Embassy Developments Q1 FY27: Pre-Sales Surge 338% YoY to ₹868 Crore; ₹19,400 Crore Launch Pipeline
Embassy Developments Limited (EDL), formerly known as Equinox India Developments Limited, has started FY27 on a strong footing, reporting a sharp increase in residential pre-sales and collections during the first quarter.
The company recorded Q1 FY27 pre-sales of approximately ₹868 crore, marking a 338% year-on-year increase from ₹198 crore in Q1 FY26. Collections also remained healthy at around ₹496 crore, up 54% from ₹322 crore in the corresponding quarter last year.
The strong operating performance was accompanied by progress across the company’s development portfolio, including regulatory approvals for major projects, additional project completions and a proposed ₹363 crore preferential allotment of convertible warrants to Embassy Group.
Embassy Developments Q1 FY27 Pre-Sales Jump 338%
The company’s pre-sales performance was the key highlight of the quarter.
| Particulars | Q1 FY27 | Q1 FY26 | YoY Growth |
|---|---|---|---|
| Pre-Sales | ₹868 crore | ₹198 crore | 338% |
| Collections | ₹496 crore | ₹322 crore | 54% |
The sharp increase in pre-sales indicates strong customer demand across the company’s residential portfolio.
Embassy Developments said demand remained healthy across its projects, particularly in Bengaluru and Mumbai.
Strong Sales Momentum Across Residential Projects
During FY26, the company launched approximately 4.3 million sq. ft. of residential projects across Bengaluru and Mumbai.
Nearly 60% of this launched inventory had been sold as of June 30, 2026.
Bengaluru projects recorded particularly strong traction, with approximately 72% of launched inventory sold within six months.
This performance highlights the continued demand for premium and luxury residential properties in the company’s key markets.
Project Execution Continues to Progress
Embassy Developments also made progress on project execution during Q1 FY27.
One 09 Phase I in Gurugram received its Occupancy Certificate during the quarter, taking the project closer to customer handovers in the NCR market.
At Golfcity, Savroli, five additional towers received Occupancy Certificates.
In Mumbai, Embassy Citadel received approvals for all 81 floors of the development upfront rather than through phased approvals. According to the company, this provides greater visibility around the project’s execution and development timeline.
Embassy Terazza in Juhu Gets RERA Approval
One of the most important project developments during the quarter was the RERA approval for Embassy Terazza, the company’s ultra-luxury residential development in Juhu, Mumbai.
The project has a gross development value (GDV) of more than ₹3,000 crore.
Embassy Terazza is located across more than two acres and comprises approximately 0.3 million sq. ft. of RERA carpet area.
The low-density development is being undertaken under Embassy Developments’ Development Management (DM) model.
The approval gives the company an important milestone as it prepares to develop the project in one of Mumbai’s premium residential locations.
₹19,400 Crore FY27 Launch Pipeline
Embassy Developments entered FY27 with a substantial development pipeline.
The company has estimated a FY27 launch pipeline of nearly ₹19,400 crore GDV.
This provides a significant base for future pre-sales growth.
The company remains on track to achieve its FY27 guidance of:
- ₹6,000 crore pre-sales from owned developments
- ₹2,000 crore pre-sales from Development Management projects
This follows a strong FY26, during which the company achieved ₹4,631 crore in pre-sales, representing 128% year-on-year growth.
Embassy Developments Plans ₹363 Crore Preferential Warrant Issue
The Board has approved a proposal for a preferential allotment of convertible warrants worth approximately ₹363 crore to Embassy Group, subject to shareholder approval.
The warrants have an exercise price of ₹111.51 per share.
According to the company, this represents an approximately 80% premium over the prevailing market price and the regulatory floor price prescribed under SEBI regulations.
The proposed proceeds will be used to repay outstanding shareholder debt of Embassy Group, with the objective of strengthening the company’s balance sheet and reducing its cost of capital.
Promoters Commit to Early Warrant Conversion
A notable aspect of the proposed warrant issue is the promoter commitment regarding conversion.
Embassy Group has voluntarily committed to converting all the warrants into equity shares within six months, significantly ahead of the maximum permitted tenure of 18 months.
The company said the premium pricing and accelerated conversion commitment demonstrate promoter confidence in the company’s long-term growth strategy and value-creation potential.
Net Institutional Debt at ₹3,300 Crore
As of June 30, 2026, Embassy Developments reported net institutional debt of approximately ₹3,300 crore, after adjusting for cash and cash equivalents of around ₹1,200 crore.
The proposed preferential warrant issue is expected to further strengthen the balance sheet by addressing outstanding shareholder debt and reducing the company’s cost of capital.
Management Commentary
Aditya Virwani, Managing Director, Embassy Developments Limited, said the company has entered FY27 with strong momentum, supported by healthy sales and collections from existing launches.
He highlighted the company’s portfolio of approximately ₹10,500 crore of ongoing residential inventory, around ₹400 crore of completed inventory, and the ₹19,400 crore launch pipeline.
According to management, demand remains favourable across premium and luxury segments, while customers are increasingly preferring trusted developers with established track records.
Embassy Developments Q1 FY27: Key Takeaways
The first quarter of FY27 delivered several positive operational developments for the company:
Pre-sales growth: Q1 FY27 pre-sales jumped 338% YoY to ₹868 crore.
Healthy collections: Collections rose 54% YoY to ₹496 crore.
Strong Bengaluru demand: Around 72% of launched inventory in Bengaluru was sold within six months.
New project approval: Embassy Terazza in Juhu received RERA approval, with GDV exceeding ₹3,000 crore.
Large launch pipeline: The company has a nearly ₹19,400 crore FY27 launch pipeline.
Capital strengthening: The Board approved a ₹363 crore preferential warrant issue to Embassy Group.
Promoter confidence: Embassy Group has committed to converting all warrants into equity within six months.
Project execution: Multiple projects received Occupancy Certificates and key approvals during the quarter.