FY27 Outlook - Portfolio to Grow

Research evidence excerpt

FY27 Outlook - Portfolio to Grow

in FY27E to ~96%. 85%

A significant long term impact of the current ME conflict on tenant confidence is not envisaged; 80%

though there might be slight short term delays on decision making. Indian tech / outsourcing 75%

industry hiring also continues to be good and management highlighted that it has already 70% 4QFY21 1QFY22 2QFY22 3QFY22 4QFY22 1QFY23 2QFY23 3QFY23 4QFY23 1QFY24 2QFY24 3QFY24 4QFY24 1QFY25 2QFY25 3QFY25 4QFY25 1QFY26 2QFY26 3QFY26 4QFY26

achieved 0.7msf early re-leasing / renewals of upcoming term expiries in FY27. Committed Occupancy (%)

.

Source: Company, Jefferies

Post acq. NAV increase. The NAV as declared by the independent valuer has increased by 8%

over Sep25 and +15% YoY to Rs387/unit as of Mar26. Mgmt stated that ~1/3rd of NAV inc. Exhibit 2 - DPU Trend

since (Rs) Sep25 has been due to a reduction in the cost of debt and cap rates compression; and the 30 ~9% cagr

23.3 24.9 25 22.1 21.4rest ~2/3rd via higher operational progress i.e. rental & occupancy increases. While the NAV 20.2

20 17.7 19.3

remains understated by ~Rs4/unit due to non-cash liabilities, management sees headroom 15

for growth via improved cash flows and QIP proceeds. 10

Ecoworld Acq and fund raise. Post the acq, company raised Rs37bn withRs26bn in QIP and 0 FY22 FY23 FY24 FY25 FY26 FY27E FY28E

Rs11.3bn as primary investment from 360 ONE. These transactions bring the pro forma LTV . DPU (Rs)

down to 25.2%, giving a significant acquisition headroom from the LTV threshold of 35%. Source: Company, Jefferies

Leasing momentum at Ecoworld remains strong with management closing ~0.26msf of pre-

leasing ahead of expiries and reporting rentals of ~Rs125-130/sf/mth.

Estimate Tweaks, BUY. We raise our NOI estimates for FY27/FY28 by 2%/2% on faster rental