Bagmane REIT reports 4% LTV and ₹18,000 crore headroom

Bagmane REIT reported a 4% loan-to-value ratio in Q2 FY27, with Rs 1,700 crore of net debt, Rs 2,500 crore of gross debt and more than Rs 18,000 crore of debt headroom. The debt profile also states that 100% of borrowings carry floating interest rates, exposing finance costs to changes in applicable rates.

How low is Bagmane REIT’s leverage?

Bagmane REIT’s reported loan-to-value, or LTV, was 4%, calculated as net debt divided by gross asset value, or GAV. The presentation reports Rs 1,700 crore of net debt against GAV of Rs 41,600 crore, alongside Rs 2,500 crore of gross debt. The Rs 800 crore difference between gross and net debt is visible from those reported measures, although the presentation does not provide a separate reconciliation.

The portfolio overview reports GAV of Rs 41,600 crore, while the valuation section reports total assets of Rs 43,325.2 crore and total liabilities of Rs 4,577.7 crore. After Rs 121.7 crore of non-controlling interest, net assets attributable to unitholders were Rs 38,625.7 crore, equal to net asset value, or NAV, of Rs 113.6 per unit based on 3,400 million units.

The valuation was undertaken by independent valuer KZen Valtech Private Limited as of September 30, 2026. The reported Rs 41,600 crore market value comprised 86% completed assets and 14% under development, while commercial assets represented 96%, solar assets 3% and hotel assets 2%. The segment percentages may not add precisely because they are displayed as rounded figures.

When does Bagmane REIT’s debt mature?

Bagmane REIT’s displayed repayment schedule places 60% of maturities in FY32 and beyond, when Rs 1,466.2 crore is shown across the REIT and special purpose vehicle, or SPV, levels. The remaining 40% is spread from H2 FY27 through FY31, rather than being due in a single earlier period.

The near-term schedule shows Rs 62 crore at the SPV level in H2 FY27, followed by Rs 185 crore in FY28 and Rs 229.9 crore in FY29. The first REIT-level repayment displayed is Rs 42.9 crore in FY30, followed by Rs 55.5 crore in FY31. The blank REIT cells in H2 FY27 through FY29 are shown as blanks in the presentation, not as stated zero balances.

The maturity profile differs by borrowing entity. In FY32 and beyond, Rs 951.5 crore of the Rs 1,466.2 crore shown is REIT-level debt and Rs 514.7 crore is SPV debt. By contrast, the Rs 62 crore due in H2 FY27 is entirely listed at the SPV level, placing the first displayed repayment below the REIT entity.

How is Bagmane REIT’s debt funded and priced?

Bagmane REIT reported that 57% of its Rs 2,500 crore gross debt was held at the SPV level and 43% at the REIT level. The corresponding amounts were Rs 1,400 crore and Rs 1,100 crore, respectively. It also disclosed Rs 800 crore of undrawn committed facilities, which are reported separately from gross debt.

The presentation classifies 65% of gross debt as LRD and 35% as OD, without defining either label on the debt-profile page. It reports an average cost of debt of 7.4% on a p.a.p.m. basis. Most significantly, Bagmane REIT states that 100% of borrowings are floating-rate, with no fixed-rate portion disclosed.

This all-floating structure means that the reported 7.4% average cost can change as applicable floating rates reset. The supplied pages do not disclose a benchmark-rate split, interest-rate hedges, loan-by-loan reset dates or the contractual terms governing the facilities. Those omissions limit the detail available on the timing of potential changes in interest expense.

Bagmane REIT also reported an AAA issuer rating assigned by ICRA Limited and CARE Ratings Limited. The presentation places that rating beside the 4% LTV, 7.4% average debt cost and more than Rs 18,000 crore of debt headroom, but does not provide rating outlooks, covenants or refinancing conditions.

What debt capacity does Bagmane REIT report for growth?

Bagmane REIT reported more than Rs 18,000 crore of debt headroom, compared with Rs 2,500 crore of existing gross debt. The disclosure identifies available capacity but does not announce an acquisition, a funding timetable or an amount that management plans to draw from this headroom.

The reported operating base includes 20.3 million square feet of total area and 19.7 million square feet of leasable area across six parks. Bagmane REIT also reported 164.4 megawatts of direct-current solar capacity across four solar parks, including 91.9 megawatts operational and 72.5 megawatts under development.

Bagmane REIT’s Q2 FY27 portfolio net operating income, or NOI, was Rs 684.4 crore, versus Rs 660.5 crore in Q1 FY27. The increase included Rs 16.8 crore of one-time construction-services and commission NOI at BWTC in Q2 FY27, while solar revenue declined because of seasonality. These items help explain why quarterly portfolio NOI rose by Rs 23.9 crore.

The presentation also reports a 47.2 million-square-foot right-of-first-offer, or ROFO, pipeline across Bengaluru, Delhi and Chennai, 18% mark-to-market potential and 99.0% committed occupancy. These figures describe potential expansion and operating conditions, but the source does not state that the reported debt headroom will fund any specific ROFO asset or development.

Conclusion

Bagmane REIT combines Rs 1,700 crore of net debt, a 4% LTV and more than Rs 18,000 crore of reported debt headroom. Its maturity schedule is weighted toward FY32 and beyond, which accounts for 60% of the listed repayments, while borrowings are split between REIT and SPV entities. The financing trade-off is that all Rs 2,500 crore of gross debt is floating-rate.

Next, investors can watch whether Bagmane REIT draws its Rs 800 crore of undrawn committed facilities or identifies uses for its reported headroom. The presentation’s 47.2 million-square-foot ROFO pipeline, 72.5 megawatts of solar capacity under development and 14% under-development share of market value provide the disclosed context for potential future funding needs.