Embassy Developments Q2 FY27 pre-sales rise 272% to ₹3,225 crore on three launches

What the company reported

On Thursday, 8 October 2026, Embassy Developments issued its Q2 FY27 business update, which it filed with the stock exchange. It covers the quarter ended 30 September 2026. The company said pre-sales for the quarter reached about ₹3,225 crore, compared with ₹868 crore in Q1 FY27.

First-half pre-sales came to about ₹4,093 crore. Collections for the quarter were about ₹546 crore, up from ₹496 crore in Q1. First-half collections were ₹1,041 crore, up 53% year on year. The company described all of these figures as provisional.

Shares traded 0.6% higher at ₹57.55 that afternoon, according to market coverage of the update. The stock was down 2.5% so far in the year at that point.

The three launches

The quarter's sales came from three projects with a combined GDV of ₹7,500 crore. Two are in North Bengaluru and one is in Juhu, Mumbai.

• Embassy Origins Riverine (Bengaluru): GDV of ₹2,500 crore. The company said about ₹933 crore of sales were recorded within about two weeks. The project is planned as 217 villas (4, 4.5 and 5 BHK) across about 1.1 million sq ft of saleable area.
• Embassy Origins South Reserve (Bengaluru): GDV of ₹1,950 crore. About ₹880 crore of inventory was sold within two weeks of launch. The planned mix is 855 apartments, from studio to 3.5 BHK, across about 1.5 million sq ft.
• Embassy Terraza (Juhu, Mumbai): GDV of ₹3,050 crore. Total sales at this project were reported at about ₹758 crore, which includes the ₹711 crore tower deal described below.

Origins is an approximately 85-acre residential development north of Yelahanka, about 20 minutes from Kempegowda International Airport. The company says Phase 1 comprises the two Riverine and South Reserve projects, with a combined GDV of ₹4,500 crore. A separate report of 5 October 2026 put Origins pre-sales at more than ₹1,800 crore, with 477 homes booked and a 62% absorption rate.

The Terraza tower deal

Embassy Developments said it had signed a memorandum of understanding to sell an entire residential tower at Embassy Terazza in Juhu to Dinesh Thakkar, founder, chairman and managing director of Angel One. The deal was announced on 22 September 2026. Business Standard reported the value as approximately ₹711 crore.

The tower is a G+7 structure with a RERA carpet area of 63,000 sq ft. At the stated value, the deal works out to roughly ₹1.13 lakh per sq ft of RERA carpet area. That figure is a derived calculation from one press report, not a company disclosure. The company described the transaction as the largest single residential unit deal in the country.

Terazza is an ultra-luxury, low-density project of about two acres on Juhu Tara Road, with one residence per floor across five towers. Embassy is developing it under a development management model. Thakkar said privacy, space and sea views drove the purchase.

The sources do not confirm whether the MoU has turned into a completed sale. Readers should treat it as a tower-level MoU, not a single home sale.

Guidance and progress against the target

The company's FY27 pre-sales guidance is ₹8,000 crore. It expects ₹6,000 crore from its own projects and another ₹2,000 crore from development management projects. FY27 collections guidance is ₹3,000 crore. First-half pre-sales equal about 51% of the pre-sales target, and first-half collections equal about 35% of the collections target.

The FY27 pipeline has been described as about ₹19,400 crore of GDV. Coverage differs on how many projects make it up: one account cites nine owned projects and two development management projects, while another lists 13 projects (11 owned and two development management).

For FY26, the company reported sales bookings of ₹4,631 crore, up 128% year on year.

Bookings are not the same as revenue

Pre-sales are bookings. Revenue in residential projects is generally recognised closer to completion and handover, so it lags bookings. Revenue from operations for Q1 FY27 was ₹217 crore, down from ₹681 crore a year earlier, when the company had completed projects. The Q1 FY27 net loss was ₹234 crore, against ₹166 crore a year earlier.

Q2 collections of ₹546 crore are well below Q2 pre-sales of ₹3,225 crore. Converting bookings into collections depends on construction progress and buyers' payment schedules, as one market report notes.

What it means for buyers and investors

For buyers, the update shows strong take-up at the Bengaluru and Mumbai launches. It does not show any change to prices, payment terms or project terms. The sources reviewed did not report a price revision, a new phase or a buyer-specific policy change.

For investors, the update shows that launches are driving sales volume. It also shows that most of the planned FY27 new-project GDV is still to be launched in the second half, and that the company's cash position and debt levels will depend on converting bookings into collections.

Management also said the strong Origins response will speed up development of the next phase. The company has a record of selling out earlier North Bengaluru projects, including Embassy Greenshore and Embassy Verde Phase II.

What comes next

• The company has about 51% of its FY27 pre-sales target in hand after six months. The remaining target depends on launches still to come.
• The majority of planned FY27 new-project GDV has not yet been launched.
• Development on Origins is expected to move faster, according to management.
• The date of the Q3 FY27 business update is not confirmed in the sources reviewed.
• Whether the Terraza tower MoU becomes a completed sale, and any Terraza launch milestones, have not been confirmed.

Figures to check

All Q2 FY27 figures are provisional. The Origins sales figures come from different reports and are not fully consistent: the Riverine and South Reserve Q2 sales add up to about ₹1,813 crore, against a reported ₹1,800 crore. Launch dates for Origins vary between reports, so this article says only that the projects launched in September 2026. Completion dates and project registration numbers are not reproduced here. Buyers should confirm them on the Karnataka RERA portal and in the project's own disclosures.