It won't work with the emboss because it overshadow's (haha) the stroke. I think they used two inner shadows (one white on lighten, one black on multiply) for the relief effect, a regular white stroke and drop shadow. You'll have to play around abit with the adjustments. Also it seems like they upped the saturation of the text (see at the H) with an Adjustment Layer > Hue/Saturation (use the mask to select only the text)
Since the background picture is a bit too detailed it doesn't look the same. I'm also not sure if my method IS the same as used in your image but at least it comes close.
2, in layers panel, lower text layer's FILL to 0.
6, All effects are done. Now fine tune all done effects in step 3~5 until satisfaction.
Follow these steps:
1) Create a new file and adjust the file size as per your requirement.
2) Now, Create a new layer for background. Then, select the image tool for taking image or paint bucket tool for fill the background.
3) Select the background layer and add gradient with layer > layer styles > Gradient overlay and reduce the opacity 8%.
4) Now, Add text through type tool and make it transparent.
5) Select the text layer and click “Layer” >Layer Style> Stroke. Similarly, add Gradient and shadow in the text. Now its done..