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 ₹ 18,821 Cr.
- Current Price ₹ 310
- High / Low ₹ 324 / 255
- Stock P/E 26.3
- Book Value ₹ 254
- Dividend Yield 6.18 %
- ROCE 5.92 %
- ROE 5.41 %
- Face Value ₹ 274
Pros
- Company is almost debt free.
- Stock is providing a good dividend yield of 6.18%.
- Company is expected to give good quarter
Cons
- Promoter holding has decreased over last quarter: -5.27%
- 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.
- Earnings include an other income of Rs.219 Cr.
- Working capital days have increased from 63.0 days to 91.8 days
* 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 | |
|---|---|---|---|---|---|---|
| 957 | 0 | 436 | 335 | 389 | 631 | |
| 363 | 10 | 17 | 19 | 58 | 28 | |
| Operating Profit | 594 | -10 | 419 | 316 | 331 | 604 |
| OPM % | 62% | 87% | 96% | 94% | 85% | 96% |
| 274 | 72 | 35 | 36 | 0 | 219 | |
| Interest | 714 | 0 | 0 | 0 | 34 | 71 |
| Depreciation | 112 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 41 | 63 | 454 | 352 | 297 | 752 |
| Tax % | 64% | 0% | 0% | 4% | -0% | 5% |
| 15 | 63 | 452 | 339 | 298 | 714 | |
| EPS in Rs | 2.07 | 13.50 | 10.11 | 6.80 | 11.76 | |
| Dividend Payout % | 0% | 0% | 149% | 0% | 0% | 149% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -8% |
| 3 Years: | 13% |
| TTM: | 62% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 38% |
| 3 Years: | 18% |
| TTM: | 139% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -2% |
| 1 Year: | 16% |
| 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 | |
|---|---|---|---|---|---|---|
| Equity Capital | 65 | 8,177 | 8,987 | 8,656 | 10,910 | 15,111 |
| Reserves | -2,285 | 63 | 139 | 128 | 71 | 304 |
| 6,922 | 0 | 0 | 0 | 728 | 669 | |
| 673 | 134 | 5 | 19 | 18 | 44 | |
| Total Liabilities | 5,376 | 8,374 | 9,131 | 8,803 | 11,729 | 16,128 |
| 4,517 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 4,504 | 6,297 | 6,332 | 9,537 | 11,187 |
| 858 | 3,870 | 2,834 | 2,471 | 2,191 | 4,941 | |
| Total Assets | 5,376 | 8,374 | 9,131 | 8,803 | 11,729 | 16,128 |
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 |
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 | -163 | 50 | 68 | 29 | 92 | |
| ROCE % | 1% | 5% | 4% | 3% | 6% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
1d - Brookfield India REIT held investor meetings on July 1 and 3, 2025, discussing Q4 and FY25 financial updates.
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Reg 23(5)(i): Disclosure of material issue
30 Jun - Trading window closed from June 30, 2025 till post Q1 financial results announcement.
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Reg 23(5)(i): Disclosure of material issue
27 Jun - Brookfield India REIT held institutional investor meeting on June 25, 2025, for quarterly and annual updates.
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Reg 23(5)(i): Disclosure of material issue
27 Jun - Brookfield India REIT FY25 annual report: 3M sf leased, 15% NOI growth, Rs19.25 DPU, 50% stake in North Commercial Portfolio acquired.
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Reg 23(5)(g): Notice of Unitholder meetings
27 Jun - Brookfield India REIT FY25 annual report: 29M sf portfolio, 88% occupancy, 15% NOI growth, 50% NCP acquisition, strong capital raise.
Annual reports
Concalls
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May 2025Transcript PPT
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Jan 2025Transcript PPT
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Dec 2023Transcript PPT
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Nov 2023TranscriptNotesPPT
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Aug 2023Transcript PPT REC
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Jul 2023TranscriptNotesPPTREC
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May 2023Transcript PPT REC
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Feb 2023TranscriptNotesPPT
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Nov 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT REC
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Jun 2022TranscriptNotesPPTREC
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May 2022Transcript PPT
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Feb 2022Transcript PPT
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Jan 2022TranscriptNotesPPT REC
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Nov 2021Transcript PPT
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Aug 2021Transcript PPT
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May 2021Transcript PPT
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May 2021TranscriptNotesPPT
Asset Portfolio
As per FY21, the investment trust owns 4 office parks with total leasable area of ~14 million sq. ft. in gateway cities i.e. Gurugram, Noida, Kolkata and Mumbai.[1] The assets include :-
1. Candor Techspace G2 (Gurugram)
2. Candor Techspace N1 (Noida)
3. Candor Techspace K1 (Kolkata)
4. Nensington (Mumbai).[2]