Embassy Developments Limited has reported a significant upward price variation in its equity shares, exceeding 25% over five trading sessions, prompting stock exchanges to move the company’s shares from IBC Stage 0 to IBC Stage 1 under the Additional Surveillance Measure (ASM) Framework. This action, effective from April 10, 2026, is a temporary surveillance measure aimed at ensuring orderly market conduct and does not impact the company’s operations or fundamentals.
The company attributes the upward movement of over 30% in the last six trading sessions to strong investor and shareholder confidence in its fundamentals and outlook. Despite this, the ASM classification remains in place pending final adjudication of a matter before the National Company Law Appellate Tribunal (NCLAT).
The NCLAT is currently hearing a case related to a Corporate Insolvency Resolution Process (CIRP) initiated against Embassy Developments by the National Company Law Tribunal (NCLT) in December 2025. The NCLT had admitted a petition alleging financial liability as a purported guarantor for loan facilities provided to Sinnar Thermal Power Limited, an unrelated entity. However, the NCLAT granted a stay on the NCLT order, halting all proceedings.
Embassy Developments has reiterated that it is not undergoing CIRP and continues to remain financially sound and fully operational. The company has no debt obligation, and the exposure related to the NCLT case is approximately ₹370 crore, which is limited compared to its net equity base.
In terms of business performance, Embassy Developments reported its highest-ever quarterly pre-sales in Q4 FY26, reflecting sustained demand momentum and execution strength. The company achieved pre-sales of approximately ₹2,632 crore in Q4 FY26, marking an 89% increase quarter-on-quarter. For the full fiscal year FY26, pre-sales reached approximately ₹4,631 crore, a 128% year-on-year increase. Collections for Q4 FY26 were approximately ₹577 crore, a 39% increase quarter-on-quarter, and for FY26, collections totalled approximately ₹1,721 crore, including ₹47 crore from the monetisation of non-core land parcels.
Embassy Developments remains committed to maintaining high standards of governance and safeguarding the interests of all stakeholders. The company will continue to take necessary steps to protect its interests and will keep the exchanges informed of any material developments.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).