Slide 1: Embassy Developments Limited Investor Update filing letter
a EMBASSY DEVELOPMENTS LIMITED (Formerly known as Equinox India Developments Limited, and earlier Indiabulls Real Estate Limited) CIN: L45101HR2006PLC095409 November 6, 2025 Scrip Code – 532832 EMBDL/EQ BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, “Exchange Plaza”,
Slide 2: Embassy Developments Limited Q2 FY2026 Investor Update
EMBASSY DEVELOPMENTS LIMITED (EDL) Q2 FY2026 Investor Update November 6, 2025 BLVD CLUB AT EMBASSY BOULEVARD – ACTUAL IMAGE
Slide 3: Message from the Managing Director
2 MESSAGE FROM THE MANAGING DIRECTOR Dear Shareholders, The end of H1FY26 marks our first six months as promoters of Embassy Developments Limited (EDL). It has been a quarter of steady progress, with our focus on execution and stabilization across projects in MMR and Bangalore. I’m pleased to share
Slide 4: Delivered six legacy projects to 3,300+ families
3 DELIVERED SIX LEGACY PROJECTS TO 3,300+ FAMILIES Reaffirming our commitment to delivery, customer trust, and governance BLU Estate & Club, Indiabulls Sky Forest, One Indiabulls, MMR, Worli MMR, Lower Parel MMR, Thane 374 Families 438 Families 388 Families Handed over, Handed over, Possessions unde
Slide 5: Operational Update
4 OPERATIONAL UPDATE EMBASSY LAKE TERRACES – ACTUAL IMAGE
Slide 6: Key Highlights
5 KEY HIGHLIGHTS Key Updates • Pre-sales: ₹409 Cr in Q2FY26 vs Q1FY26 at ₹198 Cr, up 102% q-o-q; H1FY26 at ₹607 Cr, up 24% y-o-y • New bookings: 407k sf in Q2FY26 vs Q1FY26 at 206k sf, up 96% q-o-q; H1FY26 at 613k sf, up 12% y-o-y • Collections: ₹359 Cr in Q2FY26 vs Q1FY26 at ₹322 Cr, up 12% q-o-q;
Slide 7: Business Highlights
6 BUSINESS HIGHLIGHTS For the Quarter ended September 30, 2025 Area Sold Pre-Sales Collections (‘000’sf) (₹ Cr) 409 (₹ Cr) 407 518 372 322 359 322 198 206 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Y-o-Y +9% +24% (31%) Q-o-Q +96% +102% +12% For the Half-year ended September 30, 2
Slide 8: Q2 FY2026 Business Performance
7 Q2 FY2026 BUSINESS PERFORMANCE Area Sold Pre-Sales Collections Construction Spends Projects (1) ('000sf) (₹ Cr) (₹ Cr) (₹ Cr) Paradiso @ Embassy Springs, Bengaluru 178 183 20 - Edge @ Embassy Springs, Bengaluru 63 60 2 29 Park, Panvel 69 41 16 17 Verde @ Embassy Springs, Bengaluru 38 36 61 18 Emba
Slide 9: H1 FY2026 Business Performance
8 H1 FY2026 BUSINESS PERFORMANCE Area Sold Pre-Sales Collections Construction Spends Projects (1) (‘000 sf) (₹ Cr) (₹ Cr) (₹ Cr) Paradiso @ Embassy Springs, Bengaluru 178 183 20 2 Verde @ Embassy Springs, Bengaluru 157 144 98 22 Embassy Lake Terraces, Bengaluru 64 65 118 11 Edge @ Embassy Springs, B
Slide 10: EDL Growth Drivers
9 EDL GROWTH DRIVERS EMBASSY BOULEVARD – ACTUAL IMAGE
Slide 11: Near-Term Strategy
10 NEAR-TERM STRATEGY Project • Sales & completion of existing OC received & ongoing projects 1 Execution • Meet delivery timelines & unlock committed net cash surplus of ~₹2.5k Cr over the next 3 years • Organic growth from new project launches on existing land parcels New 2 Launches • Bring projec
Slide 12: Launched Projects
11 LAUNCHED PROJECTS Unsold Sold Sold Particulars (₹ Cr) Location Category Inventory(1) Receivables % OC Received Projects Embassy Grove, Bengaluru Bengaluru Residential 49 20 96% Embassy Lake Terraces, Bengaluru(2) Bengaluru Residential 118 58 95% Garden plots @ Embassy Springs, Bengaluru Bengaluru
Slide 13: Outlook
12 OUTLOOK Next 3 Years Next 3 Years FY2026 ~₹41k Cr ~₹21k Cr ~₹5k Cr Pre-Sales & Collections (1) GDV Pre-Sales Pre-Sales (Existing + New) (Existing + New) New Launches(1) ~₹19.5k Cr Cost to Complete ~₹14k Cr ~₹2.2k Cr ~₹21.5k Cr Collections Collections (Existing + New) (Existing + New) Net Surplus
Slide 14: FY2026 New Launches
13 FY2026 NEW LAUNCHES Total GDV for FY2026 new launches ~₹28k Cr, includes 10 residential & 3 commercial launches with GDV potential of ~₹23.3k Cr and ~₹4.5k Cr respectively. Area GDV(1) Target Sl. Particulars Category Status (msf) (₹ Cr) Launch Owned Projects Fully sold out. Secured higher realiza
Slide 15: Free Cashflows
14 14 FREE CASHFLOWS Project Surplus(1): ₹28,150 Cr, Net operational cash margin of ~46.6%(2) Area (msf) GDV / Sold Pending Net Surplus / Particulars (₹ Cr) Saleable Sold Unsold Inventory(1) Receivables Costs DM Fee(1) OC & Ongoing Projects 17.6 14.0 3.6 2,400 2,950 2,850 2,500 Upcoming Projects 10.
Slide 16: Future Commercial Development
15 FUTURE COMMERCIAL DEVELOPMENT Embassy East Business Park (Phase 2) Embassy Knowledge Park (Commercial) • Location: Whitefield, Bengaluru • Location: North Bengaluru • Land Parcel: 35 acres (total park) • Land Parcel: 117 acres • Area: Design stage • Leasable Area: 2.8 msf • Status: Planned • Stat
Slide 17: Fully Paid Landbanks
16 16 FULLY PAID LANDBANKS Land banks which can fuel the next phase of growth • Total of 3,125 acres, one of the Location (Acres) Sohna 520 largest amongst listed players Gurugram-Sec 103 1 Sonepat 11 North Total North 532 532 acres • Attractive parcels in Panvel near Location (Acres) upcoming Navi-
Slide 18: EDL Overview
17 EDL OVERVIEW EMBASSY GROVE – ACTUAL IMAGE
Slide 19: Snapshot
18 SNAPSHOT Geographical Footprint Area (msf) 8 Cities 40 38.0 msf Presence Projects(1) Portfolio (Saleable + Leasable) 30.6 msf 7.4 msf 3,125 Acres NCR 0.6 Residential Commercial Land Bank (Retail + Office) (excl. Projects) 0.3 Jodhpur Vadodara 0.2 2.1 Indore ~₹53.1k Cr ~₹44.4k Cr ~₹8.7k Cr Total G
Slide 20: Board of Directors
19 19 BOARD OF DIRECTORS
Slide 21: Leadership Team
20 LEADERSHIP TEAM Average Work Experience of 20+ Years
Slide 22: Capitalisation & Float
21 CAPITALISATION & FLOAT Among top 15 listed developers by market capitalization with revised equity base of ~138 Cr shares. Promoter holding at 42.93%, with top 7 holders constitute another ~25%. Shareholding as of Oct 31, 2025 Top 5 Investors DII's, 3.6% Category Investors % Corporates, 4.6% Prom
Slide 23: New Projects
22 NEW PROJECTS GDV(1) GDV(1) Particulars Category Particulars Category (₹ Cr) (₹ Cr) Planned Projects Upcoming Projects Arivali, Panvel Commercial 700 Embassy Greenshore, Bengaluru Residential 1,700 Centrum, Indore Residential 1,400 Embassy Worli, Mumbai Residential 8,800 Embassy Hub, Bengaluru(2)
Slide 24: Community Outreach
23 COMMUNITY OUTREACH EDUCATE. ENGAGE. EMPOWER. ENHANCE.
Slide 25: Overview and Our Pillars
24 OVERVIEW Build a sustainable eco-system and actively contribute to the social, economic and environmental development of the communities in which we operate. OUR PILLARS EDUCATION & SUSTAINABLE COMMUNITY CORPORATE HEALTH INFRASTRUCTURE ENGAGEMENT CONNECT EMPOWER students of Drive positive change
Slide 26: Our Impact
25 OUR IMPACT EDUCATION & COMMUNITY 10,000+ 113 390 995 Students supported in Educators Scholarships Girls pursuing 25 schools, empowered awarded Engineering 13 anganwadis INFRASTRUCTURE 15 20 04 28 Classrooms built Toilets in four School projects Government schools and a under construction schools
Slide 27: Thank You!
Thank You! Investor Relations Contact: Mr. Ankit Naita Website: www.embassyindia.com | Email: ir@embassyindia.com | Office: +91 22 6572 2233 Mumbai Corporate Office: One World Center, Tower 2A, 4th floor, Senapati Bapat Marg, Mumbai – 400013 Bengaluru Corporate Office: Embassy One – Pinnacle, 14th f
Slide 28: Annexures
27 ANNEXURES SIGNATURE RESIDENCES AT EMBASSY LAKE TERRACES – ACTUAL IMAGE
Slide 29: Embassy Group Overview
28 EMBASSY GROUP OVERVIEW EMBASSY TECHVILLAGE – ACTUAL IMAGE
Slide 30: Embassy Group Credentials
29 EMBASSY GROUP CREDENTIALS 30+ Years of India’s Largest Launched India’s First Excellence in Flexible Office Space Publicly Listed REIT Real Estate Provider Presence in Partnerships with 22 cities PAN India Private Equity and Across Businesses Global Institutions FOUR SEASONS PRIVATE RESIDENCES AT
Slide 31: Embassy Group Businesses
30 EMBASSY GROUP BUSINESSES COMMERCIAL RESIDENTIAL WEWORK INDIA EMBASSY SERVICES COMPLETED COMPLETED 100K+ DESKS AUM 54+M SQ. FT. 21+M SQ. FT. 68 CENTRES 130M SQ. FT. HOSPITALITY ENERGY MANAGED HOSPITALITY EMBARK COMPLETED OPERATIONAL PLANT OPERATIONAL KEYS INDIA’S ONLY 1,096 KEYS 100MW 1,967 INTEGR
Slide 32: Embassy Group Companies
31 EMBASSY GROUP COMPANIES EMBASSY DEVELOPMENTS LIMITED
Slide 33: Notes & Glossary
32 NOTES & GLOSSARY Notes: ► All figures in this presentation are as of September 30, 2025, unless otherwise stated ► Figures has been rounded off to nearest single decimal / integer for ease of presentation ► Area (msf) represents unsold residential saleable area including commercial area sold on s
Slide 34: Disclaimer
33 DISCLAIMER This presentation (“Presentation”) is for informational purpose only and does not constitute a prospectus, offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any securities of Embassy Developments Limited (“Company”) or its existing or future subsidiar