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Embassy Developments Overview

Indiabulls Real Estate Ltd operates as a real estate organisation in India. The company is concerned in the purchase, improvement, construction, and sale of real estate initiatives, in addition to other related activities; and provision of consultancy and advisory services to organizations engaged inside the development and production of real estate and infrastructure initiatives. Its assignment portfolio includes residential and business, in addition to SEZ tasks. The enterprise incorporated in 2006 and is based in Mumbai, India.

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Embassy Developments Key Financials

Market Cap ₹6964 Cr.

Stock P/E 36

P/B 0.7

Current Price ₹50.1

Book Value ₹ 73.7

Face Value 2

52W High ₹127.9

Dividend Yield 0%

52W Low ₹ 39.4

Embassy Developments Share Price

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Volume
Price

Embassy Developments Quarterly Price

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Embassy Developments Peer Comparison

Embassy Developments Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 96 101 380 490 475 325 889 681 493 212
Other Income 12 11 22 68 2 4 293 13 44 52
Total Income 108 112 402 558 478 329 1183 694 537 264
Total Expenditure 119 134 372 514 399 231 881 692 545 365
Operating Profit -11 -22 30 43 78 98 302 2 -8 -101
Interest 3 4 150 115 101 106 139 160 135 113
Depreciation 3 3 2 2 5 3 5 7 9 20
Exceptional Income / Expenses 0 0 0 0 0 0 -28 0 1 -4
Profit Before Tax -16 -28 -122 -73 -27 -11 129 -165 -152 -239
Provision for Tax 2 10 -32 -198 1 15 6 1 0 -5
Profit After Tax -18 -39 -90 125 -29 -26 123 -166 -152 -234
Adjustments -0 -0 -9 -3 -5 5 -0 -0 -0 0
Profit After Adjustments -18 -39 -99 122 -34 -21 123 -166 -153 -233
Adjusted Earnings Per Share -0.3 -0.7 -1.8 1.9 -0.5 -0.3 1 -1.2 -1.1 -1.7

Embassy Developments Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 2641 2959 2320 4503 4944 3271 1521 1445 587 414 2180 2275
Other Income 95 137 524 229 279 170 141 97 62 55 367 402
Total Income 2737 3097 2844 4732 5223 3441 1662 1541 648 469 2547 2678
Total Expenditure 2030 2062 1675 1192 3901 2470 1342 1446 1133 842 2016 2483
Operating Profit 707 1035 1169 3540 1322 970 320 95 -484 -373 531 195
Interest 336 501 561 744 464 481 228 110 28 9 461 547
Depreciation 20 69 71 97 17 31 17 12 12 11 15 41
Exceptional Income / Expenses 0 0 0 0 0 -79 0 0 -39 -629 -28 -31
Profit Before Tax 351 464 539 2694 844 378 75 -27 -563 -1023 18 -427
Provision for Tax 80 142 183 335 339 257 70 110 45 16 -176 2
Profit After Tax 271 322 357 2360 504 121 5 -137 -608 -1038 194 -429
Adjustments -23 -26 40 13 -0 -0 -0 1 -1 -0 24 0
Profit After Adjustments 248 296 397 2373 504 121 4 -137 -608 -1039 217 -429
Adjusted Earnings Per Share 5.8 7.1 9.1 50 11.2 2.7 0.1 -3 -11.2 -19.2 1.8 -3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 427% 15% -8% -2%
Operating Profit CAGR 0% 77% -11% -3%
PAT CAGR 0% 0% 10% -3%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -53% -4% -7% -1%
ROE Average 4% -18% -12% 5%
ROCE Average 6% -12% -6% 4%

Embassy Developments Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 7170 3993 4043 3993 3998 3558 3482 3415 3656 2753 9321
Minority's Interest 33 833 711 10 11 11 11 11 12 12 6
Borrowings 5498 6917 7492 3000 3405 989 378 345 164 267 2515
Other Non-Current Liabilities 137 87 505 -569 -306 -126 -21 89 110 102 1584
Total Current Liabilities 3953 5922 5439 12649 8469 6517 4703 3786 2494 2636 7062
Total Liabilities 16792 17751 18190 19084 15578 10950 8554 7646 6435 5771 20488
Fixed Assets 112 112 129 61 52 74 26 36 24 14 2610
Other Non-Current Assets 6712 3425 4580 3884 3353 541 441 512 299 320 4167
Total Current Assets 9967 14215 13481 15139 11825 10244 7997 7097 6112 5438 13128
Total Assets 16792 17751 18190 19084 15578 10950 8554 7646 6435 5771 20488

Embassy Developments Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 183 574 1087 352 1674 603 48 81 50 37 115
Cash Flow from Operating Activities -2830 973 639 -891 -1159 -432 853 -248 -343 -97 1461
Cash Flow from Investing Activities -124 244 -875 222 1785 2779 971 280 661 96 507
Cash Flow from Financing Activities 3315 -695 -834 2057 -1695 -1890 -1791 -64 -331 -8 -1971
Net Cash Inflow / Outflow 360 521 -1069 1389 -1070 456 33 -31 -13 -10 -3
Closing Cash & Cash Equivalent 587 1087 352 1674 603 48 81 50 37 27 179

Embassy Developments Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 5.84 7.06 9.1 49.99 11.19 2.65 0.1 -3.02 -11.24 -19.2 1.78
CEPS(Rs) 6.85 9.35 9.82 51.74 11.58 3.34 0.49 -2.76 -11 -18.98 1.71
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 168.72 88.3 92.75 62.04 64.99 68.73 67.54 65.93 59.64 42.96 71.33
Core EBITDA Margin(%) 23.14 30.33 27.81 73.53 21.09 24.48 11.81 -0.1 -93.02 -103.46 7.51
EBIT Margin(%) 26.01 32.62 47.41 76.37 26.46 26.26 19.92 5.74 -91.18 -244.94 21.96
Pre Tax Margin(%) 13.29 15.69 23.24 59.84 17.07 11.55 4.94 -1.87 -95.89 -247.17 0.83
PAT Margin (%) 10.28 10.9 15.37 52.4 10.2 3.7 0.31 -9.5 -103.55 -250.93 8.88
Cash Profit Margin (%) 11.02 13.24 18.45 54.55 10.55 4.64 1.44 -8.66 -101.48 -248.19 9.56
ROA(%) 1.8 1.87 1.98 12.66 2.91 0.91 0.05 -1.69 -8.63 -17.01 1.47
ROE(%) 3.87 5.93 9.21 67.53 17.17 4 0.15 -4.55 -19.56 -37.41 3.51
ROCE(%) 5.83 7.26 8.35 28.6 13 10.88 5.53 1.76 -12.39 -29.1 5.67
Receivable days 17.77 213.74 560.86 155.58 10.48 19.52 45.62 72.46 108.68 61.28 9.6
Inventory Days 739.84 869.76 1252.05 777.79 782.95 943.26 1588.49 1478.81 3216.89 4236.17 1409.95
Payable days 36.25 55.28 92.57 370.55 69.62 132.82 122.61 98.31 218.29 298.38 147.66
PER(x) 11.21 7.94 9.6 3.62 8.24 15.37 852.57 0 0 0 65.16
Price/Book(x) 0.39 0.64 0.94 2.92 1.42 0.59 1.2 1.54 0.82 2.7 1.62
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 3.28 3.35 5.46 3.21 2.02 1.41 3.36 4.29 5.43 16.61 8.38
EV/Core EBITDA(x) 12.25 9.58 10.83 4.08 7.57 4.74 15.98 65.25 -6.58 -18.42 34.4
Net Sales Growth(%) 52.12 12.05 -21.6 94.05 9.8 -33.84 -53.48 -5.04 -59.39 -29.48 426.81
EBIT Growth(%) 24.05 40.52 13.95 212.57 -61.96 -34.34 -64.71 -72.63 -745 -89.44 147.24
PAT Growth(%) 34 18.79 10.61 561.55 -78.63 -75.99 -96.1 -3009.4 -342.59 -70.9 118.65
EPS Growth(%) 10.58 20.99 28.91 449.04 -77.62 -76.27 -96.41 -3266.95 -272.53 -70.72 109.26
Debt/Equity(x) 0.91 2.41 2.33 1.65 1.39 0.76 0.35 0.38 0.07 0.11 0.52
Current Ratio(x) 2.52 2.4 2.48 1.2 1.4 1.57 1.7 1.87 2.45 2.06 1.86
Quick Ratio(x) 1 1.03 1.04 0.3 0.23 0.54 0.42 0.42 0.52 0.25 0.15
Interest Cover(x) 2.04 1.93 1.96 4.62 2.82 1.78 1.33 0.75 -19.36 -109.69 1.04
Total Debt/Mcap(x) 2.35 3.44 2.25 0.77 1.33 1.46 0.33 0.28 0.1 0.05 0.32

Embassy Developments Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 0 0 0 0 0 0 43.36 42.44 42.66 42.65
FII 23.57 23.09 24.57 28.88 30.12 29.79 15.93 28.13 26.65 25.3
DII 1.07 1.78 0.41 3.41 3.38 4.18 2.9 3.1 3.08 2.84
Public 75.28 75.05 74.95 67.65 66.44 66.03 37.81 26.33 27.6 29.21
Others 0.07 0.07 0.07 0.06 0.06 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Embassy Developments News

Embassy Developments Pros & Cons

Pros

  • Stock is trading at 0.7 times its book value
  • Debtor days have improved from 298.38 to 147.66days.

Cons

  • Promoter holding is low: 42.65%.
  • Company has a low return on equity of -18% over the last 3 years.
  • The company has delivered a poor profit growth of 9% over past five years.
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