BusinessWire India
Bengaluru (Karnataka) [India], April 28: Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) ('Embassy REIT'), India's first listed REIT and the largest office REIT in Asia by area, reported results today for the fourth quarter and full year ended March 31, 2026.
Amit Shetty, Chief Executive Officer of Embassy REIT, said,
"FY2026 was another exceptional year for Embassy REIT. We delivered 6.4 msf of leasing and double-digit growth across revenue, NOI and distributions, driven by strong GCC-led demand, with Chennai emerging as a key growth driver. We delivered a record 3.3 msf of new office space, scaled redevelopment and strengthened our balance sheet through efficient capital raises, including pioneering the first-ever 10-year NCD issuance in India's REIT market. We are guiding for double-digit growth in both distributions and NOI again in FY2027 and remain well-positioned to deliver sustained long-term value for our unitholders."
The Board of Directors of Embassy Office Parks Management Services Private Limited ('EOPMSPL'), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of Rs 616 crores or Rs 6.50 per unit for Q4 FY2026. With this, the cumulative distribution for FY2026 totals Rs 2,396 crores or Rs 25.28 per unit. The record date for the Q4 FY2026 distribution is April 30, 2026, and the distribution will be paid on or before May 08, 2026.
Business Highlights
- Leased 6.4 msf in FY2026 across 86 deals at 17% higher leasing spreads, including 4.0 msf of new leasing, 1.5 msf of renewals, and 0.9 msf of pre-leases
- Chennai saw strong momentum with robust leasing from large global companies - highlighted by one of the city's largest deals - a full 0.65 msf block taken for a leading US GCC
- GCCs accounted for ~60% of the annual leasing activity, led by demand from Technology, Healthcare & BFSI sectors
- Portfolio occupancy increased by 300 bps to 94% (by value*) in FY2026
Financial Highlights
- Grew Revenue from Operations by 13% YoY to Rs 4,582 crores and Net Operating Income (NOI) by 15% to Rs 3,760 crores in FY2026
- Delivered Distributions of Rs 2,396 crores or Rs 25.28 per unit, up 10% YoY for FY2026; Cumulative distributions of over Rs 14,400 crores since listing
- Raised Rs 11,200 crores in FY2026, including Rs 3,400 crores of 10-year NCDs, lowering the in-place cost of debt by 65 bps to 7.25%
- Portfolio GAV grew by 15% YoY to Rs 70,540 crores and NAV by 16% YoY to Rs 491.62 per unit
Operational & Growth Highlights
- Delivered a record 3.3 msf of new office space this year and acquired a 0.3 msf marquee asset in Embassy GolfLinks
- Scaled up redevelopment project at Embassy Manyata to 1.4 msf (vs. 0.8 msf earlier); expected yield of 22%
- Total development pipeline of 6.2 msf with a Rs 3,500 crore capital outlay expected to deliver ~ Rs 610 crores in stabilized NOI by FY2030
- Actively evaluating ~12.6 msf of potential acquisition opportunities from both Embassy Group and third parties
- Hotel portfolio performed well with 63% occupancy and 8% ADR growth YoY. Advancing a 518-key dual-branded Hilton development at Embassy TechVillage with 211-key Hilton Garden Inn expected to launch in Jul'26
- Unitholder register expanded to over 135,000, up from 4,000 at IPO, with a marked rise in domestic retail participation; delivered ~22% total returns in FY2026
Investor Materials and Quarterly Investor Call Details
Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, (ii) an earnings presentation covering Q4 FY2026 and FY2026 results, and (iii) supplemental operating and financial data book that conforms with leading reporting practices across global REITs. All these materials are available in the Investors section of our website at www.embassyofficeparks.com.
Embassy REIT will host a conference call on April 27, 2026 at 17.00 hours Indian Standard Time to discuss the Q4 FY2026 results and full year FY2026 results. A replay of the call will be available in the Investors section of our website at www.embassyofficeparks.com.
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