Embassy Developments Posts Nearly 240% Q-o-Q Pre-Sales Growth in Q3 FY26

Embassy Developments Limited delivered a strong performance in the third quarter ended December 31, 2025, showcasing significant sales traction and healthy cash flows. Pre-sales for Q3 FY26 reached around Rs. 1,392 crore, marking a remarkable 240% growth over the previous quarter’s Rs. 409 crore.

New bookings during the quarter stood at approximately 1,192,000 sq. ft., up 193% from 407,000 sq. ft. in Q2 FY26. On a cumulative basis, pre-sales for the first nine months of FY26 touched Rs. 1,999 crore, a 46% increase over the same period last year, while the total area sold rose 36% YoY to 1,805,000 sq. ft.

Collections also maintained a steady pace. The Company recorded Rs. 414 crore in collections for the quarter, reflecting a 15% growth over Q2. For the first nine months of FY26, cumulative collections reached Rs. 1,096 crore, highlighting healthy cash flow management.

Strong Execution Reflected in Construction Spend

Construction activity remained aligned with collections. Embassy Developments reported a construction spend of Rs. 401 crore for Q3 FY26, representing a 97% spend-to-collections ratio. For the nine-month period, total construction spend stood at Rs. 868 crore, accounting for nearly 79% of cumulative collections. The figures underscore the Company’s focus on timely execution and project delivery.

New Project Launches Boost Portfolio

The quarter saw Embassy Developments expand its presence in Bengaluru with the launch of two residential projects, Embassy Greenshore and Embassy Eden, both in North Bengaluru. Alongside, the Company launched a 2.7 million sq. ft. commercial development, Embassy East Business Park Phase I, in East Bengaluru. Collectively, these launches represent an estimated gross development value (GDV) of over Rs. 6,500 crore.

Embassy Greenshore, with a GDV of Rs. 1,600 crore, has already achieved pre-sales of around Rs 804 crore. Embassy Eden, launched in December with a GDV of Rs. 1,800 crore, has witnessed strong pricing realizations, surpassing initial expectations.

Looking ahead, the Company is gearing up for several key launches in Q4 FY26, including Embassy Citadel in Worli (~Rs. 8,800 crore GDV), Embassy Verde Phase 2 (~Rs. 700 crore GDV), Embassy Serenity in Alibaug (~Rs. 400 crore GDV), and the DM project Embassy Sky Terraces (~Rs. 2,600 crore GDV).

Milestones in Senior Living and Approvals

During the quarter, Embassy Developments achieved another important milestone by receiving the Occupancy Certificate for 239 apartments at Serene Amara, a senior living project developed in partnership with Columbia Pacific Communities in Bengaluru. This marks a key step in operationalizing its senior living portfolio, reflecting the Company’s commitment to diverse real estate offerings.

Prudent Balance Sheet Maintains Financial Strength

Embassy Developments continued to maintain a healthy and conservative balance sheet. As of December 31, 2025, gross institutional debt stood at around Rs. 3,700 crore (0.36x debt-to-equity), with net institutional debt at approximately Rs. 3,000 crore (0.29x net debt-to-equity). Cash and cash equivalents were healthy at Rs. 670 crore, providing ample liquidity for ongoing and upcoming projects.

The Company’s portfolio reflects an estimated project surplus of Rs 28,200 crore, with a net operational cash margin of 47.5% across ongoing, upcoming, and planned developments. These numbers underline Embassy Developments’ capacity to scale operations while maintaining financial discipline.

Management Commentary: Confidence in Delivery

Commenting on the quarter’s performance, Aditya Virwani, Managing Director of Embassy Developments, said, “Q3 reflects the transition of Embassy Developments into a scaled, execution-led platform. Strong pre-sales momentum, key RERA approvals, and healthy cash flows give us confidence in delivering our FY26 guidance while continuing to strengthen our presence across Mumbai and Bengaluru.”

With strong execution capabilities, expanding project launches, and robust financial health, Embassy Developments is positioning itself as a leading player in the residential and commercial real estate sectors. The Q3 results underscore its focus on sustainable growth and timely project delivery, catering to both premium and mass-market buyers.

Momentum Set to Continue

The third quarter of FY26 highlights Embassy Developments’ ability to combine strong sales momentum with disciplined execution. With multiple high-value project launches lined up and consistent collections, the Company is well-placed to sustain growth and deliver on its strategic objectives. Investors and homebuyers alike can expect continued momentum in both residential and commercial segments, particularly across Bengaluru and Mumbai.