1. At a Glance — The “Boring Is Beautiful” Edition
Brookfield India REIT is that rare stock market creature that doesn’t scream for attention, doesn’t promise moonshots, and still quietly sends money to your bank account. Q3 FY26 just proved that again.
At ₹348 per unit, with a market cap of ~₹26,900 crore, this REIT is behaving like a senior corporate landlord who collects rent, escalates politely, refinances cheaper, and sleeps early.
Latest quarter highlights?
- DPU: ₹5.40 (Q3 FY26) — up ~14% YoY
- NOI: Strong and stable, driven by rent escalations and occupancy
- Occupancy: ~90% portfolio-wide; Ecoworld Bengaluru at 94%
- Leverage: LTV at ~21.6%, which in REIT language means “sleep peacefully”
- Credit Rating: Dual AAA, aka lender’s favourite child
This isn’t a momentum stock. This is a cash-yielding concrete bond with Wi-Fi tenants. And Brookfield just made it bigger by swallowing a 7.7 msf Bengaluru campus. Curious how that changes the math? Keep reading.
2. Introduction — When Real Estate Grows Up
Indian real estate has two moods.
One: glossy brochures, future launches, and “booking open” WhatsApp forwards.
Two: Brookfield India REIT — already built, already leased, already paid.
This REIT doesn’t sell dreams; it sells Grade-A office floors to global corporates who sign long leases, pay CAM charges, and rarely ghost you. In a market where many developers still argue with bankers, Brookfield calmly raises QIPs, issues sustainability-linked bonds, and closes ₹13,125 crore acquisitions like it’s grocery shopping.
Q3 FY26 was important because it locked in Bengaluru — India’s office capital — via the Ecoworld acquisition. With that, Brookfield is no longer just NCR + Mumbai heavy. It’s now geographically smarter, more diversified, and better aligned with global tenant demand.
Question for you
already:
👉 Is boring consistency underrated in Indian markets obsessed with excitement?
3. Business Model — WTF Do They Even Do?
Simple explanation for a smart but lazy investor:
Brookfield India REIT owns large office campuses, rents them to IT, BFSI, consulting giants, collects rent every month, pays interest, does maintenance, and distributes most of the surplus to unitholders.
No selling flats.
No approvals drama.
No inventory risk.
Revenue streams:
- Operating Lease Rentals (OLR)
- Common Area Maintenance (CAM)
- Parking, utilities, minor ancillary income
Why campus-format matters:
Big tenants prefer integrated campuses — security, parking, food courts, metro access. Once they move in, they don’t shift easily. That’s why WALE is 6.6 years, which in real estate is equivalent to a long-term marriage.
Brookfield’s edge is institutional discipline. This REIT behaves like a global pension fund asset, not a local builder.
4. Financials Overview — Numbers That Don’t Lie
Quarterly Comparison Table (₹ Crore)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr (Dec FY25) | Prev Qtr (Sep FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 690 | 602 | 671 | 14.6% | 2.8% |
| EBITDA | 491 | 409 | 465 | 20.0% | 5.6% |
| PAT | 201 | 23 | 149 | 764% | 34.9% |
| EPS (₹) | 2.41 | 0.53 | 2.18 | — | 10.6% |
Yes, PAT growth looks insane — but remember, REIT profits swing with depreciation, interest, and tax structures. DPU
