Brookfield India Real Estate Trust (BIRET) Q4 25/26 earnings summary

Executive summary

• Achieved record gross leasing of 4 million sq ft in FY26, with 1.6 million sq ft in Q4, and occupancy rising to 93%, up 5% year-over-year; 50% of Q4 leasing from GCCs.

• Completed acquisition of Ecoworld, a 7.7 million sq ft Grade A office campus in Bengaluru, making Bengaluru the largest market and increasing portfolio diversification.

• Raised INR 2,600 crore via QIP and INR 1,125 crore from 360 ONE for Ecoworld, strengthening the balance sheet and providing significant growth headroom.

• Recognized for governance and sustainability, with multiple awards and certifications, including the Golden Peacock Award for Business Excellence.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified audit opinions.

Financial highlights

• FY26 net operating income (NOI) reached INR 22,912.99 million, up 24% year-over-year; same-store NOI grew 10%.

• Q4 FY26 NOI was INR 7.4 billion, up 52% year-over-year, driven by Ecoworld and same-store growth.

• FY26 distributions totaled INR 21.40 per unit, up 11% year-over-year, with total distributions at INR 15,161.78 million.

• Revenue from operations rose to INR 29,711.44 million from INR 23,899.98 million YoY.

• Gross asset value (GAV) reached INR 565 billion, with NAV per unit at INR 387.

Outlook and guidance

• Targeting occupancy of 96% by end of FY27, with DPU expected to grow from current levels due to higher occupancy and debt paydown.

• Robust pipeline of sponsor assets and significant liquidity for future acquisitions, with INR 50+ billion dry powder at 35% LTV.

• Organic NAV growth expected from operational improvements and inorganic growth from QIP-funded acquisitions.