Knowledge Realty Trust management met an institutional investor on June 3, 2026, in Mumbai. The engagement provided a platform to discuss the trust's performance and strategy with key market participants.

The meeting was conducted as a one-on-one, in-person session. Senior management personnel represented the trust during the interaction.

Meeting Details

The following table outlines the specifics of the engagement:

The disclosure was submitted to the stock exchanges by Ashutosh Vaidya, Company Secretary & Compliance Officer of Knowledge Realty Office Management Services Private Limited, the manager to Knowledge Realty Trust.

Knowledge Realty Trust reported strong financial performance for FY26, with revenue growing 16% year-on-year to ₹45,772 million and Net Operating Income (NOI) rising 18% year-on-year to ₹40,484 million. The Trust's audited consolidated financial results for the quarter and financial year ended March 31, 2026, were approved by the Board of Directors on May 13, 2026, and subsequently published in the Economic Times and Mint on May 14, 2026. The results include a one-time write-off of MAT credit amounting to ₹870 million pursuant to amendments introduced to the MAT provisions under the Income Tax Act, 2025. Knowledge Realty Trust now ranks 197th by market cap in India and is the country's largest REIT with a market cap of over ₹52,000 crores.

Consolidated Financial Results

The audited consolidated financial results provide a detailed breakdown of income and expenses for the quarter and year ended March 31, 2026. For Q4 FY26, revenue from operations stood at ₹11,965.46 million, compared to ₹11,787.09 million in the preceding quarter, reflecting 12% year-on-year growth. NOI for Q4 FY26 increased 14% year-on-year to ₹10,533 million. The Trust reported a net profit of ₹1,073.69 million for Q4 FY26 and ₹3,754.36 million for the full year FY26. Earnings per unit (Basic and Diluted) for the year was reported at ₹1.32.

Net Distributable Cash Flows and Distribution

The Board of Directors declared a distribution of ₹1.616 per unit for the quarter ended March 31, 2026, aggregating to ₹7,165.99 million. The distribution comprises ₹0.981 per unit as dividend, ₹0.207 per unit as interest, ₹0.426 per unit as repayment of debt, and ₹0.002 per unit as other income. Of the Q4 FY26 distribution, 87% is tax exempt or tax deferred in the hands of unitholders. The cumulative distribution for the financial year aggregates to ₹4.740 per unit, totalling ₹21,019.19 million, exceeding projections outlined at the time of IPO. The Trust maintained a distribution payout ratio of 99.99% for the period.

Portfolio and Operating Highlights

During the Q4FY26 earnings conference call held on May 13, 2026, management provided detailed commentary on portfolio performance and growth strategy. KRT achieved gross leasing of 1.1 million square foot in Q4, taking cumulative leasing for the year to 3.5 million square foot, with portfolio occupancy at 92%. In-place rents grew 7% during the year, and the Trust achieved a leasing spread of 26%. Rents on FY26 new leasing were at a 5% premium to market rents. The committed occupancy stands at 92% while economic occupancy is at 86%, with management indicating this gap is expected to narrow to 3–4 percentage points in subsequent quarters. Occupancy in the Central Mumbai front office portfolio increased 10% year-on-year to nearly 90%, with rentals achieved for leasing during the year 27% higher year-on-year.

Management highlighted that nearly 45% of gross rentals come from GCC occupiers undertaking high-value strategic work, and 31% of the portfolio by value comprises front office assets. The Trust's SEZ exposure is limited to 15%, confined to two business parks in Bangalore, with applications filed for SEZ demarcation for over 0.5 million square foot across the two parks. Since listing in August 2025, KRT has delivered total returns of approximately 22%, outperforming the Nifty REITs and InvITs Index (approximately 10% returns) and the Nifty 50 (approximately negative 5% returns) during the same period.

Growth Levers and Development Pipeline

CEO Shirish Godbole noted that the commercial office market recorded 83 million square foot of absorption in calendar year 2025, with 21 million square foot absorbed in Q1 of calendar year 2026, and projected absorption of a record 90 million square foot for the full calendar year 2026. GCC revenues reached $98 billion in FY26. KRT commenced construction of a new 1.4 million square foot block at Sattva Global City in Bangalore, in addition to its existing under-construction portfolio of 1.2 million square foot, which is expected to be onboarded into the portfolio by Q2 FY27. The Trust has a ROFO pipeline of approximately 6.7 million square foot. Management also highlighted Image Tower — a 1.6 million square foot asset adjacent to Knowledge City — as likely to be the first sponsor asset to be acquired into the REIT.

Balance Sheet and Financing

CFO Neeraj Toshniwal noted that during FY26, the Trust raised ₹42,000 million at a blended cost of 7.3%. High-cost debt replacement, rate renegotiation, and rate cuts reduced the overall cost of debt from 8.6% to 7.2% during the year. The Trust was included in the FTSE All-World and FTSE Nareit Global REITs indices during FY26, reflecting growing global investor recognition. The Trust's unitholder base expanded by 2.4 times since listing. The Trust was incorporated on October 10, 2024, and acquired SPVs during the quarter ended September 30, 2025; consequently, figures for the prior year are not comparable. The results have been prepared in accordance with SEBI (REIT) Regulations and Indian Accounting Standards.