EMBDL
Micro CapEmbassy Developments Ltd.
Real Estate
Embassy Developments Limited (EDL) is an Indian real estate developer with 40+ projects across 7 cities, managing a 38+ msf portfolio (26 msf residential, 12 msf commercial). It holds a 3,251-acre land bank and an estimated total GDV of ~INR 57.7k Cr, focusing on high-quality developments in strategic urban markets.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -62% YoY · PAT -363% YoY · margin compression · +61% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹342 Cr | -61.5% | +60.6% |
| EBITDA | ₹-261 Cr | -3362.5% | -71.7% |
| Operating margin | -76.0% | -7700 bps | -500 bps |
| PAT | ₹-323 Cr | -362.6% | NDF |
| PAT margin | -94.4% | -10828 bps | +1495 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
EMBDL reported record Q4 FY26 pre-sales of ~INR 2,632 Cr (up 89% QoQ) and FY26 pre-sales of INR 4,631 Cr (up 128% YoY), driven by new launches. FY26 collections declined 10% YoY to ~INR 1,673 Cr. The company posted an accounting loss of INR 872 Cr PAT for FY26, with net institutional debt at ~INR 3,000 Cr.
Record pre-sales in Q4 FY26 and FY26, fueled by successful new launches, indicate robust market demand and execution capability. However, the reported accounting loss and YoY decline in collections despite strong bookings raise questions about cash conversion and reported profitability. Management's ambitious FY27 targets for pre-sales and collections will be key.
New Project Launches
Q4 FY26 launches, Embassy Citadel (Mumbai) and Embassy Verde 2 (Bengaluru), achieved INR 1,385 Cr in pre-sales.
Luxury Segment Focus
Bengaluru launches in the premium INR 10 Cr+ segment accounted for over 65% of all FY26 sales in that category.
Robust Launch Pipeline
FY27 launch pipeline includes 11 projects with a cumulative estimated GDV of INR 19.4k Cr.
Strategic Land Bank
A fully paid land bank of 3,251 acres provides significant asset value and strategic flexibility for future growth.
Q4 FY26 Project Launches
Launched Embassy Citadel, Worli (Mumbai) and Embassy Verde 2, Bengaluru in Q4 FY26.
FY27 New Launch Pipeline
11 projects with estimated GDV of INR 19.4k Cr are planned for launch in FY27, including DM projects.
Project Possessions
Applied for OC for One 09, Gurugram, and received partial OC for Golfcity, Savroli, MMR in Q4 FY26.
Strong Market Demand
Continued demand for well-designed, high-quality developments in strategic urban markets.
Favorable Legal Outcomes
Secured favorable rulings in two significant legal and regulatory matters, removing key shareholder concerns.
Accounting Loss
Reported an accounting loss of INR 872 Cr in PAT for FY26, largely due to real estate revenue recognition policy.
Collections Decline
FY26 collections of ~INR 1,673 Cr were down 10% YoY compared to FY25.
Revenue Recognition Lag
Accounting income is recognized only on project completion and handover, leading to reported losses until recent launches deliver.
Cash Flow Conversion
Despite record pre-sales, FY26 collections declined YoY, indicating potential lags in cash conversion from bookings.
Project Execution & Timelines
Timely completion and handover of a large pipeline of projects are crucial for future revenue and profitability.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Sequential (QoQ) growth in pre-sales and area sold highlights recent launch momentum. Annual (YoY) comparison is essential for assessing overall business growth, especially for collections and the impact of the reverse merger on financials.
Presales
Q4 FY26 pre-sales were ~INR 2,632 Cr (up 89% QoQ); FY26 pre-sales were INR 4,631 Cr (up 128% YoY vs FY25 INR 2,031 Cr).
Area Sold
Q4 FY26 area sold was 1,783k sf (up 50% QoQ); FY26 area sold was 3,581k sf (up 62% YoY vs FY25 2,200k sf).
Collections
Q4 FY26 collections were INR 577 Cr (up 39% QoQ); FY26 collections were INR 1,673 Cr (down 10% YoY vs FY25 INR 1,852 Cr).
Net Institutional Debt
Net institutional debt stood at ~INR 3,000 Cr with a 0.3x net debt/equity ratio as of March 31, 2026.
FY27 Pre-sales Target
Management has set a pre-sales target of ~INR 6,000 Cr for FY27, representing a ~30% YoY increase.
FY27 Collections Target
Management targets collections of ~INR 3,000 Cr for FY27, a significant ~75% YoY increase.
Strategic Focus
Focus remains firmly on building, launching, delivering, and creating long-term value across the portfolio.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Pre-sales Growth | FY26: INR 4,631 Cr. | Achievement of FY27 target of ~INR 6,000 Cr and sustained momentum from new launches. |
| Collections Growth | FY26: INR 1,673 Cr. | Achievement of FY27 target of ~INR 3,000 Cr and reversal of the YoY decline. |
| Project Delivery Schedule | OC applied for One 09, partial OC for Golfcity. | Timely completion and handover of ongoing and newly launched projects to improve reported financials. |
| Net Debt Management | ~INR 3,000 Cr (0.3x net debt/equity). | Prudent management of debt levels as new projects are funded and executed. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -4.1% / mo
Technical chart
EMBDLweekly · 6M-16.1%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 49.
- RSI(14) at 49 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 54% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Cash flow contributes 4/10 to the score.
- Valuation contributes 5/30 to the score.
- Growth contributes 3/25 to the score.
Main drags
- Altman Z is 1.2, in distress territory.
- Promoter pledge is 68.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 3rd percentile of the scored universe and 4th percentile within Real Estate. Main check: financial discipline is weak at 30/100.
Mixed Trust Lite: 9 years of positive FCF. Key concern: Promoters have pledged 68.2% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Real Estate: 4th pctile, median 61 · Micro: 2nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸9 years of positive FCF.
- ▸6/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Promoters have pledged 68.2% of holding.
- ▸Altman Z is 1.26.
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at -2.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 0.86
- EV/EBITDA
- —
- Market Cap
- 8475.00Cr
Profitability
- ROE
- -9.10%
- ROCE
- -2.38%
- ROA
- -4.05%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 3.00%
- EPS 5Y
- -12.00%
- Revenue 3Y
- 43.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.54
- Interest Coverage
- -0.86×
- Altman Z
- 1.23
- Book Value
- 71.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 44.00 Cr
- EPS TTM
- -6.28
Shareholding
- Promoter Hold
- 42.65%
- Promoter Pledge
- 68.20%
- Momentum 52W
- 24%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.