Embassy Office Parks REIT (EMBASSY) Q3 25/26 earnings summary

Executive summary

• Achieved record 17% year-over-year revenue and 19% NOI growth in Q3 FY26, with strong leasing momentum and high occupancy across key cities.

• Declared Q3 distributions of INR 613 crore (INR 6.47 per unit), up 10% year-over-year.

• Announced and evaluated strategic acquisitions and divestments, including Pinehurst and Embassy Zenith.

• Consolidated unaudited financial results for the quarter and nine months ended 31 December 2025 were reviewed and approved, with no material misstatements identified by auditors.

• Outperformed market benchmarks with a 25% total return for the year, surpassing Nifty and Nifty Realty indices.

Financial highlights

• Q3 revenue from operations: INR 1,193 crore (+17% YoY); NOI: INR 985 crore (+19% YoY); EBITDA: INR 934 crore (+19% YoY).

• Net profit after tax for the quarter was INR 3,812.21 million, compared to INR 1,581.98 million in the prior year quarter.

• Distributions declared at INR 613 crore (INR 6.47 per unit), up 10% year-over-year.

• Hotel segment NOI rose 13% year-over-year, driven by higher occupancy and ADR.

• Net debt stood at INR 20,631 crore with a 32% leverage ratio and 7.29% average interest rate.

Outlook and guidance

• FY26 NOI guidance: INR 3,589–3,811 crore; DPU guidance: INR 24.5–26 per unit, implying 13% and 10% year-over-year growth at midpoint.

• FY26 occupancy expected in the 90–91% range, with 75% of guidance already achieved in 9M.

• Management continues to monitor regulatory and tax changes, including the Finance Bill 2026 and new labour codes, with no material impact expected at this stage.