Knowledge Realty (KRT) Q2 25/26 earnings summary

Executive summary

• H1 FY26 gross leasing reached 1.8 msf, completed-portfolio occupancy was 92%, and NOI grew 20% YoY; maiden distribution declared at Rs. 1.556 per unit.

• August 2025 IPO was over 12x subscribed; 46 msf Grade-A portfolio spans Mumbai, Hyderabad and Bengaluru.

• Units listed on BSE and NSE on 18 August 2025; IPO proceeds of Rs. 48,000 million were raised.

Financial highlights

• H1 FY26 revenue was Rs. 22,019 million, up 17% YoY; NOI was Rs. 19,544 million, up 20%, and EBITDA was Rs. 15,621 million, up 23%.

• Q2 FY26 revenue from operations was Rs. 6,713.73 million, EBITDA Rs. 5,712.79 million, and net profit Rs. 626.42 million.

• EBITDA margins were 89% in Q2 and 87% in H1 FY26; NOI margin reached 89%, up from 87% YoY.

• Distribution declared at Rs. 1.556 per unit, totaling Rs. 6,900.06 million; 98% was tax-exempt or tax-deferred.

• Gross asset value was Rs. 645,507.87 million as of 30 September 2025; NAV was Rs. 118 per unit.

Outlook and guidance

• FY26 occupancy target is 93%-94%; H2 leasing target is 1.4-1.5 msf, implying ~3.5 msf for the full year.

• H2 is expected to benefit from a fuller operating run rate and the lower 7.4% debt cost; focus remains on achieving NDCF guidance.

• Bengaluru development of 1.2 msf is targeted for completion by FY26-end; pre-leasing visibility is limited, with anchor occupiers being pursued.

• Organic growth includes 22% mark-to-market potential, development and evaluation of 6.7 msf across four ROFO assets over the next 2-3 years.