Embassy Office Parks REIT (EMBASSY-RR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+16.6%

₹476.14

vs ₹408.38 price

Levered DCF

₹319.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.89

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	117.73×	21.42×	36.06×	58.46×	39.67×	38.2×	35.36×	-3,130.83×
P/B	1.92×	1.53×	1.49×	1.21×	1.36×	0.98×	1.21×	1.27×
P/S	8.52×	8.34×	8.99×	8.31×	11.45×	10.77×	12.07×	0×
EV / EBITDA	15.76×	16.98×	17.19×	16.23×	19.38×	18.45×	18.41×	92.08×
Gross margin	32.3%	85.5%	85.4%	85.1%	86.2%	87.9%	88.1%	0.0%
Operating margin	50.0%	81.8%	81.5%	80.5%	83.0%	84.9%	83.8%	0.0%
Net margin	7.2%	38.9%	24.9%	14.2%	28.9%	28.2%	34.1%	0.0%
Current ratio	0.22×	0.15×	0.25×	0.19×	0.6×	0.95×	1.38×	2.19×
Debt / equity	1.08×	0.88×	0.73×	0.61×	0.47×	0.39×	0.26×	0.35×
Interest coverage	1.56×	2.57×	3.03×	2.94×	3.08×	3.26×	4.92×	0×
Dividend yield	5.8%	6.1%	5.9%	6.8%	5.9%	6.9%	5.0%	0.0%
Payout ratio	684.9%	131.6%	213.6%	400.2%	235.8%	263.1%	176.7%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.6%	7.1%	4.1%	2.1%	3.4%	2.6%	3.4%	-0.0%
Return on invested capital	1.4%	-46.5%	6.1%	4.9%	5.8%	4.5%	5.6%	-0.0%
Return on assets	0.7%	3.3%	2.0%	1.1%	2.0%	1.5%	2.3%	-0.0%
Free cash flow yield	0.9%	8.8%	7.5%	8.7%	6.7%	7.0%	6.3%	0.0%
Earnings yield	0.8%	4.7%	2.8%	1.7%	2.5%	2.6%	2.8%	-0.0%
Enterprise value	₹613.9B	₹541B	₹507.1B	₹436.1B	₹467.9B	₹364.1B	₹325.3B	₹319.4B
Net debt / EBITDA	5.53×	6.05×	5.4×	5.22×	4.78×	4.93×	3.09×	8.5×
Cash conversion cycle (days)	14	1	12	-2	8	-10	-16	0