Bagmane Prime Office REIT posts Rs 1,202 crore half-year revenue

Bagmane Prime Office REIT reported Rs 1,202 crore of consolidated revenue from operations and Rs 1,079.527 crore of net operating income for the half year ended 30 September 2026. Its first consolidated results included seven operating segments, led by Bagmane Tech Park, which contributed Rs 336.13 crore of revenue.

What were Bagmane REIT's first consolidated half-year operating results?

Bagmane REIT generated Rs 1,202 crore in segment revenue during the half year ended 30 September 2026, while direct operating expenses were Rs 122.473 crore, resulting in net operating income, or NOI, of Rs 1,079.527 crore. The filing defines NOI as segment revenue less direct operating expenses. These were the Trust's first consolidated financial results after acquisitions completed during the period.

For the quarter ended 30 September 2026, Bagmane REIT recorded revenue of Rs 764.994 crore and NOI of Rs 684.395 crore, compared with Rs 437.006 crore of revenue and Rs 395.132 crore of NOI in the quarter ended 30 June 2026. The September quarter therefore contributed more revenue and NOI than the June quarter, although the filing says pre-acquisition standalone periods are not comparable with the consolidated results.

Which Bagmane REIT properties generated the most income?

Bagmane Tech Park was Bagmane REIT's largest half-year segment, reporting Rs 336.13 crore of revenue and Rs 306.438 crore of NOI. Bagmane World Technology Centre followed with Rs 319.012 crore of revenue and Rs 282.027 crore of NOI, while Bagmane Constellation Business Park generated Rs 269.795 crore of revenue and Rs 239.992 crore of NOI.

Together, these three parks produced Rs 924.937 crore of revenue in the half year ended 30 September 2026, against Rs 277.063 crore from Bagmane Cosmos Business Park, Luxor @ Bagmane Capital Tech Park, Bagmane Rio Business Park and the other segment including solar assets and solar parks. Luxor generated Rs 83.58 crore and Bagmane Rio generated Rs 62.93 crore of half-year revenue.

How did Bagmane REIT's second-quarter performance compare with the first quarter?

Bagmane REIT's revenue rose to Rs 764.994 crore in the quarter ended 30 September 2026 from Rs 437.006 crore in the quarter ended 30 June 2026, while NOI rose to Rs 684.395 crore from Rs 395.132 crore. Bagmane Tech Park's revenue increased to Rs 209.723 crore from Rs 126.407 crore, and Bagmane World Technology Centre's revenue increased to Rs 211.33 crore from Rs 107.682 crore.

The solar portfolio was separately identified in the September quarter as Solar Assets/Solar Parks - Karnataka, producing Rs 26.99 crore of revenue and Rs 24.166 crore of NOI. In the June quarter, it was included within the other segment, which generated Rs 17.772 crore of revenue and Rs 16.336 crore of NOI, so the filing's segment labels changed between the two quarters.

How profitable was Bagmane REIT after corporate costs and financing?

Bagmane REIT reported earnings before finance costs, depreciation, amortisation and tax expenses, or EBITDA, of Rs 1,037.661 crore for the half year ended 30 September 2026. This followed Rs 69.218 crore of other expenses, excluding direct operating expenses, and Rs 27.352 crore of other income.

Finance costs were Rs 90.336 crore and depreciation expense was Rs 502.81 crore, resulting in profit before tax of Rs 444.515 crore. Profit for the half year was Rs 458.309 crore, as the reported tax line reflected a net reversal of Rs 13.794 crore. The filing said the Group's choice of lower tax rates for subsidiaries reduced half-year current tax expense by Rs 126.607 crore and deferred tax expense by Rs 99.829 crore.

How concentrated was Bagmane REIT's customer revenue?

Bagmane REIT disclosed that Customer A generated Rs 185.516 crore of leasing and other-services income during the half year ended 30 September 2026, equal to 15.43% of total revenue. The customer was the only disclosed customer above the 10% reportable-segment revenue threshold.

Bagmane World Technology Centre contributed Rs 82.876 crore of Customer A's income, followed by Bagmane Rio Business Park at Rs 62.93 crore and Bagmane Constellation Business Park at Rs 38.557 crore. Luxor @ Bagmane Capital Tech Park contributed Rs 1.153 crore. Customer A represented 15.12% of revenue in the September quarter, compared with 15.98% in the June quarter.

What did acquisitions and borrowings add to Bagmane REIT's reporting base?

Bagmane REIT acquired 100% of Bagmane Developers Private Limited during the half year by issuing 316.1 crore units with an aggregate value of Rs 31,610 crore. Through Bagmane Developers Private Limited, it acquired 93% of Bagmane Rio Private Limited for Rs 1,300 crore and acquired Luxor @ Bagmane Tech Park for Rs 1,775 crore.

Total borrowings were Rs 2,459.802 crore at 30 September 2026, up from Rs 2,333.724 crore at 30 June 2026. Cash and cash equivalents declined to Rs 725.14 crore from Rs 743.29 crore, taking net borrowings to Rs 1,734.662 crore. The net borrowings ratio was 4.16% at 30 September, compared with 3.94% at 30 June, while the reported value of REIT assets increased to Rs 41,748.18 crore from Rs 40,396.95 crore.

Conclusion

Bagmane REIT's first consolidated half-year results show that Bagmane Tech Park, Bagmane World Technology Centre and Bagmane Constellation Business Park generated Rs 924.937 crore of the Rs 1,202 crore revenue base. NOI of Rs 1,079.527 crore reflected Rs 122.473 crore of direct operating expenses, while Customer A supplied Rs 185.516 crore across four office-park segments.

The next reporting periods will indicate how Luxor @ Bagmane Capital Tech Park and Bagmane Rio Business Park develop following half-year revenue contributions of Rs 83.58 crore and Rs 62.93 crore, respectively. Bagmane REIT also had Rs 72.80 crore of unutilised initial public offering proceeds at 30 September 2026, comprising Rs 11.70 crore for general purposes and Rs 61.10 crore for fresh-issue offer expenses.