Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 9 Oct - Infomerics upgraded EMBDL to IVR A/Stable, raised bank loan facilities to ₹350 crore, and rated ₹160 crore NCDs.
Source: Bse
Embassy Developments Ltd. (EMBDL)
Micro CapReal Estate stocks · Micro cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 09:15 am ISTDetails
Quote21 Oct, 09:15 am IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:54 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags25 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -3.9% / mo · MACD − · sector -5.3pp vs Nifty 500 (3M)
Stock trend: 19
Sector RS: 45
Sector 3M: -9.7% vs Nifty 500 -4.4%
Real Estate FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
EMBDLD candles · FIT view-26.6%TODAY · PROVISIONALLatest price ₹53.41 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.5%
RSI
37
MACD hist
-0.17
52W pos
24%
2026-10-21O ₹53.68H ₹53.86L ₹53.29C ₹53.41Vol 22,186 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
EMBDLNifty RealtyNifty 500
- EMBDL
- -15.8%
- Nifty 500
- -5.6%
- Nifty Realty
- -11.0%
- Vs Nifty 500
- -10.2 pp
Chart stats
19 Oct 2026- From 52W high
- -45.9%
- 52W range position
- 24%
- ATR (14)
- 4.5%
- Volume vs 20D
- 0.46x
- Avg traded value
- ₹13.9 Cr
- 20D price channel
- ₹53.3 - ₹63.8
₹99.2
₹39.5 - ₹99.2
₹2.4
Latest completed session
20-session average
49.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED15
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -68.1% · PAT NDF YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence40
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -68% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹217 Cr | -68.1% | -36.5% |
| EBITDA | ₹-131 Cr | -1090.9% | +49.8% |
| Operating margin | -60.0% | -5840 bps | +1600 bps |
| PAT | ₹-234 Cr | NDF | NDF |
| PAT margin | -107.8% | -8345 bps | -1339 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 0.77
- EV/EBITDA
- —
- Market Cap
- 7655.00Cr
Profitability
- ROE
- -9.19%
- ROCE
- -2.44%
- ROA
- -4.38%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 3.00%
- EPS 5Y
- -20.00%
- Revenue 3Y
- 43.00%
- EPS 3Y
- -12.00%
Balance Sheet
- Debt/Equity
- 0.54
- Interest Coverage
- -1.18×
- Altman Z
- 1.15
- Book Value
- 71.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 44.00 Cr
- EPS TTM
- -6.79
Shareholding
- Promoter Hold
- 42.65%
- Promoter Pledge
- 64.90%
- Momentum 52W
- 27%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 217-36.5% vs prev
Net Profit
₹ CrLatest: -234+27.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.0% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 45% off 52W high · 35% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
35
RS percentile
Stage 1 Base / Transition
1M return
-0.4%
3M return
-15.8%
6M return
+23.4%
1Y return
-42.9%
RS 1D
-2
RS 20D
+23
Sector rank
#18
Industry rank
#71
Stage evidence
- Price is 8.3% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -1.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
250 observations
19 Oct 2026Value 60.41-1.68%
RS vs Nifty 50060
Valuation & peers
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation5/30
Growth3/25
Quality0/20
Balance Sheet0/15
Cash Flow4/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
15
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
15/100 · legacy band OVERVALUED
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 1.1, in distress territory.
- Promoter pledge is 64.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
—
PB
0.8
EV/EBITDA
—
ROE
-9.2%
ROCE
-2.4%
FCF Yield
—
Debt/Equity
0.5
MoS
—
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
15
Previous: 15
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
15
15
15
15
15
15
15
15
15
15
15
15
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
2.4
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DBREALTY
Micro
Valor Estate Limited
Real Estate
match 163
31
—
-1.3%
-801%
OVERVALUED
PURVA
Micro
Puravankara Limited
Real Estate
match 163
36
30.7
3.5%
+10%
WATCHLIST
TARC
Micro
TARC Limited
Real Estate
match 162
29
—
8.6%
—
OVERVALUED
MAXESTATES
Small
Max Estates Limited
Real Estate
match 161
14
1465.0
-1.3%
-4174%
OVERVALUED
SUNTECK
Micro
Sunteck Realty Limited
Real Estate
match 160
56
18.9
5.8%
+45%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T06:42:34.915Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
40Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 1st percentile of the scored universe and 3rd percentile within Real Estate. Main check: financial discipline is weak at 18/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
44 docs text-extracted · 7 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
1st percentile
overall median 67 · Real Estate: 3rd pctile, median 61 · Micro: 1st pctile, median 73
Evidence depth
Financial-only
44 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Do not rely on management narrative unless hard turnaround evidence is visible.
Read 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.
Promoter
35
weak · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
47
watch · leverage and solvency
Discipline
18
weak · capital discipline
Results
19
weak · quarterly consistency
Trust positives
- ▸8 years of positive FCF.
Trust risks
- ▸Promoters have pledged 64.9% of holding.
- ▸Altman Z is 1.17.
- ▸2 latest 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.
Continue researching Embassy Developments Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - Embassy Developments records ₹1,800 crore pre-sales at Embassy Origins launch, booking 477 homes in a week.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - Analyst/institutional investor group meeting scheduled on 24 September 2026 at 2:00 PM in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - For more details, please refer attachment.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep - Embassy Developments signs MoU to sell entire Juhu residential tower for ₹711 crore to Dinesh Thakkar.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Sep - Embassy Developments launches ‘Natural Intelligence’ campaign for 85-acre Embassy Origins and Discovery Centre in North Bengaluru.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Sep - Embassy launches 85-acre North Bengaluru project; first phase RERA-approved, combined GDV around ₹4,500 crore.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Aug - Newspaper Publication - Notice of 20th Annual General Meeting of the Company.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - For more information please refer attachment.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Jul - For more details, please refer attachment.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Jun - Embassy Developments signs non-binding MoU for ~₹1,500 crore Lucknow commercial project, ~2.5–3.0 million sq ft.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.