Knowledge Realty Trust has appointed M/s S R B C & Co LLP as its statutory auditors for a period of three consecutive financial years, subject to the approval of unitholders at the ensuing Annual Meeting. The appointment covers financial years 2026-27, 2027-28, and 2028-29. The Board of Directors of Knowledge Realty Office Management Services Private Limited, the Manager to the Trust, approved the appointment at its meeting held on June 17, 2026. The firm holds registration number 324982E/E300003 and is part of the M/s S.R. Batliboi & Affiliates network. Additionally, the Board appointed iVAS Partners as the Independent Valuer of the Trust for the same three-year period. iVAS Partners, represented by Mr. Shubhendu Saha (valuer registration number IBBI/RV-E/02/2020/112), has experience valuing assets for Embassy Office Parks REIT, Nexus Select REIT, and TVS Infrastructure Trust. These appointments were made in consultation with Axis Trustee Services Limited, the Trustee, and are in accordance with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014.
Key Appointments and Meeting Details
The Trust has convened its First Annual Meeting of the Unitholders for the financial year ended March 31, 2026. The meeting is scheduled for July 10, 2026, at 11:00 Hrs (IST) through Video Conferencing and Other Audio Visual Means, with the venue deemed to be the principal place of business at One BKC, Bandra Kurla Complex, Mumbai. Unitholders will consider and approve the audited standalone and consolidated financial statements, the appointment of the statutory auditors and valuer, and the valuation report of the portfolio as at March 31, 2026.
| Particulars: |
Details |
| Statutory Auditors: |
M/s S R B C & Co LLP |
| Audit Tenure: |
FY27, FY28, FY29 |
| Independent Valuer: |
iVAS Partners |
| Valuer Tenure: |
FY27, FY28, FY29 |
| Annual Meeting Date: |
July 10, 2026 |
| E-voting Start: |
July 7, 2026, 09:00 HRS (IST) |
| E-voting End: |
July 9, 2026, 17:00 HRS (IST) |
| Cut-off Date: |
July 3, 2026 |
| Scrutinizer: |
Ms. Rupal Dhiren Jhaveri |
| Registrar & Transfer Agent: |
KFin Technologies Limited |
The remote e-voting period commences on July 7, 2026, at 09:00 HRS (IST) and concludes on July 9, 2026, at 17:00 HRS (IST). The cut-off date for determining unitholder eligibility to vote is July 3, 2026. The facility for joining the meeting will be available on a first-come-first-served basis for at least 1,000 unitholders. The results of e-voting are expected to be announced on or before July 12, 2026.
FY 2025-26 Financial Performance
Knowledge Realty Trust delivered strong financial performance in its first year as a listed entity. The Trust was listed on August 18, 2025, as India's largest REIT by Net Operating Income and the country's most geographically diversified office REIT. The following table summarises key pro forma financial metrics for the period April 1, 2025 to March 31, 2026.
| Metric: |
FY 2025-26 (Pro Forma) |
FY 2024-25 |
| Revenue from Operations: |
₹ 45,772 million |
₹ 39,301 million |
| Net Operating Income (NOI): |
₹ 40,484 million |
₹ 34,323 million |
| EBITDA: |
₹ 38,784 million |
₹ 32,930 million |
| NOI Margin: |
88% |
87% |
| Total Distribution: |
₹ 21,019 million |
— |
| Distribution Per Unit (DPU): |
₹ 4.74 p.u. |
— |
| Annualised DPU: |
₹ 6.32 p.u. |
— |
Revenue grew 16% year on year while Net Operating Income increased 18%. The Trust distributed approximately ₹ 21 billion to unitholders during the three quarters following listing, exceeding IPO projections. The Trust crossed a market capitalization of ₹ 500 billion during the year. Finance costs for FY 2025-26 were ₹ 6,819.52 million, comprising interest expense on term loans of ₹ 5,522.53 million, interest expense on debentures of ₹ 690.30 million, and interest expense on lease deposits of ₹ 476.77 million.
Portfolio Overview and Operational Highlights
Knowledge Realty Trust spans 29 assets and 46.5 msf across six cities, serving leading global corporations. The portfolio achieved committed occupancy of 92%, with in-place rents growing 7% year on year to ₹ 97 psf per month. Prevailing market rents stand at approximately ₹ 122 psf per month, indicating significant mark-to-market potential. The Trust completed 3.5 msf of gross leasing during the year with leasing spreads of 26%, and 56% of leasing came from expansion by existing occupiers.
| Portfolio Metric: |
Details |
| Total Leasable Area: |
46.5 msf |
| Completed Area: |
37.2 msf |
| Under Construction Area: |
2.6 msf |
| Future Development Area: |
6.6 msf |
| Committed Occupancy: |
92% |
| Weighted Average Lease Expiry (WALE): |
8.0 years |
| In-Place Rent: |
₹ 97 psf pm |
| Gross Leasing (FY 2025-26): |
3.5 msf |
| Re-leasing Spread: |
26% |
| ROFO Pipeline: |
6.7 msf across 4 assets |
The Trust's portfolio is concentrated in Bengaluru (29% of GAV), Hyderabad (29% of GAV), and Mumbai (32% of GAV), with 95% of GAV in India's best-performing office markets. Under-construction developments in Bengaluru representing approximately 1.2 msf are nearing completion, and construction of a new 1.4 msf office block at Sattva Global City was commenced during the year.
Capital Structure and Debt Management
The Trust strengthened its capital structure through disciplined balance sheet management and strategic refinancing. IPO proceeds were primarily directed towards debt repayment, reducing the loan-to-value ratio from 31% to 18%. Active debt management reduced the blended cost of debt by 140 bps to 7.2% as at March 31, 2026. The Trust raised debt of ₹ 42,000 million during FY 2025-26 at a blended cost of 7.3%.
| Capital Metric: |
Details |
| Gross Debt: |
₹ 124 billion |
| Net Debt: |
₹ 120 billion |
| Loan-to-Value (LTV): |
18% |
| Average Cost of Debt: |
7.2% |
| CRISIL / ICRA Rating: |
AAA / Stable |
| Floating Rate Borrowings: |
₹ 97,621.04 million |
| Fixed Rate Borrowings: |
₹ 25,965.40 million |
As of March 31, 2026, the Trust had cash and cash equivalents of ₹ 6,265.53 million, investments of ₹ 2,563.61 million in liquid mutual funds, and other bank balances of ₹ 268.78 million. The Trust issued two series of Non-Convertible Debentures (NCDs) during the year: Series I of ₹ 16,000 million at 7.20% (redeemable September 2028) and Series II of ₹ 10,000 million at 7.54% (redeemable May 2029), both rated CRISIL AAA / ICRA AAA.
Occupier Profile and ESG Highlights
The Trust's portfolio serves over 475 tenants across 20+ sectors, with 74% of gross rents derived from multinational corporations and 45% from Global Capability Centres (GCCs). The top 10 tenants account for 38% of gross rents, reflecting low concentration risk. On the sustainability front, more than 74% of the portfolio is powered by renewable energy, and 76% of the Gross Asset Value is green certified. The Trust achieved a Five-Star GRESB rating with a score of 95/100 for Standing Investments, ranking second among peers in India. The portfolio includes a total rooftop solar capacity of 1,913 kWp across multiple assets, along with 63 MW (AC) of captive solar generation capacity. During FY 2025-26, the shift towards renewable energy enabled the avoidance of approximately 266,128 tCO2e emissions.
Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE1JAR25012/a425699e5fbd4cc3.pdf