Brookfield India Real Estate Trust
Brookfield India Real Estate Trust REIT is an India-based commercial real estate vehicle. The investment trust's portfolio consists of campus-format office parks. Its commercial assets are located in Mumbai, Gurgaon, Noida and Kolkata.[1]
- Market Cap ₹ 25,947 Cr.
- Current Price ₹ 336
- High / Low ₹ 376 / 283
- Stock P/E 27.6
- Book Value ₹ 216
- Dividend Yield 5.34 %
- ROCE 5.92 %
- ROE 5.41 %
- Face Value ₹ 310
Pros
- Company is almost debt free.
- Stock is providing a good dividend yield of 5.34%.
- Company is expected to give good quarter
Cons
- Promoter holding has decreased over last quarter: -1.33%
- The company has delivered a poor sales growth of -7.98% over past five years.
- Tax rate seems low
- Company has a low return on equity of 4.22% over last 3 years.
- Promoters have pledged 90.0% of their holding.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Realty Realty Real Estate Investment Trusts (REITs)
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 957 | 0 | 436 | 335 | 389 | 631 | 890 | |
| 363 | 10 | 17 | 19 | 58 | 28 | 31 | |
| Operating Profit | 594 | -10 | 419 | 316 | 331 | 604 | 859 |
| OPM % | 62% | 87% | 96% | 94% | 85% | 96% | 97% |
| 274 | 72 | 35 | 36 | 0 | 219 | 174 | |
| Interest | 714 | 0 | 0 | 0 | 34 | 71 | 55 |
| Depreciation | 112 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 41 | 63 | 454 | 352 | 297 | 752 | 979 |
| Tax % | 64% | 0% | 0% | 4% | -0% | 5% | |
| 15 | 63 | 452 | 339 | 298 | 714 | 939 | |
| EPS in Rs | 2.07 | 13.50 | 10.11 | 6.80 | 11.76 | 14.63 | |
| Dividend Payout % | 0% | 0% | 149% | 0% | 0% | 1,819% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -8% |
| 3 Years: | 13% |
| TTM: | 79% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 38% |
| 3 Years: | 18% |
| TTM: | 90% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 7% |
| 1 Year: | 18% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 4% |
| Last Year: | 5% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 65 | 8,177 | 8,987 | 8,656 | 10,910 | 15,111 | 15,758 |
| Reserves | -2,285 | 63 | 139 | 128 | 71 | 304 | 425 |
| 6,922 | 0 | 0 | 0 | 728 | 669 | 698 | |
| 673 | 134 | 5 | 19 | 18 | 44 | 77 | |
| Total Liabilities | 5,376 | 8,374 | 9,131 | 8,803 | 11,729 | 16,128 | 16,958 |
| 4,517 | 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 4,504 | 6,297 | 6,332 | 9,537 | 11,187 | 11,204 |
| 858 | 3,870 | 2,834 | 2,471 | 2,191 | 4,941 | 5,755 | |
| Total Assets | 5,376 | 8,374 | 9,131 | 8,803 | 11,729 | 16,128 | 16,958 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 532 | -1 | -26 | -28 | -15 | -29 | |
| 98 | -3,610 | 185 | 701 | -2,108 | -2,363 | |
| -436 | 3,773 | -144 | -681 | 2,194 | 2,362 | |
| Net Cash Flow | 194 | 162 | 14 | -7 | 71 | -30 |
| Free Cash Flow | 361 | -1 | -26 | -28 | -15 | -29 |
| CFO/OP | 102% | 14% | -6% | -9% | -2% | -4% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 17 | 0 | 0 | 0 | 0 | |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 17 | 0 | 0 | 0 | 0 | |
| Working Capital Days | -229 | 50 | 68 | -655 | 5 | |
| ROCE % | 1% | 5% | 4% | 3% | 6% |
Insights
In beta| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Committed Occupancy % |
|
||||||
| Operating Area MSF |
|||||||
| In-place Rent INR PSF PM |
|||||||
| WALE (Weighted Average Lease Expiry) Years |
|||||||
| Gross Leasing MSF |
|||||||
| Same Store NOI Growth % |
|||||||
Documents
Announcements
-
Reg 23(5)(g): Outcome of Unitholder meetings
15m - Unitholders approved EGM resolutions, including up to Rs. 40,000 million institutional unit placement.
-
Reg 23(5)(g): Outcome of Unitholder meetings
1d - Held 9th EGM on April 7, 2026; sought approval for Rs1,125 crore SPV fundraising and up to Rs4,000 crore QIP.
-
Reg 23(5)(i): Disclosure of material issue
31 Mar - Shashank Jain named CEO effective July 1, 2026; Alok Aggarwal retires June 30, 2026; CPs approved up to ₹1,000 crore.
-
Reg 23(5)(i): Disclosure of material issue
30 Mar - Trading window closed for Brookfield India REIT until 48 hours after results for quarter and FY ended March 31, 2026.
-
Reg 23(5)(i): Disclosure of material issue
27 Mar - Investor meetings Mar 25 & 27, 2026 on business/financial updates for quarter and nine months ended Dec 31, 2025.
Annual reports
Concalls
-
Jan 2026Transcript PPT
-
Aug 2025Transcript PPT REC
-
May 2025Transcript PPT
-
Jan 2025Transcript PPT
-
Nov 2024Transcript PPT REC
-
Aug 2024Transcript PPT
-
May 2024Transcript PPT
-
Feb 2024Transcript PPT
-
Dec 2023Transcript PPT
-
Nov 2023TranscriptAI SummaryPPT
-
Aug 2023Transcript PPT REC
-
Jul 2023TranscriptAI SummaryPPTREC
-
May 2023Transcript PPT REC
-
Feb 2023TranscriptAI SummaryPPT
-
Nov 2022TranscriptAI SummaryPPT
-
Aug 2022TranscriptAI SummaryPPT REC
-
Jun 2022TranscriptAI SummaryPPTREC
-
May 2022Transcript PPT
-
Feb 2022Transcript PPT
-
Jan 2022TranscriptAI SummaryPPT REC
-
Nov 2021Transcript PPT
-
Aug 2021Transcript PPT
-
May 2021Transcript PPT
-
May 2021TranscriptAI SummaryPPT
Sponsor[1][2]
Brookfield is the sponsor of the REIT, which is a major entity in real estate, owning, operating, and managing one of the world’s largest and highest quality real estate portfolios, with approximately $278 Billion in real estate Assets Under Management (AUM) and employing about 25,000 individuals across more than 50 countries. The Sponsor Group also maintains a significant pipeline in India, owning an additional 26 msf of assets in complementary markets across the country.