EMBDLEmbassy Developments Ltd.
Embassy Developments Q2 FY27 Results: Consolidated Net Loss ₹273 Crore on Total Income of ₹311 Crore
- Earnings
- real estate development
Reviewed byRachit TripathiBlacklitt Research
Embassy Developments (NSE: EMBDL) reported a consolidated total income of ₹311.17 crore and a net loss of ₹273.41 crore for the quarter ended 30 Sep 2026, it said in a filing on 03 Nov 2026. Standalone total income was ₹89.98 crore and the standalone net loss was ₹63.81 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹311.17 crore, down 42.0% YoY and up 29.0% QoQ
- Net profit and EPS: Net loss of ₹273.41 crore; basic EPS of ₹-1.95
- Finance costs: ₹136.29 crore, up 123.9% YoY and 14.9% QoQ
Standalone
The company on its own, without its subsidiaries
- Total income: ₹89.98 crore, down 57.9% YoY and up 231.8% QoQ
- Net profit and EPS: Net loss of ₹63.81 crore; basic EPS of ₹-0.46
- Finance costs: ₹42.62 crore, down 24.3% YoY and up 90.0% QoQ
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 311.17 | 536.91 | -42.0% | 241.28 | +29.0% | |
| Revenue from operations | 292.21 | 493.96 | -40.8% | 216.75 | +34.8% |
| Other income | 18.96 | 42.94 | -55.8% | 24.53 | -22.7% |
| -273.41 | -152.47 | -79.3% | -237.97 | -14.9% | |
| Profit before tax | -280.89 | -151.99 | -84.8% | -237.68 | -18.2% |
| Finance costs | 136.29 | 60.88 | +123.9% | 118.57 | +14.9% |
| Depreciation | 13.72 | 135.49 | -89.9% | 12.98 | +5.7% |
| Tax expense | -7.48 | 0.48 | n/a | 0.29 | n/a |
| Net profit margin | -87.86% | -28.40% | -59.47 pp | -98.63% | +10.76 pp |
| EPS, basic (₹) | -1.95 | -1.12 | -74.1% | -1.69 | -15.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net loss widened faster than the income fell, with consolidated net profit down 79.3% YoY against a 42.0% fall in total income. Finance costs rose 123.9% YoY to ₹136.29 crore, which is 43.8% of this quarter's total income, while depreciation fell 89.9% from ₹135.49 crore in the year-earlier quarter.
Other income of ₹18.96 crore is 6.1% of consolidated total income this quarter, so revenue from operations of ₹292.21 crore carries most of the income. Revenue from operations fell 40.8% YoY, less than other income's 55.8% fall.
Against the previous quarter, consolidated total income rose 29.0% and the net loss narrowed 14.9%. The consolidated quarter column shows exceptional items as nil, and the filing records a loss of ₹2,734.10 million before the share of joint venture and LLP results in this column.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 89.98 | 213.57 | -57.9% | 27.12 | +231.8% | |
| Revenue from operations | 73.69 | 165.49 | -55.5% | 12.95 | +469.2% |
| Other income | 16.30 | 48.08 | -66.1% | 14.17 | +15.0% |
| -63.81 | -40.48 | -57.6% | -90.29 | +29.3% | |
| Profit before tax | -64.70 | -41.56 | -55.7% | -89.57 | +27.8% |
| Finance costs | 42.62 | 56.31 | -24.3% | 22.43 | +90.0% |
| Depreciation | 8.01 | 7.43 | +7.8% | 7.85 | +2.1% |
| Tax expense | -0.89 | -1.08 | +17.0% | 0.72 | n/a |
| Net profit margin | -70.91% | -18.95% | -51.96 pp | -332.97% | +262.06 pp |
| EPS, basic (₹) | -0.46 | -0.30 | -53.3% | -0.65 | +29.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Against the previous quarter, the standalone net loss narrowed 29.3% from ₹90.29 crore while total income rose 231.8%.
Standalone other income of ₹16.30 crore is 18.1% of total income, and finance costs of ₹42.62 crore are 47.4% of total income this quarter. Standalone revenue from operations fell 55.5% YoY, less than other income's 66.1% fall.
Consolidated net loss of ₹273.41 crore is ₹209.60 crore larger than the standalone loss of ₹63.81 crore.
The filing says the NCLAT judgment dated 4 May 2026 remains in effect, the Supreme Court has granted no stay, and the company says no CIRP is currently pending against it, with no impact on operations. The lender's appeal before the Supreme Court is being contested.
The company completed a Share Purchase Agreement to sell shares in a subsidiary for ₹1,000.00 million on 16 Apr 2026, and the Registrar of Companies approved the strike off of four non-operational subsidiaries in the half year. The Group operates in one reportable business segment, real estate development and related services, primarily in India.
Inference
The filing says warrants of 3,25,18,900 were issued to Embassy Property Developments Private Limited, a promoter group member, at ₹111.51 per warrant, with full consideration of ₹3,626.18 million received and the warrants converted into equity shares after allotment on 12 Oct 2026.
The filing says the Embassy East Business Parks land in Karnataka remains subject to a KIADB resumption dispute, with the matter open for consideration on merits; the outcome is not known. The reason for the large consolidated loss in the quarter is not stated in the filing.
Filed with BSE on . Reference: Original filing (PDF)
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