Brookfield India Real Estate Trust (BIRET) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 committed occupancy was 93%, with 1.604 MSF gross leasing; NOI rose 50.6% YoY and DPU increased 9% to ₹5.70.

• Q2 revenue from operations was ₹9,963.65 million; profit after tax was ₹2,767.67 million, including a ₹1,315.36 million tax credit.

• Portfolio operating area was 32.9 MSF, with 6.9-year WALE; management cited sustained demand, organic growth levers and selective acquisition opportunities.

Financial highlights

• Q2 operating lease rentals were ₹7,221 million, up 52.1% YoY; revenue from operations was ₹9,963.65 million, up 48.3%, and NOI was ₹7,672.19 million, up 50.6%.

• Same-store NOI grew 8% YoY; Q2 DPU was ₹5.70 and H1 DPU was ₹11.30.

• Q2 distribution totaled ₹4,730.32 million; H1 revenue from operations was ₹19,701.91 million and H1 NOI was ₹15,238 million, up 51.2% YoY.

• Q2 profit after tax was ₹2,767.67 million versus ₹1,493.81 million YoY; profit attributable to unitholders was ₹2,400.83 million versus ₹1,394.63 million.

• Ecoworld and GBKC Floors SPVs contributed ₹2,852 million of Q2 revenue growth and ₹2,181 million of NOI growth.

Outlook and guidance

• Target occupancy is ~96% by FY27-end, with a further 100–150 bps stabilization increase expected in the following year.

• Management expects dividends to rise from 30% of DPU to ~38% after capital-reduction schemes; ₹4,800 million of reserves, or ₹5.8 per unit, may support dividends over 2–3 years.

• MAT-related cash tax savings are estimated at ₹100–110 crore annually for 2–3 years; management expects tax benefits and NOI growth to offset rate pressure on DPU.

• Organic development includes 0.6 MSF at Baytown by early FY28 and 3.5–4 MSF across N1, N2 and K1; G1 and Ecoworld opportunities remain under evaluation.

• Identified leasing opportunities at Ecoworld and Powai could add ₹130 crore of income; management expects realized mark-to-market spreads to exceed prior guidance.