Bagmane Prime Office REIT (BAGMANE) Q2 26/27 earnings summary

Executive summary

• First full quarter as a listed REIT; Q2 gross leasing reached 1.2 msf, including 0.6 msf pre-leased, with 96% to GCCs and 99% committed occupancy across 16.7 msf.

• Q2 distribution was ₹5,270mn, or ₹1.55 per unit; H1 distributions totaled ₹10.4bn, or ₹3.05 per unit.

• Q2 consolidated revenue was ₹7,649.94mn and net income ₹3,997.99mn; fair-value NAV was ₹113.61 per unit at September 30, 2026.

Financial highlights

• Q2 FY27 revenue from operations was ₹7,650mn and NOI ₹6,844mn; H1 totals were ₹14,987mn and ₹13,449mn, respectively.

• Q2 EBITDA was ₹6,632mn and REIT-level NDCF ₹5,313mn, versus ₹5,270mn distributed.

• Q2 total income was ₹7,788.18mn, expenses ₹4,871.73mn and profit before tax ₹2,916.45mn; a ₹1,081.54mn tax benefit lifted net income to ₹3,997.99mn.

• Q2 included ₹235mn of one-time BWTC construction-services and commission income, with corresponding NOI of ₹168mn; solar revenue declined seasonally.

• H1 consolidated revenue was ₹12,020.00mn and net income ₹4,583.09mn; results include subsidiaries acquired during the period, making prior-year comparisons non-comparable.

Outlook and guidance

• 1.0 msf of office space is under development and 2.0 msf is future development; 0.6 msf is pre-leased.

• Cosmos-Ceres is expected to complete in Q3 FY27 with ₹0.9bn balance cost; Cosmos-Aurora is expected in Q4 FY27 with ₹1.4bn balance cost.

• Construction of one of three planned buildings totaling 2.0 msf is expected to start in the March quarter, with subsequent launches every 6–9 months and 24–27-month build times.

• Priorities include leasing development space, pursuing the 47.2 msf ROFO pipeline and evaluating selective accretive acquisitions.

• Management expects an 88%–90% NOI margin; FY27 taxes are expected at 16%–17% of NOI after the shift to the new tax regime.