Embassy Office Parks Reit · NSE:EMBASSY.RR
Embassy Office Parks Reit — Q3 FY2026 Earnings Presentation
56 slides from Embassy Office Parks Reit's earnings presentation, Feb 6, 2026
Slide 1: Q3 FY2026 Earnings Materials
Embassy Office Parks REIT Q3 FY2026 Earnings Materials February 06, 2026 1
Slide 2: Press Release
Q3 FY2026 Earnings Materials Press Release Embassy REIT Delivers Robust 17% YoY Revenue Growth in Q3 FY2026; Evaluates Acquisition of Embassy Zenith, a 0.4 MSF Prime Office Asset in Bengaluru • Leased 1.1 million square feet (msf) across 22 deals in Q3 FY2026, taking total leasing to 4.6 msf year-to
Slide 3: Press Release (Cont'd)
Q3 FY2026 Earnings Materials Press Release (Cont’d) Financial Highlights • Grew Revenue from Operations by 17% YoY to ₹1,193 crores and Net Operating Income (NOI) by 19% YoY to ₹985 crores • Delivered quarterly distributions of ₹613 crores or ₹6.47 per unit, up 10% YoY • Raised ₹400 crores through a
Slide 4: Table of Contents
Q3 FY2026 Earnings Materials Table of Contents I. Key Highlights 5 II. Business Updates 11 III. Acquisition Updates 19 IV. Development Updates 23 V. Financial Updates 31 VI. Market Outlook 38 VII. ESG Updates 43 VIII. Appendix 46 4
Slide 5: I. Key Highlights
Q2 FY2025 Earnings Materials I. Key Highlights Central Garden, Embassy TechVillage, Bangalore
Slide 6: Strategic Growth Investments
Q3 FY2026 Earnings Materials Strategic Growth Investments Focused on accretive growth through organic and inorganic expansions Announced Third-Party Acquisition of Pinehurst (0.3 msf) Received Invitation to Offer for Embassy Zenith (0.4 msf) Embassy GolfLinks, Bangalore Actual Picture Embassy Zenith
Slide 7: Strong Leasing Momentum and Rent Growth
Q3 FY2026 Earnings Materials Strong Leasing Momentum and Rent Growth Solid quarter with 1.1 msf of leasing & 0.4 msf new office delivery. Grew portfolio market rents by 9% YoY Leased 1.1 msf in Q3 across 22 deals 9% Growth in Portfolio Market Rents(1) Rent (₹ psf) 5% 11% Bangalore 70% +9% Total 104
Slide 8: Double-Digit Growth Across Key Metrics
Q3 FY2026 Earnings Materials Double-Digit Growth Across Key Metrices Q3 Revenue and NOI up by 17% and 19% YoY, respectively, resulting in a 10% YoY growth in distributions Particulars Q3 FY2026 Q3 FY2025 Growth(%) Reduced In-Place Debt Cost by 61 bps in 9M FY26 Average In-place Debt Cost (%) Revenue
Slide 9: Reaffirmed FY2026 Growth Guidance
Q3 FY2026 Earnings Materials Reaffirmed FY2026 Growth Guidance On track to deliver double-digit growth for FY2026 NOI and DPU, at the mid-point of the guidance range Distributions (₹ per unit) NOI (₹ crs) ₹24.50 - ₹26.00 ₹3,589 crs - ₹3,811 crs +13% 3,700 25.25 +10% 3,283 75% Achieved 23.01 in 9M FY
Slide 10: Embedded Growth Levers
Q3 FY2026 Earnings Materials Embedded Growth Levers Our strategy banks on multiple drivers to boost NOI and generate long-term total returns for investors 4.1 msf Vacant area lease-up – occupancy expected to stabilize at pre-Covid levels of mid-90s in the next few years 7.6 msf New Developments
Slide 11: II. Business Updates
Q2 FY2025 Earnings Materials II. Business Updates Embassy Manyata, Bangalore
Slide 12: Robust Q3 Leasing Performance
Q3 FY2026 Earnings Materials Robust Q3 Leasing Performance Leased 1.1 msf across 22 deals during the quarter, bringing our total YTD leasing to 4.6 msf Area (msf) 1.1 msf 8.1 Total Lease-up across 22 deals(1) 6.6 0.8 msf 5.0 New Lease-up at 17% 4.6 Re-leasing Spreads 6.8 5.0 2.9 3.2 150k sf 3.7 2.2
Slide 13: Leasing Highlights for the Quarter
Q3 FY2026 Earnings Materials Leasing Highlights for the Quarter Over 2/3rd of Q3 leasing in our core market Bangalore, with 3 of our 5 properties here at 100% occupancy Area Q3 Leasing – Sectoral Split Occupier Property Sector ('000 sf) New Leases 776 Financial Others Services 14% Concentrix Embassy
Slide 14: Steady Portfolio Occupancy
Q3 FY2026 Earnings Materials Steady Portfolio Occupancy Maintained portfolio occupancy of 90% by area, with 3 out of 5 cities over 95% occupancy Occupancy (%) Occupancy (%) City Occupancy for Marquee Assets (Top 5)(2) Q3 FY26 Q3 FY25 Asset Contribution to Occupancy by Bangalore GAV (%) Area (%) (75%
Slide 15: 9% Growth in Portfolio Market Rents
Q3 FY2026 Earnings Materials 9% Growth in Portfolio Market Rents Portfolio market rents gone up by 9% YoY, increasing our total MTM potential to 11% Portfolio Market Rent (₹ psf)Market Rent MTM Market Rent Growth for Marquee Assets Growth YoY (%) Potential (%) 5% 11% Market Rent Growth MTM Potential
Slide 16: Achieved 17% Spreads on Q3 Leasing
Q3 FY2026 Earnings Materials Achieved 17% Spreads on Q3 Leasing Signed Q3 new leases at a 17% re-leasing spreads, including an average 5% premium to market rents, demonstrating our portfolio strength Embassy Manyata Embassy TechVillage Rent (₹ psf) Rent (₹ psf) 109 2% 107 5% 102 3% 22% 86 Old MTM Pr
Slide 17: Embedded Rent Growth
Q3 FY2026 Earnings Materials Embedded Rent Growth Contracted rent escalations (generally 15% every 3 years) and significant MTM opportunity (19% blended MTM(1) till FY29) on lease expiries are key drivers of our NOI growth Embedded Rent Escalations of 12%-15% aid NOI Growth 18% of Leases Expiring wi
Slide 18: Hospitality Business Update
Q3 FY2026 Earnings Materials Hospitality Business Update Our Q3 hotel Revenue and EBITDA up by 11% and 9% YoY, respectively Revenue (₹ crs), EBITDA (₹ crs) and Occupancy (%) 37% 47% 55% 59% 60% 145 131 115 90 60 65 50 23 31 1 Q3 FY22 Q3 FY23 Q3 FY24 Q3 FY25 Q3 FY26 Revenue EBITDA Occupancy (%) RevPa
Slide 19: III. Acquisition Updates
Q2 FY2025 Earnings Materials III. Acquisition Updates Embassy Oxygen, Noida
Slide 20: Opportunity to Acquire Embassy Zenith
Q3 FY2026 Earnings Materials Opportunity to Acquire Embassy Zenith Received an invitation to offer to acquire Embassy Zenith, a 0.4 msf landmark office tower in central Bangalore, fully-leased to one of the world’s largest tech cos. 0.4 msf Total Area 100% Leased to one of the World’s Largest Techno
Slide 21: Third Party Acquisition in Embassy GolfLinks
Q3 FY2026 Earnings Materials Third Party Acquisition in Embassy GolfLinks Announced acquisition(1) of Pinehurst, 100% leased 0.3 msf building within our prime asset Embassy GolfLinks, from a third-party, aligning with our strategy of disciplined and accretive growth Actual Picture 0.3 msf ₹852 crs ~
Slide 22: Divestment of Strata-Owned Blocks at Embassy Manyata
Q3 FY2026 Earnings Materials Divestment of 2 Strata-Owned Blocks at Embassy Manyata Completed the divestment of two strata-owned blocks totaling 0.4 msf at Embassy Manyata, aligning with our capital recycling strategy and enhancing our portfolio efficiency Block A2 231k sf Block 1A & 1B 145k sf Actu
Slide 23: IV. Development Updates
Q2 FY2025 Earnings Materials IV. Development Updates Embassy Oxygen, Noida
Slide 24: Refueled Development Pipeline
Q3 FY2026 Earnings Materials Refueled Development Pipeline Total development pipeline of 7.6 msf at 16% yield, to result in 19% area expansion organically Development Pipeline (msf) Area (msf) 97% 70%(1) 35% 38% - 3.3 2.8 2.5 1.4 2.3 0.8 0.9 0.6 Additionally, 518 Key Hilton hotels at ETV to be deliv
Slide 25: Unlocking Growth at Embassy Manyata
Q3 FY2026 Earnings Materials Unlocking Growth at Embassy Manyata Launched our third redevelopment project at Embassy Manyata, aimed at increasing the leasable area of E1 block from ~0.2 msf to 0.8 msf, at a highly attractive yield on cost(1) of around 23% Perspective 5x 23% Jun’29 Increase in Leasab
Slide 26: Delivered | Block at Embassy Splendid TechZone
Q3 FY2026 Earnings Materials Delivered | Block 10 at Embassy Splendid TechZone Actual Picture 0.4 msf 100% Delivered Total Area Leased to a Global OC received in Nov’25 Healthcare Co. Note: (1) Jan’26 picture 26
Slide 27: Upcoming Deliveries | Block at Embassy Splendid TechZone
Q3 FY2026 Earnings Materials Upcoming Deliveries | Block 4 at Embassy Splendid TechZone Actual Picture Perspective 0.6 msf 49% Completed Total Area Pre-leased to Multiple Yet to receive OC Tenants(1) Notes: (1) Includes expansion option of ~12k sf with a tenant 27 (2) Jan’26 picture
Slide 28: Upcoming Deliveries | Blocks D1 and D2 at Embassy Manyata
Q3 FY2026 Earnings Materials Upcoming Deliveries | Blocks D1 and D2 at Embassy Manyata Actual Picture Perspective 1.4 msf 79% Feb’26 Total Area Pre-leased to an Target Delivery Australian Bank Note: (1) Jan’26 picture 28
Slide 29: Upcoming Deliveries | Block at Embassy Splendid TechZone
Q3 FY2026 Earnings Materials Upcoming Deliveries | Block 1 at Embassy Splendid TechZone Actual Picture Perspective 0.6 msf 35% Jun’26 Total Area Pre-leased(1) Target Delivery Notes: (1) Includes expansion option of 213k sf with an existing tenant in Embassy Splendid TechZone 29 (2) Jan’26 picture
Slide 30: Upcoming Deliveries | Hotels at Embassy TechVillage
Q3 FY2026 Earnings Materials Upcoming Deliveries | Hotels at Embassy TechVillage Perspective Actual Picture 518 Keys 30k sf Oct’26 Dual-branded Hilton Convention Center Target Delivery Hotels Notes: (1) Jan’26 picture 30
Slide 31: Proposed New Hotel Project in Pune
Q3 FY2026 Earnings Materials Proposed New Hotel Project in Pune Proposed addition of a 116-key mid-scale hotel in Embassy TechZone in Pune, envisioned as a strategic ancillary offering for the tenants in our park and vicinity areas Perspective 116 Mid-Scale Hinjewadi Hotel Keys Hotel Category At Emb
Slide 32: V. Financial Updates
Q2 FY2025 Earnings Materials V. Financial Updates Embassy TechVillage, Bangalore
Slide 33: 9M FY2026 Financial Performance
Q3 FY2026 Earnings Materials 9M FY2026 Financial Performance Revenue and NOI for 9M up by 14% and 16% YoY, respectively, resulting in an 8% growth in distributions Particulars 9M FY2026 9M FY2025 Growth(%) On Track to Deliver Double Digit DPU Growth in FY2026 Distribution / Unit (₹) Revenue (₹ crs)
Slide 34: 10% YoY Growth in Distributions
Q3 FY2026 Earnings Materials 10% YoY Growth in Distributions Announced Q3 distributions of ₹613 crores or ₹6.47 per unit, up 10% YoY. Cumulative distributions of over ₹13,800 crores since listing Distribution Highlights Distribution Mix – 9M FY2026 Particulars Q3 FY2026 9M FY2026 Distribution period
Slide 35: Well-Diversified Debt Book
Q3 FY2026 Earnings Materials Well-Diversified Debt Book Total debt book of ₹22k crs well-balanced across diverse investor pools, debt instruments and tenures Diversified Investor Pools Diversified Debt Composition 32% Mutual Funds 35% Fixed Leverage(1) Rate Debt Insurers 60% Gross 11% Gross Debt: De
Slide 36: Active Debt Management to Capitalize on Lower Rates
Q3 FY2026 Earnings Materials Active Debt Management to Capitalize on Lower Rates Reduced average in-place debt cost by 61 bps (in 9M FY26) from 7.90% to an industry-leading 7.29% 79% 78% 62% 61% 60% 51% 60% 35% 10.00% 32% 32% 9.61% 9.50% 30% 29% 28% 9.00% 25% 24% 8.50% 22% 8.00% 20% 7.82% 7.81% 7.90
Slide 37: Walkdown of Key Financial Metrics
Q3 FY2026 Earnings Materials Walkdown of Key Financial Metrics Particulars (₹ crs) Q3 FY2026 Q3 FY2025 Variance (%) 9M FY2026 9M FY2025 Variance (%) Revenue from Operations 1,193 1,022 17% 3,378 2,953 14% NOI Property Taxes and Insurance (39) (34) 15% (118) (107) 10% Direct Operating Expenses (169)
Slide 38: Diversified Unitholder Base
Q3 FY2026 Earnings Materials Diversified Unitholder Base Public float of 92% is well distributed among foreign and domestic institutions and retail unitholders. Delivered ~25% total returns in CY2025 to our 125k+ investors Well-diversified Investor Base(1) Increasing Acceptance of REIT as an Investm
Slide 39: VI. Market Outlook
Q2 FY2025 Earnings Materials VI. Market Outlook Embassy TechZone, Pune
Slide 40: India | The Office to the World
Q3 FY2026 Earnings Materials India | The Office to the World India remains at the epicenter of global offshoring demand, led by favorable demographics, skilled talent and cost-efficient premium quality spaces offered in India’s gateway cities India’s Dual Structural Advantage Continues(1,2) Over 500
Slide 41: India Office – Record Absorption in 2025
Q3 FY2026 Earnings Materials India Office (Top 7 Cities) – Record Absorption in 2025 Highest-ever gross absorption of 80 msf and net absorption of 51 msf in CY2025, up 8% and 14% YoY, respectively Demand and Supply Trends(1) 80.4 85.5 88.1 30% 74.4 75 60.8 63.5 64.1 58.7 25% 53.1 53.9 56.5 55 47.2 4
Slide 42: Bangalore – India's Leading Office Market
Q3 FY2026 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 a 27% market share in CY2025 Balanced Demand-Supply Aiding Rent Growth 25 96 103 110 120 92 84 84 87 88 100 20 81 83 76 69 80 1
Slide 43: Chennai – New Growth Market in India
Q3 FY2026 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 Demand Outstripping Supply Aiding Rent Growth 12 90 91 94 100 84 78 90 10 74 75 73 75 68 71
Slide 44: VII. ESG Updates
Q2 FY2025 Earnings Materials VII. ESG Updates Embassy GolfLinks, Bangalore
Slide 45: Certifications and Awards
Q3 FY2026 Earnings Materials Certifications and 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 fo
Slide 46: Our ESG Initiatives
Q3 FY2026 Earnings Materials Our ESG Initiatives We launched a 5-year sustainability road map up to FY2030 focusing on targets that are pivotal to meet our broader 2040 net zero commitment Pillar Metric Target(1) 9M FY26 Update Status ► Renewable energy consumption share 80% by FY30 66% On Track ► A
Slide 47: VIII. Appendix
Q2 FY2025 Earnings Materials VIII. Appendix Embassy Business Hub, Bangalore
Slide 48: Who We Are: Quick Facts
Q3 FY2026 Earnings Materials Who We Are: Quick Facts Embassy REIT is India’s first listed REIT and the largest office REIT in Asia by area. It owns and operates a commercial office portfolio across 5 major cities in India 51.6 msf(1) 279 90% Portfolio Blue-chip Occupancy occupiers 14 1,730(2) 100 MW
Slide 49: High Quality and Diversified Occupier Base
Q3 FY2026 Earnings Materials High Quality and Diversified Occupier Base GCCs and Tech occupiers constitute over 70% of our total occupier base, which now boasts over 275 marquee names Industry Diversification(1) Top 5 Occupiers Sector % of Rentals Financial Services JP Morgan Financial Services 6.7%
Slide 50: Portfolio Summary
Q3 FY2026 Earnings Materials Portfolio Summary 51.6 msf pan India office portfolio anchored in Bangalore and backed by hotels, renewable energy and a commitment to delivering world-class office spaces to occupiers Leasable Area (msf)/Keys/MW WALE(2) Occupancy Rent (₹ psf / mth) GAV(3) Property Compl
Slide 51: Embassy REIT Structure
Q3 FY2026 Earnings Materials Embassy REIT Structure Blackstone Embassy Sponsor Group Sponsor Public Unitholders Acts on behalf of Management Unitholders Embassy Services Trustee Manager (Axis Trustee) REIT (EOPMSPL) 100% Manyata Promoters Private Limited (Embassy Manyata) 80% 50%(1) 100%(3) 100% 100
Slide 52: Ten Infrastructure-like Office Parks
Q3 FY2026 Earnings Materials Ten Infrastructure-like Office Parks Embassy Manyata Embassy TechVillage Embassy TechZone Bangalore (16.6 msf) Bangalore (9.7 msf) Pune (5.5 msf) Embassy Splendid TechZone Embassy Oxygen Embassy GolfLinks Chennai (5.0 msf) Noida (3.3 msf) Bangalore (3.1 msf) Embassy Quad
Slide 53: Four Prime City-center Offices
Q3 FY2026 Earnings Materials Four Prime City-center Offices Express Towers FIFC Embassy One Mumbai (0.5 msf) Mumbai (0.4 msf) Bangalore (0.3 msf) Embassy 247 Mumbai (1.2 msf) 53
Slide 54: Key Terms & Definitions
Q3 FY2026 Earnings Materials Key Terms & Definitions Notes: 34. Leasable Area – Total square footage that can be occupied by an occupier for the purpose of determining an occupier’s rental obligations. Leasable Area is the sum of Completed Area, Under Construction Area and Proposed Development Area
Slide 55: Disclaimer
Q3 FY2026 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 56: Q3 FY2026 Earnings Materials
Q3 FY2026 Earnings Materials 56
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