Embassy Developments Q2 FY27 Pre-Sales Hit a Record ₹3,225 Crore

What the company reported

Embassy Developments Limited, the listed residential arm of the Embassy Group, said its pre-sales for the July to September 2026 quarter reached about ₹3,225 crore. That is the highest quarterly figure in the company's history. Pre-sales rose 272% from the previous quarter and 689% from the same quarter a year earlier.

Three projects launched in the quarter had a combined gross development value (GDV) of about ₹8,397 crore, above the pre-launch estimate of ₹7,500 crore. The launches were in Bengaluru and Mumbai.

Aditya Virwani, Managing Director of Embassy Developments, said the numbers reflect a strong response to the company's residential portfolio and the acceptance of the Embassy brand across markets and segments. He said the focus is on sustaining this momentum and turning it into collections and project execution.

Pre-sales and collections against guidance

Of the FY27 pre-sales guidance of ₹8,000 crore, the company has said ₹6,000 crore is expected from owned developments and ₹2,000 crore from development management projects.

Pre-sales are bookings, not cash received in full. Collections are the cash the company has received from buyers, and they are the better guide to the company's cash position.

The projects behind the numbers

Embassy Origins, North Bengaluru. The first phase, Embassy Riverine and Embassy South Reserve, was launched on 15 September 2026 after both components received Karnataka RERA approvals. Embassy Riverine, with a GDV of about ₹3,155 crore, recorded sales of about ₹933 crore. Embassy South Reserve, with a GDV of about ₹1,957 crore, recorded sales of about ₹880 crore. Combined sales were about ₹1,813 crore within two weeks of launch, according to the company's release.

Business reports describe the township as an 85-acre project, with Embassy Riverine offering 4, 4.5 and 5 BHK villas and Embassy South Reserve offering studio to 3.5 BHK apartments. Reports give a combined GDV of ₹4,500 crore, while the two project-level GDVs in the company's release add up to a higher figure. The company has not announced a possession date for this phase.

Embassy Terazza, Juhu, Mumbai. The project is on Juhu Tara Road, spans over two acres, and is being developed under a development management model. It has an estimated GDV of about ₹3,285 crore. Launch sales were about ₹758 crore, and the ₹711 crore tower deal accounts for roughly 94% of that figure and about 22% of total quarterly pre-sales.

The sold residence is an entire G+7 tower with a RERA carpet area of 63,000 sq ft. On the stated transaction value, that works out to about ₹1.13 lakh per sq ft, a figure calculated from the reported numbers rather than a published price list.

The Juhu tower sale

The company signed an MoU on 22 September 2026 to sell an entire residential tower at Embassy Terazza to Dinesh Thakkar, founder, chairman and managing director of the stockbroker Angel One, for about ₹711 crore. The company calls it India's largest single-home residential transaction.

Thakkar said his decision rested on confidence in Embassy's ability to deliver a home matching his vision, given the developer's track record. Jitendra Virwani, Chairman of Embassy Developments, said the sale reflects the trust the Embassy brand has built with discerning buyers in a short span since entering the Mumbai market. The company says it entered Mumbai within 18 months of launching in the city.

The completion or registration date for this sale has not yet been announced. Because one deal makes up about a fifth of the quarter's pre-sales, the company's future quarterly figures are likely to be harder to predict.

Profit, loss and debt

The company reported a consolidated net loss for Q2 FY27, but the figures differ across reports. Some financial reports put the loss at about ₹271 crore, against about ₹152.6 crore a year earlier, on total income of about ₹311 crore. Another report gives a loss before tax of about ₹281 crore. A separate report gives a much smaller loss after tax of ₹23.27 crore on consolidated revenue of ₹190.03 crore. The reasons for these differences are not explained in the sources, so the loss figure should be checked against the company's filed results.

One report puts net institutional debt at about ₹3,982 crore, with a net debt-to-equity ratio of 0.42x. Another gives net debt of ₹3,732 crore. Cash flow figures also differ: one report gives an H1 operating cash outflow of about ₹536 crore, while another gives ₹94 crore, with a net debt drawdown of ₹842 crore.

Revenue from a sale is generally recognised when a project reaches set construction milestones or is handed over to the buyer. Pre-sales therefore do not translate directly into reported revenue or profit in the quarter they are booked.

Capital and leadership

Warrants issued to Embassy Property Developments Private Limited, a promoter-group entity, were fully converted into equity shares. The company received ₹3,626.18 million, and the warrants were allotted on 12 October 2026.

Aditya Virwani will become Managing Director and CEO effective 1 January 2027, succeeding Sachin Shah, who will continue as Senior Advisor.

What it means for buyers and investors

• Buyers in Origins: Strong early bookings show demand for the first phase, but the possession date is still to be announced. Buyers should check the project's RERA registration on the Karnataka RERA portal and the payment schedule in their agreement.
• Buyers in Terazza: The sale of one tower does not change the availability of other units.
• Investors: Pre-sales show future revenue potential. Collections, debt levels and reported losses are better measures of current financial strength, and the reports disagree on several of these figures.
• Market: The Juhu sale is part of a wider pattern of Bengaluru-origin and southern developers expanding into the Mumbai Metropolitan Region.

What comes next

• Earnings call: Scheduled for 4 November 2026 at 11:00 AM IST to discuss Q2 and H1 FY27 results.
• Leadership transition: Aditya Virwani takes over as Managing Director and CEO on 1 January 2027.
• FY27 targets: Pre-sales guidance of ₹8,000 crore and collections guidance of ₹3,000 crore. The company has also pointed to an FY27 launch pipeline of about ₹19,400 crore GDV.
• Origins possession: To be announced by the company.
• Terazza tower sale: The MoU has been signed. Completion and registration are still pending.