Fully occupied but capacity-capped; soft growth, strong yield

Delivered 3.3% YoY (₹168.3 Cr from base ~₹162.8 Cr)

Delivered ₹69.4 Cr PAT, 18.8% YoY

Consistent with reported EBITDA ₹134 Cr on ₹173 total income

6,900 sq ft vacant across both properties (NKP + Nirlon House combined)

Q1 saw only one small 1,100 sq ft lease; license-free income grew 0.9% QoQ

Q1 FY27 revenue +3.3% YoY vs FY26 historical 6%+ guidance; QoQ -1.5% signals sequential deterioration.

FY26 dividend raised to ₹30/share (+15% from ₹26), but CEO explicitly stated 'not internally discussed' for FY27, suggesting caution ahead of debt repayment.

New agreements now 4.75% annual vs 15% every 3 years historically—lower effective escalation, suggesting pricing pressure in renewals.

Capex stays routine-only; REIT conversion shelved; Nirlon House stuck; GCC/market expansion acknowledged but no concrete action.

No concrete plans. If significant developments occur, we will inform you. Structure depends on multiple stakeholders.

12 co-owners exist; needs their consent. These processes take time. Nothing significant to report.

Approx ₹250/sqft. Old building, ~95-100% efficiency (carpet to chargeable).

We don't speculate on others' terms. We believe our rates are competitive, steady. Many factors beyond price.

Previously 15% every 3 years. Now ~4.75% annually, +/- basis points.

No significant capex beyond routine maintenance and upgrades to maintain Grade A standard.

No decisions or serious discussions with lender on prepayment.

Growth will be based on contracted terms only. No significant changes expected from larger licensees.

FY26-27 is a fairly quiet year. No significant agreements expiring.

No significant additions in NKP in Q1 FY27.

All contracted licenses, contracted terms. Growth only on escalations or new/renewed agreements.

We hope they continue. Our endeavor is always to improve but based on contracts, they should not fluctuate greatly.

GCCs are important for office demand in India. Growth in GCCs would benefit the office market and us.

Because we're at ~full occupancy, demand goes elsewhere. Growth in western suburbs/Goregaon as office hub is positive for the region and MNCs, even if not all come to us.

We don't comment on future years. FY26 we raised to ₹30/share from ₹26. FY27 not internally discussed yet.

All numbers are public. You can calculate yield yourself. We maintain high occupancy, low costs, steady interest.

No significant changes expected. We hope to maintain healthy EBITDA. Per lender agreement, must repay 5% annually from May'27 (25% total).

Haven't done that calculation. Can't speculate on future numbers.

As of now, nothing significant to report. Moved to new tax regime in FY26 which was significant. Will keep you informed.

Too many assumptions. Challenging to answer on the spot without misleading.

FY26-27: nothing. Not much renewal activity.

No new tenant additions expected; '26-27 is a quiet year' for renewals per management.

Costs steady, occupancy near-full. Effort to improve but no material upside; debt repayment may pressure margins slightly.

Nothing significant beyond existing. No redevelopment or major expansion planned.

99.8% occupancy means no room for new tenant growth. Management acknowledges demand going elsewhere. Sequential revenue decline (-1.5% QoQ) despite full occupancy signals no pricing power.

Redevelopment of Nirlon House requires consent from 12 co-owners. No progress for multiple years. Value unlocking indefinitely delayed.

Net debt/EBITDA at 1.81x. Mandatory 5% annual repayment from May'27 (25% total over 5 years). May constrain capex, dividends, or margins if EBITDA doesn't grow.

Management refused to disclose average lease tenure or lease concentration by size. Implies potential lumpy renewal profile and concentration risk among large tenants.

REIT conversion was flagged as optionality to unlock value and diversify. New tax law supports it. But management says 'no concrete plans'—a structural value catalyst is dormant.