Bagmane REIT reports Rs 113.61 NAV on Rs 41,748.18 crore assets

Bagmane Prime Office REIT, referred to as Bagmane REIT, reported a fair-value net asset value of Rs 113.61 per unit at 30 September 2026, against a book-value NAV of Rs 99.61 per unit. The difference followed an independent valuation of Rs 41,748.18 crore for specified assets and fair-value total assets of Rs 43,325.189 crore.

What was Bagmane REIT's NAV at 30 September 2026?

Bagmane REIT's fair-value NAV was Rs 113.61 per unit at 30 September 2026, Rs 14.00 above its book-value NAV of Rs 99.61. Fair-value net assets attributable to unitholders were Rs 38,625.719 crore, compared with book-value net assets attributable to unitholders of Rs 33,867.939 crore, using 340 crore units in both calculations.

The asset valuation rather than liabilities produced the difference between the two NAV measures. Total assets were Rs 43,325.189 crore at fair value and Rs 38,543.211 crore at book value, a difference of Rs 4,781.978 crore, while total liabilities were Rs 4,577.735 crore under both bases.

There is no year-on-year NAV comparison in the filing. Bagmane REIT had not issued units as at 30 September 2025 and did not then hold real estate assets or investments in special purpose vehicles, so the NAV-per-unit disclosure for that date was not applicable.

Which assets support Bagmane REIT's Rs 41,748.18 crore valuation?

Bagmane REIT's specified-asset valuation of Rs 41,748.18 crore was led by Bagmane Tech Park at Rs 11,235.36 crore. Bagmane Constellation Business Park was valued at Rs 9,332.02 crore and Bagmane World Technology Centre at Rs 8,948.73 crore, placing those three assets at a combined Rs 29,516.11 crore.

Bagmane Developers Private Limited held five named office assets with aggregate specified-asset fair value of Rs 38,501.87 crore. Bagmane Rio Private Limited held Bagmane Rio Business Park, valued at Rs 2,200.96 crore, while Bagmane Green Power Private Limited held Solar Assets valued at Rs 1,045.35 crore.

Bagmane World Technology Centre includes hotel assets under construction valued at Rs 664.17 crore. In addition to specified assets, the fair-value total-assets figure includes Rs 1,577.009 crore of other assets carried at book value, as the filing says their fair value approximates carrying value because of their nature and maturity profile.

How did Bagmane REIT calculate fair value for its properties?

Bagmane REIT used an independent registered valuer appointed under the REIT Regulations to determine the fair value of specified assets at 30 September 2026. The filing categorises these measurements as Level 3 fair values, and says the valuer used a discounted cash flow method.

The discounted cash flow model estimates the present value of property-level net cash flows. The stated inputs include expected rental growth, vacancy period, occupancy rate, average room rent, lease incentive costs and blended tariff rates, with expected cash flows discounted using risk-adjusted discount rates.

The filing says discount-rate estimation considers building quality, location, tenant credit quality, lease terms, average room rent and occupancy for hotels. Specified assets include investment property, property, plant and equipment, capital work-in-progress, investment property under development, capital advances and current and non-current unbilled lease income.

What changed in Bagmane REIT's capital position and returns?

Bagmane REIT reported total returns at fair value of Rs 1,341.318 crore for the half year ended 30 September 2026. This comprised total comprehensive income of Rs 458.309 crore and Rs 883.009 crore of other changes in fair value not recognised in total comprehensive income, calculated from the acquisition dates of the special purpose vehicles to 30 September 2026.

During the half year, Bagmane REIT acquired 100% of Bagmane Developers Private Limited by issuing 316.1 crore units for aggregate consideration of Rs 31,610 crore. The consideration comprised Rs 30,350 crore for equity shares and Rs 1,260 crore for debentures; through Bagmane Developers Private Limited, it also acquired 93% of Bagmane Rio Private Limited for Rs 1,300 crore.

Bagmane REIT's total borrowings were Rs 2,459.802 crore at 30 September 2026, compared with 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 from Rs 1,590.434 crore and the reported net borrowings ratio to 4.16% from 3.94%.

The increase in the ratio occurred as the value of REIT assets rose to Rs 41,748.18 crore at 30 September 2026 from Rs 40,396.95 crore at 30 June 2026, but net borrowings rose by Rs 144.228 crore. Bagmane REIT reported no borrowings for Bagmane Green Power Private Limited, while Bagmane Developers Private Limited had Rs 999.908 crore and Bagmane Rio Private Limited had Rs 407.885 crore of borrowings at the September date.

Conclusion

Bagmane REIT's Rs 113.61 fair-value NAV per unit was Rs 14.00 above book-value NAV at 30 September 2026 because fair-value total assets exceeded book value by Rs 4,781.978 crore while reported liabilities were unchanged between the two measures. Bagmane Tech Park, Bagmane Constellation Business Park and Bagmane World Technology Centre accounted for Rs 29,516.11 crore of the Rs 41,748.18 crore specified-asset valuation.

The next disclosed matter to watch is utilisation of the Rs 72.8 crore of initial public offering proceeds that remained unutilised at 30 September 2026, comprising Rs 11.7 crore for general purposes and Rs 61.1 crore for offer expenses. Investors can also track the hotel assets under construction within Bagmane World Technology Centre, which were valued at Rs 664.17 crore in the September portfolio valuation.