Sachin Shah to step down as CEO & Executive Director; Aditya Virwani re-designated Managing Director & CEO

Sachin Shah resigns as CEO & Executive Director, effective close of business on Dec 31, 2026, but stays in the Embassy Group as Senior Advisor to the Chairman and the MD & CEO from Jan 1, 2027.

Fri 9 Oct 2026

CEO Exit Effective Date

close of business hours on December 31, 2026

MD & CEO Re-designation Term

from January 1, 2027, for the remainder of his existing term of appointment, up to February 24, 2030

Pre-sales Guidance

on track to achieve Rs. 8000 crores in pre-sales this year

What the board decided

• Mr. Sachin Shah resigns from the position of CEO & Executive Director, with effect from the close of business hours on December 31, 2026.
• He will, however, remain associated with the Company and Embassy Group as Senior Advisor to the Chairman and the Managing Director & CEO, with effect from January 1, 2027.
• Mr. Aditya Virwani (DIN: 00027674), Managing Director, has been re-designated as Managing Director & CEO with effect from January 1, 2027, for the remainder of his existing term of appointment, which is up to February 24, 2030, on the existing terms and conditions of his appointment.
• The Board approved this on the recommendation of the Nomination and Remuneration Committee, with a view to ensuring continuity and stability of leadership.

Who moves into the top role

• Mr. Aditya Virwani is the Managing Director of the Company and of Embassy Group, and serves on the board of the manager of Embassy Office Parks REIT.
• Formerly the Group's Chief Operating Officer, he played a key role in the launch of Embassy Office Parks REIT, India's first listed REIT.
• He is the son of Mr. Jitendra Virwani, Chairman and Non-Executive Director of the Company, and is not related to any other Director.
• The update confirms he is not debarred from holding the office of Director by virtue of any SEBI order or any other such authority.

How the company frames the transition

• The Board's stated view is that the re-designation will ensure continuity and stability of leadership, facilitate a seamless transition and further strengthen strategic alignment, decision-making and execution.
• In the enclosed resignation letter, Mr. Shah describes the decision as a natural progression and part of the succession plan for EDL, planned in consultation with Mr. Jitendra Virwani and Mr. Aditya Virwani, and says he wholeheartedly supports the appointment and will support externally as senior advisor.

Business context mentioned

• The Board noted that under the leadership of Mr. Aditya Virwani as Managing Director and the guidance of Mr. Jitendra Virwani, Chairman, FY 2025-26 was a year of strong execution and record performance for the Company.
• The Company entered FY 2026-27 with a pipeline of 11 projects across Bengaluru, Mumbai and its initial pilot in the National Capital Region.
• Mr. Aditya Virwani's profile notes he is focused on shaping the Company's next phase of growth - strengthening core businesses, unlocking new markets and driving innovation.
• Mr. Shah's letter states the Company is on track to achieve Rs. 8000 crores in pre-sales this year.
• Mr. Shah had stepped into the role of Executive Director / CEO of the erstwhile Indiabulls Real Estate Limited in February 2023, and the merger was completed in January 2025.

What stands out for investors

• The outgoing CEO's term ends on December 31, 2026 and the incoming Managing Director & CEO's role begins the next day, so the top position is filled without a gap.
• The leadership change is a change at the top of the executive structure, while the same person continues as Senior Advisor in the group.
• Details to track over the coming quarters would include execution of the 11-project pipeline across the three markets mentioned.

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