Key Quantitative Figures

Pre-Sales Performance:

  • Q2 FY27 pre-sales: Rs 3,225 crores (record high, surpassing previous record of Rs 2,632 crores in Q4 FY26)
  • H1 FY27 pre-sales: Rs 4,093 crores (up 574% year-on-year, representing 51% of full-year guidance of Rs 8,000 crores)
  • H1 FY27 pre-sales nearly 90% of entire FY26 pre-sales of Rs 4,631 crores

Collections:

  • Q2 FY27 collections: Rs 546 crores (up 10% sequentially)
  • H1 FY27 collections: Rs 1,041 crores (up 53% year-on-year, representing 35% of full-year collection guidance of Rs 3,000 crores)

Project Launches (Q2 FY27):

  • Riverine at Embassy Origins Bengaluru: GDV Rs 3,155 crores
  • South Reserve at Embassy Origins Bengaluru: GDV Rs 1,957 crores
  • Embassy Terazza Juhu, Mumbai: GDV Rs 3,285 crores
  • Total GDV launched: Rs 8,397 crores (up from pre-launch estimate of Rs 7,500 crores)

Financial Performance (Q2 FY27):

  • Revenue from operations: Rs 292 crores (vs Rs 494 crores in Q2 FY26)
  • Total income: Rs 311 crores (vs Rs 537 crores in Q2 FY26)
  • EBITDA: Negative Rs 131 crores
  • Loss after tax: Rs 271 crores

Balance Sheet (as of September 30, 2026):

  • Net institutional debt: Rs 3,982 crores
  • Cash and cash equivalents: Rs 1,258 crores
  • Net debt to equity: 0.42x
  • Outstanding shareholder debt: Rs 1,103 crores

Project Portfolio:

  • Ongoing owned projects: 13 projects with total GDV Rs 27,422 crores (55% area sold)
  • Cumulative sold receivables and unsold inventory: Rs 25,536 crores
  • Sold receivables: Rs 8,290 crores
  • Unsold inventory: Rs 17,246 crores
  • Development pipeline: 20.3 million square feet with estimated GDV Rs 23,470 crores

Land Bank:

  • Fully paid land bank: 3,251 acres including 1,400 acres in Nashik

Dates of Action

  • Earnings conference call: November 04, 2026 at 11:00 AM IST
  • CEO transition effective: December 31, 2026
  • Warrant allotment: October 2026
  • Next Supreme Court hearing (Canara Bank case): November 19, 2026

Parties Involved

Management Participants:

  • Mr. Aditya Virwani - Managing Director and Promoter
  • Mr. Neel Virwani - Chief Business Officer
  • Mr. Sachin Shah - Chief Executive Officer and Executive Director
  • Mr. Rajesh Kaimal - Chief Financial Officer and Executive Director
  • Mr. Kamal Mittal - Head (Investor Relations)
  • Ms. Reeza Sebastian - Chief Revenue Officer

New Leadership Appointments:

  • Ketan Nanda - Business Head for North (NCR)
  • Alok Sherry - Head of Business Development in Mumbai

Promoter Group: Involved in warrant allotment and shareholder debt repayment

Regulatory References: SEBI Regulation 30, Para A of Part A of Schedule III

Leadership Transition

Sachin Shah will step down as CEO and Executive Director effective December 31, 2026, as part of a planned succession process. He will remain associated as Senior Advisor to the Chairman and Managing Director & CEO. Aditya Virwani will be re-designated as Managing Director and CEO for the remainder of his existing term effective January 1, 2027.

Capital Structure Impact

  • Completed allotment of 3.25 crore convertible warrants to promoter group at Rs 111.51 per warrant in October 2026
  • Proceeds used to repay Rs 363 crores of shareholder debt owed to promoter group
  • Promoter group fully exercised warrants ahead of tenure, no warrants outstanding

Credit Rating Update

Received one notch upgrade in credit rating of bank loan facility from IVRA- stable to IVRA stable.

Project Specific Updates

Panvel Project (erstwhile Indiabulls):

  • Capital infusion: Approximately Rs 500 crores
  • Monthly consumption: Rs 40 crores
  • Project scale: 17 towers, 8 million square feet
  • OC timeline: Starting June 2027 (phase-wise completion)
  • Sold receivables and inventory: Rs 1,841 crores
  • Potential surplus: Rs 300-400 crores after construction cost and interest

OC Received Projects:

  • Remaining towers of Golf City at Savroli received OC during Q2 FY27
  • OC received portfolio remains over 95% sold in terms of area
  • Embassy Paradiso at Embassy Springs completely sold, nearing completion, slated for OC in FY27
  • Embassy Edge and Embassy East Avenue progressing toward completion in FY28 (both ~90% sold)

Legal Matters

Canara Bank Case:

  • Matter in Supreme Court, next hearing November 19, 2026
  • Management expressed confidence in strong case

KIDB Matter:

  • Stay obtained from High Court on KIDB's resumption notice
  • Matter being heard, management confident of favorable outcome

Guidance and Outlook

FY27 Targets:

  • Launch GDV: Rs 19,400 crores (9 owned projects: Rs 13,300 crores + 2 DM projects: Rs 6,100 crores)
  • Pre-sales: Rs 8,000 crores (Rs 6,000 crores from own projects + Rs 2,000 crores from DM projects)
  • Collections: Rs 3,000 crores

Future Projections:

  • Expect positive operating cash flow by March 2027
  • Debt reduction expected by end of Q2/Q3 next year (FY28)
  • Significant cash flow improvement expected from next year as projects reach slab cycle

Market Performance

  • Strong sales traction across all 8 recently launched residential projects (cumulatively over 52% area sold within 6 months of launch)
  • High conversion rates (93% from expressions of interest to completed bookings)
  • Premium pricing achieved across projects
  • Strong channel partner support across Bangalore, Mumbai, and NCR

Geographic Expansion

  • Successful expansion into Mumbai markets (Worli, Juhu, Thane, Panvel, Savroli, Alibaug)
  • Embassy Citadel Worli: Rs 1,350+ crores sales in less than 9 months
  • State-of-the-art customer experience center opening at One World Center, Lower Parel