Embassy Developments532832Quarterly results
Board approves Q2 and H1 FY27 results; auditor's limited review conclusion unmodified
Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 4 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,922.10 | 4,939.64 | −40.8% | 2,167.54 | +34.8% |
| Total income | 3,111.72 | 5,369.06 | −42% | 2,412.81 | +29% |
| Profit before tax | (2,808.92) | (1,519.86) | −84.8% | (2,376.80) | −18.2% |
| Profit after tax | (2,712.01) | (1,526.19) | −77.7% | (2,344.02) | −15.7% |
| Total comprehensive income | (2,698.63) | (1,508.86) | −78.9% | (2,344.02) | −15.1% |
| Basic EPS | (1.95) | (1.12) | −74.1% | (1.69) | −15.4% |
- Total income YoY change
- −42%
- Period
- September 30, 2026
Auditor's review
Conclusion: Unmodified
Notes to the results
- CIRP against the Company was set aside by NCLAT judgment dated May 04, 2026; lender's appeal pending before Supreme Court with no stay, so no CIRP is currently pending.
- 3,25,18,900 convertible warrants allotted to Embassy Property Developments Private Limited at Rs. 111.51 per warrant were fully converted into equity; full consideration of Rs. 3,626.18 millions received.
- The Company and a subsidiary sold shares in another subsidiary for a total consideration of Rs.1,000.00 millions; transfer completed on April 16, 2026.
- KIADB order for resumption of land held by subsidiary EEBPL is under litigation before the Karnataka High Court; EEBPL retains possession pending fresh consideration.
What the board approved
- The Board met on November 03, 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, along with the Limited Review Reports dated November 03, 2026 issued by the statutory auditors, Agarwal Prakash & Co.
- The trading window for dealing in the company's securities continued to remain closed up to and including November 05, 2026.
Auditor's conclusion
- The review report states that nothing came to the auditors' attention that causes them to believe the statement has not disclosed the information required or that it contains any material misstatement. The conclusion is unmodified.
- The conclusion is based partly on the review reports of other auditors for 35 subsidiaries, 1 joint venture and 1 limited liability partnership covered in the consolidated statement.
Consolidated numbers (Rs. in millions, unaudited)
- Revenue from operations: Rs. 2,922.10 million for the quarter, against Rs. 4,939.64 million in the same quarter a year earlier; Rs. 5,089.64 million for the half year, against Rs. 11,765.87 million.
- Total income: Rs. 3,111.72 million for the quarter and Rs. 5,524.53 million for the half year.
- Loss after tax: Rs. (2,698.63) million for the quarter, against Rs. (1,508.86) million a year earlier; Rs. (5,056.03) million for the half year, against Rs. (3,182.63) million.
- Finance costs: Rs. 1,362.92 million for the quarter.
- Basic and diluted earnings per share: Rs. (1.95) for the quarter and Rs. (3.64) for the half year.
Standalone numbers (Rs. in millions, unaudited)
- Total income: Rs. 899.84 million for the quarter and Rs. 1,171.00 million year to date.
- Loss after tax: Rs. (638.09) million for the quarter and Rs. (1,540.97) million year to date.
- Paid-up equity share capital: Rs. 2,780.07 million, face value Rs. 2 per share.
Other decisions and disclosures
- Warrants: 3,25,18,900 unlisted convertible warrants of face value Rs. 2 each were approved for issue to Embassy Property Developments Private Limited, a member of the Promoter Group, at an exercise price of Rs. 111.51 per warrant. The warrants were allotted on October 12, 2026, the full consideration of Rs. 3,026.18 millions has been received and the warrants have been fully converted into equity shares.
- Employee stock scheme: additional grants of 5,36,798 stock options and 3,26,260 performance stock units were approved, and 4,23,894 stock options lapsed during the quarter on cessation of employment; outstanding as at September 30, 2026 were 1,42,75,707 options and 48,04,041 performance stock units.
- Scheme of amalgamation: the merger of Sphero Properties and Services Private Limited into Equinox India Infraestate Limited (a subsidiary) was sanctioned by the NCLT Mumbai Bench; the petition shared with the NCLT New Delhi Bench is listed for hearing on November 26, 2026.
- Subsidiary stake sale: a share purchase agreement to sell shares in another subsidiary for total consideration of Rs. 1,000.00 millions was completed on April 16, 2026.
- The Registrar of Companies approved the strike-off of four non-operational subsidiaries during the half year.
Pending legal matters flagged in the notes
- Corporate guarantee: a conditional guarantee given in 2011-12 for a then step-down subsidiary, Sinnar Thermal Power Limited, was invoked by lenders. An NCLT Delhi Bench order of December 9, 2025 for initiation of the corporate insolvency resolution process was set aside by the NCLAT in May 2026; the Supreme Court on August 31, 2026 condoned the delay in re-update the appeal and issued notice, with no stay granted. The company states that the NCLAT judgment remains in effect and no resolution process is currently pending against it.
- Land in Karnataka: a subsidiary holds leasehold rights over 78 acres and 2,219 square metres under a lease-cum-sale agreement with KIADB; the Division Bench of the High Court set aside an earlier order on June 15, 2026 and the matter is open for fresh consideration, with the subsidiary continuing to hold possession.
How to read this update
- The results are the substance of this update; the auditor's limited review conclusion is unmodified, so no qualification or adverse remark is attached to the numbers.
- The consolidated 'Loss after tax' for the quarter, Rs. (2,698.63) million, is wider than the Rs. (1,508.86) million reported for the same quarter a year earlier.
- The promoter-group warrant money of Rs. 3,026.18 millions has been received and converted into equity shares, which increases the share capital base.
- The corporate guarantee dispute and the Karnataka land case are continuing matters that the company has disclosed in the notes.
Also from Embassy Developments
Q2 FY27 investor update: pre-sales INR 3,225 Cr, H1 INR 4,093 Cr; promoter warrants converted
3 Nov 2026
Embassy Developments posts record Q2 FY27 pre-sales of ₹3,225 crore; three launches carry ₹8,397 crore GDV
3 Nov 2026
Remaining warrants converted; ~93.19 lakh equity shares allotted to promoter group entity
30 Oct 2026
More numbers
- Standalone Total income, quarter ended Sep 30, 2026899.84
- Standalone Loss after tax, quarter ended Sep 30, 2026(638.09)
- Consideration received on convertible warrantsRs. 3,026.18 millions
- Unlisted convertible warrants approved for issue3,25,18,900
- Total income, latest quarter3,111.72 (Rs. in millions)
- Total income, year-ago quarter5,369.06 (Rs. in millions)
- Total income, previous quarter2,412.81 (Rs. in millions)
- Total comprehensive income, latest quarter(2,698.63) (Rs. in millions)
- Total comprehensive income, year-ago quarter(1,508.86) (Rs. in millions)
- Total comprehensive income, previous quarter(2,344.02) (Rs. in millions)
- Profit after tax, latest quarter(2,712.01) (Rs. in millions)
- Profit after tax, year-ago quarter(1,526.19) (Rs. in millions)
- Profit after tax, previous quarter(2,344.02) (Rs. in millions)
- Revenue from operations, latest quarter2,922.10 (Rs. in millions)
- Revenue from operations, year-ago quarter4,939.64 (Rs. in millions)
- Revenue from operations, previous quarter2,167.54 (Rs. in millions)
- Profit before tax, latest quarter(2,808.92) (Rs. in millions)
- Profit before tax, year-ago quarter(1,519.86) (Rs. in millions)
- Profit before tax, previous quarter(2,376.80) (Rs. in millions)
Source: BSE · 3 Nov 2026
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