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Embassy Developments Ltd (EMBDL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532832 NSE: EMBDL Construction - Real Estate | Small Cap | Embassy Developments Share Price
₹55.32 -2.11 (-3.67%)
As on 11-Sep'26 15:19
Embassy Developments Ltd (EMBDL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532832 NSE: EMBDL Construction - Real Estate | Small Cap | Embassy Developments Share Price
₹55.32 -2.11 (-3.67%)
As on 11-Sep'26 15:19
Key Metrics
Valuation Multiples
Market Cap
₹7,986 Cr.
Current Price
₹55.3
52-Week Low / High
₹39 / 106
TTM EPS
₹-6.8
TTM Sales
₹1,265 Cr.
Book Value per Share
₹69.3
P/E Ratio
0.00
Industry PE
44.5
Price to Book (P/B)
0.83
Higher than its 5-year historical median
Price to Sales (P/S)
6.31
Lower than its 5-year historical median
EV/EBITDA
-29.64
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-9.39%
Underperforms industry median
Return on Capital Employed (ROCE)
-2.39%
Underperforms industry median
Return on Assets (ROA)
-4.15%
Operating Profit Margin
-25.8%
Net Profit Margin
-50.38%
Gross Profit Margin
-49.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-80.44%
Operating Profit Growth (1 Year)
-
-389.6%
Net Profit Growth (1 Year)
-
-550.59%
Asset Quality
Promoter Holding
42.65%
Pledged shares (%) of Promoter's holding (%)
64.87%
Reserves
₹9,352 Cr.
Equity
₹278.1 Cr.
Face Value
₹2
All Time Low / High
₹36.85 / 847.80
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Embassy Developments Ltd a good quality company?
Embassy Developments Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Embassy Developments Ltd performance compare with that of its Peers?
Revenue growth of Embassy Developments Ltd vs industry peers?
Embassy Developments Ltd revenue CAGR is 133.33%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Embassy Developments Ltd?
Promoters hold 42.65% of the Embassy Developments Ltd, with 64.87% of their stake pledged, indicating high pledge risk.
Stock return of Embassy Developments Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -4.1% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Embassy Developments Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 4% | 3.5% | 4.7% | 2.6% | 0.3% | -0.1% | -5.4% | -67.9% | 4.1% | -0.8% | - |
| Value Creation Index ⓘ | -0.7 | -0.7 | -0.7 | -0.8 | -1.0 | -1.0 | -1.4 | -6.0 | -0.7 | -1.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 27.2 | 82.4 | 117 | 363 | 6 | 0 | 2.8 | 42 | 2,107 | 412 | 316 |
| Sales YoY Gr. | - | 202.8% | 42.1% | 209.9% | -98.4% | -100% | NA | 1,409.7% | 4,920.3% | -80.4% | - |
| Adj EPS ⓘ | 0.2 | -0.6 | 2.3 | -0.2 | -3.1 | -1.3 | -2.4 | -19.8 | 2 | -2.1 | -2.1 |
| YoY Gr. | - | -395% | NA | -109.5% | NA | NA | NA | NA | NA | -204.4% | - |
| BVPS (₹) ⓘ | 128.9 | 145.8 | 144.7 | 141.7 | 139.9 | 139.9 | 124.5 | 60.8 | 78.3 | 81.2 | 80.6 |
| Adj Net Profit ⓘ | 9.7 | -28 | 104 | -10.2 | -140 | -57 | -130 | -1,072 | 249 | -295 | -285 |
| Cash Flow from Ops. ⓘ | 385 | -57.3 | 26 | 111 | -12.8 | 5.5 | 16.7 | -20.7 | 580 | -178 | - |
| Debt/CF from Ops. ⓘ | 9 | -56 | 154.3 | 20.5 | -40.8 | 92.2 | 8.7 | -15.1 | 4.5 | -10.7 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 35.3% | 133.3% | 429.3% | -80.4% | ||||
| Adj EPS ⓘ | -230% | NA | NA | -204.4% | ||||
| BVPSⓘ | -5% | -10.3% | -13.3% | 3.8% | ||||
| Share Price | -4.6% | -17.4% | -12.5% | -41% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0.2 | -0.4 | 1.5 | -0.2 | -2.2 | -0.9 | -2 | -21.4 | 3.7 | -2.7 | -2.5 |
| Op. Profit Mgn % ⓘ | -61.2 | 55.2 | 69.4 | 28.3 | -258.1 | 0 | -724.1 | -29 | 14.3 | -46.2 | -76.7 |
| Net Profit Mgn % ⓘ | 35.5 | -34 | 88.8 | -2.8 | -2347.4 | 0 | -4662.6 | -2553.7 | 11.8 | -71.5 | -90.4 |
| Debt to Equity ⓘ | 0.6 | 0.5 | 0.6 | 0.4 | 0.1 | 0.1 | 0 | 0.1 | 0.3 | 0.2 | - |
| Working Cap Days ⓘ | 45,348 | 14,278 | 11,275 | 4,392 | 2,31,316 | 0 | 4,34,359 | 21,367 | 346 | 2,961 | 1,693 |
| Cash Conv. Cycle ⓘ | 971 | 324 | 234 | 39 | 55 | 0 | 118 | 220 | -1 | 287 | 262 |
Valuation of Embassy Developments - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 33.89 | 33.58 | 47.75 | 68.24 | 64.87 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,320 | 4,503 | 4,944 | 3,271 | 1,521 | 1,445 | 587 | 414 | 2,180 | 1,732 |
| Operating Expenses ⓘ + | 1,675 | 1,192 | 3,901 | 2,470 | 1,342 | 1,446 | 1,133 | 842 | 2,016 | 2,205 |
| Operating Profit ⓘ | 645 | 3,311 | 1,043 | 801 | 180 | -1 | -546 | -428 | 163 | -473 |
| Operating Profit Margin (%) | 27.8% | 73.5% | 21.1% | 24.5% | 11.8% | -0.1% | -93.0% | -103.0% | 7.5% | -27.3% |
| Other Income ⓘ + | 524 | 229 | 279 | 170 | 141 | 97 | 62 | 55 | 367 | 173 |
| Interest ⓘ | 561 | 744 | 464 | 481 | 228 | 110 | 28 | 9 | 461 | 550 |
| Depreciation ⓘ | 71 | 97 | 17 | 31 | 17 | 12 | 12 | 11 | 15 | 48 |
| Profit Before Tax ⓘ | 539 | 2,694 | 844 | 378 | 75 | -27 | -563 | -1,023 | 18 | -896 |
| Tax ⓘ | 183 | 335 | 339 | 257 | 70 | 110 | 45 | 16 | -176 | -23 |
| Profit After Tax | 357 | 2,360 | 504 | 121 | 5 | -137 | -608 | -1,038 | 194 | -872 |
| PAT Margin (%) | 15.4% | 52.4% | 10.2% | 3.7% | 0.3% | -9.5% | -103.0% | -250.0% | 8.9% | -50.4% |
| Adjusted EPS (₹) | 9.1 | 50.0 | 11.2 | 2.7 | 0.1 | -3.0 | -11.2 | -19.2 | 1.6 | -6.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 4,043 | 3,993 | 3,977 | 3,550 | 3,475 | 3,412 | 3,652 | 2,750 | 8,720 | 9,868 | |
| Debt + | 8,000 | 3,925 | 4,420 | 989 | 1,074 | 857 | 164 | 302 | 3,900 | 4,369 | |
| Minority Interest | 711 | 10 | 11 | 11 | 11 | 11 | 12 | 12 | 6 | 96 | |
| Trade Payables | 309 | 452 | 898 | 447 | 301 | 344 | 422 | 391 | 1,019 | 932 | |
| Others Liabilities ⓘ | 5,127 | 10,703 | 6,272 | 5,952 | 3,693 | 3,022 | 2,186 | 2,317 | 6,836 | 6,263 | |
| Total Liabilities ⓘ | 18,190 | 19,084 | 15,578 | 10,950 | 8,554 | 7,646 | 6,435 | 5,771 | 20,481 | 21,528 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 129 | 61 | 52 | 74 | 26 | 36 | 24 | 14 | 2,610 | 2,663 | |
| CWIP ⓘ | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 1 | |
| Investments ⓘ | 875 | 3,859 | 2,568 | 132 | 145 | 269 | 157 | 158 | 98 | 165 | |
| Inventories | 7,829 | 11,361 | 9,849 | 7,056 | 6,186 | 5,521 | 4,822 | 4,783 | 12,051 | 12,433 | |
| Trade Receivables | 3,824 | 14 | 270 | 80 | 300 | 273 | 76 | 63 | 52 | 23 | |
| Cash Equivalents | 550 | 1,794 | 738 | 375 | 197 | 121 | 137 | 129 | 415 | 1,002 | |
| Others Assets ⓘ | 4,981 | 1,995 | 2,101 | 3,232 | 1,700 | 1,425 | 1,219 | 625 | 5,247 | 5,242 | |
| Total Assets ⓘ | 18,190 | 19,084 | 15,578 | 10,950 | 8,554 | 7,646 | 6,435 | 5,771 | 20,481 | 21,528 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 639 | -891 | -1,159 | -432 | 853 | -248 | -343 | -97 | 1,461 | 44 |
| Cash Flow From Investing Activity ⓘ + | -875 | 222 | 1,785 | 2,779 | 971 | 280 | 661 | 96 | 507 | -79 |
| Cash Flow From Financing Activity ⓘ | -834 | 2,057 | -1,695 | -1,890 | -1,791 | -64 | -331 | -8 | -1,971 | 629 |
| Net Proceeds from Shares ⓘ + | 9 | 1,946 | 11 | 22 | 0 | 8 | 854 | 0 | 335 | 1,406 |
| Net Cash Flow ⓘ | -1,069 | 1,389 | -1,070 | 456 | 33 | -31 | -13 | -10 | -3 | 595 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 9.21 | 67.53 | 17.17 | 4 | 0.15 | -4.55 | -19.56 | -37.41 | 3.51 | -9.39 |
| ROCE (%) | 8.35 | 28.6 | 13 | 10.88 | 5.53 | 1.76 | -12.39 | -29.1 | 5.66 | -2.39 |
| Asset Turnover Ratio | 0.13 | 0.24 | 0.29 | 0.25 | 0.16 | 0.18 | 0.08 | 0.07 | 0.17 | 0.08 |
| PAT to CFO Conversion(x) | 1.79 | -0.38 | -2.3 | -3.57 | 170.6 | N/A | N/A | N/A | 7.53 | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 560.90 | 155.60 | 10.50 | 19.50 | 45.60 | 72.50 | 108.70 | 61.30 | 9.60 | 7.80 |
| Inventory Days | 1,252.10 | 777.80 | 783 | 943.30 | 1,588.50 | 1,478.80 | 3,216.90 | 4,236.20 | 1,409.60 | 2,580.10 |
| Payable Days | 92.60 | 370.60 | 69.60 | 132.80 | 122.60 | 98.30 | 218.30 | 298.40 | 160.60 | 221.50 |
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Embassy Developments Ltd FAQs
The current trading price of Embassy Developments on 11-Sep-2026 15:19 is ₹55.32.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Embassy Developments stood at ₹7,986.4 Cr
The latest P/E ratio of Embassy Developments as of 10-Sep-2026 is 0.00.
The latest P/B ratio of Embassy Developments as of 10-Sep-2026 is 0.71.
The 52-week high of Embassy Developments is ₹105.6 and the 52-week low is ₹39.38.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Embassy Developments is ₹316 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Embassy Developments Ltd is a below average quality company.
The key valuation ratios of Embassy Developments Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Embassy Developments Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Embassy Developments Ltd
Embassy Developments (Formerly known as Equinox India Developments and earlier known as Indiabulls Real Estate) was incorporated on April 04, 2006 and its registered office is located at Gurugram, Haryana. Equinox India Developments has been merged with NAM Estates (Embassy Group entity) with effect from January 24, 2025, and the company shall operate under the brand ‘Embassy’, with a proposed name change to Embassy Developments.
The company is one of India’s largest listed real estate developers, specialising in the development of residential and commercial projects across key urban markets. With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the company also has a presence in Chennai and Indore. The company has a diversified residential portfolio with a well-balanced mix of high-value and high-volume developments across mid-income, premium, and luxury segments. Its portfolio of ready, ongoing, and future residential projects includes branded residences, uber-luxury apartments and villas, exclusive town homes, condominiums, integrated townships, senior living communities, and contemporary homes.
The company is primarily engaged in the business of real estate development, including the purchase, sale, construction, and management of residential, commercial, industrial, and other properties, both movable and immovable. Its operations cover acquisition and development of land and buildings in India and abroad, participation in joint ventures and foreign collaborations (as permitted under government regulations), and construction of townships, markets, offices, apartments, houses, shops, warehouses, factories, and other infrastructure.
The company also undertakes leasing, renting, property management, and acts as a real estate agent and property dealer. In addition, it engages in related civil, structural, and infrastructure works such as roads, bridges, drainage, water supply, power plants, and other allied facilities, including preparation of plans, designs, and estimates for such projects.
Business area of the company
The company is primarily engaged in the business of real estate development, including the purchase, sale, construction, and management of residential, commercial, industrial, and other properties, both movable and immovable. The company also undertakes leasing, renting, property management, and acts as a real estate agent and property dealer.
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