Knowledge Realty (KRT) Q4 25/26 earnings summary

Executive summary

• FY26 operating revenue rose 16% to ₹45,772M and NOI increased 18% to ₹40,484M; distributions exceeded IPO projections.

• The 46 msf Grade-A office portfolio reached 92% committed occupancy with an 8-year WALE; leasing, rent resets and development underpin growth.

• Listed on BSE and NSE on 18 August 2025 after raising ₹48,000M through the IPO; unitholder numbers grew 2.4x since listing.

Financial highlights

• FY26 operating revenue rose 16% YoY to ₹45,772M and NOI increased 18% to ₹40,484M, with an 88% NOI margin.

• Q4 FY26 revenue increased 12% YoY to ₹11,965M and NOI rose 14% to ₹10,533M; NOI margin was 88%.

• FY26 EBITDA grew 18% to ₹38,784M; annualized DPU was ₹6.32, with 92% tax efficiency.

• Q4 distribution was ₹1.62 per unit, with 87% tax-exempt or tax-deferred; cumulative post-listing distributions through the nine months were ₹4.74 per unit.

• Consolidated revenue from operations was ₹30,466.28M, EBITDA ₹25,325.79M and net profit ₹3,754.36M for the year ended 31 March 2026.

Outlook and guidance

• FY27 occupancy is expected to reach 94%-95%, from 92%; no formal distribution guidance was issued, with FY27 IPO-document projections remaining the benchmark.

• Embedded growth includes 25% mark-to-market potential, 3.0 msf of vacant space to lease and 2.6 msf under construction; a 6.7 msf ROFO pipeline supports future growth.

• The 1.2 msf under-construction portfolio is expected to join by Q2 FY27; construction of a further 1.4 msf at Sattva Global City is planned to start this fiscal year.

• Average annual rent escalations are expected at 4.5%-5%; 87% of FY26 leases included annual escalations.

• Tax-efficient distributions are expected to settle at 75%-78% in FY27; management cited a 6%-7% yield plus price appreciation toward 12%-15% total returns.