Good morning, everyone. This is Alok, and welcome to Brookfield India Real Estate Trust's Q3 FY '26 earnings call.

Thank you to all our unitholders, analysts, and participants for joining us today. Let me begin with a brief update on the broader macro environment in India.

India's strong macro fundamentals continue to support the office market, with GDP growth of 7.3% predicted for financial year '26, stable inflation, and supportive financial conditions anchoring long-term investment confidence. Robust service exports and steady foreign investment inflows reinforce India's position as a global hub for GCCs, technology, and knowledge-led sectors, driving sustained demand for high-quality Grade A office space.

Against this backdrop, the Indian office market recorded strong momentum in CY 2025, with gross leasing reaching a record 83 million square feet plus, net absorption of 57 million square feet, and vacancy declining to multi-year lows, underscoring healthy occupier demand and tightening supply conditions. Turning to Brookfield India REIT, Q3 '26 was a strong quarter for Brookfield India REIT.

We delivered robust leasing performance, continued improvement in occupancy and cash flows, and completed a marquee acquisition with significant scale and diversification benefits. With the addition of Ecoworld, a large part of our portfolio value is now concentrated in high-growth and resilient micromarkets of Outer Ring Road in Bengaluru and Powai in Mumbai.

These markets are characterized by a high concentration of GCCs and sustained demand from multinational occupiers. Now, let me walk you through our leasing performance for the quarter.

Leasing and occupancy update: During Q3 financial year '26, we achieved 1.2 million square feet of gross leasing comprising 0.7 million square feet of new leasing and 0.5 million square feet of renewals. Leasing demand was well diversified across technology, consulting, BFSI, professional services, and engineering-led occupiers.

GCCs accounted for 44% of this leasing, reaffirming their continued preference for high-quality, institutionally managed campuses like ours. We achieved a re-leasing spread of 17% with average lease term for 11 years, underscoring both rental upside and long-term income visibility.

On a 9-month financial year '26 basis, we achieved 2.4 million square feet of gross leasing, with 49% contribution from GCCs, and a 19% re-leasing spread. With this, our committed occupancy now stands at 92%, up 5% year-on-year, while maintaining a WALE of 6.5 years, providing a strong visibility on future cash flows.

A key driver of leasing momentum was strong relocation and expansion demand enabled by our focused non-processing area conversion strategy, which has positioned our SEZ campuses for occupiers with domestic business activities as well. Overall, committed occupancy of our SEZ properties increased by 6% in 9-month quarter of this year, with space take-up from marquee tenants such as a leading automobile company, among others.

In G2 and N2, where occupancy increased by 10% and 8% respectively, about 1.3 million square feet of space with a breakup of about 0.7 million square feet in G2 and 0.6 million square feet in N2 has been converted or is at advanced stages of conversion, which is expected to further augment our leasing efforts and drive occupancy growth. Q3 was also a transformational quarter with the completion of the Ecoworld acquisition, a 7.7 million square feet premium Grade A office campus located on the Outer Ring Road, Bengaluru.

Post acquisition, our operating area increased by 31% to 32.4 million square feet, consolidated GAV increased by almost about 35%. Bengaluru is now our largest market, contributing 32% of at-stake gross asset value.

Together with Mumbai, these GCCs focus markets account for almost half of the portfolio value. Tenant roster has improved, with share of GCC tenants increasing to 45%, which was 37% earlier, and share of top 10 tenants reducing to 30%, which was 34% earlier.

We successfully raised 55 billion Indian rupees during the quarter through QIP and India's largest sustainability-linked bonds by REIT till date. The strong demand from diverse set of global and domestic marquee institutional investors significantly diversifying the unit holder base.

Of this, 35 billion rupees were raised through QIP, which was subscribed over 3 times, reflecting strong investor confidence in the Brookfield India REIT platform, our operating performance, and also our long-term growth strategy. In addition, we issued 20 billion Indian rupees of sustainability-linked bonds anchored by IFC, a member of World Bank Group, underpinning our continued commitment to sustainability.

During the quarter, we developed Blueprint 2030 to operationalize ESG commitments and adopted sustainability-linked finance framework, SLFF, which is called SLFF. On the operational side, our focus remained on embedding sustainability, wellness, and social impact across our portfolio, and we continued to receive recognition from global ESG institutions.

Key recognitions in ESG included: WELL Equity Rating for majority of buildings in Powai, Ecoworld, North Commercial portfolio, G1, G2, N1, N2, and K1, which is Candor portfolio, recognizing unswerving dedication to fostering inclusiveness and supporting environment; IGBC Net Zero Energy rating for K1, highlighting our commitment to sustainability, adoption of renewable energy, and energy-efficient operations; K1 and N2 received IGBC Performance Challenge excellence awards; Airtel Centre received Gold certification at state level Energy Conservation Awards 2025. I will now hand over to Amit to take you through the financial performance for the quarter.

Thank you, Alok, and good morning, everyone. Let me take you through the financial highlights for Q3 FY '26.

Our net operating income for the quarter stood at Rs. 5.4 billion, reflecting a steady YoY growth of around 14%.

Including the North Commercial portfolio, total NOI stood at Rs. 6.8 billion.

Growth in NOI was driven primarily by lease-up of vacant areas, mark-to-market gains, and contractual rent escalations. For Q3 FY '26, we declared a distribution of Rs.

5.4 per unit, an increase of 10% YoY, translating to total distributions of Rs. 4 billion.

The dividends and repayment of shareholder loan contributed to 65% of the total distributions. For 9-month FY '26, our NOI stood at Rs.

15.5 billion, reflecting a steady YoY growth of around 13%. Including the North Commercial portfolio, total NOI stood at Rs.

19.6 billion. For 9-month FY '26, we declared a distribution of Rs.

15.9 per unit, an increase of 14% YoY, translating to total distributions of 10 point Rs. 10.6 billion.

The dividends and repayment of shareholder loan contributed to 64% of the distributions. Our balance sheet remains robust with our borrowing LTV of 31.5%, excluding shareholder loan instruments, and dual AAA stable credit rating from CRISIL and ICRA.

Our average cost of debt of 7.6% in the current quarter is expected to reduce to 7.3% in Q4 FY '26, following 25 bps repo rate cut and reduction in borrowing cost of Ecoworld SPV. We have a long-dated debt profile, minimal near-term amortizations, and ample headroom for future acquisitions.

As mentioned by Alok, during the quarter, we successfully completed a Rs. 35 billion QIP with 3x subscription and issued Rs.

20 billion of sustainability-linked bonds, the largest such issuance by an Indian REIT, at a competitive coupon of 7.06% p.a.p.q., nearly 20% bps lower, 20 bps lower versus repo-linked street borrowings. Our outlook for future growth of NOI and distribution in our current portfolio is very healthy.

On the back of the lease-up and reduced borrowing costs, we expect 19% growth in our DPU once our current portfolio achieves stabilization at 97.5% occupancy. This does not factor in any impact on account of contractual escalations and MTMs.

I will now hand the call back to Alok for closing remarks.

Thank you, Amit. Quarter 3 FY '26 marks an important milestone for Brookfield India REIT.

With strong leasing execution, 92% committed occupancy, a large-scale entry into Bengaluru, and a strengthened balance sheet, we believe the platform is well positioned for its next phase of growth. With this, I would now request the moderator to open the floor for questions.

Thank you.

Hi. Thanks for the opportunity, and congrats on this sustained increase in occupancy.

The first question was around the area that we are in the process of conversion, the 3.1 million square feet. There the occupancy seems in '60s range.

What is the typical time that you expect for this conversions to happen into non-processing areas and when will this also see that 90-odd level of occupancy, your assessment of that? That is first.

Second question is on the receipt of 650 million, which we see in the NDCF walkthrough. If you could explain what exactly is this and is the understanding correct that this is a one-off, but it's offsetting what would have otherwise come via Ecoworld?

Some clarity on this would be very useful. Thank you.

No, thank you, Deep. I think good observation.

This is Alok. Let me take the first question.

See, let me just give a background. Initially, we have applied for about 1.9 million square feet of area across our assets for conversion, which is all leased out.

After that, we have applied for additional 1.2 million, which is under advanced stages of conversion or already converted. Most of this is backed by LOIs or advanced stages of negotiations.

See, please appreciate, and so this is 1.2. While 62% looks at 31st December, but when we talk about next quarter, this would have been substantially leased actually.

Part of that is already leased or very advanced stage of leasing. Then, in addition, we're also kind of a working out a strategy.

Probably we'll have to go for additional 0.7 million square feet of a further conversion, which is again backed by demand. Please appreciate we're already at 92%, and we have 8% kind of a vacancy and we have to mindful of the space which we take for conversion, because once converted, it cannot be kind of a re-done.

We keep getting SEZ demand also. Now in fact, we have cracked the code.

I think operationally we're efficient. Generally, when transaction is in advanced stage of signing or it's almost signed, within 75 to 90 days, we are able to convert.

That's our process. We have kind of been able to achieve.

That, I hope, answers your question. I would request Amit to take the second question.

If there's anything, you can ask.

On the second question, Deep, the existing REIT portfolio, ex-Ecoworld, has generated 5.4 rupees DPU by itself. As you mentioned that Ecoworld contributed 65 crores of cash, but a part of that cash was utilized towards meeting the debt cost at the Ecoworld level.

Then Ecoworld had other certain receivables from the demerged entity. As Ecoworld came into being as a legal entity through a demerger scheme.

Ecoworld as a legal entity has other receivables from the demerged entity. Those have also been accounted for while distributing 5.4.

Ex-Ecoworld, the generation is 5.4 because of the robust leasing performance over the last few quarters. Ecoworld by itself has also contributed 5.4.

Hope that answers your question.

Sure. Just to follow up.

On the first question, because I wanted this clarity itself, because we've heard you say earlier also that we convert when we have leaves or practically we are very close to an official lease signing. Practically, we can expect say that 60% becoming 90 or in the range of portfolio in a quarter or so.

That clarification really helps. Thank you.

That's very helpful. Thank you, guys.

Yes, you are right.

Hey, hi. Thank you so much for the opportunity.

My first question is, how do you feel about the leasing of the IT commercial part of Downtown Powai, and the upcoming expiries at K1 for this quarter?

On the upcoming expiry, only Kolkata, we already have signed the term sheet, and that leasing, because it's going to expire in next quarter. That's beyond 1.2 million square feet.

Beyond 1.2 million square feet, we have additional 0.5 million square feet term sheet signed. They have not been taken this quarter because expiry is happening next quarter.

That's on K1. Even in Powai, what are vacancies we are getting, we have signed term sheet for that as well, which is part of about 0.5 million square feet.

I hope that answers your question. If there's anything else, then I can answer.

Yeah. Basically, for fourth quarter, you're saying there could be a bit of gap in the K1 piece and then it comes in next year?

No gap, because the term sheet is signed. As soon as the tenant vacates, the tenant will move in.

Term sheets are being signed in advance in Powai as well as Kolkata.

Puneet, I think Q4 we have 1.1 million square feet of expiries out of which 800,000 are already kind of spoken for, renewed or re-leased already. Okay.

There's 300,000 square feet work in progress. I would say 80% of it is already covered across assets.

Okay. Understood.

That's helpful. Thank you so much.

Yeah.

Just to add here, I think as part of our syndicated, there's a bit of a churn in tech sector. There's a strong enough demand from GCCs to take space at least in advance.

We are able to get better terms for the space which is getting vacated.

Understood. That's helpful.

Thank you so much.

Hi. Good morning.

A couple of questions from my side. First, we have seen a pretty healthy increase in our occupancy levels.

A year down the line, where do you expect the overall occupancy at a portfolio level? Second, we have seen improvement in occupancy in G1 and G2 also.

Your outlook on the leasing and occupancy in these two assets would be great. Thank you.

Parvez, thank you. Thank you for this question.

Leasing has been kind of a steadily moving up, and that's what we have maintained. All of assets are marquee assets.

They have seen very high '90s kind of a leasing pre-COVID, and we see that phenomenon get repeated. I think right now we are not giving a leasing forecast.

We can give it probably next quarter. I think that will be fair.

I think we don't want to give it right now. What I can assure you is that leasing momentum will remain strong and we'll see leasing occupancy moving up quarter-on-quarter basis.

That's on broadly leasing, but next quarter we can come back with our guidances if we all feel is required. That's one.

G1 and G2, yes, again you've seen occupancies moving up and it will continue to move up. We have attracted new tenants in SEZ as well as done de-notification, attracted very large automobile manufacturer taking space in G2 campus, which we expect them to take more space.

We expect some of their vendors to take space. Momentum would remain strong in G1 and G2 as well.

We're very confident and positive of both of these assets as well.

Sure. Thanks, and all the best.

Good morning, team. Thank you for taking my questions.

On your acquisition of Ecoworld, what level of occupancy do you expect once the asset stabilizes, and over what time period do you expect the incremental NOI of around 4 million 0.4 million to flow through? Also, what will drive the 100 bps, approximately 100 bps reduction in borrowing cost for Ecoworld SPV?

Yashas, let me take the first question. In terms of occupancy, in Ecoworld we are already at 94%.

As we have maintained, that all assets eventually will achieve high '90s. Definitely, next phase of growth will come, they will cross 95% and then they will move towards high '90s.

How we end up at, say, best occupancy of 97, 98, 99%, that's time will tell, but high '90s is what we expect. I think the way momentum is kind of a building up and the way we see that demand for space is there and in most of our micromarkets which are very well positioned, we should achieve high '90s in next 12 to 18 months.

Yeah. On your second question on the reduction in Ecoworld interest rates by 1%, so that's already was part of the transaction when we were moving the asset into REIT.

Basis our discussions with the consortium of banks, the rate has to be reduced by 1%. It is currently at 8.4.

It will come down to 7.4 by 1st of February. That's already being discussed and agreed upon with the bankers.

Okay. Understood.

Re-leasing spreads, though up year on year, were down significantly quarter on quarter. I see that the spreads achieved over the quarter were, in general, lower than your long-term average spreads that you've achieved.

What do you think is pressurizing spreads and how do you expect them to trend in the near future?

Look, I think it's a function of the mix of the expiries that we have to deal with, right? In certain assets, we have significant amount of mark-to-market available.

In some assets, we don't have that much. It's also a question of at what point does the lease expire, how far it is from the market rent.

I think it's a mix that keeps changing every quarter. It'll be unfair to compare.

I think on a steady-state basis, if you take full financial year performances, we have always been in high teens, right? Anywhere between 15% to 20% and that can be expected to be long-term trend for next 2 to 3 years of expiries as we've forecasted.

Got it. Just one last one.

I know you already spoke about this, I guess, but weighted average lease terms have contracted significantly year on year. Is it mostly being driven by the relatively lower lease terms in Ecoworld and your IT commercial property in Downtown Powai?

How do you think lease terms are going to trend forward and what is going to drive this?

Not really. If you take micromarket to micromarket in Bombay, of course, some of the tenants do sign for 5 years.

I don't think our weighted average lease terms on whole are going down. This is WALE, which is 6.5 years.

I think some of the leases actually we have signed last quarter were 15-year leases actually. I don't know that what you're talking about, it's going down significantly.

That's something I need to understand. Just to assure you, I don't see, in fact, either ways going down or going up.

Tenants are signing 10-year, 15-year kind of a lease terms.

Okay. Understood.

Thank you so much.

Good morning, team, and thanks for the opportunity. Just on the conversions that we have applied for and we have visible pipeline of that 1.2, how much of that is for G1 and G2, just to get some sense on the visibility on the leasing side?

Specifically on N2 expiry next year while we discuss few assets, but how are we placed with the N2 expiry coming up next year of roughly 6 lakh-odd square feet? First question on that.

Pritesh, I think good observation, Pritesh. Now just to say that 1.2 million square feet what we are applying in second phase or have applied, out of that, about 0.5 million is in G2, which is largely backed by LOIs or advanced stages of discussions, and that's not in G1.

G1 doesn't have kind of a component of that. Oh, just 0.1 million square feet.

That's what it is. That was the first question.

What was the second question, sorry?

N2 expiry for next year?

N2 expiry, we have we have a, kind of a we have a tenant and we are hopeful the way in Kolkata it has worked out, we should be able to, able to able to, before the expiry, we should be able to backfill the space.

It would be renewed, you are expecting?

No, no, some of it is expired. Some of it is expiring.

Expiring that we have a we already have, against expiring, we have tenant waiting and what is get renewed, it get renewed.

Got it. Fair enough.

Just on the DPU side, you highlighted about Ecoworld contributing 5.4 per unit this quarter, that was backed by this 650 million of receivable as well. Now if I think about next quarter, this 650 obviously won't come, but then we would offset that with the benefit of lower interest rate that we will have.

Largely the contribution from Ecoworld should sustain at similar run rate. On the total portfolio basis, how should we see the DPU trajectory?

I know we have this 25.6 per unit number as a target which we placed. Is it more back-ended, or we'll continue to see that gradually inch up from 5.4 per unit right now on a quarterly basis to 6.4 over next 2, 3 years, what's the target there,

yeah? Firstly on Ecoworld, please note that Ecoworld in terms of operating NDCF contributed only for 8 days in the quarter ended December '25, right?

The transaction got completed on 24th December. For the next quarter, Ecoworld will contribute 100% of operational cash flows to the NDCF.

To your point, yes, the 5.4 will get organically generated through the operations itself. On the guidance for or the future projections for the NDCF, I think as of now we are not giving any guidance.

We'll maybe give some guidance in the next quarter. Just to add here, it will keep inching It's not back-ended, it will keep moving up every quarter.

That's how it's going to happen.

Over the period of 2 years, 3 years when we think that we should be reaching this run rate of 25.6?

Look, if you think about it, 87% occupancy going to 92% has led to a 10% increase in DPU, right? Our target of 25 is at 97%.

5%. It's a question of when do we achieve the next 5% and, of course, the contracted rent growth on whatever we have.

We'd like to do it in 4 quarters, 5 quarters. Maybe it will take a 6, 7.

I think at least in the next 2 years, the idea would be to touch this number as the leasing markets continue to be supportive.

Sure. Fair enough.

Thanks. That is from my side.

All the best.

Hi, sir. Am I audible?

Yes, you are.

Just couple of questions from my side. Firstly, in terms of acquisitions, in terms of preference for acquisitions, is it more towards acquiring very mature assets at relatively lower cap rates at around Ecoworld at 7.5%, 7.6%?

Or to acquire maybe a good asset which is not perhaps managed well and try to drive a little more delta to increase the absolute DPU per unit? Secondly, just in as a follow-up to that, what would be the cap LTV cap threshold that you would be comfortable with?

That's all from my side. Thanks.

Look, I think strategy remains to buy, I would say, stable assets with limited operating risk, and that is something that at least we've tried to strike by in the last two acquisitions, which were the North Commercial portfolio, which we bought at a call it mid-90s occupancy, and Ecoworld, which is again at a mid-90s occupancy. I think strategy will be to buy similar assets which are stable in nature, do improve the quality of income, do not put the DPU at a lot of risk.

That said, look, I think there's always an opportunity to take a little bit more risk and buy assets with some leasing left, some development left. At this moment, we don't have visibility of a pipeline of that nature.

Should opportunities arise, there's no reason why the REIT can't do it having a 32 million square feet, 50,000 crore scale right now. There is some ability to take a little bit of risk on that front as well.

On the point of DPU growth, look, I think it's not really driven by necessarily taking risk, right? In a lot of our properties, we see a lot of rent growth potential on account of mark-to-market.

While we buy at a certain cap rate, we can very quickly deliver close to 7% to 8% annualized growth in some of these. Case in point is Ecoworld, where our passing rents are 102, but the market right now on some of the recent transactions that some of our competitors have done is at 30% higher.

If we were to capture all of that spread, our rent growth in this asset, which is the highest value asset in the REIT right now, will be north of 5% to 7% north of 5% for sure and 7% to 8% potentially because of the spread, right? DPU growth will come through good asset management, good leasing, great rent capture.

We're going to continue to focus on that and not necessarily look at a lot of lease-up or development risk necessarily. On your second question, I think, from a capital structure perspective, we will look at 33% to 35% as our cap LTV on the bank borrowings.

Right now we are at 31 with all the obligations put together. We're fairly comfortable, but of course, idea would be to stay around the 33 number in the long term.

Understood. That's all from my side.

Thanks.

Hi, good morning. Thanks for the opportunity, and congratulations on conclusion of the Ecoworld transaction.

My first question is on the Ecoworld properties. What assumption we should take going forward basis the NOI margins of the property?

Will it be similar to what we see for the others, in the range of, say, 100% to 105% of OLAR, or it's a bit different?

It should be in the similar range. We are expecting similar NOI margins of 98% to 100% for this campus as well.

Okay. Second question is on the occupancy bit.

Understand committed number has moved from, let's say, 87% to 92% now. What is the actual rent-yielding or the economic occupancy and how will that move going ahead, because that will actually impact your cash flows?

Is there a significant delta there, especially for Ecoworld, because a lot of the leases were recently signed?

Sumit, entire all of the leases are rent rent-yielding. There could be there are some, kind of a mandatory or customary, as per deal, there are, 3, 4, 5 months kind of a rent-free.

Leave that apart. That, I think, we don't have a data on a lease-to-lease basis.

Some of them rent-free is already kind of behind them and they started giving rent. Some of the probably which got LCD started this quarter, the rent will last quarter the LCD started, this quarter the rent would start.

Largely, I would say, leave that 3, 4 months rent-free apart, every square inches is rent-yielding.

Okay. Fair to assume that the run rate that you mentioned in the last PPT for Ecoworld, that should come through going forward?

That's correct, Sumit. Yeah.

You should assume 94% as rent-yielding.

Cool. Thank you.

That's all from my side. Yeah.

Hi. Can you hear me?

Yes, Dheeraj.

Yeah. Thank you giving me opportunity, and performance.

My limited question, or the one question is typically, we have 60% to 65% distribution typically from in a tax-efficient way. You had in past indicated that you are trying over a period of time to improve the structure so that we can get better efficient tax-efficient asset.

Any thought exactly how you see distribution going up in, say, 2 to 3 years' time on the component-wise?

Good question, great question. As you rightly said, we did certain capital restructuring schemes.

The impact of those have started to flow in. In the current quarter, we have distributed dividends from K1 entity as well, where the capital reduction scheme was done.

In the upcoming year, we would be doing dividend distributions from Ecoworld, K1, Festus, N1, and therefore, our range of the SPVs from where we could declare dividend is increasing. We would be doing certain other capital restructuring activities over the next few quarters.

For the next year, we are targeting to achieve a 30% dividend mix in the overall distributions.

Okay. The dividend will be 30.

Shall we continue to see kind of 1/3, 1/3, 1/3 capital redemption being 1/3, dividend being 1/3, and 1/3 interest, or do we see big decline in interest portion, which is most tax-inefficient for the investor?

Yeah. Whatever the increase in dividend will come out from interest most probably.

The mix will become 30 dividend, 50 repayment, and 20 interest. That's the guardrails that we are working with.

Yeah. Thanks a lot.

That answers. In fact, next time, if Q4 you are giving guidance, just if possible, also give a range of what kind of component, while it's difficult, but that would be really helpful if you can give that kind of.

Wish you all the best.

Thank you.

Thank you. Thank you.

I hope we have answered all questions well, and thank you, everybody, for attending the call and giving your time and for your support.