Embassy Developments532832Periodic business update

Q2 FY27 investor update: pre-sales INR 3,225 Cr, H1 INR 4,093 Cr; promoter warrants converted

Q2 FY27 investor update.

By ScoutQuest · Tue 3 Nov 2026, 8:41 PM IST · 2 min read

Q2 FY27 Pre-sales: ~INR 3,225 Cr, up 689% YoY
Net Institutional Debt (Sep 30, 2026): ~INR 3,982 Cr
Credit Rating: upgraded to IVR A/Stable

The company has shared its Q2 FY27 investor presentation, covering business performance for the quarter and half year ended September 30, 2026, along with the FY27 outlook and financials.

Sales and collections

Pre-sales of about INR 3,225 Cr in Q2 FY27, up 689% year on year, described as the strongest quarter in the company's history.
Pre-sales of about INR 4,093 Cr for H1 FY27.
Collections of about INR 1,041 Cr in H1 FY27. The company says customer payments are linked to construction milestones and expects collections to accelerate as projects rise above ground, with the inflection point expected in FY28.

Where the sales came from

A landmark single-residence transaction at Embassy Terazza in Juhu, which the company calls the largest single residential transaction in India to date.
Embassy Citadel in Worli sold substantial inventory soon after launch, and Embassy Origins (Riverine and South Reserve) in Bengaluru also generated strong pre-sales soon after launch.
The company says growth is now broad-based across projects, price points and cities.

Balance sheet and capital structure

Net institutional debt of about INR 3,982 Cr as of September 30, 2026. Management says leverage remains within comfortable levels and expects debt to reduce once collections pick up.
All ~3.25 crore warrants issued to the promoter group were converted into equity at INR 111.51 per warrant in October 2026, ahead of time. The entire INR 363 crore of proceeds was used to repay shareholder debt owed to the promoter group.
Credit rating upgraded and assigned from IVR A-/Stable to IVR A/Stable (IVR Single A with Stable Outlook).

Execution and launches

Three of the 11 planned FY27 launches are complete, with the rest scheduled for the second half of the year.
Occupancy Certificates were received for One 09, Gurugram and for all remaining towers at Golf City, Savroli during H1 FY27.
The company says it remains on track to deliver its FY27 guidance for owned pre-sales, development management projects and collections.

Management transition

Aditya Virwani will take over as Managing Director & CEO effective January 1, 2027.
Sachin Shah will continue with the company and Embassy Group as Senior Advisor to the Chairman, which the company describes as a planned transition.

What this means for a retail reader

The update puts numbers on sales momentum, cash collection and borrowings, and shows a promoter fund infusion used to repay promoter debt. The company's own commentary notes that collections trail sales for now because customer payments follow construction progress. Read together with the FY27 guidance, the update shows how management expects the year to shape up.

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