Neel Virwani Named Chief Business Officer at Embassy Group's Listed Residential Arm

Embassy Developments Limited has appointed Neel Virwani as Chief Business Officer, effective October 1, 2026, placing him in charge of the company's expansion across North and West India as the listed developer moves from a period of financial recovery into a large-scale growth phase.

The appointment was approved by the company's board of directors and shareholders and was announced September 9, 2026, from Mumbai.

Role and Responsibilities

As Chief Business Officer, Neel Virwani will oversee Embassy Developments' operations in the Mumbai Metropolitan Region and the National Capital Region. His mandate covers portfolio expansion, new business initiatives, and project structuring and execution across both the company's owned developments and its development management portfolio.

Neel Virwani has been associated with Embassy Group since April 2024, working across strategic planning, business development, and brand transformation. He has also been involved in evaluating new markets and expansion opportunities and has maintained involvement with the group's family office and investment activities. He is identified by the company as a Promoter at Embassy Group and part of its next generation of leadership.

Aditya Virwani, Managing Director of Embassy Developments Limited, said: "As we scale EDL across Mumbai and expand into new markets, Neel's leadership will be important to our next phase of growth. His understanding of the business, combined with his perspective on markets and opportunities, will be invaluable as we build EDL into a pan-India real estate powerhouse and create long-term value for our shareholders and customers."

Neel Virwani added: "I am excited to take on this role at an important point in EDL's journey. I am grateful to the Board of Directors and our shareholders for their trust in me, and I look forward to working closely with our talented team to build on the strong foundation we have created and take EDL to the next level as a leading real estate company in India."

FY27 Targets and Launch Pipeline

The appointment is directly tied to a specific set of operating targets for the fiscal year ending March 2027. Embassy Developments is guiding for approximately ₹6,000 crore in pre-sales from owned developments and approximately ₹2,000 crore from development management projects — a combined ₹8,000 crore that would represent more than 30% year-over-year growth. The company has reconfirmed these figures in investor communications beyond the announcement press release.

Supporting that target is an 11-project launch pipeline with a gross development value of approximately ₹19,800 crore spanning Bengaluru, the Mumbai Metropolitan Region, the National Capital Region, Chennai, and Indore.

Early FY27 results appear to be tracking ahead of prior-year levels. The company has reported approximately 338% year-over-year growth in pre-sales at the start of FY27.

Financial Context: From Turnaround to Scale-Up

The scale of the FY27 ambition becomes clearer when set against recent history. In FY25, Embassy Developments posted pre-sales of approximately ₹2,000 crore, up 11% from roughly ₹1,800 crore in FY24. The company's FY27 pre-sales target of ₹8,000 crore would represent more than a tripling of that FY25 figure in roughly two years.

FY25 also marked a financial inflection point for the company. Revenue reached approximately ₹2,547 crore, more than doubling from approximately ₹1,218 crore the prior year. EBITDA rose to approximately ₹531 crore from approximately ₹36 crore. Profit after tax came in at roughly ₹203 crore, compared with a loss of approximately ₹485 crore in FY24 — a shift from loss-making to profitability that preceded Neel Virwani's elevation to the CBO role.

Neel Virwani's appointment places him at the helm of North and West India operations as the company transitions from stabilization to a significantly larger operating footprint.

Embassy Group's Broader Platform

Embassy Developments Limited — formerly known as Equinox India Developments Limited — is listed on BSE Limited and the National Stock Exchange of India Limited and carries a long-term debt rating of IVR A- (Stable) from Infomerics. The company's residential portfolio spans mid-income, premium, and luxury segments and includes branded residences, uber-luxury apartments and villas, exclusive town homes, condominiums, integrated townships, senior living communities, and contemporary homes.

The company's promoter, Embassy Group, brings more than three decades of experience and a track record across more than 100 million square feet of commercial, residential, hospitality, services, and education assets in India. The group's office platform, Embassy Office Parks REIT, has been posting consistent growth: in the first quarter of FY26, the REIT reported revenue from operations of approximately ₹1,060 crore, up 13% year-over-year, and net operating income of approximately ₹872 crore, up 15% year-over-year, with record leasing of 2.0 million square feet across approximately 25 deals and occupancy of approximately 88% by area and 91% by value. For full-year FY26, the REIT reported revenue of approximately ₹4,582 crore, up roughly 13% year-over-year, with EBITDA of approximately ₹3,602 crore.

Sources

Embassy Developments Limited — Official Press Release