Knowledge Realty Trust
Key Fundamentals
MidcapPrice-based figures as of 13 Oct 2026, 15:29 IST · EPS basis: Consolidated · TTM
Tapetide Score
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Category scores
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Key Insights
Strengths
1- Stock is trading at 1.16 times its book value
Technical Indicators
Oscillators
Bearish
Overall
Bearish
Moving Averages
Bearish
Growth Rate
vs previous quarter
vs previous quarter
vs previous quarter Operating margin 84% · Jun 2026
AI Analysis — Bull vs Bear
As of the 2026-10-09 close, Knowledge Realty Trust traded at 112.47, giving a market cap of about Rs 49,873.69 crore. That price is 1.15 times book value, 12.9% below its 52-week high of 129.07 and 4.3% above its 52-week low of 107.8. The data lists it under Consumer Discretionary, but it is an Indian office REIT. Leverage is low at a debt-to-equity of 0.29, while returns are thin, with ROE at 0.87% and ROCE at 2.63%. Accounting earnings support a trailing P/E of 79.2 on EPS of 1.42, and 3-year sales growth has been 2% a year.
- Debt-to-equity of 0.29 is conservative for a capital-heavy real estate owner. This leaves headroom on the balance sheet and lowers refinancing risk if interest rates change.
- At the 2026-10-09 close the units traded at 1.15 times book value. That is close to the book value of the underlying assets, so the market is paying only a small premium for the portfolio.
- Compounded profit growth of 18% a year over 3 years is well ahead of the 2% annual sales growth over the same period. This suggests margins or cost efficiency have been improving.
- As a SEBI-regulated REIT, the trust must pay out at least 90% of its net distributable cash flows. The 1.52% dividend yield as of 2026-10-09 covers only part of total payouts, because REITs also distribute through interest and capital repayment.
- A market cap of about Rs 49,873.69 crore makes it one of the larger listed real estate vehicles in India. That scale supports liquidity and possible inclusion in indices.
- Trailing profit growth of 15,381% shows earnings rising sharply from a low base as the listed structure and portfolio consolidation take full effect.
- The price of 112.47 on 2026-10-09 was only 4.3% above the 52-week low of 107.8 and 12.9% below the 52-week high of 129.07. It sat in the lower part of its one-year trading range.
- ROE of 0.87% (2% last year) is very low. It means very little accounting profit per rupee of equity, well below the cost of equity and risk-free bond yields.
- ROCE of 2.63% shows a low accounting return on the capital employed in the portfolio. This raises questions about yield on assets relative to their book value.
- The trailing P/E of 79.2 on EPS of 1.42 is high on accounting earnings as of 2026-10-09. Depreciation in REIT accounts partly explains it, but investors who focus on earnings may still read it as expensive.
- Compounded sales growth of just 2% a year over 3 years points to slow top-line growth. That could mean flat occupancy, slow rent increases or a lack of new assets being added.
- The units returned -5% over 1 year and closed at 112.47 on 2026-10-09, 12.9% below the 52-week high of 129.07. Price performance since listing has been weak.
- The 1.52% dividend yield as of 2026-10-09 is low compared with Indian fixed-income options. Income-focused investors need to look at total distributions, not just dividends, to judge the payout.
- Trailing profit growth of 15,381% is mostly a base effect from a newly listed structure. It says little about underlying growth and could mislead anyone reading it as a trend.
- There is no 5-year or 10-year data for ROE, sales, profit or stock returns. With such a short listed history, it is hard to judge how the trust performs across a full office leasing or interest rate cycle.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Slower DPU growth, discounted multiple Sep 27
BOB Capital Markets values KRT at 16.4x DPU, slightly below the peer average of 16.6x, because its DPU is growing more slowly than peers'.
- Smaller development and ROFO pipeline Sep 27
As of Q1FY27, KRT had about 2.6 msf under construction and a ROFO pipeline of about 6.7 msf. Both trail peer averages of about 4.0 msf and 8.35 msf, which limits future growth in leasable area.
- Stock down 8.2% YTD Sep 27
The units are down 8.22% year-to-date, 2.58% over the past month and 0.12% over the past week. They are roughly flat over six months (-0.04%) and one year (-0.30%).
- Lowest leverage among office REITs Sep 27
KRT's loan-to-value ratio was 18% as of Q1FY27, the lowest among peers and well below the peer average of about 26.2%. This reduces its exposure to refinancing risk.
- Lowest cost of debt in peers Sep 27
KRT's weighted average cost of debt is about 7.23%, marginally below the peer average of 7.3%. That supports distributable cash flow.
- Trading above listing price Sep 27
At ₹113.88 on Sep 25, 2026, the units are about 10.6% above the August 2025 NSE listing price of ₹103, which was itself a 3% premium.
- BOB Capital maintains Hold, ₹122 target Sep 27
BOB Capital Markets kept its Hold rating with a ₹122 target, which implies up to about 7% upside from ₹113.88 (Sep 25 close). The broker sees limited near-term upside.
- Investor meetings at BofA conference Sep 21
Senior management held virtual one-on-one meetings with institutional investors at the BofA 2026 Asia Pacific Conference on September 21, 2026.
- Office REIT sector backdrop stable Sep 27
As of Q1FY27, listed office REITs averaged about 33 msf of leasable area, about 93% committed occupancy and in-place rents of about ₹98.2/sq ft/month. BOB expects them to keep consolidating and expanding through new supply and acquisitions.
TL;DR: KRT, an office REIT, has the strongest balance sheet among listed Indian office REITs, with an 18% LTV and a 7.23% cost of debt. That gives it a defensive profile and room to borrow for acquisitions. Its weak spots are slower DPU growth and a below-peer development and ROFO pipeline, which explain its slight valuation discount and its 8.22% YTD decline. The trend is flat to slightly weaker, and with BOB's Hold rating implying about 7% upside to ₹122, a re-rating likely depends on KRT using its low leverage to add assets and speed up DPU growth.
Quarterly Results
| Particulars | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Sales | 671 | 1,179 | 1,197 | 1,243 |
| Expenses | 131 | 218 | 240 | 196 |
| Operating Profit | 541 | 961 | 956 | 1,047 |
| OPM % | 81% | 82% | 80% | 84% |
| Other Income | 31 | 25 | 19 | 25 |
| Interest | 198 | 248 | 236 | 239 |
| Depreciation | 239 | 405 | 407 | 410 |
| PBT | 135 | 333 | 333 | 423 |
| Tax % | 54% | 38% | 68% | 41% |
| Net Profit | 63 | 206 | 107 | 251 |
| EPS (₹) | 0.14 | 0.47 | 0.24 | 0.57 |
Profit & Loss
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 6m | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 2,900 | 3,339 | 0 | 3,047 | 4,290 |
| Expenses | 622 | 761 | 2 | 589 | 784 |
| Operating Profit | 2,278 | 2,578 | -2 | 2,458 | 3,505 |
| OPM % | 79% | 77% | — | 81% | 82% |
| Other Income | 215 | 249 | 0 | 75 | 100 |
| Interest | 1,533 | 1,693 | 0 | 682 | 921 |
| Depreciation | 593 | 588 | 0 | 1,050 | 1,461 |
| PBT | 367 | 547 | -2 | 800 | 1,224 |
| Tax % | 41% | 38% | 0% | 53% | — |
| Net Profit | 218 | 336 | -2 | 375 | 627 |
| EPS (₹) | — | — | — | 0.85 | 1.42 |
| Div. Payout % | 0% | 0% | 0% | 558% | — |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | — | — | 0 | 44,199 |
| Reserves | — | — | -2 | -1,012 |
| Borrowings | — | — | 0 | 12,363 |
| Other Liabilities | — | — | 21 | 2,693 |
| Total Liabilities | — | — | 19 | 58,243 |
| Fixed Assets | — | — | 0 | 55,878 |
| CWIP | — | — | 0 | 38 |
| Investments | — | — | 0 | 256 |
| Other Assets | — | — | 19 | 2,070 |
| Total Assets | — | — | 19 | 58,243 |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | — | — | 0 | 2,031 |
| Investing | — | — | 0 | 3,958 |
| Financing | — | — | 0 | -5,363 |
| Net Cash Flow | — | — | 0 | 627 |
| Free Cash Flow | — | — | 0 | 1,786 |
| CFO/OP | — | — | 0 | 94 |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | — | — | — | 25 |
| Cash Conversion Cycle | — | — | — | 25 |
| Working Capital Days | — | — | — | -144 |
| ROCE % | — | — | — | 5% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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32 extracted metrics + investor summaries across FY23–FY27.
Documents
Frequently Asked Questions about Knowledge Realty Trust
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Company Information
Knowledge Realty Trust is an office Real Estate Investment Trust (REIT) in India, backed by Blackstone and Sattva Group, with a portfolio of 46.3 msf of operational and under-construction office assets spread across six locations in India, including Hyderabad, Mumbai, and Bengaluru.[1]
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