Equinox India Shares Hit 20% Upper Circuit; NCLAT Approves Merger with Embassy Group

Shares of Equinox India Developments surged 20% following news reports of the NCLAT’s approval of its merger with Embassy Group. This long-awaited merger marks a significant milestone for the company, which was previously known as Indiabulls Real Estate. By 12:30 PM, Equinox India Developments’ share price was locked in the 20% upper circuit at ₹143.70 on the NSE.

Merger Details

According to the news reports the National Company Law Appellate Tribunal (NCLAT) gave its approval for the company’s merger with Embassy Group, the merger, which has been under discussion for 5 years, has now been cleared by the NCLAT.

Previously, Indiabulls Real Estate Limited (IBREL) rebranded itself as Equinox India Developments last year after a significant investment of ₹3,911 crore was made by Embassy Group, Blackstone Real Estate Fund, Baillie Gifford and Co, and other investors.

Q2 FY25 Financial Highlight 

Equinox India Developments reported a robust financial performance for the quarter ending September 2024, with significant growth in key indicators. The company’s profit after tax surged by 124.8% to ₹24.06 crore, a sharp recovery from a loss of ₹96.89 crore in the previous four quarters.

Net sales also saw a healthy increase of 62.6%, reaching ₹245.97 crore, compared to ₹151.29 crore in the previous quarters.

Operating profit, while negative at ₹1.04 crore, showed a marked improvement from the negative ₹30.99 crore reported in Q1 FY25, signalling a recovery in operational efficiency.

Furthermore, Equinox India’s earnings per share (EPS) reached ₹0.38, the highest in the past 5 quarters.

About Equinox India Developments

Equinox India Developments Limited was established in 2006. It focuses on the construction and development of luxury residential, commercial, and SEZ projects across major Indian cities and internationally in London. The company has delivered iconic developments such as One Indiabulls Centre, Indiabulls Finance Centre, and Indiabulls Sky in Mumbai, along with projects in other cities like Gurugram, Chennai, and Thane. With a Gross Development Value (GDV) of ₹32,189 crore, Equinox has a land bank of 1,046 acres and 2,588 acres of SEZ land in Nasik.

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