EMBDL - Equinox India

📊 NSE: EMBDL 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 21:55

💰 Financial Performance

Revenue Growth by Segment

Total operating income fell 59% YoY to INR 586.77 Cr in FY23 from INR 1,444.78 Cr in FY22. Q3FY23 revenue declined 60% YoY to INR 478.62 Cr. Residential pre-sales grew 102% YoY in Q2 FY26 to INR 409 Cr, driven by Paradiso and Edge projects.

Geographic Revenue Split

Operations are concentrated in Mumbai, NCR, Chennai (1,856-acre land bank), and Bengaluru (Embassy Springs). Mumbai Metropolitan Region shows robust demand with 1,55,300 units sold in 2024 at an average price of INR 16,600 per sf.

Profitability Margins

Accounting margins are compressed due to Ind AS 103 fair valuation of inventory (INR 12,099.8 Cr) and investment property (INR 3,287.4 Cr). FY23 PAT loss widened to INR 607.59 Cr from INR 137.28 Cr in FY22 due to high development expenditure.

EBITDA Margin

FY22 reported a negative EBITDA of INR -137.29 Cr. Operating loss in Q3FY23 was INR 190.86 Cr compared to a profit in Q3FY22, primarily due to lower revenue recognition under Ind AS 115.

Capital Expenditure

Sanctioned INR 1,370 Cr in growth capital from Kotak Real Estate Fund to support upcoming launches. Construction spend for Edge @ Embassy Springs was INR 29 Cr in Q2 FY26.

Credit Rating & Borrowing

Credit rating revised to IVR A- / Rating Watch with Negative Implications in September 2023. Finance costs decreased 75% YoY in FY23 as gross debt was reduced to INR 256 Cr.

⚙️ Operational Drivers

Raw Materials

Steel, cement, and labor are primary inputs, typically representing 50-60% of construction costs in the real estate sector.

Capacity Expansion

Current land bank of 1,856 acres across Mumbai, NCR, and Chennai, plus 1,424 acres of SEZ land in Nashik, providing development visibility for the next 5-7 years.

Raw Material Costs

Borrowing costs are capitalized as part of inventory under Ind AS 23. Total inventory fair value stands at INR 12,099.8 Cr as of March 31, 2025.

Manufacturing Efficiency

Area sold increased 96% YoY to 407,000 sf in Q2 FY26. H1 FY26 area sold grew 24% YoY to 681,000 sf.

📈 Strategic Growth

Expected Growth Rate

102%

Growth Strategy

Achieving the INR 5,000 Cr FY2026 pre-sales guidance through a robust launch pipeline supported by INR 1,370 Cr Kotak growth capital and the reverse merger with Embassy Group assets which adds high-quality projects like Paradiso and Edge.

Products & Services

Residential apartments (Paradiso, Edge), commercial units (Embassy Knowledge Park), and SEZ land parcels.

Brand Portfolio

Embassy, Indiabulls Real Estate.

New Products/Services

Paradiso @ Embassy Springs (INR 183 Cr pre-sales in Q2 FY26) and Edge @ Embassy Springs (INR 60 Cr pre-sales in Q2 FY26).

Market Expansion

Focusing on premium residential and commercial developments in Bengaluru and the Mumbai Metropolitan Region.

Market Share & Ranking

One of the leading business conglomerates in India with a sizeable 1,856-acre land bank.

Strategic Alliances

Sanctioned INR 1,370 Cr growth capital line from Kotak Real Estate Fund.

🌍 External Factors

Industry Trends

The Indian real estate industry is highly cyclical with volatile cash flows. There is a trend toward consolidation and professional management, with EMBDL positioning itself through the Embassy merger to capture premium demand.

Competitive Landscape

Operates in a localized and unorganized industry subject to intense competition from other large developers.

Competitive Moat

Sustainable moat derived from a massive 1,856-acre land bank in tier-1 cities and the 'Embassy' brand reputation for high-quality developments.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles and regulatory changes in the real estate sector.

Consumer Behavior

Robust demand in MMR across both residential and commercial segments as of 2024-25.

Geopolitical Risks

Trade barriers affecting raw material costs like steel and cement.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RERA and local municipal regulations; revenue recognition is strictly governed by Ind AS 115 (completion method).

Legal Contingencies

Challenging an NCLT order regarding an alleged INR 372 Cr claim related to a power business demerged in 2011. Bombay High Court has stayed eviction proceedings by MIDC for the Nashik SEZ land.