Embassy Developments financials and balance sheet

NSE: EMBDLBSE: 532832RealtySmall Cap

Formerly Equinox India Developments

₹48.44₹3.28 (6.34%)BSE ₹48.51

Share price at the NSE close on 23 Oct 2026. Previous close ₹51.72.

52-week range of traded prices to 23 Oct 2026

₹39.46Low, 30 Mar 2026₹96.69High, 4 Nov 2025

Market cap: ₹6,736 Cr623rd largest listed
P/E: Lossover the last 12 months
P/B: 0.7
Dividend yield: Nonein the last 12 months
ROE: −9.8%
ROCE: −4.3%
Debt to equity: 0.52
Volume, NSE: 46,50,21251.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Embassy Developments annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in the year to Mar 2026, −₹872 CrA loss in 4 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 4.0% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2025, the company's revenue for that year, ₹2,180 Cr, differs from its quarters added, ₹1,801 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,732
Materials and goods−1,607
Employee costs−263
Other expenses−335
Operating profit−474
Depreciation−48
Other income+173
One-off items+0.2
Finance costs−549
Profit before tax−897
Tax+23
Joint ventures+1.8
Net profit−872

What the company owns

Inventory₹12,433 Cr
Plant, investments and other assets₹7,946 Cr
Cash and bank₹1,002 Cr
Current investments₹134 Cr
Receivables₹23 Cr

What pays for it: net worth and liabilities

Net worth₹9,964 Cr
Other liabilities₹5,425 Cr
Borrowings₹5,218 Cr
Owed to suppliers₹932 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Embassy Developments quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 15 May	Mar 2021Filed 24 Apr	Mar 2022Filed 28 May	Mar 2023Filed 30 May	Mar 2024Filed 27 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 20 May
Revenue from operations	2,320	5,927	4,944	3,271	1,521	1,445	587	414	2,180	1,732
	1,675	3,061	3,901	2,470	1,342	1,446	1,133	842	2,016	2,205
Materials and goods bought	–	2,244	3,539	1,848	1,113	1,197	641	497	1,603	1,607
Employee costs	–	128	138	114	52	77	105	73	107	263
Other expenses	–	689	224	508	176	172	387	271	306	335
Operating profit before depreciation	645	2,866	1,043	801	180	−1	−546	−428	164	−474
Operating margin	27.8%	48.4%	21.1%	24.5%	11.8%	−0.1%	−93.0%	−103.5%	7.5%	−27.3%
Materials, % of revenue	–	37.9%	71.6%	56.5%	73.2%	82.9%	109.2%	120.2%	73.5%	92.8%
Employee costs, % of revenue	–	2.2%	2.8%	3.5%	3.4%	5.3%	17.9%	17.7%	4.9%	15.2%
Other expenses, % of revenue	–	11.6%	4.5%	15.5%	11.6%	11.9%	65.9%	65.6%	14.0%	19.3%
Depreciation and amortisation	71	97	17	31	17	12	12	11	15	48
Operating profit after depreciation	574	2,769	1,025	770	162	−14	−558	−439	149	−521
Other income	524	229	279	170	141	97	62	55	367	173
Finance costs	561	744	464	481	228	110	28	9	461	549
Profit before one-off items and tax	537	2,254	840	459	75	−27	−524	−394	55	−897
One-off items	0	0	0	−79	0	0	−39	−629	−28	0
Profit before tax	537	2,254	840	379	75	−27	−563	−1,023	27	−897
	183	269	339	257	70	110	45	16	−176	−23
Current tax	114	–	4	50	5	12	12	15	57	11
Deferred tax	69	–	335	206	65	98	33	0	−232	−34
Share of profit of joint ventures and associates	2	−5	4	−2	–	–	–	–	−9	2
	357	1,980	504	121	5	−137	−608	−1,038	194	−872
Belonging to the company's shareholders	–	1,980	504	121	4	−137	−608	−1,038	206	−873
Belonging to outside owners of subsidiaries	–	–	0	0	0	−1	1	–	–	0
Other comprehensive income	–	–	−28	−443	3	60	−1	131	18	−5
Total comprehensive income	–	–	477	−322	8	−78	−608	−907	211	−877
Net margin	15.4%	33.4%	10.2%	3.7%	0.3%	−9.5%	−103.5%	−250.9%	8.9%	−50.4%
Net margin without joint ventures and associates	15.3%	33.5%	10.1%	3.8%	–	–	–	–	9.3%	−50.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 24 Apr	Mar 2020Filed 15 May	Mar 2021Filed 24 Apr	Mar 2022Filed 28 May	Mar 2023Filed 30 May	Mar 2024Filed 27 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 20 May
	4,009	3,569	3,494	3,426	3,667	2,765	9,327	9,964
	3,998	3,558	3,482	3,415	3,656	2,753	9,321	9,868
Share capital	90	91	90	91	108	108	244	278
Reserves	3,908	3,467	3,392	3,324	3,547	2,645	9,077	9,590
Belonging to outside owners of subsidiaries	11	11	11	11	12	12	6	96
	4,420	989	1,074	1,310	256	302	4,526	5,218
Repayable after a year	3,405	989	378	345	164	267	2,515	3,261
Repayable within a year	1,015	0	696	965	92	35	2,011	1,957
	8,643	6,517	4,703	3,786	2,494	2,636	7,062	5,997
Trade payables	898	447	301	344	430	395	906	932
Other financial liabilities	2,108	2,536	600	112	53	57	1,091	284
Other liabilities	4,596	3,442	3,024	2,338	1,894	1,956	2,790	2,611
Provisions	2	72	77	18	14	189	237	210
Tax owed	25	20	4	9	10	4	27	4
	3,713	1,200	560	539	346	446	4,102	5,560
Other financial liabilities	–	24	–	12	168	0	4	90
Other liabilities	174	172	170	169	0	166	636	1,284
Provisions	16	16	12	13	10	12	38	43
Deferred tax	–	–	–	–	0	0	909	882
Trade payables	118	–	–	–	5	1	0	0
Liabilities going with businesses held for sale	–	–	–	–	–	–	–	17
	16,365	11,287	8,757	7,751	6,507	5,847	20,491	21,538
Held for sale or for a demerger	–	–	–	–	–	–	583	693
	4,019	952	669	653	395	410	6,780	6,590
Plant in use, after depreciation	51	35	24	36	23	13	94	147
Plant being built	–	–	–	–	0	0	9	1
Intangible assets	1	1	0	0	0	0	0	0
Goodwill	0	0	0	0	0	0	2,516	2,516
Property held to earn rent	137	100	61	60	59	59	3,480	3,524
Investments	2,567	130	144	200	111	146	0	0
Stakes in joint ventures and associates	–	–	–	–	0	0	28	30
Loans given	24	19	6	0	0	0	3	4
Other financial assets	239	53	17	64	16	14	513	180
Deferred tax	644	337	203	105	72	76	3	10
Other assets	357	278	213	188	113	101	134	177
	12,346	10,335	8,087	7,097	6,112	5,438	13,128	14,255
Inventories	9,849	7,056	6,186	5,521	4,822	4,783	12,058	12,433
Trade receivables	443	80	300	273	76	63	52	23
Cash and cash equivalents	603	48	81	50	37	27	179	779
Other bank balances	134	327	116	71	101	102	235	223
Current investments	2	2	1	70	47	12	69	134
Loans given	539	920	235	3	266	342	3	5
Other financial assets	9	1,567	934	992	645	14	119	162
Other assets	766	334	234	118	119	95	412	496
Net debt	3,681	612	876	1,119	71	161	4,043	4,081

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 24 Apr	Mar 2022Filed 28 May	Mar 2023Filed 30 May	Mar 2024Filed 27 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 20 May
	853	−248	−343	−97	1,461	44
	799	−272	−429	−88	1,502	37
	532	−386	63	28	1,547	448
Receivables	−220	12	197	13	293	20
Inventories	921	707	−81	−20	1,449	169
Payables	−127	44	108	−27	274	−55
Other working capital	−42	−1,149	−161	62	−469	314
Tax paid	55	24	86	0	−42	8
Interest paid	0	0	0	−9	0	0
Capital spending	0	1	1	2	0	44
Free cash flow	853	−248	−344	−100	1,461	1
	971	280	661	96	507	−79
Plant and property sold	0	0	1	0	0	0
Interest received	104	19	24	49	66	26
	−1,791	−64	−331	−8	−1,971	629
Borrowings raised	4,212	362	200	364	406	3,456
Borrowings repaid	−4,770	−681	0	−315	−2,102	−3,668
Interest paid	−281	−171	−111	−48	0	−545
Lease payments	−7	0	−9	0	0	−19
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	854	0	335	1,406
Net change in cash	33	−31	−13	−10	−3	595

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Embassy Developments dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 15 May	Mar 2021Filed 24 Apr	Mar 2022Filed 28 May	Mar 2023Filed 30 May	Mar 2024Filed 27 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 20 May
Earnings per share	₹8.66	₹42.46	₹11.04	–	₹0.10	−₹3.00	−₹11.29	−₹19.20	₹1.69	−₹6.43
Diluted earnings per share	₹8.60	₹41.99	₹11.04	–	₹0.10	−₹3.00	−₹11.29	−₹19.20	₹1.43	−₹6.43
Book value per share	–	–	₹88.72	₹78.25	₹77.12	₹75.38	₹67.56	₹50.89	₹76.28	₹70.99
Shareholder yield	–	–	–	–	0.0%	0.0%	−32.2%	0.0%	−2.4%	−25.6%
Market cap at the year end (₹ crore)	4,411	8,613	4,155	1,857	3,687	4,625	2,649	6,281	13,700	5,487

Earnings per share is left blank for the year to Mar 2020: the earnings per share is stated as 0 while the period's profit or loss comes to at least half a paisa a share, so the 0 stands in for a figure the filing does not give.

Ratios

Consolidated, years to March.Embassy Developments PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 15 May	Mar 2021Filed 24 Apr	Mar 2022Filed 28 May	Mar 2023Filed 30 May	Mar 2024Filed 27 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 20 May
Revenue growth	−13.3%	155.4%	−16.6%	−33.8%	−53.5%	−5.0%	−59.4%	−29.5%	–	−20.6%
Operating profit growth	−14.1%	344.1%	−63.6%	−23.2%	−77.6%	–	–	–	–	–
Net profit growth	16.9%	455.2%	−74.5%	−76.0%	−96.1%	–	–	–	–	–
Earnings per share growth	27.9%	390.3%	−74.0%	–	–	–	–	–	–	–
	–	–	12.6%	3.2%	0.1%	−4.0%	−17.2%	−32.4%	3.4%	−9.1%
	–	–	–	−9.4 pts	−3.1 pts	−4.1 pts	−13.2 pts	−15.2 pts	35.8 pts	−12.5 pts
From the net margin	–	–	–	−8.0 pts	−2.9 pts	−4.2 pts	−39.5 pts	−24.4 pts	33.6 pts	−21.6 pts
From asset turnover	–	–	–	−1.0 pts	−0.1 pts	−0.6 pts	23.0 pts	7.8 pts	1.8 pts	9.1 pts
From borrowing	–	–	–	−0.4 pts	0.0 pts	0.8 pts	3.2 pts	1.5 pts	0.4 pts	0.0 pts
Return on capital employed	–	–	12.2%	16.9%	3.6%	−0.3%	−14.2%	−14.3%	1.1%	−3.4%
Cash conversion	–	–	–	–	18,087.1%	–	–	–	754.4%	–
Interest cover	1.0	3.7	2.2	1.6	0.7	–	–	–	0.3	–
Debt to equity	–	–	1.10	0.28	0.31	0.38	0.07	0.11	0.49	0.52
Receivable days	–	–	33	9	72	69	47	56	9	5
Inventory days	–	–	1,016	1,394	2,028	1,683	2,746	3,510	2,746	2,824
Payable days	–	–	93	88	99	105	245	290	206	212
Cash conversion cycle, days	–	–	956	1,314	2,002	1,647	2,549	3,275	2,548	2,617
Working capital days	–	–	294	384	931	1,032	2,194	2,378	1,271	1,913
Asset turnover	–	–	0.30	0.24	0.15	0.18	0.08	0.07	0.17	0.08
Assets per rupee of net worth	–	–	4.09	3.66	2.85	2.39	2.02	1.93	2.18	2.19
Sales per rupee of plant	–	–	96.36	94.03	62.32	39.80	25.35	30.86	23.23	11.77
Capital spending to depreciation	–	–	–	–	0.01	0.04	0.07	0.21	0.00	0.92
Plant being built, % of plant in use	–	–	–	–	–	–	0.0%	0.0%	9.9%	0.5%

Interest cover is left blank for the years to Mar 2022, Mar 2023, Mar 2024 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth is left blank for the year to Mar 2025: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −4.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−4.3%	2.6%	43.4%
Return on equity, average	–	−11.9%	−12.7%
Return on capital employed, average	–	−6.2%	−5.6%
Operating margin, average	−8.3%	−43.3%	−41.1%
Net margin, average	−34.2%	−81.1%	−97.5%
Asset turnover, average	–	0.11	0.11
Cash conversion cycle, days, average	–	2,527	2,813
Debt to equity, average	–	0.31	0.37

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	817	1,408	44
Cash from investing	1,465	524	−79
Cash from financing	−1,745	−1,350	629
Capital spending	48	46	44
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	2,595	1,741	1,406
Borrowings raised	4,788	4,226	3,456
Borrowings repaid	6,766	6,085	3,668

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	2	3	2	6	3
Altman Z-scorePublished threshold 1.1	–	–	3.14	4.22	4.73	5.10	6.23	4.40	4.42	4.76
Beneish M-scorePublished threshold −1.78	–	–	–	–	3.39	−2.17	−5.68	−3.69	2.64	−2.05
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−18.16	−2.06	−12.98	−16.78	−13.48	−3.99
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−48.06	328.02	−3.88	−12.81	12.26	−444.60	−35.29
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	19.42	27.42	−18.29	33.81	21.57	−70.13	2.85
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	34.42	−48.19	−4.05	−58.91	−158.33	19.39	7.34
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	–	–	0.00	0.10	0.01
Effective tax ratePublished threshold 17.16 per cent	34.00	11.95	40.42	67.65	93.72	–	–	–	−642.82	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	–	−795.18	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
13 Oct 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Bank Loan RatingsLong-term scale	IVR AReview, Upgrade	Stable	350
13 Oct 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	NCDLong-term scale	IVR ANew, New	Stable	160
29 Jan 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Proposed NonConvertible Debentures	WithdrawnReview, Other
29 Jan 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Non-Convertible Debenture	WithdrawnReview, Other
29 Jan 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long term bank facility- Term Loan	IVR A-New, New	Stable	200
9 Sep 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Non-Convertible Debentures (NCDs)	IVR A-Review, Re-affirm	Stable	120
9 Sep 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Proposed Non-Convertible Debentures (NCDs)	IVR A-Review, Re-affirm	Stable	700

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.