Q2 FY27 results: Revenue up 13%, NOI up 15%, record distribution of Rs. 7,640 million (DPU Rs. 1.72)
REIT Q2 FY27 results (quarter ended 30 Sep 2026).
By ScoutQuest · · 2 min read
- Revenue (Q2 FY27)
- Rs. 12,725 million, up 13% YoY
- NOI (Q2 FY27)
- Rs. 11,404 million, up 15% YoY; NOI margin 90% vs 88%
- Distribution per Unit (DPU)
- Rs. 1.72 per unit, up 11% YoY
- Leasing & Occupancy
- 0.8 million sq ft leased in Q2; committed occupancy 93% (area) / 94% (value)
- NAV & LTV
- NAV Rs. 127 per unit, up 7% YoY; LTV 18%
What was announced
The manager of the REIT shared its press release and earnings presentation for the quarter and half year ended 30 September 2026 (Q2 FY27).
Financial performance (Q2 FY27 vs Q2 FY26)
- Revenue: Rs. 12,725 million, up from Rs. 11,238 million (+13%)
- NOI (rental income after property costs): Rs. 11,404 million, up from Rs. 9,881 million (+15%)
- EBITDA: Rs. 10,940 million, up from Rs. 9,660 million (+13%)
- NOI margin: 90%, up from 88%
Distribution to unitholders
- Total distribution: Rs. 7,640 million, up from Rs. 6,900 million (+11%)
- Distribution per unit (DPU): Rs. 1.72, versus Rs. 1.56 a year ago
- Mix: Dividend 53%, Repayment of Debt 28%, Interest 18%, Other Income 0.1%
- 82% of the payout is described as tax-efficient for unitholders
The CEO said DPU has grown in every quarter since listing.
Leasing and occupancy
- Gross leasing of 0.8 million sq ft in Q2, including 0.2 million sq ft pre-leasing; H1 FY27 total 2.2 million sq ft
- Committed occupancy: 93% by area, 94% by value
- Average rent spread of 24% on Q2 leasing (new rent vs old rent)
- In-place rents up 7% YoY to Rs. 101 per sq ft per month
- Mumbai occupancy at 95%; Hyderabad leases re-priced at 41% spread since listing
- Existing tenants' expansions made up 54% of quarter's leasing
- Weighted average mark-to-market potential of 25% until FY30
Valuation and balance sheet
- Gross asset value: Rs. 688,631 million
- NAV: Rs. 127 per unit, up 7% YoY
- Loan-to-value (LTV): 18%, which management says gives room to evaluate acquisitions of sponsor and third-party assets
Portfolio snapshot
29 Grade-A office assets totalling 46.5 million sq ft across 6 cities, with over 475 tenants.
What it may mean
The numbers show growth in rent, income and payouts alongside low debt. Some metrics such as NOI and distributions are non-GAAP measures defined by management.
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More numbers
- Q2 FY27 revenueRs. 12,725 million
- Revenue growth YoY13%
- Q2 FY27 NOIRs. 11,404 million
- NOI growth YoY15%
- Q2 FY27 distributionsRs. 7,640 million
- DPU Q2 FY27Rs. 1.72 per unit
- Distribution growth YoY11%
- NOI margin Q2 FY2790%
- Gross asset valueRs. 688,631 million
- NAV per unitRs. 127 per unit
- Committed occupancy by value94%
- LTV18%
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