Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

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

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Equity Bottom-Up

Embassy Office Parks REIT / Equity Bottom-Up

<ul>
<li>Revenue and NOI rose 17% YOY and DPU 9%. Q1 DPU was affected by property tax timing, while management reiterated double-digit FY27 DPU growth</li>
<li>Leasing remains strong. 1.3 msf signed at 10% spreads and an 8% market premium, with GCCs driving 81% of leasing and AI-linked sectors 21% of new demand.</li>
<li>Growth is supported by rent escalations, pre-leased developments and hotel ramp up. Key risks are refinancing needs, weak Pune occupancy and the Four Seasons transition.</li>
</ul>


Revenue and NOI rose 17% YOY and DPU 9%. Q1 DPU was affected by property tax timing, while management reiterated double-digit FY27 DPU growth
Leasing remains strong. 1.3 msf signed at 10% spreads and an 8% market premium, with GCCs driving 81% of leasing and AI-linked sectors 21% of new demand.
Growth is supported by rent escalations, pre-leased developments and hotel ramp up. Key risks are refinancing needs, weak Pune occupancy and the Four Seasons transition.


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