Brookfield India Real Estate Trust (BIRET) Q1 25/26 earnings summary

Executive summary

• Achieved gross leasing of 651,000 sq ft in Q1 FY26, with 61% leased to GCCs and a re-leasing spread of 22%.

• Committed occupancy rose to 89%, up over 9% in the last 18 months, reflecting strong demand and return-to-office trends.

• Preferential issue of INR 1,000 crore (Rs 10 billion) approved at a 12.7% premium to IPO price to fund future growth and acquisitions in Bengaluru and Chennai.

• Significant ESG progress: 44% of Delhi NCR energy from renewables, 44% carbon emission reduction, and multiple sustainability awards.

• Profit after tax attributable to unitholders for Q1 FY26 was ₹1,245.56 million, compared to ₹519.00 million in Q1 FY25.

Financial highlights

• Revenue from operations grew 12% YOY to Rs 6,416 million in Q1 FY26.

• NOI rose 13% YOY to Rs 4,986 million, with a margin of 109% on OLR.

• Distribution per unit at INR 5.25, totaling INR 3,190.70 million, up 17% YOY.

• CAM revenue as a percentage of lease income increased to 40%, driven by occupancy growth and portfolio changes.

• Net distributable cash flow (NDCF) at Trust level for Q1 FY26 was ₹3,190.70 million, up from ₹2,167.60 million in Q1 FY25.

Outlook and guidance

• Leasing momentum expected to remain strong, with a robust pipeline of 5 million sq ft.

• Targeting portfolio occupancy of 93% by year-end, with further upside from non-processing area leasing.

• Once stabilized at 97.5% occupancy, NOI projected to grow 13% and distribution per unit to exceed INR 26.

• Dividend component of distributions expected to rise to 15%-20% over the next few quarters.

• Revised SEBI NDCF framework implemented from July 2025, impacting calculation and timing of distributions.