Embassy Office Parks REIT: Risk Reward Update

研报英文原文证据摘录

Embassy Office Parks REIT: Risk Reward Update

Update

May 21, 2026 10:00 AM GMT

Morgan Stanley India Company Private Limited+MEmbassy Office Parks REIT | Asia Pacific Monica Dasoju

Equity Analyst

Risk Reward Update Monica.Sharma@morganstanley.com +91 22 6118-1154

Embassy Office Parks REIT (EMBA.NS, EMBASSY IS)

What’s Changed India Property | India

Embassy Office Parks REIT (EMBA.NS) From To Stock Rating Overweight

Price Target Rs470.00 Rs460.00 Industry View Attractive

Price target Rs460.00

Base Case Rs470.00 Rs460.00

Shr price, close (May 20, 2026) Rs434.45

Bear Case Rs410.00 Rs380.00 52-Week Range Rs462.00-374.25

Updated Components

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EPS

Total dividends per 25.3 27.8 30.1 32.9

Bull Base Bear Scenarios

share (Rs)

EPS (Rs)** 4.1 12.6 14.0 16.4

Risk Reward for Embassy Office Parks REIT (EMBA.NS) has been Prior EPS (Rs)** 9.5 11.5 13.6 -

updated Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

Reason for change e = Morgan Stanley Research estimates

We update our estimates following the FY26 results and introduce FY29

projections.

For FY27, we now model revenue growth of 14% YoY (vs. 9% earlier), driven by

improved occupancy assumptions of 92% (vs. 91% previously). Our FY28 revenue

estimate is marginally lowered to reflect delays in the completion of certain new

assets.

Our FY27/28 DPU growth estimate is at 10%/9% versus 12%11% earlier, reflecting

increase in leverage and thus higher finance cost.

We have also updated our price target computation to reflect a higher 10-year

treasury yield assumption of 7.0% (vs. 6.5% earlier), while keeping the target yield

unchanged. Our revised price target stands at Rs460 (vs. Rs470 earlier), implying a