Brookfield India Real Estate Trust (BIRET) Q2 25/26 earnings summary

Executive summary

• Achieved record gross leasing of 5.99 million sq ft in Q2 FY26, with 46% from GCCs, pushing committed occupancy above 90% and a 21% re-leasing spread.

• Announced proposed acquisition of Ecoworld, a Grade A office campus in Bangalore, expected to increase operating area by 31% and GAV by 35%.

• Portfolio will expand to over 32 million sq ft, making it one of India's largest and most diversified office REITs.

• Net profit attributable to unitholders for the quarter was ₹1,394.63 million, a significant increase from ₹307.03 million in the same quarter last year.

• Received five-star GRESB rating for ESG for the fourth consecutive year and multiple energy and safety certifications.

Financial highlights

• Net operating income (NOI) for Q2 FY26 was INR 510 crore, up 13% YoY; including commercial portfolio, NOI was INR 640 crore.

• Distribution declared at INR 5.25 per unit (INR 336 crore total), a 14% YoY increase.

• H1 FY2026 revenue from operations was Rs 13,122 million, up 12.7% YoY; NOI margin on OLR improved to 108%.

• NAV per unit at fair value as of 30 September 2025 was ₹349.08, up from ₹232.13 a year ago.

• EBITDA for the half year was ₹7,656.45 million, up from ₹6,265.87 million year-over-year.

Outlook and guidance

• Leasing environment expected to remain robust, driven by GCC expansion and India's global tech hub status.

• Targeting 93% occupancy by March, with SEZ properties driving the ramp-up.

• DPU expected to grow, supported by lease-up, rent growth, and lower borrowing costs.

• The Ecoworld acquisition is expected to be highly accretive, with 1.6% NAV and 3.0% DPU accretion.

• The share of dividends in distribution mix is projected to nearly double post-acquisition.