Bagmane Prime Office REIT (BAGMANE) Q1 26/27 earnings summary

Executive summary

• Listed on NSE and BSE on May 14, 2026, at INR 103.5 per unit, a 3.5% premium to IPO price; IPO oversubscribed 25 times with 207,000+ applications and a market cap of ₹351,900 Mn at listing.

• Owns six Grade A+ business parks in Bengaluru, with 16.6 million sq ft operational, 1 million sq ft under construction, and 2 million sq ft for future development; total portfolio is 19.6 msf leasable area, 164.4 MW solar assets, and 607 hotel keys under development.

• Tenant base is 90% Global Capability Centres, 99% foreign MNCs, and 64% Fortune 500 companies; committed occupancy at 98.7%.

• Executed 260,000 sq ft of gross leasing at a 16% mark-to-market spread, all to existing tenants.

• Approved unaudited standalone and consolidated financial results for Q1 FY27 and appointed new internal and secretarial auditors for FY 2026-27.

Financial highlights

• Q1 FY27 revenue from operations was ₹7,337 Mn, up 16% year-over-year; NOI was ₹6,605 Mn, also up 16%, with a 90% NOI margin, the highest among listed Indian office REITs.

• Distribution for Q1 FY27 declared at ₹5,100 Mn (₹1.50 per unit), with 92% as tax-exempt dividend.

• Asset-level revenue and NOI growth driven by contractual escalations, new leasing, and solar operations ramp-up.

• Net profit for the quarter was ₹578.51 million, with basic and diluted EPS at ₹0.29.

• Net borrowings ratio: 3.94% as of June 30, 2026; net worth (unitholders' funds): ₹339,792.72 million.

Outlook and guidance

• In-place rents are 18% below current market rates, providing embedded mark-to-market growth as leases renew; 47.2 msf ROFO pipeline for future growth.

• Medium-term revenue growth expected from assets under development and future ROFO pipeline acquisitions.

• Distribution projections to track offer document, with potential upside from recent tax changes; Trust to distribute at least 90% of net distributable cash flows annually.

• Distributions to unitholders will be paid on or before August 21, 2026, with a record date of August 14, 2026.