Knowledge Realty Trust
Knowledge Realty Trust
Consumer DiscretionaryKey Fundamentals
MidcapTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Stock is trading at 1.16 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoKnowledge Realty Trust trades at a market cap of approximately ₹49,949 Cr with a P/E of 79.9x and a P/B of 1.15x. The company reported a dramatic TTM profit surge of 15,381% alongside modest 3-year sales CAGR of 2%, suggesting a recent inflection in profitability from a very low base rather than sustained top-line momentum.
- Stock trades at just 1.15x book value, which is notably low for a real estate trust with a ₹49,949 Cr market cap, suggesting limited downside relative to asset backing
- TTM compounded profit growth of 15,381% indicates a massive turnaround in profitability, pointing to a potential structural shift in earnings
- 3-year compounded profit CAGR of 18% shows that profit improvement is not purely a one-quarter anomaly but has some multi-year consistency
- Dividend yield of 1.51% provides a baseline income return to unitholders, which is relevant for income-oriented investors in a REIT-like structure
- Last year ROE turned positive at 2%, indicating the trust has moved from losses or negligible returns to generating at least some return on equity
- 1-year stock CAGR of 5% shows the market has begun to recognize improving fundamentals, yet the stock is not in overheated momentum territory
- 3-year sales CAGR of 2% confirms revenue stability and a base level of occupancy or rental income even during slower periods
- P/E ratio of 79.9x is extremely elevated, implying the market is pricing in significant future earnings growth that may not materialize
- ROE of just 2% in the last year is well below typical cost-of-equity benchmarks of 10-12%, indicating very poor capital efficiency
- 3-year sales CAGR of only 2% reflects near-stagnant top-line growth, raising questions about organic demand and rental escalation ability
- Key financial ratios — debt-to-equity, ROCE, multi-year ROE, and EPS — are unavailable or null, limiting fundamental analysis and transparency
- The 15,381% TTM profit jump is almost certainly off a near-zero or negative base, making the headline growth figure misleading as a measure of sustainable earnings power
- 52-week high and low data are both reported as 0, preventing any assessment of price range, volatility, or technical support levels
- Dividend yield of 1.51% is modest relative to listed REITs and InvITs in India, many of which offer 5-7%, reducing the income appeal
- Absence of 5-year and 10-year growth data for sales, profit, ROE, and stock CAGR makes it difficult to assess long-term track record and consistency
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Blackstone selling 25% stake Aug 30
Blackstone selling up to 25.03% of KRT (~₹11,988 crore / $1.26B) via OFS on Aug 31–Sep 1 at floor price of ₹108, a 4.7% discount to prior close and 13% below NAV. Stake drop from 46.51% to potentially 21.5% may trigger sponsor redesignation process.
- Blackstone shifting away from office Aug 30
Blackstone has shifted ~80% of its global real estate portfolio to logistics, rental housing, hospitality, lab office and data centers, signaling reduced long-term conviction in traditional office assets. The firm already fully exited Mindspace REIT and Embassy REIT.
- Short-term capital gains tax drag Aug 30
With KRT listing in Aug 2025 and OFS in Aug 2026, the ~12-month holding period likely triggers 15% short-term capital gains tax, suggesting urgency to monetize rather than wait for LTCG exemption.
- ₹1,000 cr NCD fundraise approved Sep 7
Borrowing committee approved raising up to ₹1,000 crore via listed, secured, redeemable NCDs on private placement basis, with leverage at ~18% providing financial flexibility for acquisitions.
- Strong Q1 leasing, occupancy up Sep 7
Q1FY27 leasing hit 1.4M sq ft (700K new + 700K renewals), lifting occupancy to 93%. Revenue and operating income rose 15% YoY, DPU up 5% QoQ to ₹1.70.
- CEO bullish on FY27 leasing Sep 7
CEO Shirish Godbole expects FY27 leasing to exceed last year's 3.5M sq ft, citing resilient demand from GCCs and front-office occupiers across Hyderabad, Bengaluru and Mumbai.
- 25% mark-to-market rental upside Sep 7
Portfolio has ~25% mark-to-market rental upside, 2.6M sq ft under development, and management is actively evaluating acquisitions across six major office markets.
- PPFAS MF takes 6.62% stake Sep 3
PPFAS Mutual Fund acquired 29.36 crore shares via open market on Aug 31, building a 6.62% holding — a significant domestic institutional vote of confidence.
- India office market tailwinds Aug 30
Grade A office demand projected at 70–75M sq ft in 2026 vs 60–65M sq ft supply. GCCs account for record 45% of leasing in H1 2026, up 22% YoY. Average rents up 9% YoY to ₹96/sq ft/month.
- Sponsor OFS logistics and pricing Aug 28
OFS of up to 1.11 billion units scheduled Aug 31–Sep 1 via BSE and NSE, with base offer of 740M units at ₹108 floor price.
- Governance transition ahead Aug 30
Board already has 60% independent directors. Enhanced public float post-OFS improves index eligibility and could attract passive fund flows, but sponsor redesignation may take 90+ days.
TL;DR: KRT is operationally strong — 93% occupancy, 15% YoY revenue growth, rising DPU, and a robust leasing pipeline backed by India's booming GCC-driven office market. The key overhang is Blackstone's large-scale stake exit, which creates near-term supply pressure on the stock despite being absorbed partly by quality buyers like PPFAS MF. The ₹1,000 crore NCD raise and low 18% leverage position KRT well for inorganic growth. Trend is improving on fundamentals, but the sponsor transition and potential stock overhang from the OFS warrant monitoring over the next 1–2 quarters.
Quarterly Results
| Particulars | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Sales | 671 | 1,179 | 1,197 | 1,243 |
| Expenses | 131 | 218 | 240 | 196 |
| Operating Profit | 541 | 961 | 956 | 1,047 |
| OPM % | 81% | 82% | 80% | 84% |
| Other Income | 31 | 25 | 19 | 25 |
| Interest | 198 | 248 | 236 | 239 |
| Depreciation | 239 | 405 | 407 | 410 |
| PBT | 135 | 333 | 333 | 423 |
| Tax % | 54% | 38% | 68% | 41% |
| Net Profit | 63 | 206 | 107 | 251 |
| EPS in Rs | 0.14 | 0.47 | 0.24 | 0.57 |
Profit & Loss
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 6m | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 2,900 | 3,339 | 0 | 3,047 | 4,290 |
| Expenses | 622 | 761 | 2 | 589 | 784 |
| Operating Profit | 2,278 | 2,578 | -2 | 2,458 | 3,505 |
| OPM % | 79% | 77% | — | 81% | 82% |
| Other Income | 215 | 249 | 0 | 75 | 100 |
| Interest | 1,533 | 1,693 | 0 | 682 | 921 |
| Depreciation | 593 | 588 | 0 | 1,050 | 1,461 |
| PBT | 367 | 547 | -2 | 800 | 1,224 |
| Tax % | 41% | 38% | 0% | 53% | — |
| Net Profit | 218 | 336 | -2 | 375 | 627 |
| EPS in Rs | — | — | — | 0.85 | 1.42 |
| Div. Payout % | 0% | 0% | 0% | 558% | — |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | — | — | 0 | 44,199 |
| Reserves | — | — | -2 | -1,012 |
| Borrowings | — | — | 0 | 12,363 |
| Other Liabilities | — | — | 21 | 2,693 |
| Total Liabilities | — | — | 19 | 58,243 |
| Fixed Assets | — | — | 0 | 55,878 |
| CWIP | — | — | 0 | 38 |
| Investments | — | — | 0 | 256 |
| Other Assets | — | — | 19 | 2,070 |
| Total Assets | — | — | 19 | 58,243 |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | — | — | 0 | 2,031 |
| Investing | — | — | 0 | 3,958 |
| Financing | — | — | 0 | -5,363 |
| Net Cash Flow | — | — | 0 | 627 |
| Free Cash Flow | — | — | 0 | 1,786 |
| CFO/OP | — | — | 0 | 94 |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | — | — | — | 25 |
| Cash Conversion Cycle | — | — | — | 25 |
| Working Capital Days | — | — | — | -144 |
| ROCE % | — | — | — | 5% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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32 extracted metrics + investor summaries across FY23–FY26.
Documents
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Company Information
Knowledge Realty Trust is an office Real Estate Investment Trust (REIT) in India, backed by Blackstone and Sattva Group, with a portfolio of 46.3 msf of operational and under-construction office assets spread across six locations in India, including Hyderabad, Mumbai, and Bengaluru.[1]
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