External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Embassy Office Parks REIT / Equity Bottom-Up

<ul><li>Strong Operating Metrics: EOP REIT’s revenue rose 13% YoY to Rs 1,124 Cr, supported by portfolio expansion, strong leasing, and rent escalations.</li><li>Total office space expanded 7% YoY to 40.9 Mn sq. ft., with new additions at Embassy Tech Village and Embassy Manyata.</li><li>Healthy pre-leasing levels (97–100%) and lower vacancies lifted occupancy by 300 bps YoY to 90%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Operating Metrics: EOP REIT’s revenue rose 13% YoY to Rs 1,124 Cr, supported by portfolio expansion, strong leasing, and rent escalations.Total office space expanded 7% YoY to 40.9 Mn sq. ft., with new additions at Embassy Tech Village and Embassy Manyata.Healthy pre-leasing levels (97–100%) and lower vacancies lifted occupancy by 300 bps YoY to 90%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT Ltd - Q2FY26: Expansion on Track; Healthy NOI

<ul><li>Stable Operating Metrics; NOI Momentum Sustained Despite Cost Pressures: Embassy REIT reported a 14.8% YoY increase in revenue to Rs 1,086 Cr, supported by a 10% growth in leasable area, a 200-basis-point improvement in occupancy, and a strong 28–31% rise in average room rates (ARR) across its hospitality portfolio.</li><li>The office and hospitality segments posted YoY revenue growth of 7% and 20%, respectively, while the energy segment declined 45% YoY.</li><li>Net operating income (NOI) rose 17% YoY to Rs 892 Cr. Distribution per unit (DPU) came in at Rs 23.01, marking an 8% YoY increase. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stable Operating Metrics; NOI Momentum Sustained Despite Cost Pressures: Embassy REIT reported a 14.8% YoY increase in revenue to Rs 1,086 Cr, supported by a 10% growth in leasable area, a 200-basis-point improvement in occupancy, and a strong 28–31% rise in average room rates (ARR) across its hospitality portfolio.The office and hospitality segments posted YoY revenue growth of 7% and 20%, respectively, while the energy segment declined 45% YoY.Net operating income (NOI) rose 17% YoY to Rs 892 Cr. Distribution per unit (DPU) came in at Rs 23.01, marking an 8% YoY increase. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT Ltd - Portfolio Expansion Showing NOI Growth

Thematic (Sector/Industry)

<ul><li>We expect companies under our coverage to show a 55% improvement QoQ in pre-sales for Q1FY26.</li><li>This is primarily due to a low base established in the previous quarter, Q4FY25.</li><li>Companies like Prestige Estates and Oberoi Realty are set to report healthy bookings for the year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect companies under our coverage to show a 55% improvement QoQ in pre-sales for Q1FY26.This is primarily due to a low base established in the previous quarter, Q4FY25.Companies like Prestige Estates and Oberoi Realty are set to report healthy bookings for the year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.</li><li>The company has offered a total dividend of Rs 553 Cr (payout ratio of 100%), which resulted in a distribution of Rs 5.8/unit.</li><li>Hotel revenue also increased due to an improvement in average occupancy to 67% YoY (vs. 53%) and average daily rates to Rs 10,664 YoY (vs. Rs 10,383).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.The company has offered a total dividend of Rs 553 Cr (payout ratio of 100%), which resulted in a distribution of Rs 5.8/unit.Hotel revenue also increased due to an improvement in average occupancy to 67% YoY (vs. 53%) and average daily rates to Rs 10,664 YoY (vs. Rs 10,383).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Well-Aligned with the Guidance

<ul><li>EMBASSY reported revenue of Rs 946 Cr, up 9.0% YoY, which was above our estimates.</li><li>The company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120 Cr from Rs 102 Cr in the previous year.</li><li>Its NOI increased by 12.6% YoY, whereas the EBITDA margins stood almost flat at 75.2% (+367bps YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EMBASSY reported revenue of Rs 946 Cr, up 9.0% YoY, which was above our estimates.The company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120 Cr from Rs 102 Cr in the previous year.Its NOI increased by 12.6% YoY, whereas the EBITDA margins stood almost flat at 75.2% (+367bps YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Encouraging Guidance For the Next Year

India

Embassy Office Parks REIT operates as a real estate investment trust. The Company acquires and develops commercial buildings, offices, IT parks, and industrial areas. Embassy Office Parks serves customers in India.

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Embassy Office Parks REIT (EMBASSY IN)

Embassy Office Parks REIT Ltd - Q2FY26: Expansion on Track; Healthy NOI

Strong Operating Metrics: EOP REIT’s revenue rose 13% YoY to Rs 1,124 Cr, supported by portfolio expansion, strong leasing, and rent escalations.

Axis Direct

Embassy Office Parks REIT Ltd - Portfolio Expansion Showing NOI Growth

The office and hospitality segments posted YoY revenue growth of 7% and 20%, respectively, while the energy segment declined 45% YoY.

Axis Direct

Q1FY26 Earnings Preview - Real Estate

We expect companies under our coverage to show a 55% improvement QoQ in pre-sales for Q1FY26. This is primarily due to a low base established in...

Axis Direct

Embassy Office Parks REIT - Well-Aligned with the Guidance

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.

Axis Direct

Embassy Office Parks REIT - Encouraging Guidance For the Next Year

Encouraging Guidance For the Next YearThe company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120...

Axis Direct

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