Interest cost drag on DPU growth
Debt-funded capex of ~₹4,000 crore may keep interest costs elevated, temporarily capping DPU growth relative to NOI growth.
EMBASSYOFFICEPARKSREIT / bear-case history
Track the concerns that keep returning.
Embassyofficeparksreit · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Tech sector layoffs impacting demand
Recent layoffs by large tech firms (e.g., Amazon AWS) could reduce office space demand, though management sees it as business-specific.
SEZ conversion delays
3 million sq ft of SEZ space is still under conversion; delays could prolong vacancy in SEZ assets (3.7M sq ft vacant).
MAT provision impact on cash taxes
New MAT provisions in the budget could increase cash tax rate from ~5% to ~6% of revenue, though near-term impact is limited.