Embassy Office Parks Reit · NSE:EMBASSY.RR
Embassy Office Parks Reit — Q1 FY2027 Earnings Presentation
48 slides from Embassy Office Parks Reit's earnings presentation, Jul 30, 2026
Slide 1: Q1 FY2027 Earnings Materials
Embassy Office Parks REIT Q1 FY2027 Earnings Materials July 30, 2026
Slide 2: Press Release
Q1 FY2027 Earnings Materials Press Release Embassy REIT Reports 17% YoY Growth in Revenue and Net Operating Income; Leases 1.3 Million Square Feet in Q1 FY2027 • Leased 1.3 msf across 17 deals, with GCCs contributing 81% of demand • Revenue up 17% YoY to ₹1,241 crores and Net Operating Income up 17%
Slide 3: Press Release (Cont'd)
Q1 FY2027 Earnings Materials Press Release (Cont’d) Financial Highlights • Grew Revenue from Operations by 17% YoY to ₹1,241 crores and Net Operating Income (NOI) by 17% YoY to ₹1,020 crores • Delivered quarterly distributions of ₹598 crores or ₹6.31 per unit, up 9% YoY • Raised ₹3,045 crores of deb
Slide 4: Table of Contents
Q1 FY2027 Earnings Materials Table of Contents I. Key Highlights 5 II. Business Updates 11 III. Development Updates 18 IV. Financial Updates 25 V. Market Outlook 31 VI. ESG & Total Business Ecosystem 36 VII. Appendix 39 4
Slide 5: I. Key Highlights
I. Key Highlights Embassy Oxygen, Noida
Slide 6: Robust GCC Leasing & Rent Growth
Q1 FY2027 Earnings Materials Robust GCC Leasing & Rent Growth Strong start to FY2027 with 1.3 msf leased across 17 deals, with 10 new entrants into our portfolio. Achieved 8% market premium on new leasing Leased 1.3 msf in Q1 FY2027; 81% driven by GCCs 86% of New Leasing to New Entrants; of which, 2
Slide 7: Launched: Hilton Garden Inn at Embassy TechVillage
Q1 FY2027 Earnings Materials Launched: Hilton Garden Inn at Embassy TechVillage 211 Keys Launched 4-Star Hilton Garden Inn Hotel in Jun’26(1) 529 Keys Dual Branded Hilton Hotels At Embassy TechVillage(2) ₹19k+ ADRs Achieved in the First Month of Opening(3) Actual Picture Notes: (1) 211 key 4-star Hi
Slide 8: Strong Financial Performance
Q1 FY2027 Earnings Materials Strong Financial Performance Grew both Revenue and NOI by 17% YoY respectively, and delivered 9% distributions growth YoY Particulars Q1 FY2027 Q1 FY2026 Growth (%) On Track to Deliver on FY2027 Distribution Guidance Distribution / Unit (₹) ₹27.00 - ₹28.60 FY27 DPU Guida
Slide 9: FY2027 – Guiding to Double-Digit Growth
Q1 FY2027 Earnings Materials FY2027 – Guiding to Double-Digit Growth On track to deliver double-digit growth in NOI and distributions for a second consecutive year Distributions (₹ per Unit) NOI (₹ crores) FY2027 Distributions Range FY27 NOI Range ₹27.00 - ₹28.60 4,250 ₹4,150 crs - ₹4,350 crs +13% 2
Slide 10: Multiple Embedded Growth Levers
Q1 FY2027 Earnings Materials Multiple Embedded Growth Levers Our strategy banks on multiple drivers to boost NOI and generate long-term total returns for investors 4.6 msf 4.1 msf Vacant Vacantarea arealease-up next lease-up few years the next –– occupancy few years expected occupancy to stabili
Slide 11: II. Business Updates
FIFC, Mumbai II. Business Updates
Slide 12: Resilient Leasing Momentum
Q1 FY2027 Earnings Materials Resilient Leasing Momentum Leased 1.3 msf at 10% combined leasing spreads. 86% of the new leasing by 10 new occupiers; of which 21% was driven by AI-related companies 1.3 msf Area (msf) 8.1 Total Lease-up 6.6 across 17 deals(1) 6.4 5.0 0.7 msf 6.8 New Lease-up at 11% Re-
Slide 13: Leasing Highlights for Q1
Q1 FY2027 Earnings Materials Leasing Highlights for Q1 GCCs contributed to 81% of Q1 leasing, with the demand primarily driven by Telecom, Technology, Research, Consulting & Analytics sectors Occupier Property Sector Area ('000 sf) Q1 Leasing – Sectoral Split New Leases 667 Others Retail 11% British
Slide 14: Portfolio Occupancy at 90%
Q1 FY2027 Earnings Materials Portfolio Occupancy at 90% Portfolio occupancy at 93% by value(1) and 90% by area, with 4 out of 5 cities above 90% occupancy levels City Occupancy (%) Occupancy (%) Occupancy up by 200 bps YoY to 90% Q1 FY27 Q1 FY26 Completed Area (msf) Occupancy +200 bps Bangalore Area
Slide 15: Achieved 8% Premium to Market Rents
Q1 FY2027 Earnings Materials Achieved 8% Premium to Market Rents Signed Q1 new leases at an average 8% premium to market rents, demonstrating our portfolio strength Bangalore Mumbai Rent (₹ psf) Rent (₹ psf) 111 +6% 238 105 +34% 178 Actual Picture Market Rent Agreed Rent Market Rent Agreed Rent Rent
Slide 16: Embedded Rent Growth
Q1 FY2027 Earnings Materials Embedded Rent Growth Contracted escalations (~5% p.a. or 15% every 3 years) and significant MTM opportunity on lease expiries are key drivers of our NOI growth 14% Avg. Contractual Rent Escalations on 41 msf till FY2030 10%(1) Blended MTM Potential on 8.1 msf or 21% of L
Slide 17: Hospitality Business Update
Q1 FY2027 Earnings Materials Hospitality Business Update Our hotel portfolio remained resilient amidst geopolitical tensions; recorded Q1 FY2027 occupancy of 61% and RevPar growth of 8% YoY Revenue (₹ crs), EBITDA (₹ crs) and Occupancy (%) 50% 56% 63% 63% 60% 61% 504 532 436 339 230 241 184 98 116 1
Slide 18: III. Development Updates
Embassy Splendid TechZone, Chennai III. Development Updates
Slide 19: Active Development Pipeline
Q1 FY2027 Earnings Materials Active Development Pipeline Best-in-class development pipeline of 6.2 msf across Bangalore and Chennai. Of the 2.9 msf deliveries over next 24m, ~60%(2) already pre-leased Development Pipeline (msf) Area (msf) 95%(1) 100% - 59%(2) - ₹3,500 crs 3.3 3.3 Total Capex for Ong
Slide 20: Upcoming Deliveries: Block 1 at Embassy Splendid TechZone
Q1 FY2027 Earnings Materials Upcoming Deliveries: Block 1 at Embassy Splendid TechZone 0.6 msf Total Leasable Area 100% Pre-leased to Cognizant for a GCC Tenant Completed Yet to receive OC Actual Picture Note: (1) Jul’26 Picture 20
Slide 21: Upcoming Deliveries: Hilton Hotel at Embassy TechVillage
Q1 FY2027 Earnings Materials Upcoming Deliveries: Hilton Hotel at Embassy TechVillage 318 Keys 5-Star Hilton Hotel(1) 37k sf Convention Center 75k sf Retail Area Actual Picture Notes: (1) OC received for 318 keys 5-star Hilton Hotel which is slated for launch later during the year 21 (2) Jul’26 Pict
Slide 22: Upcoming Deliveries: Block 6 at Embassy TechVillage
Q1 FY2027 Earnings Materials Upcoming Deliveries: Block 6 at Embassy TechVillage 0.4 msf Total Leasable Area ORR Located in one of the best-performing micro-markets in Bangalore Jun’27 Target Delivery Perspective Note: (1) Jul’26 Picture 22
Slide 23: Upcoming Deliveries: Embassy Business Hub – Phase 2
Q1 FY2027 Earnings Materials Upcoming Deliveries: Embassy Business Hub – Phase 2 1.0 msf Total Leasable Area 23% Pre-leased to Major Indian Flex Operator Jun’28 Target Delivery Perspective Note: (1) Jul’26 Picture 23
Slide 24: Upcoming Deliveries: Block B at Embassy Manyata
Q1 FY2027 Earnings Materials Upcoming Deliveries: Block B at Embassy Manyata 0.9 msf Total Leasable Area 100% Pre-leased to Major US Bank(1) Jul’28 Target Delivery Perspective Notes: (1) Includes expansion options of 256k 24 (2) Jul’26 Picture
Slide 25: IV. Financial Updates
IV. Financial Updates Hilton Embassy GolfLinks, Bangalore
Slide 26: Delivering on Distributions
Q1 FY2027 Earnings Materials Delivering on Distributions Delivered distributions of ₹598 crs or ₹6.31 per unit , up 9% YoY. Cumulative distributions of over ₹15,000 crs since listing Distribution Highlights Distribution Mix – Q1 FY2027 Particulars Q1 FY2027 Interest 6% Distribution period Apr’26 – J
Slide 27: Well-Diversified Debt Book
Q1 FY2027 Earnings Materials Well-Diversified Debt Book Total debt book of ₹23k crs, well-balanced across diverse investor pools, debt instruments and tenures Diversified Investor Pools Diversified Debt Composition Mutual Funds Fixed 31% 35% Rate Debt Insurers Leverage(1) with Dual 59% 17% AAA / Sta
Slide 28: Debt Optimization Initiatives
Q1 FY2027 Earnings Materials Debt Optimization Initiatives Active debt management aimed at managing comfortable debt levels, optimizing interest rates and staggering debt maturities 79% 78% 62% 61% 60% 51% 60% 59% 26 24 30 22 23 22 45 45 35% 10.00% 32% 9.61% 31% 30% 9.50% 30% 29% 28% 9.00% 25% 24% 8
Slide 29: Walkdown of Key Financial Metrics
Q1 FY2027 Earnings Materials Walkdown of Key Financial Metrics Particulars (₹ crs) Q1 FY2027 Q1 FY2026 Variance (%) Q4 FY2026 Variance (%) Revenue from Operations 1,241 1,060 17% 1,205 3% NOI Property Taxes and Insurance (65) (38) 74% (70) (7%) Direct Operating Expenses (155) (151) 3% (159) (2%) Net
Slide 30: Diversified Unitholder Base
Q1 FY2027 Earnings Materials Diversified Unitholder Base 92% public float well distributed among foreign & domestic institutions and retail investors. Delivered 19%(1) total returns in the last 12m Well-diversified Investor Base(2) Increasing Acceptance of REIT as an Investment Class Others Sponsors
Slide 31: V. Market Outlook
Embassy TechVillage, Bengaluru V. Market Outlook
Slide 32: India – The Office to the World
Q1 FY2027 Earnings Materials India – The Office to the World India remains at the epicenter of global offshoring demand, led by favorable demographics, abundant skilled talent and premium quality spaces India’s Dual Structured Advantage Continues(1,2) 350+ New GCCs Expected to be set up by FY2030(3,
Slide 33: India Office – Occupier-driven Absorption
Q1 FY2027 Earnings Materials India Office – Occupier-driven Absorption India office demand remains resilient amidst global disruption. Favorable demand-supply dynamics leading to vacancy drop and rent growth Demand and Supply Trends(1) 95 74.4 80.4 85.0 91.1 30% 23 msf 72.8 75 65.6 60.8 58.7 25% Rec
Slide 34: Bangalore – India's Leading Office Market
Q1 FY2027 Earnings Materials Bangalore– India’s Leading Office Market On the back of sustained demand from GCCs, Bangalore continues to lead India’s office absorption with 28% market share Area (msf) 28% 30 106 120 102 96 92 Bangalore’s Share in 25 100 Pan-India Leasing 87 88 (in Q2 CY26) 83 84 84 8
Slide 35: Chennai – New Growth Market In India
Q1 FY2027 Earnings Materials Chennai – New Growth Market In India Supported by an established education infrastructure and abundant STEM talent, the Chennai office market continues to attract top global firms Area 12 (msf) 120 95 8% 10 93 100 90 Chennai’s Share in Pan India Leasing 84 (in Q2 CY26) 7
Slide 36: VI. ESG & Total Business Ecosystem
Embassy TechVillage, Bangalore VI. ESG & Total Business Ecosystem
Slide 37: Certifications & Awards
Q1 FY2027 Earnings Materials Certifications & Awards ESG certifications, awards and performance on global benchmarks reflect our commitment to sustainability and transparency Building Certifications World’s Largest USGBC LEED LEED Net Zero Water, Net Zero World’s largest IWBI WELL 5-star Rating for
Slide 38: Our ESG Initiatives
Q1 FY2027 Earnings Materials Our ESG Initiatives On-track with our 5-year sustainability road map up to FY2030, focusing on targets that are pivotal to meet our broader 2040 net zero goal Pillar Metric Target(1) Q1 FY27 Update Status ► Renewable energy consumption share 80% by FY30 71% On Track ► Ac
Slide 39: VII. Appendix
Embassy TechVillage, Bengaluru VII. Appendix
Slide 40: Who we are: Quick Facts
Q1 FY2027 Earnings Materials Who we are: Quick Facts Embassy REIT is India’s first listed REIT and the largest office REIT in Asia by area, with its portfolio spanning across 5 major cities in India 52.5 msf(1) 285 90% Portfolio Blue-chip Occupancy occupiers NCR (6%) 14 1,741 (2) 100 MW Commercial H
Slide 41: High Quality & Diversified Occupier Base
Q1 FY2027 Earnings Materials High Quality & Diversified Occupier Base GCCs and Tech occupiers constitute over 70% of our total occupier base, which now boasts over 280 marquee names Industry Diversification(1) Top 5 Occupiers Sector % of Rentals Financial Services Technology JP Morgan Services Finan
Slide 42: Portfolio Summary
Q1 FY2027 Earnings Materials Portfolio Summary 52.5 msf pan India office portfolio anchored in Bangalore and backed by a commitment to delivering world-class office spaces to occupiers Leasable Area (msf)/Keys/MW WALE(2) Occupancy Rent (₹ psf / mth) GAV(3) Property Completed Development Total (yrs)
Slide 43: Embassy REIT Structure
Q1 FY2027 Earnings Materials Embassy REIT Structure Blackstone Sponsor Embassy Sponsor Group Public Unitholders Trustee Acts on behalf of Unitholders Embassy Management Services Manager (Axis Trustee) REIT (EOPMSPL) 100% Manyata Promoters Private Limited (Embassy Manyata) 80% 50%(1) 100%(3) 100% 100
Slide 44: Ten Campus-style Office Parks
Q1 FY2027 Earnings Materials Ten Campus-style Office Parks Embassy Manyata Embassy TechVillage Embassy TechZone Bangalore (17.2 msf) Bangalore (9.7 msf) Pune (5.5 msf) Embassy Splendid TechZone Embassy Oxygen Embassy GolfLinks Chennai (5.1 msf) Noida (3.3 msf) Bangalore (3.4 msf) Embassy Quadron Emb
Slide 45: Four Prime City-Center Offices
Q1 FY2027 Earnings Materials Four Prime City-Center Offices Express Towers FIFC Embassy 247 Embassy One Mumbai (0.5 msf) Mumbai (0.4 msf) Mumbai (1.2 msf) Bangalore (0.3 msf) 45
Slide 46: Key Terms & Definitions
Q1 FY2027 Earnings Materials Key Terms & Definitions Notes: 37. Manager – Embassy Office Parks Management Services Private Limited ► All figures in this presentation are as of June 30, 2026, unless otherwise specified 38. Mn – Millions ► All figures corresponding to year denoted with “FY” are as of
Slide 47: Disclaimer
Q1 FY2027 Earnings Materials Disclaimer This presentation is issued by Embassy Office Parks Management Services Private Limited (the “Manager”) in its capacity as the Manager of the Embassy Office Parks REIT (“Embassy REIT”), for general information purposes only, without regards to the specific obj
Slide 48: Investor Contact
INVESTOR CONTACT: Website: www.embassyofficeparks.com |Email: ir@embassyofficeparks.com |Office: +9180 4722 2222
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