Knowledge Realty Trust
Knowledge Realty Trust
Consumer DiscretionaryKey Fundamentals
MidcapPrice-based figures as of 12 Oct 2026, 15:29 IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Stock is trading at 1.14 times its book value
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 caps valuation Sep 27
BOB Capital Markets values KRT at 16.4x DPU, slightly below the 16.6x peer average, because its distribution growth is slower than peers'. This discount limits re-rating potential versus Embassy, Mindspace and BIRET.
- Smaller growth pipeline than peers Sep 27
As of Q1FY27, KRT had about 2.6 msf under construction and a 6.7 msf ROFO pipeline. Both trail peer averages of around 4.0 msf and 8.35 msf, which points to slower future leasable-area growth.
- Stock down 8.22% YTD Sep 27
The units are down 8.22% year-to-date and 2.58% over the past month, closing at ₹113.88 on Sep 25, 2026. One-year returns are roughly flat at -0.30%, despite listing at ₹103 in August 2025.
- Lowest leverage among office REITs Sep 27
KRT's loan-to-value ratio was 18% as of Q1FY27, the lowest among listed office REITs and well below the roughly 26.2% peer average. This lowers refinancing risk and leaves headroom for debt-funded acquisitions.
- Lowest cost of debt in peer set Sep 27
KRT's weighted average cost of debt is about 7.23%, marginally below the 7.3% peer average. That supports distributable cash flow.
- About 7% upside to target Sep 27
BOB Capital's ₹122 target is about 7% above the Sep 25 close of ₹113.88. The article describes this as an increase from the target, but the price is actually below it.
- BOB Capital maintains Hold rating Sep 27
BOB Capital Markets kept its 'Hold' rating with a ₹122 per unit target, citing a limited near-term upside of up to 7%.
- 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 Sep 21, 2026. This is routine investor outreach with no new disclosures.
- Office REIT sector benchmarks Sep 27
As of Q1FY27, listed office REITs averaged about 33 msf of leasable area, around 93% committed occupancy, and in-place rents of about ₹98.2 per sq ft per month. BOB expects further consolidation across the five main office markets.
TL;DR: KRT has the strongest balance sheet among Indian office REITs, with the lowest LTV at 18% and the lowest cost of debt at about 7.23%, which reduces refinancing risk. The main risks are slower DPU growth and a development and ROFO pipeline below peers, which explains its slight valuation discount at 16.4x versus 16.6x. The units are down 8.22% YTD and have weakened over the past month, so the trend looks soft rather than improving. KRT is an office REIT, so the Consumer Discretionary sector tag looks miscategorised. A re-rating will likely depend on management using its low leverage to fund acquisitions that 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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