Embassy Office Parks REIT share price target

With a 16% upside from the CMP, we maintain our long-term BUY rating on the stock.

Reported Q4FY26 DPU of Rs 6.50 (-1.1% vs our estimates), as committed occupancy (90%) came in below our expectations (90.8%)

We maintain our BUY rating on the stock.

With a 14% upside from the CMP, we maintain our long-term BUY rating on the stock.

With a 14% upside from the CMP, we maintain our long-term BUY rating on the stock.

With a 18% upside from the CMP, we maintain our long-term BUY rating on the stock.

Embassy Office Parks REIT’s (Embassy REIT) overall portfolio occupancy, as of Dec’24, was 87% – including infusion of 1.4msf Splendid Techzone, Chennai asset of 1.4msf from 1 Jun’24.

Embassy REIT has provided strong guidance on NOI and NDCF for the next year at the midpoint. Therefore, a BUY rating is maintained with a target price of Rs 405/share, implying an upside of 11% from the current market price (CMP).

We maintain our BUY recommendation on the stock.

We have maintain BUY rating on the stock

We have BUY on the stock.

The Embassy has achieved the annual leasing guidance in just 9 months. Recommendation: BUY

We have BUY on stock

The Embassy Office Parks REIT (Embassy REIT) delivered a stable performance in Q2FY24 with NOI of INR7.2bn (decline of 3% QoQ) and NDCF of INR5.2bn or INR5.5/unit. During the quarter, while gross leasing of 2.0msf was healthy, fresh exits of ~1msf mainly by third party IT/ITeS service providers led to same-store occupancy declining by 200bps QoQ to 85%.

Company Outlook & Guidance: The distribution growth did not flow through due to higher interest costs and the refinancing of zero-coupon bonds.

The Embassy Office Parks REIT (Embassy REIT) delivered a resilient performance in Q1FY24 with NOI of INR7.4bn (up 8% QoQ) and NDCF of INR5.1bn or INR5.4/unit. During the quarter, the REIT manager achieved 1.1msf of leasing and expects to achieve 6.0msf of gross leasing in FY24.

Company Outlook & Guidance: The distribution growth did not flow through due to higher interest costs and the refinancing of zero-coupon bonds. Citing a lack of regulatory and macroeconomic clarity, the management has refrained from giving any guidance.