Embassy Developments Reports ~240% QoQ Growth in Q3 FY26 Pre-Sales to ₹1,392 Crore, RERA Approvals Cross ₹12,800 Crore GDV
Strong Q3 Momentum as Pre-Sales Surge 240% Quarter-on-Quarter
Embassy Developments Limited announced results for the quarter ended December 31, 2025, demonstrating strong sales traction, healthy cash flows, and continued progress on regulatory milestones. The company recorded pre-sales of ₹1,392 crore in Q3 FY26 compared to ₹409 crore in Q2 FY26, representing a 240% quarter-on-quarter growth.
New bookings during the quarter stood at 1,192k sq. ft., up 193% QoQ from 407k sq. ft. in Q2. Cumulative pre-sales for the nine-month period of FY26 reached ₹1,999 crore, a 46% growth over the same period in FY25, with total area sold standing at 1,805k sq. ft., up 36% year-on-year.
Collections and Construction Spend Reflect Balanced Execution
Collections for the quarter stood at ₹414 crore, reflecting a 15% quarter-on-quarter growth over Q2 FY26. Cumulative collections for the nine-month period of FY26 stood at ₹1,096 crore.
Construction spend during the quarter was ₹401 crore, translating to a 97% spend-to-collections ratio, with total construction spend for the nine-month period at ₹868 crore (79% of collections), reflecting strong execution alignment.
Three Major Launches and Regulatory Approvals Exceed ₹12,800 Crore
The company launched two residential projects—Embassy Greenshore and Embassy Eden, both in North Bengaluru—as well as its 2.7 million sq. ft. commercial project Embassy East Business Park Phase I in East Bengaluru. Together, these launches represent an estimated GDV of over ₹6,500 crore.
Embassy Greenshore, with a GDV of approximately ₹1,600 crore, has already achieved pre-sales of approximately ₹804 crore. Embassy Eden, launched in December with a GDV of approximately ₹1,800 crore, has seen higher-than-anticipated pricing realisations.
The company secured RERA approvals for four projects worth over ₹12,800 crore GDV. Slated for launch in Q4 FY26 are Embassy Citadel in Worli (approximately ₹8,800 crore GDV), Embassy Verde Phase 2 (approximately ₹700 crore GDV), Embassy Serenity in Alibaug (approximately ₹400 crore GDV), and the DM project Embassy Sky Terraces (approximately ₹2,600 crore GDV).
Senior Living Milestone and Balance Sheet Strength
The company also received the Occupancy Certificate for 239 apartments at Serene Amara, a senior living project being developed through a joint venture with Columbia Pacific Communities in Bengaluru.
As of December 31, 2025, Embassy Developments maintained a prudent balance sheet with gross institutional debt of approximately ₹3,700 crore (0.36x debt-to-equity) and net institutional debt of approximately ₹3,000 crore (0.29x net debt-to-equity). Cash and cash equivalents stood at approximately ₹670 crore.
About Embassy Developments
Embassy Group was established in 1993. Embassy Developments Limited (formerly known as Equinox India Developments Limited and earlier Indiabulls Real Estate Limited) is one of India's leading real estate developers, specializing in the construction and development of residential and commercial projects across Indian cities, with a strategic focus on Bengaluru, the Mumbai Metropolitan Region, and the National Capital Region. The group operates across Bengaluru, Mumbai, Pune, Delhi-NCR, Chennai, Hyderabad, Thiruvananthapuram, Serbia and Malaysia, with 85 million square feet of commercial, residential, hospitality, services, retail and education spaces delivered and under development.