BENGALURU — Embassy Developments booked about ₹3,225 crore of residential pre-sales in Q2 FY27, up about 272% from ₹868 crore in Q1, as three launches worth about ₹7,500 crore in development value drew early demand. Two of them, Embassy Origins Riverine and South Reserve, are in North Bengaluru. First-half bookings of about ₹4,093 crore are roughly 51% of the ₹8,000 crore full-year target, while collections are about 35% of their target.
Key facts
- Q2 FY27 pre-sales: about ₹3,225 crore, up from about ₹868 crore in Q1
- H1 FY27 pre-sales: about ₹4,093 crore, about 51% of the ₹8,000 crore FY27 guidance
- Launches: three projects, combined GDV about ₹7,500 crore
- Embassy Origins (Bengaluru): about ₹1,813 crore sold across Riverine and South Reserve in the first two weeks
- Collections: about ₹546 crore in Q2; H1 about ₹1,041 crore, about 35% of the ₹3,000 crore guidance
- Status: figures are provisional and subject to limited review
The numbers: Q2 bookings jump 272%
Embassy Developments Limited told the exchanges that it booked about ₹3,225 crore of residential pre-sales in the July to September quarter of FY27, against about ₹868 crore in the April to June quarter. That is a rise of roughly 272% in a single quarter. Pre-sales for the first half of the year reached about ₹4,093 crore, compared with ₹607 crore in the same period a year earlier, which puts the company at about 51% of its full-year guidance of ₹8,000 crore after only six months.
To put the scale in context, the Q2 figure alone is close to 70% of the ₹4,631 crore the company booked across the whole of FY26. Embassy said the operating figures are provisional and subject to limited review, so they may change when audited results arrive.
| Metric | Q2 FY27 | H1 FY27 | What it compares with |
|---|---|---|---|
| Pre-sales (bookings) | ≈ ₹3,225 crore | ≈ ₹4,093 crore | Q1 FY27: ₹868 crore; H1 FY26: ₹607 crore |
| Share of FY27 pre-sales guidance | — | ≈ 51% | Full-year guidance: ₹8,000 crore |
| Collections (cash received) | ≈ ₹546 crore | ≈ ₹1,041 crore | Q1 FY27: ₹496 crore; H1 up 53% year on year |
| Share of FY27 collections guidance | — | ≈ 35% | Full-year guidance: ₹3,000 crore |
| Net institutional debt (30 Sept 2026) | — | ≈ ₹3,732 crore | After cash of about ₹1,258 crore |
Three launches, ₹7,500 crore of development value
The jump came from launches rather than from steady sales of older stock. Embassy opened three projects in the quarter with a combined gross development value (GDV) of about ₹7,500 crore, which is around 39% of the new-project GDV it has planned for the full year. GDV is the revenue a project could earn if every unit sells at the planned price, so it is a measure of potential, not of sales already made.
- Embassy Origins Riverine (Bengaluru): GDV about ₹2,500 crore, with about ₹933 crore of sales recorded within two weeks of launch.
- Embassy Origins South Reserve (Bengaluru): GDV about ₹1,950 crore, with about ₹880 crore of sales over the same early period.
- Embassy Terraza, Juhu (Mumbai): GDV about ₹3,050 crore and about ₹758 crore of sales at launch, including a single-home deal of about ₹711 crore that the company described as the largest residential transaction in India so far.
The two Bengaluru launches together account for roughly ₹1,813 crore of the early sales, which lines up with separate reports that Embassy Origins sold 477 homes worth about ₹1,800 crore in its first week after the 16 September launch.
Why North Bengaluru matters in this story
The Origins projects are in North Bengaluru, the same part of the city where Assetz and Century announced fresh land and launch activity earlier this month (see our report on the Assetz and Century announcements). Large, phased township launches need land with clear title, usable approvals and good road access. Each successful launch tends to bring more developers to look for the next parcel nearby.
For landowners the practical point is that developers are buying and tying up land in this belt while demand is being tested in real time. Our explainer on what developer land deals signal for landowners sets out how joint development and outright sale differ, and a new buyer-side guide, what record developer pre-sales mean for buyers, covers how to read figures like these.
Bookings are not cash: collections, debt and the Q1 loss
The headline sales number needs to be read next to cash collected. Embassy's Q2 collections were about ₹546 crore, up 10% from ₹496 crore in Q1, and first-half collections rose 53% year on year to about ₹1,041 crore. That is only about 35% of the ₹3,000 crore collections guidance, compared with 51% of the pre-sales guidance. The gap exists because buyers in under-construction projects pay in stages linked to construction milestones, so cash follows building progress rather than the booking date.
Embassy reported a consolidated net loss of ₹237.97 crore for Q1 FY27. Management has said that revenue from residential projects is recognised closer to completion and handover, so profit lags bookings. At 30 September 2026 its net institutional debt was about ₹3,732 crore after cash of about ₹1,258 crore. The shares traded near ₹56 on 8 October, about 40% below their 52-week high and down roughly 40% over the year, according to the Dalal Street Investment Journal.
What to watch next
- Second-half launches and approvals. Embassy has said sustaining the first-half pace depends on timely approvals and further launches.
- Collections catching up. The distance between 51% of the sales target and 35% of the collections target is the figure analysts are likely to track.
- RERA registrations and delivery progress. Buyers should check each new phase on the Karnataka RERA portal before paying a booking amount.
- Price versus pre-sales. Pre-sales measure the value of bookings. They do not show that prices rose, and they say nothing about what a particular home costs.
Falcon's note: Pre-sales are bookings, not revenue and not cash. If you are considering a launch in this belt, check the project's K-RERA registration, ask for the construction-linked payment schedule in writing and compare the all-in price with nearby projects. If you own land in North Bengaluru, our team can explain how developers assess title, approvals and access before they make an offer.
How this report was verified
- Single detailed source. The quarterly and half-year figures come from the Dalal Street Investment Journal's report on Embassy's operating update, published 8 October 2026. The company described them as provisional.
- Corroborated. The first-week Embassy Origins sales of 477 homes worth about ₹1,800 crore appeared in separate reports by Free Press Journal, Angel One and HDFC Sky.
- Our calculations. The 70% comparison with FY26 pre-sales and the combined ₹1,813 crore for the two Origins launches are Falcon's arithmetic from the reported figures.
Frequently asked questions
What are Embassy Origins Riverine and South Reserve?
They are two residential launches by Embassy Developments in Bengaluru in Q2 FY27. Riverine has a gross development value of about ₹2,500 crore and South Reserve about ₹1,950 crore, according to the company's update as reported by DSIJ.
What does pre-sales mean?
Pre-sales, or bookings, is the value of homes a developer has sold, including units still under construction. It is recorded when a buyer books, while revenue is usually recognised closer to completion and cash arrives in stages.
Did Embassy Developments make a profit?
Embassy reported a consolidated net loss of about ₹238 crore for Q1 FY27. Management says revenue lags pre-sales because residential revenue is booked closer to completion. Q2 financial results had not been reported in the sources we reviewed.
Do record pre-sales mean Bengaluru home prices are rising?
Not necessarily. Pre-sales measure how much was booked, not the price per square foot. Price trends come from separate data, such as the Anarock and Knight Frank reports covered in our Q3 market update.
What does this mean for North Bengaluru landowners?
It shows developers are launching and selling large phases in the area, which keeps interest in land with clear title and approvals high. Whether it affects your land depends on its location, access, zoning and documents.
Sources
- Dalal Street Investment Journal: Embassy Developments’ Q2 pre-sales surge 272 per cent — 8 Oct 2026; Q2 and H1 FY27 pre-sales, launches, collections and debt
- Free Press Journal: Embassy Developments records ₹1,800 crore pre-sales at Embassy Origins launch — first-week sales at Embassy Origins
- HDFC Sky: Embassy Developments sells 477 homes for ₹1,800 crore in Bengaluru township — unit count and value for the first week
- Angel One: Embassy Developments share price in focus after ₹1,800 crore pre-sales — market reaction and launch details
Reviewed on 29 October 2026. Figures are as reported by the outlets above; check the company's exchange filings for the official numbers. This report is general information and not legal, tax or investment advice.