Nature of the Disclosure

This is an Investor Update for Embassy Developments Limited (formerly Equinox India Developments Limited) for the quarter and half year ended September 30, 2026, submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Quantitative Figures

Pre-Sales Performance:

  • Q2 FY27 Pre-Sales: INR 3,225 crore (up 689% YoY from INR 409 crore in Q2 FY26)
  • H1 FY27 Pre-Sales: INR 4,093 crore (up 574% YoY from INR 607 crore in H1 FY26)
  • Q2 FY27 represents the strongest quarter in company history, nearly eight times the same quarter last year
  • H1 FY27 pre-sales represent close to 90% of entire FY26 pre-sales

Area Sold:

  • Q2 FY27: 1,428k sf (up 251% YoY from 407k sf)
  • H1 FY27: 1,912k sf (up 212% YoY from 613k sf)

Collections:

  • Q2 FY27 Collections: INR 546 crore (up 52% YoY from INR 359 crore)
  • H1 FY27 Collections: INR 1,041 crore (up 53% YoY from INR 681 crore)

Financial Position (as of September 30, 2026):

  • Gross Institutional Debt: ~INR 5,240 crore
  • Cash & Cash Equivalents: ~INR 1,258 crore
  • Net Institutional Debt: ~INR 3,982 crore
  • Net Debt to Equity: 0.42x
  • Total Equity: ~INR 9,465 crore

Project Spend:

  • Q2 FY27: INR 457 crore (84% of collections)
  • H1 FY27: INR 739 crore (71% of collections)

Landmark Transactions:

  • Embassy Terazza, Juhu: ~INR 711 crore transaction for an entire residence (largest single residential transaction in India to date)
  • Embassy Citadel, Worli: Over INR 1,300 crore of inventory sold within six months of launch
  • Embassy Origins, Bengaluru: Over INR 1,800 crore of pre-sales within two weeks of launch

Project Launch Details

Q2 FY27 Launches:

  • 3 projects launched with GDV of INR 8,397 crore (2 Bengaluru + 1 Mumbai DM project)
  • Total FY27 launch pipeline: GDV INR 19,400 crore across 9 owned and 2 DM projects

FY27 Outlook:

  • Guidance maintained: ~INR 6,000 crore in owned pre-sales
  • ~INR 2,000 crore from development management projects
  • ~INR 3,000 crore in collections

Capital Structure Impact

Warrant Conversion:

  • In October 2026, ~3.25 crore warrants issued to promoter group were converted into equity at INR 111.51 per warrant
  • Entire proceeds of INR 363 crore were utilized to repay shareholder debt owed to the promoter group
  • Transaction completed well ahead of schedule

Management Transition

Effective January 1, 2027:

  • Aditya Virwani will take on the role of Managing Director & CEO
  • Sachin Shah transitions to Senior Advisor to the Chairman and Aditya Virwani
  • Described as a planned transition to ensure continuity

Operational Highlights

Possessions in Q2 FY27:

  • Occupancy Certificates received for One 09, Gurugram
  • All remaining towers at Golf City, Savroli received OCs

Credit Rating:

  • Upgraded and assigned rating from "IVR A-/Stable" to "IVR A/Stable" (IVR Single A with Stable Outlook)

Land Bank:

  • Total fully paid-up land bank of 3,251 acres across North (542 acres), West (2,530 acres), and South (178 acres) regions
  • One of the largest land banks amongst listed players

Financial Performance (Consolidated)

Profit & Loss (Q2 FY27 vs Q2 FY26):

  • Revenue from operations: INR 292 crore vs INR 494 crore
  • Total Income: INR 311 crore vs INR 537 crore
  • EBIDTA: (INR 131) crore vs (INR 8) crore
  • PAT: (INR 271) crore vs (INR 153) crore

Profit & Loss (H1 FY27 vs H1 FY26):

  • Revenue from operations: INR 509 crore vs INR 1,177 crore
  • Total Income: INR 552 crore vs INR 1,231 crore
  • EBIDTA: (INR 237) crore vs (INR 6) crore
  • PAT: (INR 506) crore vs (INR 318) crore

Balance Sheet (H1 FY27 vs FY26):

  • Total Assets: INR 22,248 crore vs INR 21,538 crore
  • Inventories & Work-in-Progress: INR 12,850 crore vs INR 12,433 crore
  • Cash & Cash Equivalents: INR 680 crore vs INR 779 crore
  • Total Equity: INR 9,465 crore vs INR 9,964 crore
  • Gross Borrowings: INR 6,277 crore vs INR 5,218 crore

Cash Flow Abstract (Consolidated H1 FY27)

  • Collection for Sales: INR 1,041 crore
  • Project Expenses: (INR 1,119) crore
  • Net Cash flow from Operating Activities: (INR 94) crore
  • Investment in Development Business: (INR 442) crore
  • Net Debt Draw down: INR 842 crore
  • Finance Cost: (INR 228) crore
  • Net Cash Movement: INR 93 crore

Future Development Pipeline

FY27 New Launch Pipeline: 11 projects with total GDV of INR 19,400 crore

FY28 Onwards Planned Projects: 12 projects with total GDV of INR 23,470 crore

Notes on Financial Comparability

The document notes that financial results for quarters ended June 30, 2025, March 31, 2025, and June 30, 2024 are not comparable due to a reverse merger accounting treatment following the amalgamation of Nam Estates Private Limited and Embassy One Commercial Property Developments Private Limited with EDL, effective January 24, 2025.