Unit price
monthly high and low of daily closing prices from the NSE bhavcopy; the adjustment basis is printed under Market data₹ per unit · NSEMarket data
from the exchange price file and the latest filed statements; a figure with no source says soReturns
price return, income return and total return, by fiscal year₹ per unitThe filed years, four numbers
the whole trust, measured from filed statements onlyThe trust
Dates that matter
filed and scheduledthe company's own guidance, measured against its own first quarter
NOI, NDCF and DPU are non-statutory measures defined by the manager, not by Ind AS
Distribution per unit, and what it is made of
₹ per unitRevenue and net operating income, half year by half year
as filed, with derived halves marked₹ mnRevenueNet operating incomederived as full year less the filed half
Segments
revenue, net operating income and margin₹ mn · three monthsPortfolio at a glance
the number that confuses everyone about REITs, reconciled
What the call claimed, tested
Figures we did not accept, and why
property-wise fair value tables across the balance dates on fileWhere the two revenue numbers come from
databook against statutory statementSeries breaks the statements themselves declare
where a line stops meaning what it meantA break is recorded against the first year on the new basis · totals stay comparable across a break, sub-lines do not
Every filed year, as filed
every figure from a consolidated statement of profit and loss or a segment note₹ mn unless statedCAGR columns computed on the endpoints showna dot marks a figure derived rather than filed
where the operating result and the unitholder's result part company
RevenueNet operating incomeDistribution per unitNAV per unitFinance costs
Common-size income statement
per cent of revenue from operationsPer-unit series
₹ per unit, on the units outstanding at each year endevery figure in this panel carries its document and page
Segment history
revenue and net operating income by segment₹ mnBlank cells are periods where the filing gives segment NOI but not segment revenue — never a zero
Half-yearly and quarterly revenue and NOI
assembled from the segment notes of the filings on disk₹ mnA dotted marker means the period was derived by subtraction from a filed full year or half year, never read directly
Consolidated financial statements
₹ mn
Statement
View
Quarterly statement of unaudited results
₹ mnevery figure in this panel carries its document and page
What is not here, and why
declared coverage gapsA gap is published as a gap · nothing on this page is interpolated, smoothed or back-solved to fill one
Ratio analysis
every ratio derived from the filed statements on the previous tab — inputs named in each rowNet debt = borrowings, current and non-current, less cash, bank balances and current investments
Leverage
net debt to EBITDA and interest coverNet debt / EBITDA (×)EBITDA / finance costs (×)
Where the operating income goes
finance costs as a share of NOIFinance costs ÷ NOIDistributions ÷ NOI
Projection engine
drivers on the left, statements below — every default is a measured historical value, not a guessProjected statements
net operating income to distribution per unit₹ mn unless statedValuation
two independent routes, both driven by the sliders above₹ per unitSensitivity — value per unit
exit cap rate against terminal NOI growth₹ per unitevery figure in this panel carries its document and page
What the earnings calls on file actually contain
what the files on record actually contain, countedEMBASSY · earnings callsGuidance track record
every number the manager guided, against the number that was later filedThe same questions, asked of every call on file
one row per metric management repeats, one column per callsaid on the call, not in a statementalso fileda blank is a call that did not give the number — never a carried-forward value
Facts joined to the sentence that explains them
every claim found in the calls on file, each anchored to a filed numberwhy the same period appears twice, and which filing each came fromWho was on the call
extracted from the participant block of each transcriptA governance series that exists only inside transcripts
Distribution per unit, as declared on each call
₹ per unitevery figure in this panel carries its document and page
Net distributable cash flow, SPV level to unitholder
the bridge the whole asset class turns onevery figure in this panel carries its document and page
NDCF by asset, SPV level
where the distributable cash is actually generated₹ mnevery figure in this panel carries its document and page
Distribution per unit, quarter by quarter
as declared₹ per unitevery figure in this panel carries its document and page
Commercial office portfolio
the assets in the portfolio tableMark-to-market is market rent over in-place rent · GAV from the semi-annual independent valuation by L. Anuradha with C&W review
Development pipeline
under construction and proposed₹ mn to be spentHospitality
every figure in this panel carries its document and page
Revenue, NOI and NDCF by asset
eighteen line items — the detail no XBRL filing carries₹ mn · three monthsA blank is a period or a measure not disclosed for that asset, never a zero
Asset fair value, the verified balance dates
from the property-wise break-up inside the statement of net assets at fair value₹ mnView
Accepted only where the entity values sum exactly to the total printed in the same table · the dates rejected for this trust are listed on the Triage tab
Asset metric picker
any measure the databook carries, for the periods it carries themMeasure
every figure in this panel carries its document and page
Leasing
three months endedLargest occupiers
share of gross annualised rental obligationsevery figure in this panel carries its document and page
Notable deals signed this quarter
Occupier names are as disclosed — several are anonymised by the manager and are shown that way, never guessed at
Debt at REIT level
Maturity ladder
principal repayment by fiscal yearevery figure in this panel carries its document and page
Leverage
Borrowings and net debt, the filed years
derived from the consolidated balance sheet₹ mnConsolidated borrowings differ from the REIT-level debt table above, which covers instruments issued by the Trust itself
Unitholding pattern
units as filedevery figure in this panel carries its document and page
Document library
every filing on disk, by classevery figure in this panel carries its document and page
Source register
which filing each period on this page came fromPage references are to the printed page of the source PDF
Sell-side coverage
nineteen firms, as listed in the databookAnalyst coverage is disclosed in the databook and is itself a data point — no other Indian REIT publishes it this completely
Download the workbook
INE041025011_EMBASSY_trustbook.xlsx — every number this page serves for the trust as a cell, with a row per cell naming the document, page and line it was read from.
Operating measures
Read from the trust’s valuation reports. These are not audited statements. Each figure names the document, the page and the date it was published.
| Measure | 2019-09-30 | 2020-03-31 | 2021-03-31 | 2021-09-30 | 2022-03-31 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross asset value | — | — | — | — | — | — | — | — | — | 38% | 38% | — |
| Occupancy | — | — | — | — | — | — | 81% | 87% | 87% | 91% | 94% | — |
| Units outstanding | 771,665,343 | 771,665,343 | 947,893,743 | 947,893,743 | 947,893,743 | 947,893,743 | 947,893,743 | 947,893,743 | 947,893,743 | 947,893,743 | — | 947,893,743 |
| Weighted average cost of capital | — | — | — | — | — | — | — | — | — | 11.75% | 11.75% | 11.5% |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-30 | Q1FY27 | Read the call | |
| 2026-07-30 | Q1FY27 | Read the call | |
| 2026-04-27 | Q4FY26 | Read the call | |
| 2026-02-09 | Q3FY26 | Read the call | |
| 2025-07-31 | Q1FY26 | Embassy REIT | Read the call |
| 2023-08-01 | Q1FY24 | Embassy REIT | Read the call |
| 2023-05-02 | Q4FY23 | Embassy REIT | Read the call |
| 2023-01-31 | Q3FY23 | Embassy REIT | Read the call |
| 2022-10-24 | Q2FY23 | Embassy REIT | Read the call |
| 2022-07-26 | Q1FY23 | Embassy REIT | Read the call |
| 2022-05-03 | Q4FY22 | Read the call | |
| 2022-02-01 | Q3FY22 | Embassy REIT | Read the call |
| 2022-01-21 | Q3FY22 | Deepika Srivastava | Read the call |
| 2021-11-02 | Q2FY22 | Embassy REIT | Read the call |
| 2021-10-22 | Q2FY22 | Deepika Srivastava, Hong Kong | Read the call |
| 2021-07-26 | Q1FY22 | Deepika Srivastava, The Corporate Relations Department | Read the call |
| 2021-04-26 | Deepika Srivastava, The Corporate Relations Department | Read the call | |
| 2021-02-08 | Deepika Srivastava, The Corporate Relations Department | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | Q2FY22 | Q2FY23 | Q3FY22 | Q3FY23 | Q3FY26 | Q4FY22 | Q4FY23 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Acquisitions | We are also focused on inorganic growth and continue to evaluate acquisition opportunities which fit our | discussions for potential acquisition of two properties across Bangalore and Chennai, totaling 7.1 msf | acquisition and Vikaash will detail a number of areas of outperformance of that asset in that time. | We continue working on the non-binding offers to acquire the 7.1 msf of Sponsor assets in Chennai | We announced the acquisition of Pinehurst in our prime asset Embassy GolfLinks, from a third party. | We concluded ₹9.3 billion add-on acquisition at our investment entity Embassy GolfLinks, and | We announced the tuck-in acquisition of the 1.4 msf Embassy Business Hub that further expands our | buildings as well as a third-party acquisition of a marquee building within our core EGL asset. |
| Availability and tariff | a highly skilled talent pool and availability of institutional quality offices, Bangalore continues to be the | of debt which is basically dependent on the total cash availability with the joint venture | destination of choice given the abundant availability of cost-effective STEM talent. | — | — | As office utilization continue to increase, ready availability of quality | So, all of these will take a toll on the interest cost, but | — |
| Cap rates and valuation | Our independent valuers completed fair valuation exercise of our properties for the half year ended | Before I move to our FY2023 guidance, let me provide an update on our half-yearly portfolio valuation as | We will now start our evaluation, but this is one of the properties which | account for less than 4% of REIT’s current GAV and remains subject to ongoing diligence, negotiations, | We will start our evaluation and will update the market as we | initiated evaluation of 5 msf Chennai ROFO opportunity from Embassy Sponsor; and | at highly accretive yields and announced an NAV-accretive tuck-in acquisition in North Bangalore. | GAV grew by 15% YoY to ₹70,540 crores and our NAV by 16% YoY to ₹491.62 per unit. |
| Debt cost | Another highlight has been the ₹46 billion refinancing and a significant 300 bps interest cost savings | Looking forward, we believe that the liquidity squeeze, rising interest rates and | Refinanced ₹36.5 billion zero-coupon bond (‘ZCB’) at 6.5%, delivered ~300 bps refinancing spread; | inflation and rising interest rates is likely to increase the replacement value of properties, thereby impacting | FY28 to be funded, and how do you think LTV is likely to evolve over the period? | We completed a timely refinance of our Zero Coupon Bonds (‘ZCB’s) and locked 2/3rd of our | sheet front, we refinanced or renegotiated ₹53 billion debt at 101 bps positive spreads, maintained low 28% | While repo rate has not gone up, still the interest rates |
| Development | Construction in full swing on our 5.7 msf development projects, with 1.1 msf JP Morgan campus on- | active development pipeline to 7.1 msf, the highest since our listing. | 2020, and, again on the delivery of our quarterly distributions – a healthy ₹4,929 million, bringing our total | active development pipeline now totals 6.6 msf and sets us up to deliver an incremental ₹8 billion annual | We have launched a new re-development project in Embassy Manyata at a 23% yield on cost, and | Despite Covid disruptions, we have successfully delivered on our leasing, development and financial | We grew our active development pipeline to 7.9 msf, over 90% of which is in Bangalore, India’s best- | We expanded our operational portfolio to 43.5 msf, with record delivery of 3.3 msf of new office |
| Distributions | Net Distributable Cash Flows (NDCF) grew by 27% to ₹5,368 million. | Net Distributable Cash Flows (‘NDCF’) stood at ₹5,182 million, down 3% YoY but up 2% QoQ. | Net Distributable Cash Flows (‘NDCF’) grew by 14% to ₹4,927 million, mainly reflecting the | We announced distributions of ₹5,033 million or ₹5.31 per unit (‘DPU’), with a 100% payout ratio; and | expect our NOI to be in the range of ₹3,589 to ₹3,811 crores and DPU to be in the range of ₹24.50 to | Net Distributable Cash Flows (‘NDCF’) grew by 12% to ₹20,639 million, mainly reflecting the | rising interest rates, we delivered on our distribution guidance of ₹21.7 per unit, marking our 16th consecutive | We delivered double-digit growth across our key financial metrices and grew our NOI by 15%, DPU |
| Occupancy | uptick in physical occupancy across our properties, and we expect a material increase post-Diwali. | a stable occupancy of 87% and a promising 700k sf deal pipeline. | As of December 2021, our portfolio occupancy stood at 87% on our 33.6 msf operating area. | We signed a total of 1 msf leases, improved our same-store occupancy to 88%, | With vacancies tightening, rents have started to grow across key micro-markets. | The physical occupancy in our parks has ramped up | primarily from Indian IT services occupiers, our Q4 occupancy stood at 86%. | On this expanded base, we increased our occupancy by 300 bps to 90% by area or 94% by value, |
| Re-leasing and rents | Embassy REIT released its financial results for the quarter and half year ended September 30, 2021 a | Embassy REIT released its financial results | Embassy REIT released its financial results for the quarter ended December 31, 2021 a short while back. | Embassy REIT released its financial results for the quarter and nine month period ended December 31, | Embassy REIT released its financial results for the quarter and nine months ended December 31, 2025, | released its financial results for the quarter and financial year ended March 31, 2022 a short while | Embassy REIT released its financial results for the quarter and financial year ended March 31, 2023 a short | Embassy REIT released its financial results for the quarter and full year ended March 31, 2026, a short |