India · Delayed Price · Currency is INR Embassy Office Parks REIT Earnings Call Transcripts
Fiscal Year 2026
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Operational portfolio expanded with record deliveries and high leasing spreads, driving double-digit growth in revenue, NOI, and distributions. Guidance for FY 2027 implies continued strong growth, with robust demand and disciplined capital management supporting future performance.
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Q3 FY26 saw record revenue and NOI, robust leasing, and high occupancy, with strong growth in Bangalore, Mumbai, and Pune. Guidance for FY26 implies double-digit NOI and DPU growth, supported by a large development pipeline and disciplined capital allocation.
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Q2 saw record occupancy and distributions, with revenue up 13% and NOI up 15% year-on-year. Guidance for FY2026 remains strong, supported by robust leasing, a healthy development pipeline, and reduced debt costs.
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Strong Q1 performance with record leasing, 13% revenue growth, and robust occupancy gains. Strategic divestment and refinancing strengthened the balance sheet, while guidance remains positive with double-digit NOI and DPU growth expected for FY 2026.
Fiscal Year 2025
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FY 2025 saw 8% DPU growth and record leasing, with strong occupancy and hospitality gains. FY 2026 guidance targets double-digit NOI and DPU growth, supported by robust GCC demand and a healthy development pipeline.
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Record quarterly revenues and NOI were achieved, driven by strong leasing to GCCs and flex operators, with portfolio occupancy at 87% by area. Distributions rose 13% year-over-year, and the outlook remains robust with a strong development pipeline and continued demand from key sectors.
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Achieved record leasing and raised full-year guidance, with NOI and DPU up 12% and 5% year-over-year. Occupancy improved, debt was refinanced, and robust demand from GCCs and flex operators continues, though Pune remains a weak spot.
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Q1 saw robust leasing, a major Chennai acquisition, and 7% sequential DPU growth. NOI and revenue rose year-over-year, with strong occupancy in key markets and a solid development pipeline. Guidance for FY25 remains positive, with risks from lease expiries and interest costs.