Embassy Developments Q2 pre-sales rise 689% to Rs 3,225 crore

Embassy Developments reported Q2FY27 pre-sales of Rs 3,225 crore, up 689% from Rs 409 crore in Q2FY26, after two Bengaluru launches and the Embassy Terrazza development-management project in Mumbai Metropolitan Region contributed Rs 2,571 crore of quarterly bookings. Collections rose 52% to Rs 546 crore.

What drove Embassy’s Q2FY27 pre-sales increase?

Embassy’s Q2FY27 pre-sales rose to Rs 3,225 crore from Rs 409 crore in Q2FY26, while they increased 272% from Rs 868 crore in Q1FY27. The quarter’s pre-sales were supported by three projects launched during Q2FY27 with gross development value, or GDV, of Rs 8,397 crore.

The three launch-related contributors generated Rs 2,571 crore of Q2FY27 pre-sales. Riverine @ Embassy Origins in Bengaluru recorded Rs 933 crore, South Reserve @ Embassy Origins in Bengaluru recorded Rs 880 crore, and Embassy Terrazza in Juhu, Mumbai Metropolitan Region, or MMR, recorded Rs 758 crore.

Owned launched and under-construction projects contributed Rs 2,415 crore of Q2FY27 pre-sales, while projects with occupancy certificates, or OCs, contributed Rs 52 crore. Embassy Terrazza was reported separately as a development-management, or DM, project, with total DM fee receivable of Rs 328 crore.

How did Embassy’s bookings compare with collections?

Embassy collected Rs 546 crore in Q2FY27, compared with Rs 359 crore in Q2FY26 and Rs 496 crore in Q1FY27. Collections therefore grew 52% year on year and 10% quarter on quarter, a slower rate than the 689% year-on-year increase in pre-sales.

For H1FY27, Embassy reported pre-sales of Rs 4,093 crore, up 574% from Rs 607 crore in H1FY26. Collections rose 53% to Rs 1,041 crore from Rs 681 crore, showing that the first-half collections increase was also below the growth rate in pre-sales.

Area sold reached 1,428 thousand square feet in Q2FY27, versus 407 thousand square feet in Q2FY26 and 484 thousand square feet in Q1FY27. This represented increases of 251% year on year and 195% quarter on quarter; H1FY27 area sold was 1,912 thousand square feet, up 212% from 613 thousand square feet in H1FY26.

The presentation’s Q2FY27 snapshot lists project spend of Rs 457 crore, while its detailed highlights list Rs 461 crore and spending equal to about 84% of collections. The detailed highlights put H1FY27 project spend at Rs 739 crore, or about 71% of collections, and state that the figure includes projects with OCs, ongoing projects and upcoming projects.

Which Embassy projects contributed the most bookings?

Riverine @ Embassy Origins was Embassy’s largest listed Q2FY27 contributor at Rs 933 crore, followed by South Reserve @ Embassy Origins at Rs 880 crore and Embassy Terrazza at Rs 758 crore. The two Bengaluru projects were newly launched owned projects, whereas Embassy Terrazza was the sole DM project in the project schedule.

Among other owned projects, Embassy Citadel, Worli, in Mumbai, MMR, recorded Rs 212 crore of Q2FY27 pre-sales, while Embassy Eden in Bengaluru recorded Rs 166 crore. Embassy Edge @ Embassy Springs recorded Rs 58 crore, Embassy Greenshore Rs 42 crore, and Embassy One, Phase 2, in Thane, MMR, Rs 41 crore.

Riverine has a target completion date of FY32 and Rs 3,097 crore of sold receivables plus inventory. South Reserve has a FY31 target completion date and Rs 1,978 crore of sold receivables plus inventory; its Rs 880 crore H1FY27 pre-sales were all booked in Q2FY27.

Projects that had received OCs collectively recorded Rs 52 crore of Q2FY27 pre-sales. Golf City in Savroli, MMR, contributed Rs 14 crore, while Embassy Grove and Garden plots @ Embassy Springs, both in Bengaluru, contributed Rs 11 crore each.

What does Embassy’s FY27 plan show after H1FY27?

Embassy lists an FY27 pre-sales target of Rs 6,000 crore from existing projects and FY27 launches, plus Rs 2,000 crore of FY27 pre-sales from DM projects. H1FY27 pre-sales of Rs 4,093 crore comprised Rs 3,243 crore from owned projects, Rs 758 crore from Embassy Terrazza and Rs 92 crore from OC-received projects.

Management also lists an FY27 collections target of Rs 3,000 crore, against Rs 1,041 crore reported in H1FY27. As of September 30, 2026, Embassy reported gross institutional debt of about Rs 5,240 crore, cash and cash equivalents of about Rs 1,258 crore, net institutional debt of about Rs 3,982 crore, and total equity of about Rs 9,465 crore.

The FY27 launch pipeline has GDV of Rs 19,400 crore across 10.5 million square feet, including DM projects. Of that pipeline, Rs 8,397 crore had launched across three projects by Q2FY27, leaving Rs 11,900 crore of GDV to be launched under the stated plan.

The remaining pipeline includes Sky Terraces, a Bengaluru DM project with Rs 3,050 crore of estimated GDV, Embassy Hub Plot A in Bengaluru with Rs 2,100 crore, and a Whitefield joint-development agreement project with Rs 2,000 crore. Embassy also lists Rs 1,900 crore for Front Parcel Villas & Apartments @ Embassy Springs and Rs 1,400 crore for Embassy One Residences North Tower.

Conclusion

Embassy’s Q2FY27 pre-sales outcome was led by the Rs 2,571 crore contribution from Riverine, South Reserve and Embassy Terrazza. Their launch activity lifted quarterly bookings to Rs 3,225 crore, while collections increased to Rs 546 crore and area sold reached 1,428 thousand square feet.

The next disclosed measures are management’s FY27 targets of Rs 6,000 crore in pre-sales from existing projects and launches, Rs 2,000 crore in DM-project pre-sales and Rs 3,000 crore in collections. Progress on the Rs 11,900 crore remaining launch pipeline, including Sky Terraces and other Bengaluru projects, is the stated factor to watch through the rest of FY27.