BIRET
Brookfield India share price & financials
- Price
- ₹321.91
- Market cap
- ₹27.8k Cr
- Sector
- Realty
- Calls analysed
- 2
Brookfield India Q4 FY26
What went well
- Record gross leasing of 4 million sq ft in FY26, including 1.6 million sq ft in Q4 FY26, demonstrating broad-based demand.
- Significant occupancy growth, with committed occupancy reaching 93% (up 5% YoY) and SEZ portfolio improving from 84% to 91%.
- Strong financial performance with FY26 NOI growing 24% YoY to Rs 22.9 billion and DPU increasing 11% YoY to Rs 21.40 per unit.
What to watch
- Leasing spreads achieved over the quarter were approximately 200 bps lower than the previous quarter, indicating some compression.
- The dividend component in DPU was impacted by recent tax regulations on MAT write-offs, requiring a target of 25% for FY27.
What Brookfield India does
Brookfield India Real Estate Trust owns and operates a portfolio of large-format, campus-style Grade-A office parks leased to corporate occupiers across India's gateway office markets, earning rental income from long-term leases and CAM/other tenant recoveries. The portfolio spans IT/ITES and commercial office campuses, including SEZ and non-SEZ space, plus an integrated retail mall asset. The Trust is externally managed by Brookprop Management Services Private Limited, an affiliate of Brookfield Asset Management, which handles asset management, leasing and operations of the properties on its behalf. Growth is pursued both by leasing up and re-leasing existing space and by acquiring additional office campuses from its Sponsor Group's pipeline.
Segments
- SEZ Properties
- Non-SEZ Properties
- Operating portfolio area
- 32.5 MSF
- Number of office campuses/parks
- 11
- Gateway cities with operating assets
- Mumbai, Gurugram, Noida, New Delhi, Kolkata, Bengaluru
- Weighted Average Lease Expiry (WALE)
- 6.7 years
- Sponsor Group pipeline (ROFO) area available for future acquisition
- 19.1 MSF
- Development potential within existing portfolio
- 4.6 MSF
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 2 delivered 0 missed 8 open- Average Cost of Debt delivered said Q3 FY26 Promised: 7.3% Q4 FY26: Achieved. Average cost of debt reported at 7.3% for the quarter, matching the target set in Q3 FY26.
- Dividend Mix in Distributions revised down said Q3 FY26 Promised: 30% Q4 FY26: Target for FY27 revised down from ~30% to ~25% due to impact of recent tax regulations on MAT write-offs.
- Annualized DPU on track said Q3 FY26 Promised: ₹25.6 per unit Q4 FY26: New guidance for 6-7% annual DPU growth from the current ₹21.4 base supports the trajectory towards this long-term target. Occupancy target of 96% by FY27 is a key milestone.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 51.7%, net profit up 67.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 590 | 602 | 620 | 642 | 671 +14% | 697 +16% | 960 +55% | 974 +52% |
| EBITDA | 419 | 409 | 433 | 450 | 465 +11% | 491 +20% | 696 +61% | 701 +56% |
| Net profit | 23 | 23 | 79 | 132 | 149 +548% | 201 +774% | 54 −32% | 221 +67% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +4.8% 1Y
1Y: ₹319.96 on 10 Sept 2025 → ₹335.41. High ₹369 (27 Feb 2026), low ₹316.1 (24 Nov 2025).
How the price took the results
close before → close after
- Q4 FY26
- −0.3%
- 12 May
- Q3 FY26
- +1.4%
- 30 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 35.4% a year over 3 years, FY23 to FY26. Operating margin widened to 70.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.2k Cr | ₹1.8k Cr | ₹2.4k Cr | ₹3.0k Cr |
| Operating profit | ₹815 Cr | ₹1.3k Cr | ₹1.7k Cr | ₹2.1k Cr |
| Operating margin | 68.1% | 70.6% | 70.2% | 70.8% |
| Interest | ₹433 Cr | ₹853 Cr | ₹1.1k Cr | ₹974 Cr |
| Depreciation | ₹276 Cr | ₹412 Cr | ₹430 Cr | ₹470 Cr |
| Net profit | ₹132 Cr | ₹-6 Cr | ₹164 Cr | ₹536 Cr |
| Net margin | 11.0% | -0.3% | 6.9% | 18.0% |
| Cash from operations | ₹953 Cr | ₹1.4k Cr | ₹1.8k Cr | ₹2.3k Cr |
| Free cash flow | ₹948 Cr | ₹1.4k Cr | ₹1.8k Cr | ₹2.3k Cr |
| ROCE | 4.0% | 5.0% | 5.0% | 5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹8.2k Cr | ₹9.0k Cr | ₹8.7k Cr | ₹10.9k Cr | ₹15.8k Cr | ₹20.8k Cr |
| Reserves | ₹25 Cr | ₹-105 Cr | ₹-322 Cr | ₹-786 Cr | ₹-1.1k Cr | ₹-1.3k Cr |
| Borrowings | ₹2.1k Cr | ₹5.2k Cr | ₹5.5k Cr | ₹12.1k Cr | ₹9.1k Cr | ₹16.6k Cr |
| Other liabilities | ₹681 Cr | ₹713 Cr | ₹799 Cr | ₹3.3k Cr | ₹3.7k Cr | ₹3.3k Cr |
| Total liabilities | ₹11.0k Cr | ₹14.8k Cr | ₹14.6k Cr | ₹25.5k Cr | ₹27.4k Cr | ₹39.4k Cr |
| Fixed assets | ₹10.1k Cr | ₹13.6k Cr | ₹13.5k Cr | ₹24.0k Cr | ₹23.8k Cr | ₹36.6k Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹980 Cr | ₹883 Cr |
| Other assets | ₹887 Cr | ₹1.2k Cr | ₹1.1k Cr | ₹1.5k Cr | ₹2.6k Cr | ₹1.9k Cr |
| Total assets | ₹11.0k Cr | ₹14.8k Cr | ₹14.6k Cr | ₹25.5k Cr | ₹27.4k Cr | ₹39.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Brookfield India
Guides on how to read this kind of business and the numbers that matter.