Embassy Developments Limited (“EDL” or “The Company”) (NSE: EMBDL / BSE: 532832) today announced its results for the third quarter ended December 31, 2025 (Q3 FY26), demonstrating strong sales traction, healthy cash flows, and continued progress on regulatory milestones.
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Embassy Developments Reports Nearly 240% QoQ Growth in Pre-sales in Q3 FY26; Key RERA Approvals Strengthen FY26 Outlook
The Company recorded pre-sales of ~INR 1,392 crore in Q3 FY26 compared to ~INR 409 crore in Q2 FY26, representing a ~240% Q-o-Q growth. New bookings during the quarter stood at ~1,192k sq. ft., up ~193% QoQ from ~407k sq. ft. in Q2. Cumulative pre-sales for 9M FY26 reached ~INR 1,999 crore, a ~46% growth over 9M FY25, with total area sold standing at ~1,805k sq. ft., up ~36% YoY.
Collections for the quarter stood at ~INR 414 crore, reflecting a ~15% QoQ growth over Q2 FY26. Cumulative collections for 9M FY26 stood at ~INR 1,096 crore. Construction spend during the quarter was ~INR 401 crore, translating to a ~97% spend-to-collections ratio, with total construction spend for 9M FY26 at ~INR 868 crore (~79% of collections), reflecting strong execution alignment.
During the quarter, Embassy Developments achieved important milestones. The Company launched 2 residential projects – Embassy Greenshore (North Bengaluru) and Embassy Eden (North Bengaluru) – as well as its 2.7 msf (leasable area) commercial project known as Embassy East Business Park Phase I (East Bengaluru). Together, these launches represent an estimated GDV of over INR 6,500 crore.
Embassy Greenshore, with a GDV of ~INR 1,600 crore, has already achieved pre-sales of ~INR 804 crore. Embassy Eden, launched in December with a GDV of ~INR 1,800 crore, has seen higher-than-anticipated pricing realisations. Slated for launch in Q4 FY26 are Embassy Citadel in Worli (~INR 8,800 crore GDV), Embassy Verde Phase 2 (~INR 700 crore GDV), Embassy Serenity in Alibaug (~INR 400 crore GDV), and the DM project Embassy Sky Terraces (~INR 2,600 crore GDV).
The Company also received the Occupancy Certificate for 239 apartments at Serene Amara, a senior living project being developed through a joint venture with Columbia Pacific Communities in Bengaluru.
As of December 31, 2025, Embassy Developments maintained a prudent balance sheet with gross institutional debt of ~INR 3,700 crore (0.36x D/E) and net institutional debt of ~INR 3,000 crore (0.29x Net D/E). Cash and cash equivalents stood at ~INR 670 crore. The Company’s portfolio reflects an estimated project surplus of ~INR 28,200 crore with a net operational cash margin of ~47.5% across ongoing, upcoming and planned developments.
Commenting on the performance, Aditya Virwani, Managing Director, Embassy Developments Ltd. said, “Q3 reflects the transition of Embassy Developments into a scaled, execution-led platform. Strong pre-sales momentum, key RERA approvals and healthy cash flows give us confidence in delivering our FY26 guidance while continuing to strengthen our presence across Mumbai and Bengaluru.”
About Embassy Developments Limited
Embassy Developments Limited (formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited) (EDL) is one of India’s largest listed real estate developers, specialising in the development of residential and commercial projects across key urban markets. With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the Company also has a presence in Chennai and Indore. EDL has a diversified residential portfolio with a well-balanced mix of high-value and high-volume developments across mid-income, premium, and luxury segments. Its portfolio of ready, ongoing, and future residential projects includes branded residences, uber-luxury apartments and villas, exclusive town homes, condominiums, integrated townships, senior living communities, and contemporary homes. The Company is listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) and holds a long-term debt rating of IVR A- (Stable) from Infomerics. Further information is available at embassyindia.com
Disclaimer
This press release is for informational purpose only and does not constitute a prospectus, offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any securities of Embassy Developments Limited (“Company”) or its existing or future subsidiaries (collectively, the “Group”) in any jurisdiction. Any offer or solicitation will be made only by means of definitive offering documents and in accordance with the terms of applicable securities and other laws. This press release should not be considered as a recommendation or advice to any person or investor to invest or subscribe for or purchase any securities of the Group or its existing or future subsidiaries (collectively, the “Group”) and should not be used as a basis for any investment decision. Recipients of this press release should conduct their own independent investigation and diligence, and/or consult their legal, tax, financial or other professional advisors as they deem fit. This press release contains certain forward‐looking statements based on current expectations, projections and assumptions and are subject to risks and uncertainties that could cause actual results, performances or events to differ materially from the results contemplated by the relevant forward-looking statement. These risks and uncertainties include the effect of economic and political conditions in India and outside India, volatility in interest rates and in securities markets, new regulations and government policies, the general state of the Indian economy, any delay in merger and the management’s ability to implement the company’s strategy that might impact the Group ‘s general business plans, its future financial condition and growth prospects. The information contained in this press release is only current as on the date hereof and is not indicative of future results. The Group is under no obligation to update these forward‐looking statements or to inform the recipient of any changes or developments arising after the date of this press release. Moreover, both express or implied press release or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this press release. Neither the Group nor any of its directors, officer, employees, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this press release. Furthermore, no person is authorized to give any information or make any press release which is not contained in, or is inconsistent with, this press release. Any such extraneous or inconsistent information or press release, if given or made, should not be relied upon as having been authorized by or on behalf of the Group.
