Analysts/Institutional Investor Meet/Con. Call Updates

August 16, 2026 Scrip Code: 532832 Symbol: EMBDL BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Mumbai – 400 001 Bandra Kurla Complex, Mumbai – 400 051 Sub: Disclosure of transcript of earnings conference call held on August 11, 2026 Dear Sir/Madam, This is in continuation of our intimations dated August 6, 2026, and August 11, 2026, regarding the earnings conference call of Embassy Developments Limited (the “Company”) held on Tuesday, August 11, 2026 at 11:00 A.M. (IST) to discuss the operational and financial performance of the Company for the quarter ended June 30, 2026. In this connection, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the transcript of the said earnings conference call, which is also being made available on the website of the Company. Kindly take the same on record. Yours truly, For Embassy Developments Limited (Formerly Equinox India Developments Limited) Vikas Khandelwal Company Secretary EMBASSY DEVELOPMENTS LIMITED (Formerly Equinox India Developments Limited) E: ir@embassyindia.com W: www.embassyindia.com CIN: L45101HR2006PLC095409 Bengaluru Office: Mumbai Office: Registered Office: Embassy One-Pinnacle, 14th floor, One World Center, Tower 2A, 01-1001, WeWork, Bellary Road, Dena Bank Colony, 4th floor, Senapati Bapat Marg, Blue One Square, Udyog Vihar Bengaluru Karnataka - 560032. Mumbai – 400013 Phase 4 Rd, Gurugram, Haryana-122016 T : (080) 69354859 T: (022) 65722233 T: (0124) 4609559 “Embassy Developments Limited Q1 FY27 Earnings Conference Call” August 11, 2026 This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the website of the Company on 11th August 2026 will prevail MANAGEMENT: MR. ADITYA VIRWANI – PROMOTER AND MANAGING DIRECTOR – EMBASSY DEVELOPMENTS LIMITED MR. SACHIN SHAH – CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR – EMBASSY DEVELOPMENTS LIMITED MR. RAJESH KAIMAL – CHIEF FINANCIAL OFFICER AND EXECUTIVE DIRECTOR – EMBASSY DEVELOPMENTS LIMITED SGA – INVESTOR RELATIONS ADVISORS – EMBASSY DEVELOPMENTS LIMITED Page 1 of 17 Embassy Developments Limited August 11, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Q1 FY27 Earnings Conference Call hosted by Embassy Developments Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aditya Virwani, Promoter and Managing Director from Embassy Developments Limited. Thank you, and over to you, sir. Aditya Virwani: Good morning, everyone, and thank you for joining us today. I'm joined by Sachin Shah, our CEO and Executive Director; and Rajesh Kaimal, our CFO and Executive Director. Our investor presentation has been uploaded to the stock exchanges and is also available on our website. We have started FY27 with good momentum. The first quarter reflects the progress we have made over the past year, especially as the launches from the second half of FY26 continue to translate into healthy sales and collections. We entered FY27 with substantial residential portfolio available for sale, comprising approximately of INR10,500 crores of ongoing inventory, around INR400 crores of completed OC received inventory and a INR19,400 crores pipeline of fresh launches. Our priorities remain clear, which are, launch the right inventory at the right time, achieve healthy absorption, execute projects with quality and discipline, drive collections and continue building exceptional products. Done consistently, this will steadily strengthen Embassy's position as one of India's leading real estate developers. The operating environment also remains supportive. Demand across our core markets continue to be healthy across both the premium and the luxury residential segments. Customers increasingly favor developers with proven track record and more importantly, a reputation for trust. We believe India is in the midst of a multi-decade housing cycle, and the industry will continue to consolidate towards the strongest and most reliable developers. We believe Embassy is well positioned to benefit from this trend and the next few years represent a meaningful inflection point as we scale our residential platform and expand our market share. Against this backdrop, we have had a great first quarter. Presales for Q1 stood at INR868 crores, which is up 338% year-on-year, while collections more importantly, increased 54% to INR496 crores. More importantly, demand remained healthy across our portfolio. Nearly 60% of our inventory launched in FY26 has already been sold, and Bangalore continues to perform especially well with approximately 72% of launch inventory sold within 6 months. Page 2 of 17 Embassy Developments Limited August 11, 2026 Execution remains equally important. During the quarter, Embassy One 09 in Gurgaon and 5 towers in Golf City Savroli received their occupancy certificate, moving us closer to customer handovers. We would also like to highlight that Embassy Citadel in Mumbai has approval for all 81 floors of development upfront. In a market where approvals are typically granted in stages, this provides significantly greater certainty around execution and reflects the strength of our planning and regulatory engagement. In addition, we have appointed Leighton as our civil contractor for Embassy Citadel. While we did not launch any new projects during Q1, this was a deliberate decision. Our approach is not only to have secured building plan and RERA, but to have all checks in place before we officially launch. This includes activating the market and channel partner networks, having majority of tender drawings in place, ensuring our marketing experience is ready and a very careful and deliberate sales strategy to ensure pricing is optimal and leaving room for our early customers to create value together. Investors should, therefore, expect some quarterly variability in launches. This is a function of discipline and not demand. With that said, our FY27 pipeline comprises of 9 owned projects and 2 development management projects, both together representing a combined GDV of INR19,400 crores. We expect to launch 4 of these 11 projects in the current quarter, which is Q2. We remain comfortable with our FY27 guidance of INR6,000 crores in presales from the owned developments, INR2,000 crores from the developed managed projects and approximately INR3,000 crores of collections. We believe collections are one of the most important operating metrics for assessing our progress over the next few years. Sustained execution and strong collections should progressively strengthen our balance sheet and create opportunities to lower our cost of capital over time. Our balance sheet also continues to strengthen. The Board has just approved a preferential allotment of convertible warrants to the promoter Embassy Group, subject to shareholder approval. The proceeds will be used to repay outstanding shareholder debt of Embassy Group, further strengthening our balance sheet and reducing our cost of capital over time. More importantly, the continued support of our shareholders and promoters reflect their confidence in the business we are building and the opportunity that lies ahead. As we have said before, residential development is a long-cycle business. Given the nature of our completion accounting, there can be a significant timing difference between our operating performance and our reported financial results. So, to conclude, we are pleased with the start of the year, but we believe we are still in early stages of what Embassy can achieve in the residential de [Showing first 8,000 characters — download PDF for full document]