Overview

Embassy REIT, India’s first listed REIT and the largest office REIT in Asia by area, reported its Q2 FY2027 results for the quarter ended 30 September 2026. The Board of Directors approved a record quarterly distribution of Rs 670 crore, equivalent to Rs 7.07 per unit, representing a 9 % year‑on‑year increase. The record date is 31 October 2026 and payment will be made on or before 6 November 2026.

Financial Performance

Revenue from operations grew 16 % YoY to Rs 1,303 crore, while Net Operating Income (NOI) rose 15 % YoY to Rs 1,069 crore. Gross Asset Value (GAV) increased 16 % YoY to approximately Rs 74,000 crore, and Net Asset Value (NAV) per unit climbed 18 % YoY to Rs 524.74. The REIT’s portfolio occupancy stood at 93 % by value, with Bengaluru, Chennai and Noida at 94 % and Mumbai at 100 %.

Distribution Details

The approved distribution of Rs 670 crore translates to Rs 7.07 per unit, the highest quarterly payout in the REIT’s history. This payout reflects the strong operating performance and double‑digit growth in both revenue and NOI.

Leasing Activity

During the quarter the REIT leased a total of 1.5 million square feet (msf). New leases of 0.9 msf were signed at an average 9 % premium to market rents, driven primarily by Global Capability Centers (GCCs) which accounted for 85 % of leasing demand. A landmark pre‑lease of an entire 0.5 msf building at Embassy TechVillage in Bengaluru was secured with a global engineering company at a 15 % premium to prevailing market rents. Additionally, 0.2 msf was leased across three Pune assets, contributing roughly 25 % of the quarter’s new leasing.

Debt Financing

Embassy REIT raised Rs 2,050 crore of debt at a blended interest rate of 7.14 %. This financing package includes a first‑of‑its‑kind Rs 1,000 crore bank loan to an Indian REIT at the trust level under the Reserve Bank of India’s new lending framework.

Operational and Growth Highlights

The REIT delivered a 0.6 msf office block at Embassy Splendid TechZone in Chennai, fully committed to a leading US GCC, and maintains a development pipeline of 5.6 msf in Bengaluru and Chennai. Hotel revenue grew 22 % YoY, with average daily rates (ADR) increasing 10 %; the newly opened Hilton Garden Inn at Embassy TechVillage achieved operating cash break‑even within its first quarter of operation. The REIT also completed the acquisition of 8,048 sq ft of fully leased retail space at FIFC in Mumbai’s BKC, further consolidating ownership of its flagship asset.

Market and Index Inclusion

Embassy REIT has been added to the Nifty 500 and Nifty Midcap 150 indices, becoming the only REIT represented in the Midcap 150, thereby enhancing investor access to the Indian REIT market.

Investor Relations

A comprehensive investor package—including standalone and consolidated financial results, an earnings presentation, and supplemental operating data—has been uploaded to the Investors section of the REIT’s website (www.embassyofficeparks.com). A conference call to discuss the results is scheduled for 29 October 2026 at 08:30 IST, with a replay to be made available thereafter.

Management Commentary

CEO Amit Shetty stated that the quarter’s performance was driven by robust GCC demand, healthy rental growth, and a 300‑basis‑point improvement in Pune occupancy. He highlighted the pricing power demonstrated by the 15 % premium pre‑lease and affirmed confidence in capitalising on India’s structural office demand.