EMBDL
Embassy Developments Limited
Residential and commercial developer under Embassy Group in Bengaluru, MMR and NCR
Consumer Discretionary›Realty›Realty›Residential, Commercial Projects
embassyindia.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹55.16
Market cap
7,647 Cr
Stock P/E
Loss (TTM EPS ₹-6.82)
P/B
0.78
ROE (FY26)
-8.8%
ROCE (FY26)
-2.3%
Operating margin (FY26)
-30.1%
Debt / equity (FY26)
0.53
OCF / EBITDA (FY25)
891.8%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Embassy Developments (formerly Indiabulls Real Estate, promoted by the Embassy Group) develops and sells residential apartments, with some commercial projects, mainly in Bengaluru, Mumbai and the Gurgaon area.
Company snapshot
15thBy market cap
Ranked among 79 companies in Residential, Commercial Projects.
Segment mix
Reportable segments as of 2020-03-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 100.0% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Exceptional Items - Interest on income tax | — | 0 Cr | -12 Cr | 0 Cr |
| Real estate development and related activities | 100.0% | 116 Cr | -148 Cr | 10,217 Cr |
| Rental business | — | 0 Cr | 0 Cr | 61 Cr |
| Share of (loss)/profit of joint ventures | — | 0 Cr | 0 Cr | 0 Cr |
| Tax Expenses | — | 0 Cr | 34 Cr | 0 Cr |
| Unallocated assets | — | 0 Cr | 0 Cr | 1,009 Cr |
What we see
Concerns
- ✗Net margin is negative — the company is spending more than it earns right now.
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Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 96 Cr | 101 Cr | 21 Cr | 387 Cr | 246 Cr | 279 Cr | 889 Cr | 681 Cr | 493 Cr | 212 Cr | 342 Cr | 217 Cr |
| Operating expenses (approx.) | 119 Cr | 134 Cr | 335 Cr | 418 Cr | 247 Cr | 276 Cr | 881 Cr | 692 Cr | 545 Cr | 365 Cr | 604 Cr | 347 Cr |
| EBITDA | -23 Cr | -33 Cr | -314 Cr | -31 Cr | -1 Cr | 3 Cr | 8 Cr | -11 Cr | -52 Cr | -152 Cr | -261 Cr | -131 Cr |
| OPM % | -23.9% | -32.9% | -1495.6% | -8.0% | -0.4% | 1.1% | 0.9% | -1.6% | -10.6% | -71.7% | -76.2% | -60.3% |
| Other income | 12 Cr | 11 Cr | 19 Cr | 16 Cr | 41 Cr | 31 Cr | 293 Cr | 13 Cr | 44 Cr | 52 Cr | 65 Cr | 25 Cr |
| Interest | 3 Cr | 4 Cr | 2 Cr | 5 Cr | 4 Cr | 5 Cr | 139 Cr | 160 Cr | 135 Cr | 113 Cr | 140 Cr | 119 Cr |
| Depreciation | 3 Cr | 3 Cr | 3 Cr | 3 Cr | 3 Cr | 2 Cr | 5 Cr | 7 Cr | 9 Cr | 20 Cr | 13 Cr | 13 Cr |
| Profit before tax | -16 Cr | -28 Cr | -301 Cr | -22 Cr | 34 Cr | 27 Cr | 129 Cr | -165 Cr | -152 Cr | -239 Cr | -343 Cr | -234 Cr |
| Tax % | -11.3% | -35.9% | -0.4% | -26.1% | 28.2% | 16.6% | 4.8% | -0.5% | -0.3% | 2.1% | 5.6% | -0.1% |
| Net profit | -18 Cr | -38 Cr | -302 Cr | -28 Cr | 24 Cr | 22 Cr | 123 Cr | -166 Cr | -153 Cr | -234 Cr | -323 Cr | -234 Cr |
| EPS (₹) | ₹-0.34 | ₹-0.71 | ₹-5.58 | ₹-0.49 | ₹0.38 | ₹0.35 | ₹1.06 | ₹-1.29 | ₹-1.12 | ₹-1.68 | ₹-2.33 | ₹-1.69 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,320 Cr | 5,927 Cr | 4,944 Cr | 3,271 Cr | 1,521 Cr | 1,445 Cr | 587 Cr | 414 Cr | 2,180 Cr | 1,732 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,675 Cr | 3,061 Cr | 3,901 Cr | 2,470 Cr | 1,342 Cr | 1,446 Cr | 1,133 Cr | 842 Cr | 2,016 Cr | 2,205 Cr | Sign in free for the trailing twelve months |
| EBITDA | 645 Cr | 2,866 Cr | 1,043 Cr | 801 Cr | 180 Cr | -1 Cr | -546 Cr | -428 Cr | 164 Cr | -474 Cr | Sign in free for the trailing twelve months |
| OPM % | 27.8% | 48.4% | 21.1% | 24.5% | 11.8% | -0.1% | -93.0% | -103.5% | 7.5% | -27.3% | Sign in free for the trailing twelve months |
| Other income | 524 Cr | 229 Cr | 279 Cr | 170 Cr | 141 Cr | 97 Cr | 62 Cr | 55 Cr | 367 Cr | 173 Cr | Sign in free for the trailing twelve months |
| Interest | 561 Cr | 744 Cr | 464 Cr | 481 Cr | 228 Cr | 110 Cr | 28 Cr | 9 Cr | 461 Cr | 549 Cr | Sign in free for the trailing twelve months |
| Depreciation | 71 Cr | 97 Cr | 17 Cr | 31 Cr | 17 Cr | 12 Cr | 12 Cr | 11 Cr | 15 Cr | 48 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 539 Cr | 2,249 Cr | 844 Cr | 378 Cr | 75 Cr | -27 Cr | -563 Cr | -1,023 Cr | 18 Cr | -896 Cr | Sign in free for the trailing twelve months |
| Tax % | 33.9% | 12.0% | 40.2% | 67.9% | 93.7% | -408.6% | -8.0% | -1.5% | -974.5% | 2.6% | Sign in free for the trailing twelve months |
| Net profit | 357 Cr | 1,980 Cr | 504 Cr | 121 Cr | 5 Cr | -137 Cr | -608 Cr | -1,038 Cr | 194 Cr | -872 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹8.66 | ₹42.46 | ₹11.04 | ₹2.67 | ₹0.10 | ₹-3.00 | ₹-11.29 | ₹-19.20 | ₹1.69 | ₹-6.43 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 0.0% | — | — | — | 0.0% | — | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 87 Cr | 95 Cr | 90 Cr | 91 Cr | 90 Cr | 91 Cr | 108 Cr | 108 Cr | 244 Cr | 278 Cr |
| Reserves | 3,956 Cr | 6,984 Cr | 3,908 Cr | 3,467 Cr | 3,392 Cr | 3,324 Cr | 3,547 Cr | 2,645 Cr | 9,077 Cr | 9,590 Cr |
| Borrowings | 8,000 Cr | 3,958 Cr | 4,420 Cr | 989 Cr | 1,223 Cr | 1,310 Cr | 256 Cr | 302 Cr | 4,526 Cr | 5,218 Cr |
| Other liabilities | 5,814 Cr | 5,761 Cr | 7,762 Cr | 6,729 Cr | 4,041 Cr | 3,015 Cr | 2,585 Cr | 2,780 Cr | 6,638 Cr | 6,356 Cr |
| Total liabilities | 18,568 Cr | 16,809 Cr | 16,192 Cr | 11,287 Cr | 8,757 Cr | 7,751 Cr | 6,507 Cr | 5,847 Cr | 20,491 Cr | 21,538 Cr |
| Fixed assets (net) | 129 Cr | 60 Cr | 51 Cr | 35 Cr | 25 Cr | 36 Cr | 23 Cr | 13 Cr | 94 Cr | 147 Cr |
| CWIP | 0.96 Cr | — | — | — | — | — | 0 Cr | 0 Cr | 9 Cr | 0.70 Cr |
| Investments | 875 Cr | 3,859 Cr | 2,568 Cr | 132 Cr | 145 Cr | 269 Cr | 217 Cr | 216 Cr | 3,577 Cr | 3,689 Cr |
| Loans & advances | — | — | — | — | — | — | 266 Cr | 342 Cr | 3 Cr | 5 Cr |
| Inventories | 7,829 Cr | 6,077 Cr | 9,849 Cr | 7,056 Cr | 6,186 Cr | 5,521 Cr | 4,822 Cr | 4,783 Cr | 12,058 Cr | 12,433 Cr |
| Trade receivables | 3,824 Cr | 2,812 Cr | 270 Cr | 80 Cr | 300 Cr | 273 Cr | 76 Cr | 63 Cr | 52 Cr | 23 Cr |
| Cash & bank | 352 Cr | 1,674 Cr | 603 Cr | 48 Cr | 81 Cr | 50 Cr | 37 Cr | 27 Cr | 179 Cr | 779 Cr |
| Other assets | 5,558 Cr | 2,327 Cr | 2,851 Cr | 3,935 Cr | 2,019 Cr | 1,601 Cr | 1,067 Cr | 403 Cr | 4,518 Cr | 4,462 Cr |
| Total assets | 18,568 Cr | 16,809 Cr | 16,192 Cr | 11,287 Cr | 8,757 Cr | 7,751 Cr | 6,507 Cr | 5,847 Cr | 20,491 Cr | 21,538 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 639 Cr | -891 Cr | -1,159 Cr | -432 Cr | 853 Cr | -248 Cr | -343 Cr | -97 Cr | 1,461 Cr | 44 Cr |
| Cash from investing | -875 Cr | 222 Cr | 1,785 Cr | 2,779 Cr | 971 Cr | 280 Cr | 661 Cr | 96 Cr | 507 Cr | -79 Cr |
| Cash from financing | -834 Cr | 2,057 Cr | -1,695 Cr | -1,890 Cr | -1,791 Cr | -64 Cr | -331 Cr | -8 Cr | -1,971 Cr | 629 Cr |
| Net cash flow | -735 Cr | 1,321 Cr | -1,071 Cr | -555 Cr | 33 Cr | -31 Cr | -13 Cr | -10 Cr | -3 Cr | 595 Cr |
| Free cash flow (OCF − Capex) | 604 Cr | -1,100 Cr | -1,285 Cr | -441 Cr | 853 Cr | -248 Cr | -344 Cr | -100 Cr | 1,461 Cr | 0.59 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 8.6% | 27.1% | 15.5% | 18.8% | 6.4% | 1.8% | -13.6% | -33.0% | 3.5% | -2.3% |
| ROE % | 8.3% | 28.4% | 12.6% | 3.4% | 0.1% | -4.0% | -16.6% | -37.5% | 2.2% | -8.8% |
| Debtor days | 600 | 173 | 20 | 9 | 72 | 69 | 47 | 56 | 9 | 5 |
| Inventory days | 3065 | 4495 | 1013 | 1394 | 2023 | 1679 | 2739 | 3510 | 2738 | 2816 |
| Days payable | 121 | 334 | 92 | 88 | 98 | 105 | 244 | 290 | 206 | 211 |
| Cash conversion cycle | 3543 | 4333 | 941 | 1314 | 1996 | 1643 | 2542 | 3275 | 2541 | 2610 |
| OCF / EBITDA % | 99.1% | -31.1% | -111.2% | -53.9% | 474.9% | — | — | — | 891.8% | — |
| OCF / EBITDA % (3 years) | — | — | -31.0% | -52.7% | -36.5% | 17.8% | — | — | — | — |
| Debt / equity | 1.98 | 0.56 | 1.11 | 0.28 | 0.35 | 0.38 | 0.07 | 0.11 | 0.49 | 0.53 |
| Current ratio | 2.48 | 2.02 | 1.44 | 1.59 | 1.72 | 1.87 | 2.45 | 2.06 | 1.86 | 2.38 |
| Net debt / EBITDA | 11.85 | 0.80 | — | — | — | — | — | — | 26.54 | — |