Knowledge Realty Trust
Knowledge Realty Trust is the largest office Real Estate Investment Trust (REIT) in India, backed by Blackstone and Sattva Group, with a diverse portfolio of 30 high-quality office properties across six major Indian cities, including Hyderabad, Mumbai, and Bengaluru. The REIT, which was established in 2025, boasts a significant Gross Asset Value (GAV) of approximately Rs 62,000 crore and serves a prestigious tenant mix of multinational corporations and leading domestic companies
- Market Cap ₹ 51,044 Cr.
- Current Price ₹ 115
- High / Low ₹ 129 / 103
- Stock P/E 27.8
- Book Value ₹ 102
- Dividend Yield 2.70 %
- ROCE 13.2 %
- ROE 14.0 %
- Face Value ₹ 100
Pros
- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 1.11 times its book value
Cons
- Earnings include an other income of Rs.1,926 Cr.
* 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 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|
| 2,900 | 3,339 | 3,930 | 0 | |
| 622 | 737 | 830 | 33 | |
| Operating Profit | 2,279 | 2,603 | 3,100 | -33 |
| OPM % | 79% | 78% | 79% | |
| 215 | 225 | -157 | 1,926 | |
| Interest | 1,533 | 1,693 | 1,746 | 58 |
| Depreciation | 593 | 588 | 381 | 0 |
| Profit before tax | 367 | 547 | 816 | 1,835 |
| Tax % | 41% | 38% | 73% | |
| 218 | 336 | 223 | 1,835 | |
| EPS in Rs | ||||
| Dividend Payout % | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 18% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -5% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 16% |
| Last Year: | 14% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|
| Equity Capital | 257 | 262 | 271 | 44,200 |
| Reserves | 960 | 2,171 | 1,845 | 1,113 |
| 20,485 | 19,766 | 19,797 | 2,992 | |
| 2,651 | 2,498 | 2,818 | 159 | |
| Total Liabilities | 24,353 | 24,697 | 24,731 | 48,464 |
| 20,115 | 20,449 | 20,376 | 0 | |
| CWIP | 0 | 3 | 9 | 0 |
| Investments | 1,680 | 1,135 | 681 | 40,009 |
| 2,559 | 3,110 | 3,664 | 8,455 | |
| Total Assets | 24,353 | 24,697 | 24,731 | 48,464 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| 2,234 | 2,095 | 2,723 | |
| -729 | -503 | -480 | |
| -1,487 | -1,528 | -2,298 | |
| Net Cash Flow | 18 | 64 | -55 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Debtor Days | 19 | 16 | 15 |
| Inventory Days | |||
| Days Payable | |||
| Cash Conversion Cycle | 19 | 16 | 15 |
| Working Capital Days | -460 | -218 | -125 |
| ROCE % | 10% | 13% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Committed Occupancy Rate % |
|
||||
| Completed Operational Leasable Area Million Square Feet |
|||||
| Gross Leasing Volume Million Square Feet |
|||||
| Re-leasing Spreads % |
|||||
| Average In-place Rent INR per square foot |
|||||
| Mark-to-Market (MTM) Potential % |
|||||
| Top 10 Tenant Contribution to Gross Rentals % |
|||||
| Total Leasable Area Million Square Feet |
|||||
| Under Construction Area Million Square Feet |
|||||
| Weighted Average Lease Expiry (WALE) Years |
|||||
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
20 Feb - Management to attend IIFL 17th Enterprising India Global Investors' Conference meetings on 25 Feb 2026.
-
Reg 23(5)(i): Disclosure of material issue
19 Feb - Received disclosure from Designated Person Sachin Anilkumar Tapadia on 19 Feb 2026.
-
Reg 23(5)(i): Disclosure of material issue
17 Feb - Knowledge Realty Trust management to attend Kotak 'Chasing Growth 2026' investor meetings on 26 Feb 2026.
-
Reg 23(5)(i): Disclosure of material issue
10 Feb - Knowledge Realty Trust management held one-on-one and group institutional investor meetings on 10 February 2026.
-
Reg 23(5)(i): Disclosure of material issue
10 Feb - One-on-one and group meetings with institutional investors on 11 Feb 2026; senior management to attend.
Concalls
-
Feb 2026Transcript PPT
-
Nov 2025Transcript PPT