Knowledge Realty (KRT) Q2 26/27 earnings summary

Executive summary

• Q2 revenue rose 13% YoY to ₹12,725.42M and NOI rose 15% to ₹11,404M; distributions increased 11% YoY.

• Committed occupancy was 93% by area and 94% by value; portfolio WALE was 7.7 years.

• Since listing, occupancy increased from 91% to 93%, in-place rents rose 7% YoY to ₹101/sq ft, and distributions exceeded ₹3,600 crore.

Financial highlights

• Revenue was ₹12,725.42M, up 13% YoY; NOI was ₹11,404M, up 15%; EBITDA was ₹10,940M, up 13%.

• Consolidated Q2 net profit was ₹5,078.57M; tax expense was a ₹799.63M credit, including deferred-tax credits.

• Q2 distribution was ₹7,640.47M, or ₹1.723/unit, up 11% YoY from ₹1.56 in Q2 FY26.

• GAV was ₹688,631M at September 30, 2026; fair-value NAV was ₹126.55/unit.

• H1 revenue was ₹25,155.98M and net profit ₹7,586.53M.

Outlook and guidance

• FY27 March committed occupancy target is 94%-95% on a same-store basis; economic occupancy was 88% in Q2 and 89% at October 31, with the committed-to-economic gap narrowing to 4%.

• Portfolio MTM potential is 21%; separately, weighted average MTM potential through FY30 is 25%. Of 1.1 msf expiring in H2 FY27, 66% was tied up or under closure at a 23% spread.

• Contractual escalations are typically 5% p.a.; embedded growth includes 2.7 msf vacant for lease-up, 2.6 msf under construction and 6.6 msf of future development area.

• Sattva Endeavour (0.7 msf) was 25% pre-leased and scheduled for Q3 FY27 delivery; Sattva Spectrum (0.5 msf) was scheduled for Q4 FY27.

• The ROFO pipeline comprises four assets totaling 6.7 msf; Image Tower has 1.6 msf leasable area and 30% pre-leasing.