pre-sales target comprises INR 6,000 crore from owned projects and INR 2,000 crore from development-managed projects; collections target is INR 3,000 crore.

• FY27 launch target is INR 19,400 crore GDV across nine owned and two development-managed projects; three of 11 planned launches were complete, with the remainder scheduled for H2.

• Management expects positive operating cash flow by March 2027; collections should accelerate with construction, with debt reduction expected around end-Q2/Q3 FY28.

• Q3 and Q4 launches are expected to be fairly balanced, with a larger share likely in Q4; Sky Terraces remains targeted for Q4, subject to approvals.