Embassy Office Parks REIT (EMBASSY) Q4 25/26 earnings summary

Executive summary

• Operational portfolio expanded to 43.5 million sq ft, with record 3.3 million sq ft new office deliveries and the acquisition of Pinehurst, a 0.3 msf asset in Embassy GolfLinks.

• Achieved 6.4 million sq ft leasing in FY2026 at 17% higher spreads, with 59% of leasing driven by GCCs and strong momentum in Chennai and Bangalore.

• Double-digit growth achieved across all key financial metrics, including NOI, DPU, and NAV, with revenue from operations up 13% and NOI up 15%.

• Distributions increased 10% YoY to ₹2,396 crores (₹25.28 per unit), with cumulative distributions since listing exceeding ₹14,400 crores.

• Audited consolidated and standalone financial results for FY26 were approved, with an unmodified audit opinion issued by statutory auditors.

Financial highlights

• Annual revenue grew 13% YoY to ₹4,582 crore; NOI up 15% to ₹3,760 crore; EBITDA for FY2026 was ₹3,602 crore, up 13% YoY.

• FY26 DPU increased 10% to ₹25.28 per unit; 100% payout ratio maintained; total distributions for FY26 were ₹23,962.75 million.

• Portfolio GAV rose 15% to ₹70,540 crore; NAV up 16% to ₹491.62 per unit as of March 31, 2026.

• Net debt at ₹21,000 crore, leverage ratio at 30%, and in-place debt cost reduced to 7.25%.

• Net distributable cash flows (NDCF) for FY26 were ₹24,008.31 million.

Outlook and guidance

• FY2027 guidance targets double-digit growth: NOI expected to rise 13% and distributions per unit to grow 10% at the midpoint, with DPU guidance at ₹27–28.6 per unit.

• Portfolio occupancy projected at 92–93% by area for FY2027.

• Board approved raising debt up to ₹90,000 million for refinancing and other permissible purposes.