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 robust demand in Bangalore. Portfolio occupancy remains high, and FY 2025 guidance is reaffirmed, with continued growth expected. Debt was refinanced at lower rates, and key assets renewed above market rents.
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Record leasing and occupancy gains drove 12% NOI and 5% DPU growth year-over-year, with robust demand from GCCs and flex operators. FY 2025 guidance was reaffirmed, and refinancing efforts optimized interest costs amid ongoing tenant exits and market strength.
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Q1 FY25 saw robust leasing, a major Chennai acquisition, and 7% quarter-on-quarter DPU growth. NOI and revenue rose year-over-year, with strong guidance for FY25 and a solid balance sheet. Market absorption and leasing momentum remain high.