Brookfield India REIT | Asia Pacific 1QFY27 DPU up 7% YoY (LTM DPU up 9%) Trails Peers

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M

Update

August 11, 2026 01:21 PM GMT

Morgan Stanley India Company Private Limited+

Brookfield India REIT | Asia Pacific

Monica Dasoju

Equity Analyst

1QF27 DPU up 7% YoY (LTM

DPU up 9%) Trails Peers

Morgan Stanley Asia Limited+

Praveen K Choudhary

Equity Analyst

AlphaSignals Earnings Reaction

Unchanged

Modest shortfall

Modest revision lower

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Brookfield India REIT (BROF.NS, BIRET IS)

India Property | India

Key Takeaways

contributing from 3QF27 onwards. Stabilized F28e NOI is Rs0.7bn (BROF has a

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 10, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

50% stake).

Fiscal Year Ending

03/26 03/27e 03/28e 03/29e

(=) Following the acquisition and April 2026's Rs26bn QIP, NAV is Rs381/unit (4Q:

Total dividends per

share (Rs)

EPS (Rs)**

Revenue, net (Rs mn)

EBITDA (Rs mn)

ModelWare net inc (Rs

mn)

Div yld (%)

P/E

P/BV

RNOA (%)

ROE (%)

EV/EBITDA

FCF yld ratio (%)**

Leverage (EOP) (%)

21.40

(-) BROF reported 1QF27 DPU of Rs5.6/unit, +7% YoY. F27 DPU growth guidance

of a similar 7-8% YoY is the weakest among Indian office REITs.

(+) On LTM DPU, yield is 6.2%, highest among peers followed by EOP at 5.9%.

(=) It acquired 0.3msf in Godrej BKC ready project, which should start

Rs387/unit) – this implies that the stock trades at a 9% discount.

(=) Committed occupancy is flat at 93%, economic occupancy is 89%, and F27

target is 96-97%. On 8.1msf expiries through F30, BROF has MTM potential of

12%.

(-) BROF reported same-store NOI growth of 8% YoY (ex-Ecoworld Bangalore).

Dividends (100% tax-free) account for 16% of total distributions and are expected to

increase to 20%+ in F27, lower than peers.

(+) 1QF27 gross leasing was 1.1msf (LTM: +33% YoY), 39% GCC while Technology

services was 63%. Management expects GCC leasing to be strong.

Equal-weight

Attractive

Rs340.00

(2)

Rs346.69

Rs375.69-310.61

608

Rs210,689

Rs404,844

Rs190

23.52

…