Knowledge Realty (KRT) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue was INR 11,787.09M, up 21% YoY, and NOI rose 19% to INR 10,407M; Q3 distribution was INR 1.568 per unit.

• Units listed on BSE and NSE on Aug 18, 2025, through an IPO that raised INR 48,000M.

• FTSE EPRA Nareit Global REIT Index inclusion took effect in Dec 2025; the unitholder base doubled since listing.

Financial highlights

• Q3 FY26 total income was INR 12,039.35M, EBITDA INR 9,863.82M and profit after tax INR 2,063.36M.

• Nine-month NOI was INR 29,951M, up 19% YoY; nine-month revenue was INR 33,806M, up 18% YoY.

• Q3 distribution totaled INR 6,953.14M, or INR 1.568 per unit; 92% was tax-exempt or tax-deferred.

• Average debt cost fell 19 bps from 7.44% to 7.25% in Q3.

Outlook and guidance

• FY26 NDCF projections remain on track; projected full-year distribution was INR 6.2 per unit and FY27 distribution projection was INR 7.03 per unit.

• Interest-cost savings from the December rate cut are expected to flow through fully in Q4; financing performance was ahead of projections.

• A 1M sq ft leasing pipeline is expected to support occupancy reaching 93% by Mar 2026; management expects momentum to continue into Q4 and FY27.

• A 1.2M sq ft development asset is expected to join the portfolio; a 6.7M sq ft ROFO pipeline may crystallize over the next 2–3 years.