Embassy Office Parks REIT

EMBASSY

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Market Cap

₹ 41,546 Cr

P/E

137.40

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Embassy REIT is India's first listed Real Estate Investment Trust (REIT), owning and managing a portfolio of nine infrastructure-like office parks in prime Indian locations.

For Q3 FY2025, Embassy REIT achieved record-high quarterly revenues and NOI, marking a 9% year-on-year growth, driven by increased leasing activities.

The company maintained a high distribution rate, delivering a quarterly distribution up 13% year-on-year, attributing to robust occupancy rates and strategic lease signings.

Embassy REIT leveraged their assets efficiently by refinancing existing higher-cost debts, resulting in significant interest cost savings and strengthening the company's financial stability.

The company's strategic pursuit of expanding its development pipeline to 7.4 msf in Bengaluru and Chennai underlines its commitment to meeting rising market demand and ensuring future growth.

Sector

Real Estate Investment Trusts

Industry

Infra/ Real Estate Investment Trust

Market Cap

41,546 Cr

Volatility

Low Risk

P/E Ratio

137.4

Industry P/E

48.9

PEG Ratio

2.0

P/B Ratio

—

52W High

454.00

52W Low

342.55

Sales CAGR

8.15%

-8.12%

13.90%

10Y

—

Profit CAGR

68.51%

-22.19%

5.57%

10Y

—

ROE

TTM

1.37%

4.40%

3.79%

10Y

—

ROCE

TTM

4.08%

4.30%

4.01%

1Y Price Target

466.75 ▲ 5.75%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KRT	126.12	55,927 Cr	165.95	1.20	0.00	0.00	0.00	—
ALTIUSINVIT	153.06	46,644 Cr	52.24	1.64	0.00	6.73	8.10	1.21
EMBASSY	439.00	41,546 Cr	137.40	0.00	5.32	1.37	4.08	0.61
MINDSPACE	472.57	28,788 Cr	55.21	1.41	4.60	3.65	6.63	1.90
NHIT	148.15	28,694 Cr	68.27	1.17	0.00	1.95	3.80	0.93
IRBIT	—	25,812 Cr	—	2.32	0.98	-0.98	5.66	-0.31
BIRET	328.91	25,443 Cr	68.81	1.11	4.16	2.53	5.80	1.40

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	943	926	966	981	970	1,026	1,033	1,098	1,060	1,124
Expenses	234	220	228	234	230	248	258	776	239	256
Operating Profit	709	706	738	747	741	778	774	322	821	868
OPM %	75.17	76.27	76.40	76.14	76.32	75.81	74.99	29.32	77.46	77.21
Other Income	43	32	45	42	35	56	47	32	48	64
Interest	255	262	278	292	309	328	344	347	372	384
Depreciation	229	236	252	168	266	400	295	302	290	296
Profit Before Tax	268	240	253	328	200	106	182	-295	207	252
Tax %	12.58	9.85	9.03	13.67	10.83	-1,347.56	13.18	17.77	25.13	8.00
Net Profit	234	217	230	283	179	1,530	158	-243	155	232
EPS in Rs	2.47	2.29	2.43	2.99	1.89	16.14	1.67	-2.56	1.64	2.45

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.00	2,193	2,457	3,053	3,532	3,816	4,127	4,216
Expenses	9.45	657	608	665	875	832	993	1,521
Operating Profit	-9.45	1,536	1,849	2,388	2,657	2,984	3,134	2,695
OPM %	—	70.04	75.24	78.23	75.22	78.19	75.95	63.92
Other Income	0.00	168	121	133	110	162	170	183
Interest	0.00	380	645	829	976	1,087	1,329	1,392
Depreciation	0.00	528	571	796	1,128	969	1,783	1,286
Profit Before Tax	-9.45	796	754	896	662	1,089	193	200
Tax %	0.00	3.77	7.37	0.88	23.54	11.48	-741.49	-701.11
Net Profit	-9.45	766	698	888	506	964	1,624	1,601
EPS in Rs	—	6.59	8.38	9.38	5.34	10.18	17.14	3.20
Dividend Payout %	0.00	245.87	252.11	232.23	406.55	261.06	134.25	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	22,904	22,912	28,826	28,826	28,826	28,826	28,826
Reserves	-9.45	-594	-1,733	-2,940	-4,458	-5,552	-6,065
Borrowings	7,120	5,617	10,656	12,136	14,842	16,959	19,957
Other Liabilities	6,680	5,555	7,336	7,173	7,202	7,142	6,230
Total Liabilities	36,695	33,490	45,084	45,196	46,412	47,376	48,948
Fixed Assets	7,801	7,599	10,194	10,826	10,514	10,279	9,351
CWIP	502	411	1,371	710	1,267	1,803	2,086
Investments	21,507	23,044	29,646	30,416	31,076	32,606	35,460
Other Assets	6,885	2,436	3,873	3,244	3,555	2,687	2,050
Total Assets	36,695	33,490	45,084	45,196	46,412	47,376	48,948

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3.15	1,691	1,870	2,367	2,566	2,591	3,079
Cash from Investing Activity	211	-2,144	-3,041	-1,182	-1,468	-1,180	-1,635
Cash from Financing Activity	4,747	-4,197	1,777	-1,514	-869	-1,217	-1,792
Net Cash Flow	4,961	-4,650	606	-329	229	194	-348

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	35.77%	31.28%	31.28%	31.28%	7.69%	7.69%	7.69%	7.69%	7.69%	7.69%	7.69%	7.69%
FIIs	28.39%	31.99%	27.30%	26.85%	40.45%	41.83%	41.20%	44.98%	45.44%	44.58%	42.45%	39.95%
DIIs	16.27%	17.14%	21.36%	21.81%	31.99%	31.80%	32.34%	29.82%	29.25%	30.00%	32.13%	34.15%
Public	19.57%	19.59%	20.06%	20.07%	19.88%	18.68%	18.77%	17.52%	17.62%	17.73%	17.73%	18.22%
Total Shareholders	0	0	0	0	0	0	0	0	0	0	0	0

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Oct 06, 2025	Kotak performing re credit st...	Bulk	Sell	421.00	380.71 Cr	90,43,082	0.95
Jul 10, 2025	Apac company xxiii limited	Bulk	Sell	388.00	691.42 Cr	1,78,20,000	1.87
Dec 20, 2023	Smaller cap world fund inc	Bulk	Buy	316.19	225.28 Cr	71,24,829	0.75
Dec 20, 2023	Sbi mutual fund	Bulk	Buy	316.00	226.86 Cr	71,79,106	0.75
Dec 20, 2023	Sbi mutual fund	Bulk	Buy	316.00	228.18 Cr	72,20,894	0.76
Dec 20, 2023	Bre mauritius investments ii	Bulk	Sell	316.00	389.98 Cr	1,23,41,055	1.30
Dec 20, 2023	Apac company xxiii limited	Bulk	Buy	316.00	1,081.39 Cr	3,42,21,142	3.61
Dec 20, 2023	Sg indian holding nq co i pte...	Bulk	Sell	316.00	872.79 Cr	2,76,19,920	2.91
Dec 20, 2023	Sg indian holding (nq) co i p...	Bulk	Sell	316.00	872.79 Cr	2,76,19,920	2.91
Dec 20, 2023	Bre mauritius investments	Bulk	Sell	316.00	831.24 Cr	2,63,05,062	2.77

Projection

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

6 days ago

Disclosure of Material Issue by Embassy Office Parks REIT

Embassy Office Parks REIT disclosed a material issue regarding recent investor meetings.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Investor Presentation

Q2 FY24

Investor Presentation

Q1 FY24

Investor Presentation

Q4 FY23

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