Thank you. Good afternoon, this is Alok.

Welcome to Brookfield India Real Estate Trust Q4 and financial year 2026 earnings call. Thanks to all our unit holders, analysts, and participants for joining us today.

Let me start by providing a brief update on the broader macro environment in India. India's structural advantages, including its deep talent pool, competitive occupancy costs, digital ecosystem, and policy stability, continue to strengthen its position as a preferred destination for multinational corporations and global capability centers.

India office market maintained strong momentum during financial year 2026, gross leasing reaching a record 91 million square feet and net absorption of 58 million square feet. Demand continues to be concentrated in high quality, institutionally managed office campuses that offer operational reliability, sustainability credentials, employee wellness infrastructure, and flexibility for future expansion.

As vacancy levels tighten in leading office micromarkets, rental growth and mark-to-market opportunities continue to remain favorable for high quality landlords. Against this backdrop, Brookfield India REIT is well positioned with one of India's highest quality and most diversified office portfolio, spanning 32.5 million square feet across key gateway markets with strong exposure to multinational tenants and GCC occupiers.

Financial year 2026 was a transformational year for Brookfield India REIT. I'm happy to mention that we have completed 5 years since listing, marking 5x growth in terms of AUM.

We delivered record leasing performance during the year, achieved meaningful occupancy growth across our portfolio, and completed the acquisition of Ecoworld, making Bengaluru our largest market. Together with Mumbai, these GCC focused markets now account for majority of the portfolio value.

In April 2026, we also successfully closed two capital raising initiatives: a ₹2,600 crore qualified institutional placement, and ₹1,125 crore primary investment in Ecoworld by 361, laying a strong foundation for future growth. Now let me walk you through our operating performance for the quarter and the full year.

During financial year 2026, we achieved a record 4 million square feet of gross leasing, including a 1.6 million square feet in Q4 2026 alone. Leasing demand remained broad-based across sectors and geographies, demonstrating the resilience and diversification of demand across our portfolio.

Importantly, approximately 50% of quarter 4 and financial year 2026 leasing came from GCC occupiers, reinforcing Brookfield India REIT's strong positioning as a preferred partner for multinational corporations establishing and expanding their Indian operations. We continue to see increasing demand from occupiers involved in high value functions such as engineering, analytics, R&D, financial operations, consulting, and technology development.

Our committed occupancy increased to 93%, up 5% year-on-year, while maintaining a long-dated WALE of 6.7 years. Occupancy growth was particularly strong across our SEZ portfolio, where committed occupancy improved from 84% to 91% over the last year.

Non-SEZ properties continue to operate at a resilient 96% occupancy. The leasing momentum continues to be good across product and tenant categories across our portfolio.

In addition, we have been strategically converting SEZ spaces to NPS across our campuses. In the current quarter, we have applied for conversion of 340,000 square feet space across N2 and Ecoworld, and out of this space, about 260,000 square feet has already been tied up.

Out of the total NPA spaces, which include converted and applied for conversion, we have already leased out 80% of the space, and we have a healthy pipeline of tenants for these spaces. In addition, we have also de-risked our near-term lease expiry profiles by proactively securing 0.7 million square feet of commitments against FY 2027 expiries through early renewals and expansion led re-leasing.

This also reflects the tenant stickiness in the portfolio and our robust tenant relationships. FY 2026 also marked an important milestone in our growth journey with the successful acquisition of Ecoworld, a 7.7 million square feet premium Grade A office campus located in Outer Ring Road, Bengaluru.

We successfully raised approximately ₹37 billion from marquee institutional investors through a combination of ₹26 billion QIP in April 2026 and ₹11.3 billion primary investment by 361 into the Ecoworld SPV in April 2026, at the same time retaining full operational and board control of the Ecoworld SPV while bringing in a high quality institutional capital partner. These transactions further strengthen our balance sheet and created significant headroom for future growth opportunities.

Our pro forma LTV now stands at 25.2%, implying a 10% headroom from the upper end of our target LTV threshold of 35%, which translates to dry powder of approximately ₹50 billion for future growth opportunities. We have been in forefront of ESG and sustainability initiatives, and that continues to remain deeply embedded within our operating portfolio.

During the quarter, Brookfield India REIT received the Golden Peacock Award for Business Excellence from the Institute of Directors, recognizing our strong governance framework and operational excellence. Additionally, Worldmark New Delhi, Worldmark Gurgaon, and Airtel Centre received EDGE Advanced Certification from IFC.

Downtown Powai renewed ISO certifications across quality, environmental, and safety standards. We continue to make meaningful progress against our sustainability-linked bond KPIs, including renewable energy adoption and water recycling targets.

I will now hand over to Amit to take you through the financial performance for the quarter.

Thank you, Alok, and good afternoon, everyone. Let me now take you through the financial highlights for Q4 and FY 2026.

FY 2026 was a strong year from both an operating and financial standpoint. For FY 2026, our net operating income stood at ₹22 22.9 billion, reflecting a robust growth of approximately 24% YoY.

Same-store NOI increased by approximately 10% over FY 2025, driven primarily by lease-up of vacant areas, mark-to-market gains, and contractual rent escalations. For FY 2026, we declared distributions of ₹21.40 per unit, reflecting an increase of 11% YoY.

Total distributions for the year stood at ₹15.2 billion. For Q4 FY 2026, our NOI stood at ₹7.4 billion, reflecting strong YoY growth of over 52%, supported by contribution from Ecoworld and same-store growth across the portfolio.

Our balance sheet remains robust with year-ending borrowing LTV of 32.2%, excluding shareholder loan instruments, and AAA stable credit rating from CRISIL and ICRA. As Alok mentioned earlier, following the QIP and the 361 investment into Ecoworld SPV, our pro forma LTV is at around 25.2%, creating nearly ₹50+ billion of dry powder for future acquisitions.

Our average cost of debt stands at 7.3%, with long-dated debt profile and minimal near-term amortizations. With that, I would now request the moderator to open the floor for questions.

Thank you so much and congrats on

Okay.

Hi. Thanks for the opportunity and congrats on the near record high occupancies.

One question is on N2. I see about a fourth of our rentals is due for expiry, and what I also see is the in-place rent at expiry is slightly higher than the in-place rent at the N2 property level.

If you could give us some idea as to is there any discussions on renewals or any color that would be very useful. Secondly, on the debt, now with the money that we've raised both at the Ecoworld level and at the REIT level, how should we expect debt to moderate and accordingly the impact on DPU for 1Q and 2Q?

I'm sure we might have some plan for property purchase later in the year, but we might still see some benefit on DPU, right, because of lower debt cost? These two are my questions.

Thank you.

Deep, let me talk about N2. If you see N2, our occupancy is already up from 84% to 94% in one year.

When you talk about expiry, as we have said, about 7 lakh square feet, we already have kind of a pre-leased or signed leases for the space which is expiring. There's one tower in N2, there's a tenant who was building their own campus, and they're going to relocate.

We already have signed with a large tenant entire tower for leasing, and it's on a substantial good mark-to-market of about 25%. What was the second question in terms of rentals, did you say, in N2?

No, I was wondering if there could be any rental pressure given that the tenant which is expiring, they are at 69 versus N2 average being at 66, but I think you probably answered it by saying that we've achieved that MTM already. Is that fair understanding?

Yes. We are at 94% occupancy and really, today whatever vacant space we have, that's at a premium.

There's no rental pressure. We're able to achieve good mark-to-market, and that's across, as I said, and very, very particular about N2.

That's where we are.

On your second question on debt, utilizing these QIP proceeds and the fundraise at Ecoworld, we are expecting to pay around ₹3,600 crore of debt, and our average debt cost let's say at around 7.3%. That will translate into a incremental interest savings of around ₹60 to ₹65 crores.

That should flow into the distributions going forward.

Right. This would probably be let's say May onwards, right?

In the sense the lower debt savings should start May onwards?

Repayments will happen over a period of time, and till the repayments happen, the money will be parked in mutual funds and FDs, which will also accrue interest income for the portfolio. Overall, it'll be incremental to the DPU.

Understood, Amit. Thank you.

Thank you, sir, and all the best.

Thank you. Can you hear me well now?

Great. Just continuing with the interest cost, most of your debt is still floating.

How are you thinking about changing the contours of your debt?

Puneet, we did do a bond issuance in December, and we continue to monitor the pricing across bank loan markets and the bond markets as well as weigh the maturities such that we have a balanced maturity profile. As you'd see, we have very limited maturities that are upcoming, but we continue to evaluate the cost of financing between these markets and will hopefully look to continue to increase the fixed rate instruments as on a proportionate basis.

Obviously, we'll continue to watch and take decisions that are appropriate based on what is the effective cost of financing.

Is there a target fixed tenure debt that you have in mind?

The question is do we have a target fixed to floating rate ratio? We don't necessarily have a particular ratio there.

Understood. Secondly, on the contours of the NDCF cash walkdown, if you can talk a bit about number one, the nature of working capital related positive outflows, and also how much surplus cash would you still have been left with which you can still use to manage the distribution a bit?

On working capital, Ecoworld was acquired recently into the REIT portfolio as we know, right? There are certain leases that got signed recently.

A big number of lease equalization reserve, which is an Ind AS impact which has accrued and is flowing through the working capital adjustment. That is one.

As you would have seen, we have used

That should be a negative number, right, in the initial years?

That'll be negative number in the initial years, right.

Then

on the positive side, there have been security deposits inflows in the current quarter, primarily from the new leases that have been signed up. Overall, there is a positive impact on the working capital.

Can you share the positive number for the security deposit?

What was the security deposit in Ecoworld? Total security deposit inflow in the current quarter was ₹72 crore, around ₹70 crore.

Understood. Sorry.

Go ahead, please.

No, please go ahead.

No, just continuing on the use of cash. The number that is here that of cash

Right. Overall in the current quarter, the overall generation was in the range of ₹5.7 per unit.

Now, considering the QIP happened in April and therefore distribution was to be made to the new unit holders as well. To maintain the NDCF, we utilized a portion of opening cash, which was available from prior acquisitions that REIT had done.

If you look at from a broader perspective, the overall NDCF has been positive in the current quarter.

No, and only what I wanted to understand was, of the total cash that you have, is there a quantum which you can use for this, or is the entire cash available for this distribution in some sense?

We still have around ₹50 to ₹60 crore available with us from previous quarters that can be used towards distribution in upcoming quarters. Hope that answers your question.

That is very useful. That's all.

Secondly, if you can just talk a bit about what have been the key drivers for the NAV increase that we saw in the current quarter?

Yeah. As far as our NAV, we reported a ₹349 per unit NAV in September, and today we are reporting a ₹387.

Essentially, if I look at it, we can kind of break it down into say three key buckets. We have gained roughly ₹2,900 odd crores in our asset valuation, which have kind of flown through to NAV.

1/3 of it is on account of reduction in cost of debt and cap rates, hence impacting the valuations. And 2/3 of it is on account of the operating progress that we have kind of made in our portfolio due to higher occupancy, better rent, and better MTM leading to better cash flows.

This entire 29 ₹2,900 crore have kind of flown into our NAV. I would also want to kind of highlight that our NAV is also understated approximately by ₹4 due to certain non-cash liabilities in our non-commercial portfolio.

If we manage to consolidate that not the commercial portfolio, this will also kind of vanish away. There is that ₹4 ₹4 kind of an understatement which is currently there.

Understood. That's very helpful.

That's all from my side. Thank you so much.

Thank you for the opportunity. Also, congratulations on the strong quarter and also the year gone by.

Firstly, how should we think about the DPU trajectory going forward, particularly given we are going to see a full year of Ecoworld, and then we have had QIP, and whatever lease run-up which is expected? If you can just give some thoughts on the trajectory of the DPU, that'll be useful.

We as of now are not giving any guidance per se, but as everyone would have seen the leasing schedule, we are expecting to end FY 2027 at around 96% occupancy levels. Right?

As you rightly said, with debt paydowns which we discussed earlier, increase in occupancy, the DPU will definitely grow from current levels. As of now, we are not giving any guidance.

If you see last year also, we increased by 11% from 19.25 to 21.5. Yeah.

It will definitely move up. Exact, I think, probably too early to say what's supposed to be the number.

Broadly just to add to what Alok and Amit said, broadly look, our incomes at a 93% occupancy level should grow at 5% to 6% per year. 5% is just contracted.

We will of course improve occupancies as we move along. If you just compare last two financial years, it was a 10% uptick same-store.

We'll expect at least 6% to 7% uptick as we trend from 93% to 97%, which should ideally give us an equivalent NDCF increase, if not more, just given we have of course some leverage in the capital structure, maybe some taxes that'll offset the growth impact. Broadly, I think 6% to 7%, which should mean call it a rupee or a rupee and a half per year from this point onwards should be fairly predictable.

Okay. That's useful.

My next question is on the lease expiry profiles. When I look at obviously N2, you had already discussed, has 24% of the rentals expiring in '27.

Outside of that, I also see Downtown Powai seeing a significant expiries coming in over the next 2 years, and also Airtel Centre is seeing 100% of the area expiring in fiscal '28. If you could give us some color on the re-leasing strategy and also the MTM opportunity for these two assets?

Girish, for financial year '27, we have about 2.8 million total which is about to expire. Out of that, we already have renewed 0.7 million.

1.3 million is expected to be renewed, and about 0.8 million will expire. Just to talk about individual cases you talked about Airtel Centre, same tenant is continuing.

That's continuing. In Downtown Powai, we hope to renew.

We're already at 93%, hoping to kind of go to 96% 97%. What is the availability of space is kind of in short supply.

The demand is good. We are able to renew most of the leases.

If some space is expiring, some tenant is vacating for whatever reasons, we are able to get mark-to-market and able to get better numbers.

Got it. Lastly, you spoke about the NAV drivers from September till let's say March of around the ₹387 per share across three buckets.

If I have to look forward next year also, how should we think about the drivers of NAV going ahead across the three different buckets you mentioned about?

In our public disclosures, one thing we have kind of given is that we have reported a 387. We have earlier explained that there is that ₹4 approximately addition that can kind of come in.

At the same time, we have done this April 2027 QIP. That also will have an impact as we go forward.

On top of that, yes, the QIP proceeds eventually will go into future acquisition, which will add to our NAV. There will be growth in the current cash flows of the existing portfolio, which will also kind of drive and flow through to the NAV.

Basically, going forward, there is an organic growth in NAV that is expected. On top of that, the QIP proceeds being used for inorganic growth will further improve the NAV going forward.

Got it. Thank you and all the best.

Hi. Good morning, and thanks for taking my questions.

Firstly, Alok, in light of the recent global geopolitical uncertainties, what's the kind of feedback that you're getting, particularly from global tenants, regarding future leasing decisions including renewals and more importantly on the expansion plans, and how does that fare versus let's say how things were say a couple of years back?

Just can you repeat the last sentence? What was the last sentence you said, Karan?

Yeah. I was asking in terms of leasing decisions, how they stand today versus how things were let's say a couple of years back?

No, so, Karan, when you talk about global turmoil, especially in terms of tariffs, we have seen it had no impact. Occupancies have meaningfully moved up in last 1 year.

That is something visible to everybody. Now let's talk about the war which is happening in the Gulf.

If you really see, this war is not going to have a mid to long term impact on any of the leasing decisions. GCC is not going to take a decision based on this war whether they should relocate to India.

That's quite independent. What's possible that if this war continues for let's say few more months, some delays can happen.

No kind of a leasing demand is going to be lost. No GCC is going to take a decision not to come to India.

We can expect few weeks or few months delay if this war continues. That's something at the max can happen.

That's something which I would like to say.

Sure. Just if I look at the acquisition pipeline and let's say the slide number 12, given you have almost ₹50 billion plus of dry powder, if you think about some of the sponsor pipeline, going forward, would you look to acquire sponsor assets which can deepen presence in the existing markets such as Worldmark or Ecospace or some of the assets in Mumbai, or would you like to evaluate new markets such as Pune and Chennai first to further diversify the portfolio, and if you can also provide a bit of color on both the sponsor and third-party acquisitions that you're currently evaluating, and going into FY 2027, what does the acquisition pipeline look like?

Maybe I'll take that first as well. Karan, look, the sponsor group today has in their network about 11 to 12 million square feet of operating assets.

Some of them, as you rightly said, are on page 12. It'll be natural for us to consolidate stakes in situations where we don't own the entire 100%, should they come up.

Also, I would say in terms of markets, each of these are pretty robust markets, right? If you look at growing in Mumbai or whether we are looking to add a Pune, I don't think we look at these markets very differently from a strategy standpoint.

I would rather say that there's a big focus on the REIT today to ensure two things. Number one, buy highly occupied assets.

I think our choices of acquisitions we pursue is largely driven by occupancies of those assets being in the 90% plus zip code, there's some upside, but also a large part of stability that adds to the portfolio. Second is really to look at assets which are now more front office or GCC-led in nature, to just diversify the portfolio a little bit more.

If we just rewind the clock and we compare the portfolio we had in 2023 to what we have today in 2026, addition of Mumbai, addition of Delhi, addition of Bangalore has really changed the flavor of how our tenancy split across the park, but also the risk profile of the larger pie that we have, right, with some of these assets now contributing more than half the value. We'd like to tread down that path and add assets that fit that strategy as opposed to be constrained by locations.

That's broadly how we think about it, but not sure if it answered your question,

but

happy to answer.

Sure. No, just a follow-up in terms of FY '27 pipeline.

Is there any third-party acquisitions also that you're evaluating or will the focus be on consolidating stake in the existing assets first?

No, we're open to third-party opportunities as long as, of course, they're highly occupied and complement our portfolio. We've evaluated a few in the past.

We'll continue to evaluate them as they come up in the market.

Sure. This is helpful, Rajat.

Lastly given the recent changes at the state government level, how are you rethinking about K1? Do you expect market rentals to see a huge bump-up here given the changes, and what does that imply for your 7.5 lakh square feet of expiries here in FY '27-'28, and how does that change the overall cap rates for this asset?

Amit,

I'll request Alok to take this. Yeah.

Karan, actually if you see Calcutta, we are almost 100% occupied. There's very, very small almost negligible vacancy, and anyway rentals have moved up substantially in last 2 years.

On expiries and mark-to-market opportunities and the new tower coming up, we expect them to lease at much higher rentals. That's the situation.

Now, I'm not sure of the cap rate bit. That's something changing, not changing.

I think that probably government will non-decide. Calcutta has done pretty well for last 2 years and is expected to do better with changes in government and the positive momentum.

Sure. Great.

Thank you, Alok and Rachit, and all the best.

Just to add to what Alok said, I think the market level vacancy in Calcutta, not a lot of people notice, is single-digit, low single-digit today.

There's absolute dearth of space in the market. Rents, of course, have been capped at call it early 50s levels, right?

It is impossible to bring in new supply at those rents today. If Calcutta has to progress and attract new companies, new talent, new commerce into the city, the rents have no choice but to move up.

Yeah. Yeah.

No. That was helpful, Rajat.

Yeah.

Great.

Good afternoon. Thank you for taking my questions.

Re-leasing spreads achieved over the quarter were approximately 200 bps lower than what was achieved last quarter and even maybe for FY '25. What is causing the compression in spreads despite the robust leasing within your portfolio?

Yashas, see, the leasing numbers, when you see leasing numbers are average, and the expiring rent could be higher or could be lower. That determines what's the leasing spread we get.

From our point of view, on the new rents, it's moving up quarter on quarter and then year on year. The closing rent doesn't close, but at times we can do the analysis here.

At times, the expiring rent could be a little higher and that can determine the leasing spread.

Understood. Has there been any progress on the redevelopment plan for Campus 3?

Do you think additional FSI will be made available, or is there any change in your expectations of yields on cost?

Listen, in terms of our strategy right now is on the basis of existing FSI, the idea is to refurbish it and lease to new tenants. I think that's the strategy right now.

Understood. Any indication of when we can expect rents to flow in post the refurbishment on this asset?

As you would be aware that currently the Campus 3 ABC is occupied by a tenant. We are in discussions on concluding on the vacation of the tenant from the Campus 3 ABC.

Once that is finalized, as Alok rightly said, we will take up the refurbishment, which should take anywhere between 9 to 12 months, and post that we expect the asset to be leased up in market. As we speak, we have quite a bit of inbound demand in that particular asset.

We are marketing this to the RFPs in the market. There are certain expansion demands coming from the Ecoworld campus in itself.

I think the leasing momentum looks very well for the Campus 3 ABC. Once we kind of finalize the vacation of the tenant, we should be up and running in next 12 months from there.

Just to add, at presently, it's rent-yielding. It's not vacant or it's not that rent is not coming.

It's rent-yielding right now.

Understood. That is helpful.

Thank you again.

Hi, good afternoon. Congratulations on a good performance and thanks for the opportunity.

My first question is on the DPU growth. Wanted to understand how much of a gap is there between committed and actual rent-paying occupancy which can get converted from non-cash to cash NOI?

Any guidance on the distribution mix, what it should look for in FY '27-'28?

Currently we are at a committed occupancy of 93%. There are roughly close to 6 or 7 lakh square feet of leasing which are under rent-free currently.

This will kind of flow through into rentals going forward in the subsequent quarters. As far as DPU is concerned, sorry, I didn't get that second question.

The distribution mix of dividend, interest, and principal repayment, what that would look going forward into FY '27-'28?

Understood. Currently, while we are kind of distributing 5.5, we have a dividend mix of roughly 16 odd percentage in the DPU of 5.5.

In FY '27, we expect this 16% to kind of inch up and reach roughly around 25 odd percentage number in financial year 2027. The DPU has been impacted by the recent tax regulations on MAT write-offs.

We were inching up to kind of get a better dividend going forward, but then given the MAT write-offs, the dividend component in the DPUs are targeted to be in the ballpark 25% for FY '27.

Sure. My second question is to Alok.

That you have a number of IT companies in your top 10 tenants. Recently, one of them announced job cuts as well, and the sector is experiencing a lot of headwinds.

Any fallout of the same in the future demand or leasing indications that you have seen?

See, we have been talking to most of the companies. When you talk about job cuts and I don't know which particular company you're talking about, let's not take the names, but if you really see, one company which announced the job cut, which was at global level, was just 3% of workforce.

Probably if you're talking about that company, the job cuts numbers are not very large. On a flip side, if you see most of the IT companies have seen their maximum revenues and maximum profits in last quarter.

That's also a matter of fact. Now, when we talk to these companies, these companies are, of course, pretty confident.

They are taking space from us. They are giving lock-ins.

They are not hesitant to give in lock-ins. The proof of pudding is we have seen lock-ins, we have seen these companies paying higher rentals, we have seen these companies having best profits and best kind of revenues in last quarter.

That's where we are. Now, in mid to long term, if things have to change, that's something which needs to be assessed.

Sure. One final question, if I may.

In the 25.5% LTV calculations for pro forma numbers, any adjustments done for stake or is it the full headline numbers that you've taken?

We have calculated this LTV basis the SEBI regulations where we have kind of looked at the consolidation of the assets. If we own 50%, we are getting consolidated, and taking the NCP at 50%, the non-commercial portfolio.

The LTV calculation is consistent with the way we have been kind of reporting it. One thing to kind of note is that this is, and as we've footnoted it also in that same slide, this is excluding the CCD/NCD of the shareholder debt that we have excluded from this calculation of 25%.

Sure, I'll connect separately on these numbers. Thank you and all the best.

Good afternoon and thanks for the opportunity. My first question is for the areas where we are seeing expiries in FY '27 or FY '28, say N2, Ecoworld, Downtown Powai.

What is the current market rates where incremental leasing is happening compared to our in-place rentals or let's say the expiring rentals? Can you give some color on that?

What each asset, we have to talk about let's say, let's talk about you know N2, N2 leasing is happening in kind of a 70 kind of a range. When we talk about Ecoworld, you talked about Ecoworld is leasing is happening, anywhere 125, 130.

That's the number we are getting. Of course, it depends on the space taker or other, how large tenant is.

These are two things you asked. You asked also for Bombay, is it?

Bombay also.

Bombay, it's going in range of about 200 190, 200 or slightly around 200. These are the kind of a closing numbers.

As we have said, we're able to get mark-to-market. Expirees are there, but at least in two cases, we have been able to pre-lease or close expiries.

In N2, we have talked about one whole tower has already been kind of a leased. It's going to get vacated by September, but it's already committed.

Similarly, in Ecoworld also, about 225,000 with a large GCC occupier has been closed ahead of schedule, 9 months ahead of schedule. I've already given in terms of expiry that 0.7 million is closed, point 1.7 million 1.3 million is going to hopefully going to get committed, and 0.8 million will get expired.

That's for next year. We're not in position to comment for financial year '28 as of now, but that's where we stand.

That's useful. Secondly, on the cash tax rate in the NDCF walkdown, how do you see that panning out for the next say couple of years?

Given the change in the MAT thing in the budget, do you see any change in your cash tax payout next year and then '28?

No change is expected in cash taxes at least for next 2 years. Anyways, the MAT write-offs that have happened in the current financial year, as per our projections, we were not utilizing those credits in next 2 to 2 and 1/2 years.

To answer your question, no impact at least in the next 2 to 2 and 1/2 years.

No significant outflow on cash taxes for the next 2 years also?

That's correct.

Okay. Thanks a lot.

Those were my questions.

Hi, good afternoon, and thanks for taking my question. A couple of questions from my side.

First, just wanted to get your views on ramp-up in occupancies in G1 and G2. These are our only assets with their occupancy still in the 80s.

How do we see leasing happening here?

Yeah. If you talk about G1, we have moved from 80% to 89%.

Very late 80s. I am confident this 89% 89% will definitely, in next few quarters, will cross mid-90s and will move to high 90s.

The demand is pretty strong. Almost 10% we have seen increase in I guess time.

Same thing again. It could be a question of time.

Again, then in G2, we have moved from 73 to 83. Again, very confident this 83 will move first to early 90s, then mid-90s and high 90s.

That's something we are very confident about.

Sure. Just to add that

most of these vacancies or the pickups that we're talking about are in non-processing areas from this point onwards. We, in fact, have about 8 lakh square feet of non-processing areas that are currently under various stages of conversations.

G1 and G2 are the largest beneficiary of that take-up from this point onwards. As Alok mentioned, I think a lot of pickup that happened over the course of the last financial year is almost 10 percentage points each in each of the assets that he spoke about.

I think something similar should be the go-forward trend, just given these are very cost-competitive locations right now with respect to everything else that is available in Gurgaon.

Sure. I missed the total number, I think you have given it earlier of what is the total SEZ area that we have converted till date and how much of that has been already leased?

Would it be possible to get that number?

We have converted till date roughly 2.5 odd million square feet, out of which we have already leased 2.1. There is almost a million square feet that we have applied for conversion.

Put together, the total number converted and applied comes to around 3.5 million square feet, out of which we have leased on a total basis roughly 2.7 odd million square feet. The occupancy on the non-processing area comes to around 79 percentage today.

As Rajat mentioned, we have a very healthy pipeline there of tenants to kind of take up space in the non-processing area. Sure.

Beyond this 3.5 million square feet overall, will we still have some area left?

Yes, we are having a planned conversion also, which we will be kind of taking up for conversion subsequently. There are also certain leases where there is a demand, and we are trying to kind of cater to that by doing a conversion going forward.

Yes, on these SEZ properties, we have headroom to kind of convert further, and we are strategically looking at converting it whenever the demand kind of comes in and we have ready occupancy tenants to kind of take up that space. I think going forward, we will be converting more spaces, and NPA area uptake will be the way forward for our SEZ assets.

Sure. Post our QIP and the investment by 361, what is the total debt in Ecoworld now, both internal and external debt?

Current debt at Ecoworld was ₹5,300 crores, and post diluting the stake and raising ₹1,100 crores, the number will come down to around ₹40 ₹200 crores of debt in Ecoworld.

Sure. Last question, we have seen pretty significant ramp-up in occupancy in our Calcutta asset.

Now we do have, I think, a mixed-use asset which is under construction. Apart from that, we also, I think, have about, if I'm not wrong, 2 to 2.1 million square feet of future development potential.

What is our thought process about this considering the existing operational area is almost fully leased now?

On the development which is happening, we are expecting to complete the development by end of this year, and there's a strong pipeline at good numbers on the retail piece as well as the office piece, and we should be able to move ahead with the leasing. In terms of land, we have various options.

Of course, one option can be we can do a demand-based development. We can do that, so that's something we would prefer.

Once this development happens, probably will take a call on that, how we should kind of monetize that.

Sure. Thanks, and all the best.

Hi, good afternoon. Thanks for the opportunity.

Sorry if I missed this earlier, but just wanted to understand your thought process, puts and takes, around the deal that you did with 361, getting partners in and have them invest in highly stabilized asset SPVs versus let's say have them invest at an overall REIT level. Is the former a slightly more accretive way, and you get to keep control as well?

Is that the thought process behind such deals? Thank you.

I think the thought process really was to get access to capital that was available at a price higher than what we paid, right? The real reason for raising that capital from our perspective was to offset the obligation of ₹1,125 crores of deferred consideration that is yet to be discharged against the Ecoworld acquisition, right?

We didn't want to be at the mercy of the markets. The capital was available.

Yes, it was available for the asset as opposed to the REIT itself, but we decided to raise it in any case because the obligation was also against the asset. Again, this in our minds, we expect that we will be able to consolidate that stake in 3 to 4 years' time back into the REIT.

It is just an arrangement where this money has been raised at the asset, but will soon find its way into the REIT capital stack as well. There's different pockets of capital, different partnerships available to the REIT.

Didn't want to turn away money when it's available at a good price.

Perfect. Makes sense.

Thanks a lot.

Thank you so much. Just continuing on this one, on the 361, is there an explicit obligation to return this money or payback or give an exit to 361 in this asset?

No, there's no obligation to give an exit for cash. 361 has an option to swap their interest in the asset into the interest in the unit capital of the REIT on a NAV-to-NAV basis.

So, NAV-to-NAV basis,

okay. If

let's say the NAV of the stake down below is 100 and the NAV of the REIT per unit is 10, they can get 10 units of the REIT after 3 years from now. There's no transaction available for 2 to 3 years from today, but after that, they have this option to swap for the shares of the REIT.

Again, to reiterate, REIT has no obligation to buy them for cash,

but

can of course offer stock.

Understood. Understood.

On the ₹463 crore of capital work-in-progress that you have, when should we expect that to get capitalized, and what is the potential for that?

No, no. These are normal asset upgrades and so development is happening in K1 as right?

Target completion for that is December 2026. Most part of this CWIP should get capitalized by December 2026.

What should we expect in terms of capitalization, how much is attributable to the K1? It's half a million square feet still or has it been changed of anything of late?

Most part of it is related to K1. The others are small upgrades that continue to happen in some of the assets.

Most part of it is attributed to K1.

Okay. Great.

That's all for my side. Thank you so much.

Thanks for the opportunity. Sir, I think you have replied about the committed occupancy versus the actual occupancy, but we didn't understand.

What is the actual occupancy in percentage terms?

The actual occupancy is 93%. I think what the question earlier was that out of this 93%, there would be certain areas which would be currently under rent-free, which will start generating cash rent going forward in the subsequent quarters.

The actual committed occupancy as on 31st of March is 93% for the REIT.

I'm not asking about the committed occupancy because we are not generating any rent income on the committed occupancy. We can generate the income only from the actual occupancy from the date we give the possession to the tenant.

That is my understanding. If I'm wrong, please clarify me.

That is correct. Typically, there's a 3 to 6-month lag between committed occupancy and rent-generating occupancy.

The rent-generating occupancy as it stands today, it's same as what it was last quarter ending, which is 91%, and somewhere between 91%

to 92%. Thanks.

There is a gap, and it is a normal in the REIT business that the 2% to 3% difference between the committed and actual occupancy. It is a normal and not on a higher side.

I wouldn't say it's a fixed gap. As I said, the committed occupancy starts generating rent within 3 to 6 months of being committed.

If there was an area that was just leased the last quarter, it'll start giving you rent in two quarters' time.

Okay. Sir, my next question is that recently the Prime Minister is suggesting that the work from home culture, will it affect our business in any way?

No, I think it's a timely call, but please appreciate this is related to the war which is going on, and it's for short term. Anyway, we are in a bit of a hybrid mode where some of the people are working at home.

In terms of leases, all of these leases are long-term leases, and it's not that somebody's going to downsize. Maybe person, maybe get slightly more acceptable instead of maybe 2 days people will work from home maybe 3 days, or instead of 1 day they might do 2 days.

That's what is expected. It's not going to impact any of our leases.

Do the tenant have any right to exit earlier than the contractual period? If yes, do we charge anything extra for the early exit?

Tenants do not have right to exit during the lock-ins, but in some cases and they are very rare cases, we have not seen many of these cases, maybe a small tenant here and there which are not in our portfolio. Even the COVID time, we have collected 99% of the rents.

In some cases happened and a call is taken, but we have not really seen tenants exiting before their committed time period.

The cost for a tenant to leave today, Nilesh, is to spend ₹4,000 a square foot in a new office. While the landlord may not get paid if a tenant leaves early, the tenant has to ensure that they have another ₹4,000 a square foot, should they want to open an office again.

In situations like these, people take a longer-term view, and these transient announcements do not typically impact take-up decisions or termination decisions.

Okay. Sir, last question.

Sir, I think the REIT was supposed to raise the around ₹4,000 crore, and we conclude ₹2,600 crore. Any reason for the raising of less fund?

We've taken an enabling approval for up to ₹4,000 crores to be raised in one or more tranches. When we launched the transaction, we launched for a base size of ₹2,000 crores, and then we upsized the transaction by 30% to raise ₹2,600 crores.

We're pretty much within what we'd communicated at the time of taking the enabling approvals.

Okay. Thank you, sir.

That's all from the my side. Thank you.

Hello, am I audible?

Yeah. I just wanted to understand the shareholding of Bharti Group currently in the by REIT.

Regarding the transaction that happened earlier, and how much does Bharti Group own currently? Look,

Bharti Group had taken stock when they had swapped their holdings in the 50% stake. We don't comment on specifics of shareholders, but we understand that they have traded a bit of what they had gotten in terms of stock at that time, and they continue to hold the balance.

There's no disclosure of how much percentage they hold currently, right?

No, look, you could look at public disclosures in case there are any disclosures that are available for those holdings.

Thank you.

Thank you. FY 2026 has been a defining year for Brookfield India REIT.

We delivered record leasing, improved occupancy meaningfully across our portfolio, completed a transformational acquisition in Bengaluru, strengthened our balance sheet, and enhanced our future growth visibility. With a high-quality portfolio diversified across India's leading office markets, strong sponsor backing, a healthy balance sheet, and a significant embedded growth potential, we believe Brookfield India REIT is well positioned for the next phase of growth and value creation.

As many of you may know, I will be retiring in end June, and this is my last earning call as Brookfield India REIT. It has been a privilege to lead this platform and to engage with all of you since our REIT got listed in 2021.

I'm deeply grateful for your continued trust, support, and partnership throughout the journey, and I'm sure you will continue to extend your trust and support to this platform going forward. I will be cheering from sidelines, and I'm only a call away.

Thank you for everything.