Bagmane Prime Office REIT
Bagmane Prime Office REIT
Consumer DiscretionaryKey Fundamentals
SmallcapReal Estate Investment Trusts (REITs)RealtyTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has a good return on equity (ROE) track record: 3 Years ROE 40.2%
Weaknesses
3- Stock is trading at 20.3 times its book value
- Company has low interest coverage ratio.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoBagmane Prime Office REIT is a recently listed Bengaluru-focused office REIT with a 16.6 million sq ft Grade A+ portfolio, 98.7% committed occupancy as of June 2025, and marquee tenants including Google, Amazon, Nvidia, and Samsung. The REIT trades near its book value at a P/B of 1.03 with a market cap of approximately ₹36,618 crore, carries a low LTV of ~7.1% post-listing, and delivered a 90% NOI margin in Q1 FY27 with 16% YoY revenue and NOI growth.
- Industry-leading committed occupancy of 98.7% across 16.6 msf of completed office space as of June 2026 — the highest among listed Indian office REITs
- Premium tenant base including Google, Amazon, Nvidia, and Samsung reduces counterparty risk and supports rental stability
- NOI margin of ~90% in Q1 FY27, with both revenue and NOI growing 16% YoY, indicating strong operating leverage
- Very low loan-to-value (LTV) ratio of ~7.1% at listing, with net debt declining from ₹3,519 crore in FY25 to ₹2,732 crore in 9M FY26, giving significant headroom for future acquisitions
- Weighted Average Lease Expiry (WALE) of 7.4 years provides long-term revenue visibility and reduces near-term re-leasing risk
- 3-year ROE track record of 40.2% suggests efficient capital utilisation during its pre-listing phase
- Expected payout yield of ~6.2% in FY27 rising to ~7.5% by FY30, with maiden Q1 FY27 distribution of ₹1.50 per unit (92% tax-exempt), competitive among Indian REITs
- IPO was priced at a 9.1% discount to NAV of ₹109.13 per unit (as of Dec 2025), and P/B of 1.03 suggests the unit price remains close to book value
- Entire portfolio is concentrated in a single city — Bengaluru — exposing unitholders to geographic, regulatory, and local economic risks
- Low interest coverage ratio flagged as a concern, indicating operating income may not comfortably service debt obligations
- Potential capitalisation of interest costs could overstate asset values and understate true financing expenses
- Current dividend yield of only ~1.39–1.42% on the market price is modest relative to other listed Indian REITs, limiting immediate income appeal
- Revenue and profit growth data shows TTM compounded sales and profit growth of -100%, reflecting the structural break between pre-REIT and post-REIT financial reporting rather than organic trends — making historical comparisons unreliable
- Recently listed (May 2026) with only one quarter of post-listing financials, providing very limited public track record for evaluating management execution as a listed entity
- Net debt stood at ₹2,732 crore as of 9M FY26; while LTV is low, any aggressive acquisition-led growth could re-lever the balance sheet quickly
- Screener data indicates the stock is trading at 20x book value on a standalone basis, suggesting potential discrepancies between consolidated and standalone accounting that investors need to reconcile
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- 90% NOI margin in Q1FY27 Aug 17
Bagmane Prime Office REIT delivered INR 7.3 billion in revenue with a 90% NOI margin in Q1FY27, reflecting strong operational efficiency.
- Low leverage supports growth Aug 17
LTV stands at just 4%, giving the REIT significant balance sheet headroom for future acquisitions and expansion.
- Large 47M sq ft ROFO pipeline Aug 17
The REIT highlighted a 47 million sq ft right-of-first-offer pipeline, providing a long visible runway for inorganic growth.
- INR 1.5/unit distribution declared Aug 17
Bagmane declared a distribution of INR 1.5 per unit for Q1FY27, underscoring steady unitholder returns.
- Q1FY27 results reported Aug 17
Bagmane Prime Office REIT reported its Q1FY27 earnings with INR 7.3 billion revenue. The article was tagged neutral by the source despite strong underlying metrics.
TL;DR: Bagmane Prime Office REIT is executing well operationally with a 90% NOI margin and minimal leverage at 4% LTV. The 47 million sq ft ROFO pipeline offers a clear growth path. No material headwinds are visible in the current news flow. The trend is constructive, though investors should watch for occupancy and leasing updates in coming quarters to confirm sustained momentum.
Quarterly Results
| Particulars | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Sales | 623 | 0 | 437 |
| Expenses | 104 | 0 | 73 |
| Operating Profit | 519 | 0 | 364 |
| OPM % | 83% | — | 83% |
| Other Income | 7 | 0 | 14 |
| Interest | 95 | 0 | 38 |
| Depreciation | 46 | 0 | 187 |
| PBT | 386 | 0 | 153 |
| Tax % | 34% | 175% | 62% |
| Net Profit | 254 | 0 | 59 |
| EPS in Rs | — | — | 0.17 |
Profit & Loss
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,979 | 2,205 | 2,371 | 0 |
| Expenses | 415 | 496 | 484 | 0.26 |
| Operating Profit | 1,564 | 1,710 | 1,887 | -0.26 |
| OPM % | 79.01% | 77.53% | 79.58% | — |
| Other Income | 23.21 | 30.5 | 20.13 | 0 |
| Interest | 284 | 353 | 394 | 0 |
| Depreciation | 160 | 162 | 169 | 0 |
| PBT | 1,143 | 1,226 | 1,344 | -0.26 |
| Tax % | 33.61% | 33.96% | 33.24% | 0% |
| Net Profit | 759 | 809 | 897 | -0.26 |
| Div. Payout % | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | — | 6.08 | 6.04 | — |
| Reserves | — | 1,224 | 1,580 | — |
| Borrowings | — | 3,874 | 3,766 | — |
| Other Liabilities | — | 1,712 | 1,887 | — |
| Total Liabilities | — | 6,816 | 7,238 | — |
| Fixed Assets | — | 5,574 | 6,066 | — |
| CWIP | — | 4.89 | 28.5 | — |
| Investments | — | 0 | 0 | — |
| Other Assets | — | 1,237 | 1,144 | — |
| Total Assets | — | 6,816 | 7,238 | — |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | 1,073 | 1,215 | 1,596 | — |
| Investing | -214 | -435 | -488 | — |
| Financing | -816 | -791 | -952 | — |
| Net Cash Flow | 43.26 | -9.85 | 156 | — |
| Free Cash Flow | 857 | 817 | 1,138 | — |
| CFO/OP | 82 | 93 | 107 | — |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | — | 13.91 | 7.85 | — |
| Cash Conversion Cycle | — | 13.91 | 7.85 | — |
| Working Capital Days | — | -214 | -235 | — |
| ROCE % | — | — | 33.22% | — |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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27 extracted metrics + investor summaries across FY23–FY25.
Documents
Frequently Asked Questions about Bagmane Prime Office REIT
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Company Information
Bagmane REIT has been registered with SEBI on July 15, 2025 as a real estate investment trust. The principal place of business of REIT is situated at Bagmane Tech Park, Bangalore. It owns and manages premium Grade A+ business parks in Bangalore.[1]
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