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Embassy Office: Steady Q1FY27; GCC Leasing, and Hotel Ramp Up Keep the Double-Digit DPU Story Intact

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Equity Bottom-Up

Embassy Office Parks REIT / Equity Bottom-Up

<ul>
<li>India’s largest listed office REIT, with a 50.8 msf Grade A office portfolio, of which ~93% is completed, limiting development risk and supporting stable cash generation.</li>
<li>90% occupancy and 8.5-year WALE underpin sustainable distributions, with Q2 FY26 DPU at INR6.51 and ~5.8% annualised yield.</li>
<li>7.2 msf development pipeline provides measured upside, while higher leverage and Bengaluru concentration remain key investor sensitivities.</li>
</ul>


India’s largest listed office REIT, with a 50.8 msf Grade A office portfolio, of which ~93% is completed, limiting development risk and supporting stable cash generation.
90% occupancy and 8.5-year WALE underpin sustainable distributions, with Q2 FY26 DPU at INR6.51 and ~5.8% annualised yield.
7.2 msf development pipeline provides measured upside, while higher leverage and Bengaluru concentration remain key investor sensitivities.


Embassy Office Parks REIT (NSE: EMBASSY): A Core Office Income Platform