Brookfield India REIT fair-value NAV rises to Rs 392.38
Brookfield India Real Estate Trust reported fair-value net asset value, or NAV, of Rs 392.38 per unit at 30 September 2026, up from Rs 386.66 at 31 March 2026. Brookfield India REIT’s fair-value total assets increased to Rs 57,381.927 crore from Rs 52,406.672 crore, while units outstanding rose by 80,495,356 during the six-month period.
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How did Brookfield India REIT’s NAV change?
Brookfield India REIT’s fair-value NAV rose by Rs 5.72 per unit between 31 March 2026 and 30 September 2026. Fair-value net assets attributable to unitholders increased to Rs 32,562.919 crore from Rs 28,975.937 crore, exceeding the effect of a higher unit count.
The number of units rose to 829,880,869 at 30 September 2026 from 749,385,513 at 31 March 2026. This addition of 80,495,356 units accompanied a Rs 3,586.982 crore increase in fair-value net assets attributable to unitholders, producing the Rs 392.38 NAV per unit.
Brookfield India REIT also reported book-value NAV of Rs 237.10 per unit at 30 September 2026, compared with Rs 233.87 at 31 March 2026. The fair-value NAV exceeded book-value NAV by Rs 155.28 per unit at September-end, versus Rs 152.79 per unit at March-end.
What drove Brookfield India REIT’s fair-value assets higher?
Brookfield India REIT’s fair-value total assets increased by Rs 4,975.255 crore over the six months to 30 September 2026. The fair value of investment property and investment property under development rose to Rs 52,477.990 crore from Rs 48,971.501 crore, accounting for Rs 3,506.489 crore of the increase.
Other assets carried at book value increased to Rs 3,029.756 crore at 30 September 2026 from Rs 1,761.365 crore at 31 March 2026. The fair value of Brookfield India REIT’s equity-method investment in Rostrum Realty Private Limited increased to Rs 1,874.181 crore from Rs 1,673.806 crore over the same period.
Rostrum is a joint venture in which Brookfield India REIT holds a 50% ownership interest and accounts for it as an equity-method investee. The filing says the investment’s fair value is based on the fair value of underlying investment properties and the book values of other assets and liabilities, adjusted as stated for fair-value treatment.
The underlying investment properties of Rostrum had a proportionate fair value of Rs 3,920.192 crore at 30 September 2026. At 31 March 2026, the corresponding proportionate fair value was Rs 3,778.286 crore, while Rostrum’s disclosed investment fair value was lower at Rs 1,673.806 crore because the calculation also includes other assets and liabilities.
How did liabilities and non-controlling interests affect NAV?
Brookfield India REIT’s total liabilities at fair value rose to Rs 20,542.023 crore at 30 September 2026 from Rs 19,853.501 crore at 31 March 2026. After deducting liabilities from total assets, fair-value net assets were Rs 36,839.904 crore, compared with Rs 32,553.171 crore at the prior year-end.
Adjusted non-controlling interests, or NCI, were Rs 4,426.450 crore at 30 September 2026, compared with Rs 3,577.234 crore at 31 March 2026. Deducting this amount from consolidated fair-value net assets resulted in Rs 32,562.919 crore attributable to Brookfield India REIT unitholders.
The September 2026 NCI adjustment includes a Rs 1,277.110 crore put-option liability relating to a non-controlling shareholder in one special purpose vehicle, or SPV. Brookfield India REIT said this liability is reclassified from NCI in the NAV calculation to avoid a double impact and reflect economic NAV.
For NAV at fair value under the REIT Regulations, Brookfield India REIT generally treats liabilities’ fair value as equal to book value. The exception applies where cash outflows from a liability have been considered in the valuation of the related asset, as may occur for investment property under development.
How does Brookfield India REIT value its properties?
Brookfield India REIT categorised investment properties, including investment properties under development, as Level 3 fair-value measurements at 30 September 2026. The valuation process used a discounted cash flow method for the respective properties disclosed in the fair-value statement.
The discounted cash flow method estimates the present value of net cash flows expected from each property. Brookfield India REIT said the model considers expected rental growth, vacancy period, occupancy rate, average rent per square foot and lease-incentive costs.
The expected net cash flows are discounted using risk-adjusted discount rates. The discount-rate assessment considers building quality, location and category, which means changes in these valuation inputs can affect the fair value of the Rs 52,477.990 crore investment-property portfolio.
The filing also states that lease-rent equalisation carrying value of Rs 46.749 crore at 30 September 2026 was reduced from other assets for the NCI calculation. Comparable carrying values disclosed were Rs 32.896 crore at 31 March 2026 and Rs 32.639 crore at 30 September 2025.
What do Brookfield India REIT’s fair-value returns show?
Brookfield India REIT reported total returns at fair value of Rs 2,571.364 crore for the half year ended 30 September 2026, up from Rs 1,910.215 crore in the half year ended 30 September 2025. The reported measure combines total comprehensive income with specified fair-value changes not recognised in total comprehensive income.
Total comprehensive income rose to Rs 498.291 crore for the September 2026 half year from Rs 281.846 crore a year earlier. Changes in the fair value of investment property rose to Rs 1,817.559 crore from Rs 1,347.808 crore, while the equity-method investment fair-value change declined to Rs 255.514 crore from Rs 280.561 crore.
Total returns attributable to Brookfield India REIT unitholders were Rs 2,199.230 crore in the September 2026 half year, compared with Rs 1,578.831 crore a year earlier. Returns attributable to NCI were Rs 372.133 crore, up from Rs 331.384 crore in the prior-year period.
Conclusion
Brookfield India REIT’s increase in fair-value NAV to Rs 392.38 per unit reflected growth in fair-value assets that exceeded the rise in liabilities and the enlarged unit base. Investment properties and properties under development contributed Rs 3,506.489 crore to the Rs 4,975.255 crore increase in total fair-value assets during the six months to 30 September 2026.
The next reported NAV movement will depend on the discounted-cash-flow assumptions identified in the filing, including rental growth, vacancy, occupancy, average rents, lease incentives and risk-adjusted discount rates. Brookfield India REIT’s subsequent disclosures will also show whether the Rs 1,277.110 crore put-option liability, NCI balance and Rostrum investment valuation change further.