Brookfield India Real Estate Trust has released its audited standalone and consolidated financial statements for the year ended March 31, 2026, approved by the Board of Directors of its manager, Brookprop Management Services Private Limited, on May 11, 2026. The results reflect strong growth in income, a significant asset acquisition, and a cumulative distribution of Rs. 21.40 per unit for the full year. The financial statements were audited by Deloitte Haskins & Sells, Chartered Accountants.

Standalone Financial Performance

On a standalone basis, Brookfield India REIT reported total income of Rs. 9,888.48 million for the year ended March 31, 2026, compared to Rs. 8,502.83 million in the previous year. Total expenses stood at Rs. 1,424.11 million versus Rs. 987.85 million previously. The key standalone financial metrics are summarised below:

Interest income on loans to SPVs was the largest income contributor at Rs. 6,216.15 million, while dividend income from SPVs stood at Rs. 2,166.03 million. Finance costs rose to Rs. 1,106.57 million from Rs. 712.52 million, primarily reflecting interest on the new Non-Convertible Debentures (NCDs) issued during the year.

Standalone Balance Sheet Highlights

Total assets on a standalone basis grew to Rs. 2,30,463.81 million as at March 31, 2026, from Rs. 1,61,279.13 million as at March 31, 2025, driven largely by a significant increase in investments. Total equity stood at Rs. 1,92,431.62 million. The standalone net asset value (NAV) per unit at fair value was Rs. 386.67, compared to Rs. 335.89 in the previous year.

The fair value of investments in subsidiaries and joint ventures (SPVs) was Rs. 3,25,390.36 million, representing 99.3% of the fair value of total assets as at March 31, 2026.

Consolidated Financial Performance

On a consolidated basis, Brookfield India REIT reported total income of Rs. 30,713.33 million for the year ended March 31, 2026, compared to Rs. 24,718.13 million previously. Revenue from operations grew to Rs. 29,711.44 million from Rs. 23,899.98 million, driven by income from operating lease rentals of Rs. 21,466.27 million and income from maintenance services of Rs. 8,113.67 million.

Finance costs on a consolidated basis were Rs. 9,747.81 million, while depreciation and amortisation stood at Rs. 4,694.02 million. The share of net loss of the joint venture (Rostrum Realty Private Limited) accounted for using the equity method was Rs. 402.78 million.

Consolidated Balance Sheet and Net Asset Value

Consolidated total assets stood at Rs. 3,94,156.24 million as at March 31, 2026, compared to Rs. 2,65,877.76 million previously. Investment property (net) grew to Rs. 3,60,979.29 million from Rs. 2,35,968.69 million, reflecting the acquisition of Arliga Ecoworld Business Parks Private Limited. The consolidated NAV per unit at fair value was Rs. 386.66.

The fair value of investment properties in subsidiaries was Rs. 4,89,715.01 million, representing 93.4% of the fair value of total consolidated assets. The consolidated total return at fair value for the year was Rs. 48,624.34 million, compared to Rs. 25,021.02 million in the previous year.

Distribution and Net Distributable Cash Flows

The Board declared a distribution of Rs. 5.50 per unit for the quarter ended March 31, 2026, aggregating to Rs. 4,564.34 million. This comprises Rs. 1.60 per unit as interest on shareholder loans, CCDs and NCDs; Rs. 2.96 per unit as repayment of SPV debt and NCD; Rs. 0.88 per unit as dividend; and Rs. 0.06 per unit as interest on fixed deposits. Together with the distribution of Rs. 10,597.44 million (Rs. 15.90 per unit) for the nine months ended December 31, 2025, the cumulative distribution for FY26 aggregates to Rs. 15,161.78 million, or Rs. 21.40 per unit.

The NDCF at the Trust level (excluding surplus cash) was Rs. 15,066.95 million for FY26, compared to Rs. 10,551.80 million in FY25. Including surplus cash, the NDCF at the Trust level was Rs. 15,164.90 million.

Arliga Ecoworld Acquisition

On December 24, 2025, Brookfield India REIT acquired 100% of the equity shares of Arliga Ecoworld Business Parks Private Limited from BSREP III New York FDI I (DIFC) Limited, a group company of Brookfield Corporation. Arliga Ecoworld is engaged in constructing and leasing investment properties in Bengaluru. The total consideration for the asset acquisition was Rs. 70,063.02 million, comprising an upfront consideration of Rs. 60,000.00 million, present value of deferred consideration of Rs. 10,010.60 million, and transaction costs of Rs. 52.42 million. A variable consideration capped at Rs. 2,000.00 million is payable subject to conditions specified in the share purchase agreement. The consolidated financial statements for FY26 include revenue from operations of Rs. 2,915.02 million and profit before tax of Rs. 550.26 million relating to Arliga Ecoworld.

Unit Capital and Subsequent Events

The total number of units outstanding as at March 31, 2026 was 749,385,513, compared to 607,752,448 as at March 31, 2025. During FY26, the Trust allotted 32,258,065 units at Rs. 310.00 per unit via preferential allotment on September 2, 2025, and 109,375,000 units at Rs. 320.00 per unit via institutional placement on December 10, 2025, raising Rs. 45,000.00 million in aggregate. Subsequently, on April 22, 2026, the Trust allotted 80,495,356 units at Rs. 323.00 per unit via institutional placement, raising Rs. 26,000 million. Additionally, on April 20, 2026, 360 ONE Real Assets Advantage Fund completed an investment in Arliga Ecoworld through allotment of 110,584 equity shares amounting to Rs. 10,865.50 million and 3,845 NCDs amounting to Rs. 384.50 million, resulting in 360 ONE Real Assets Advantage Fund holding 13.034% of the equity share capital of Arliga Ecoworld.

Key Financial Ratios

Selected financial ratios as disclosed in the standalone and consolidated financial statements are presented below:

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Brookfield India Real Estate Trust filed compliance disclosures with BSE Limited and the National Stock Exchange of India Limited on May 11, 2026, pertaining to its Non-Convertible Debentures (NCDs) under Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing, submitted by Brookprop Management Services Private Limited acting as manager of the trust, encompasses three key components: a security cover certificate, a statement of utilization of issue proceeds, and a report on Key Performance Indicators (KPIs) and Sustainability Performance Targets (SPTs) linked to the Sustainability-Linked NCDs.

NCD Issuance Details

The trust issued 2,00,000 Sustainability Linked, Listed, Rated, Secured, Redeemable, Transferable, Non-Cumulative, Non-Convertible Debentures via private placement on December 22, 2025. The key terms of the issuance are summarized below:

The net amount raised of Rs. 19,969.20 million reflects a discount of Rs. 30.80 million, which will be amortized over the tenor of the instrument.

Security Cover Certificate

Deloitte Haskins & Sells, the statutory auditors of Brookfield India Real Estate Trust, issued a security cover certificate for the year ended and as at March 31, 2026. The certificate was prepared pursuant to SEBI circulars dated August 13, 2025, and covers the book value of assets contained in the Statement of Security Cover and Statement of Compliance Status of Covenants.

The security for the NCDs is structured as an exclusive charge comprising a pledge over 100% of the equity share capital and Compulsorily Convertible Debentures (CCDs) of Seaview Developers Private Limited ("Candor N2"), held by Brookfield India Real Estate Trust. The standalone security cover metrics are as follows:

The fair value of investments in equity shares and CCDs of Candor N2 offered as exclusive charge was determined based on the first valuation report issued by a valuer appointed by the Debenture Trustee, IDBI Trusteeship Services Limited, in accordance with the Debenture Trust Deed dated December 15, 2025. On the consolidated basis, the cover on book value stands at 0.02, with the management noting that the creation and perfection of mortgage over the Mortgaged Properties is in the process of completion within the 150-day period from the date of allotment as permitted under the Debenture Trust Deed.

Covenant Compliance

Brookfield India Real Estate Trust confirmed compliance with all covenants, including affirmative, informative, and negative covenants, as stipulated under the Debenture Trust Deed dated December 15, 2025. The financial covenant metrics as at March 31, 2026, are detailed below:

For the purpose of computing the Net Total Debt to Net Operating Income ratio, the consolidated NOI was adjusted by annualising the NOI attributable to Arliga Ecoworld Business Parks Private Limited, which was acquired on December 24, 2025.

Utilization of Issue Proceeds

The trust reported no deviation in the utilization of NCD proceeds for the quarter ended March 31, 2026. The proceeds were utilized in line with the objects stated in the Trust Deed dated December 15, 2025, and the Key Information Document dated December 15, 2025. The allocation and utilization details are as follows:

Sustainability Performance Targets

In compliance with Clause 10 of Chapter IX-C of the SEBI Master Circular dated October 15, 2025, the trust disclosed the performance of KPIs and the status of achievement of SPTs as specified under Annexure IX of the Key Information Document dated December 15, 2025. Bureau Veritas India Private Limited conducted an independent post-issuance verification of the Sustainability-Linked Bond, covering the initial reporting period from January 2026 through March 2026.

The KPI performance against SPTs is presented below:

Bureau Veritas confirmed that KPI 2 (Renewable Energy) has been achieved for the period under review, while KPI 1 (Water Recycling) is currently in progress and will be assessed at the relevant SPT Observation Dates. The trust sources renewable energy through open access procurement, the Indian Energy Exchange (IEX), Discom green tariffs (REGO), and International Renewable Energy Certificates (I-RECs). Water stewardship initiatives include IoT-enabled submetering, advanced cooling tower treatment systems, increased utilization of RO reject water, and transition of flushing systems to STP-treated water.

Bureau Veritas confirmed alignment of the Sustainability-Linked Bond framework with the SEBI Circular dated June 05, 2025, and the ICMA Sustainability-Linked Bond Principles (June 2023), across all five principles covering KPI selection, SPT calibration, bond characteristics, reporting, and verification. The filing was signed by Saurabh Jain, Company Secretary and Compliance Officer, and the security cover statement was certified by Amit Jain, Chief Financial Officer, both dated May 11, 2026.