Bagmane Prime Office REIT
- P/E
- 0.25
Key Fundamentals
SmallcapRealtyConsumer DiscretionaryPrice-based figures as of · TTM
- ROCE
- 0.00%
- Debt to Equity
- —
- EPS (TTM)
- ₹420.90
- Book Value
- ₹104.65
- Market Cap
- —
- P/E (TTM)
- 0.25
- P/B
- 1.01
- ROE
- −0.02%
- Dividend Yield
- 2.89%
- EBITDA
- —
- 52W High
- ₹111.94
- 52W Low
- ₹102.25
- Day Range
- ₹105.51 – ₹106.84
- Volume
- 1,71,652
Key Insights
Strengths
1- Company has a good return on equity (ROE) track record: 3 Years ROE 40.2%
Weaknesses
3- Stock is trading at 19.8 times its book value
- Company has low interest coverage ratio.
- Company might be capitalizing the interest cost
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bullish | 3 | 8 | 8 |
| Oscillators | Bullish | 1 | 6 | 2 |
| Moving Averages | Strong Bullish | 2 | 2 | 6 |
Oscillators
Bullish
Overall
Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 49.00
- Neutral
- MACD (12,26,9)
- −0.50
- Bullish
- SMA (50)
- 106.96
- Bearish
- SMA (200)
- —
- Neutral
As of
Growth Rate
From the financial statements below. 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025.
Revenue
| 3Y | −100.00% |
|---|---|
| 1Y | −100.00% |
Net profit
| 3Y | Turned to loss |
|---|---|
| 1Y | Turned to loss |
Operating margin· change in pp
| 3Y | No sales |
|---|---|
| 1Y | No sales |
Trailing twelve months: Results are not reported for each of the last eight quarters, so there is no trailing-twelve-month figure.
Revenue by year
| Mar 2023 | ₹1,979 Cr |
|---|---|
| Mar 2024 | ₹2,205 Cr |
| Mar 2025 | ₹2,371 Cr |
| Mar 2026 | ₹0.00 Cr |
Net profit by year
| Mar 2023 | ₹759 Cr |
|---|---|
| Mar 2024 | ₹809 Cr |
| Mar 2025 | ₹897 Cr |
| Mar 2026 | −₹0.26 Cr |
AI Analysis — Bull vs Bear
Bagmane Prime Office REIT trades at ₹105.59 with a market cap of ₹35,700 crore as of 2026-10-30, sitting near the lower end of its 52-week range of ₹102.25–₹111.94. The REIT shows a strong 3-year ROE of 40% and current ROE of 56.34%, but carries elevated leverage at a debt-to-equity ratio of 2.37 and reports TTM sales and profit decline of -100%.
- Exceptional return on equity of 56.34% as of 2026-10-30, well above typical REIT benchmarks, suggesting efficient capital deployment
- Strong 3-year ROE track record of 40%, indicating sustained ability to generate returns on shareholder equity over a meaningful period
- ROCE of 31.34% demonstrates that the business generates healthy returns on total capital employed, not just equity
- Price-to-book ratio of 1.01 suggests the unit is trading nearly at book value, offering potential value if underlying assets are fairly marked
- Dividend yield of 1.43% provides some income return to unitholders, relevant for yield-seeking investors in the REIT space
- Market cap of ₹35,700 crore reflects meaningful scale in the listed REIT space, which can support liquidity and institutional interest
- TTM compounded sales growth of -100% signals a severe collapse in reported revenue, raising fundamental concerns about the business trajectory
- TTM compounded profit growth of -100% indicates the REIT has seen its profits wiped out on a trailing twelve-month basis
- Debt-to-equity ratio of 2.37 is elevated, meaning the REIT is heavily leveraged and vulnerable to rising interest rates or refinancing risk
- Low interest coverage ratio flagged as a concern suggests that operating income may be insufficient to comfortably service debt obligations at current leverage of 2.37x D/E
- Potential capitalisation of interest costs could mean reported profits and asset values are overstated, masking the true cost burden on the balance sheet
- Last year ROE dropped to 0%, a sharp deterioration from the 3-year average of 40%, pointing to a recent and significant erosion in profitability
- Dividend yield of 1.43% is modest for a REIT, where investors typically expect higher distributions, suggesting limited cash flow available for payouts given the leverage profile
- The unit trades only 5.7% below its 52-week high of ₹111.94 despite the severe reported declines in sales and profit, suggesting the price may not yet fully reflect fundamental deterioration
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Bagmane Prime Office REIT is executing well operationally with near-full occupancy at 99%, a 4x jump in leasing, and strong NOI margins of 89%. Financial leverage is minimal at 4% LTV, providing significant room for inorganic growth. The key risk is the thin 17.19% public float, which could weigh on trading liquidity. If leasing momentum and GCC demand sustain, the REIT is well positioned for distribution growth, though improved public float would broaden investor participation.
- Sponsor holds 82.81% units Oct 13
Sponsor and sponsor group hold 82.81% of total outstanding units with only 17.19% public float, which limits liquidity and price discovery for retail investors.
- Leasing surges 4x in Q2FY27 Nov 2
Bagmane REIT leased 1.2 msf in Q2FY27, a 4x increase over Q1FY27, with 96% of leasing to GCCs, signaling strong institutional demand.
- Highest occupancy among office REITs Nov 2
Committed occupancy rose to 99.0% in Q2FY27, the highest among listed Indian office REITs.
- PAT surges 583% QoQ Nov 2
PAT surged 583% quarter-on-quarter due to tax benefits, with NOI at ₹6,844 million and an 89% NOI margin.
- Zero pledge on sponsor units Oct 13
All sponsor-held units are mandatorily held with zero pledges, and BREP Asia III India Holding is the largest public unitholder at 3.18%.
Quarterly Results
₹ Cr| Particulars | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Sales | 623 | 0 | 437 |
| Expenses | 104 | 0 | 73 |
| Operating Profit | 519 | 0 | 364 |
| OPM % | 83% | — | 83% |
| Other Income | 7 | 0 | 14 |
| Interest | 95 | 0 | 38 |
| Depreciation | 46 | 0 | 187 |
| PBT | 386 | 0 | 153 |
| Tax % | 34% | 175% | 62% |
| Net Profit | 254 | 0 | 59 |
| EPS (₹) | — | — | 0.17 |
Profit & Loss
₹ Cr| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,979 | 2,205 | 2,371 | 0 |
| Expenses | 415 | 496 | 484 | 0.26 |
| Operating Profit | 1,564 | 1,710 | 1,887 | −0.26 |
| OPM % | 79.01% | 77.53% | 79.58% | — |
| Other Income | 23.21 | 30.5 | 20.13 | 0 |
| Interest | 284 | 353 | 394 | 0 |
| Depreciation | 160 | 162 | 169 | 0 |
| PBT | 1,143 | 1,226 | 1,344 | −0.26 |
| Tax % | 33.61% | 33.96% | 33.24% | 0% |
| Net Profit | 759 | 809 | 897 | −0.26 |
| Div. Payout % | 0% | 0% | 0% | 0% |
Balance Sheet
₹ Cr| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | — | 6.08 | 6.04 | — |
| Reserves | — | 1,224 | 1,580 | — |
| Borrowings | — | 3,874 | 3,766 | — |
| Other Liabilities | — | 1,712 | 1,887 | — |
| Total Liabilities | — | 6,816 | 7,238 | — |
| Fixed Assets | — | 5,574 | 6,066 | — |
| CWIP | — | 4.89 | 28.5 | — |
| Investments | — | 0 | 0 | — |
| Other Assets | — | 1,237 | 1,144 | — |
| Total Assets | — | 6,816 | 7,238 | — |
Cash Flow
₹ Cr| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | 1,073 | 1,215 | 1,596 | — |
| Investing | −214 | −435 | −488 | — |
| Financing | −816 | −791 | −952 | — |
| Net Cash Flow | 43.26 | −9.85 | 156 | — |
| Free Cash Flow | 857 | 817 | 1,138 | — |
| CFO/OP | 82 | 93 | 107 | — |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | — | 13.91 | 7.85 | — |
| Cash Conversion Cycle | — | 13.91 | 7.85 | — |
| Working Capital Days | — | −214 | −235 | — |
| ROCE % | — | — | 33.22% | — |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Bagmane Prime Office REIT insights
34 extracted metrics across FY23–FY27.
Documents
Frequently Asked Questions about Bagmane Prime Office REIT
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Company Information
Bagmane REIT has been registered with SEBI on July 15, 2025 as a real estate investment trust. The principal place of business of REIT is situated at Bagmane Tech Park, Bangalore. It owns and manages premium Grade A+ business parks in Bangalore.
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