Bagmane Prime Office REIT
Bagmane Prime Office REIT (BAGMANE) share price was ₹104.85 at the 28 Oct 2026 close; P/E (TTM) 0.25; sector Consumer Discretionary. In the Jun 2026 quarter, revenue fell 29.9% year on year to ₹437.0 Cr and net profit fell 77.0% year on year to ₹58.5 Cr (compared with Jun 2025). Promoters held 82.81% of Bagmane Prime Office REIT in Sep 2026, unchanged from Jun 2026.
Key Fundamentals
SmallcapRealtyConsumer DiscretionaryPrice-based figures as of 29 Oct 2026, 10:47 IST · TTM
Peer Comparison
Consumer Discretionary › Realty › Real Estate Investment Trusts (REITs)
| ₹109.26 | 76.94 | 48,450 Cr | 1.11 | 1.53% | 0.87% | 2.63% | 4,390 Cr | 627 Cr | |
| Bagmane Prime Office REIT (this company) | ₹105.01 | 0.25 | 35,476 Cr | 1.00 | 1.44% | 56.34% | 31.34% | 1,081 Cr | 312 Cr |
| ₹306.80 | 42.32 | 25,461 Cr | 1.00 | 1.82% | 2.74% | 4.60% | 3,446 Cr | 625 Cr | |
| ₹155.70 | 53.69 | 23,589 Cr | 1.78 | 1.54% | 3.05% | 6.19% | 2,727 Cr | 440 Cr | |
| — | 67.37 | 474 Cr | 1.08 | 2.26% | -1.26% | 2.21% | 47 Cr | 7 Cr | |
| Median 5 companies | ₹132.48 | 53.69 | 25,461 Cr | 1.08 | 1.54% | 2.74% | 4.60% | 2,727 Cr | 440 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company. 2 companies are not shown because they are not listed on an exchange we cover.
Tapetide Score
Data-driven rating, 0–100. How it works →
No Tapetide Score has been computed for this stock yet.
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 19.8 times its book value
- Company has low interest coverage ratio.
- Company might be capitalizing the interest cost
Technical Indicators
Oscillators
Bearish
Overall
Bearish
Moving Averages
Bearish
Growth Rate
change over 1 year
change over 1 year
AI Analysis — Bull vs Bear
Bagmane Prime Office REIT trades at ₹105.22 as of 2026-10-23 with a market cap of ₹35,904 Cr, sitting near the lower end of its 52-week range of ₹102.25–₹111.94. The REIT reports a high ROE of 56.34% and a 3-year ROE track record of 40%, but carries elevated leverage with a debt-to-equity ratio of 2.37 and a TTM sales decline of -100% that raises significant questions about revenue sustainability.
- Strong return on equity of 56.34% as of the latest period, well above typical REIT benchmarks, indicating efficient use of unitholders' capital
- Consistent ROE track record with 3-year average ROE of 40.2%, suggesting sustained profitability over multiple years
- ROCE of 31.34% indicates the underlying assets are generating healthy returns on total capital employed, including debt
- Price-to-book ratio of 1.01 suggests the unit is trading close to its net asset value, leaving limited downside from a book value perspective
- Dividend yield of 1.42% provides a baseline cash return to unitholders, relevant for income-oriented investors in a REIT structure
- Trading at ₹105.22, only about 2.9% above its 52-week low of ₹102.25, which may reflect already compressed expectations
- EPS TTM of ₹419.7 against a unit price of ₹105.22 results in a PE of 0.25x, an unusually low earnings multiple that may indicate significant one-time or non-cash income items boosting reported earnings
- TTM compounded sales growth of -100% signals a near-complete erosion of reported revenue on a trailing basis, a severe red flag for any operating entity
- TTM compounded profit growth of -100% mirrors the sales collapse, indicating the bottom line has been equally affected
- Debt-to-equity ratio of 2.37 is elevated, implying the REIT is heavily leveraged and vulnerable to rising interest rates or refinancing risk
- Low interest coverage ratio (per known concerns) combined with high leverage of 2.37x D/E raises solvency and debt-servicing concerns
- Potential capitalisation of interest costs may be flattering reported profitability and asset values, masking true operating expenses
- Despite a reported P/B of 1.01, the known concerns flag that the stock trades at 19.8 times book value, suggesting possible discrepancies in reported book value or adjustments that investors should scrutinise
- Last year ROE dropped to 0% from a 3-year average of 40%, indicating a sharp recent deterioration in earnings power
- Dividend yield of only 1.42% is low for a REIT, where investors typically expect higher distributions, suggesting limited cash flow available for payouts
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Sponsor holds 82.81% units Oct 13
Sponsor and sponsor group hold 82.81% of total outstanding units in Q2FY27 with zero pledges. Public holding is 17.19%, with BREP Asia III India Holding as the largest public unitholder at 3.18%.
TL;DR: Limited news flow for Bagmane Prime Office REIT. The sponsor group retains a dominant 82.81% stake with no pledged units, signaling strong promoter commitment but also highlighting low public float at 17.19%. Liquidity and price discovery could remain constrained until free float widens.
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 (₹) | — | — | 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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36 extracted metrics + investor summaries across FY23–FY27.
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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