Bagmane Prime Office REIT · NSE:BAGMANE.RR
Bagmane Prime Office REIT — Q2 FY27 Earnings Presentation
45 slides from Bagmane Prime Office REIT's earnings presentation, Nov 2, 2026
Slide 1: Q2 FY27 Earnings Update
BAGMANE| BAGMANE — REIT —— Q2 FY27 Earnings Update
Slide 2: Table of Contents
TABLE OF CONTENTS Page Section No. 01. Key Performance Highlights 03 02. Portfolio Overview 12 03. Proven Track Record 19 04. Development Update 22 05. ROFO Assets 25 06. Sustainability 29 07. Industry Overview 32 08. Annexures 38 Bagmane World technology Centre`
Slide 3: Key Performance Highlights
01 Key Performance Highlights Bagmane Constellation Business Park
Slide 4: H1 FY27 Highlights
H1 FY27 HIGHLIGHTS A GCC-focused office REIT with 99% committed occupancy LEASING HIGHLIGHTS – H1 FY27 1.4 msf 0.6 msf 11 % G R O S S L E AS I N G P R E - L E AS I N G R E - L E AS I N G S P R E AD ( 1 ) FINANCIAL HIGHLIGHTS – H1 FY27 ₹ 15.0 Bn ₹ 13.4 Bn 90 % REVENUE FROM N E T O P E R AT I N G N O
Slide 5: Q2 FY27 Performance Overview
Q2 FY27 PERFORMANCE OVERVIEW Robust Operating Performance 1.2 msf 99.0 % ₹7,650 Mn ₹6,844 Mn ₹1.55 p.u COMMITTED R E V E N UE F R O M N E T O P E R AT I N G G R O S S L E AS I N G D I S T R I BU T I O N ( D P U ) O C C U P AN C Y O P E R AT I O N INCOME Operational Committed Occupancy of 99.0% acros
Slide 6: Leasing Performance
LEASING PERFORMANCE Maintained best in class occupancy | 1.2 msf leased in Q2 FY27 including pre-leasing of 0.6 msf 1.2 msf ₹ 166 psf/month 9% Gross Leasing Average Rent Achieved MTM Achieved (2% above market rents) (for 0.5 msf) Pre-leasing 51% Assets Tenant Sector Area (k sft) New Leases 954 Big F
Slide 7: Asset-Level Revenue & NOI
ASSET-LEVEL REVENUE & NOI Delivered 89% NOI margin in Q2 FY27 REVENUE FROM OPERATIONS NET OPERATING INCOME Assets (₹Mn) H1 FY27(1) Q2 FY27 Q1 FY27(1) H1 FY27(1) Q2 FY27 Q1 FY27(1) BWTC 3,942 2,113 1,829 3,492 1,865 1,627 BCBP 3,363 1,697 1,666 2,944 1,497 1,447 RIO(2) 790 395 395 692 343 349 LUXOR 1
Slide 8: NDCF Walkdown
NDCF WALKDOWN Key financial metrics – Revenue, NOI & NDCF walkdown Q2 FY27 - quarter ended 30 Particulars (INR Mn) September 2026 Revenue from Operations 7,650 Property Taxes & Insurance (153) Other Direct Operating Expenses (653) Net Operating Income (NOI) 6,844 Property Management Fees (221) Net O
Slide 9: Distribution Profile
DISTRIBUTION PROFILE First Full Quarter Distribution of ₹1.55 per unit for Q2 FY27| Most Tax efficient with highest dividend component Interest DISTRIBUTION AMOUNT 21% ₹5,270 Mn ₹1.55 p.u UNITS OUTSTANDING Dividend 3,400 Mn 79% Key Dates DISTRIBUTION PER UNIT November 02, 2026 November 05, 2026 On o
Slide 10: Valuation
Valuation Portfolio NAV per unit stands at 113.6 Market Value Break-up basis status Amount Particulars (INR Mn) Completed 86% (A) Total Assets 433,252 416 Bn (B) Total Liabilities (45,777) (C) Net Assets / (Liabilities) 387,474 Under Development(1) 14% (D) Less: Non-Controlling interest (1,217) Mark
Slide 11: Debt Profile
DEBT PROFILE Lowest leverage among Indian REITs with significant debt headroom for growth ₹25 Bn ₹17 Bn 4% 7.4% AAA ₹180+ Bn Gross Debt Net Debt LTV(1) Avg. Cost of debt(2) Credit Rating(3) Debt headroom Debt Maturity Profile (₹ Mn) Composition of Debt 5,147 OD 35% ₹ 25 Bn Gross Debt 9,515 LRD 65% 2
Slide 12: Portfolio Overview
02 Portfolio Overview Bagmane World Technology Centre
Slide 13: Portfolio Overview
PORTFOLIO OVERVIEW A pure-play Bengaluru portfolio with embedded growth: 18% MTM upside and 47.2 msf ROFO runway 99.0 % 18 % 47.2 msf C O M M I T T E D O C C U P A N C Y (2) MTM POTENTIAL R O F O P I P E L I N E (3) 20.3msf TOTAL AREA 93 % 112 psf 6.1 Years GCC IN PLACE RENT WALE LEASABLE AREA - 19.
Slide 14: Expansive Business Parks in ORR
EXPANSIVE BUSINESS PARKS IN ORR - THE LARGEST OFFICE MICRO-MARKET IN INDIA Bagmane World Technology Centre Bagmane Constellation Business Park 4.6 msf | 96.4% Committed Occ. | 607 Key Hotels u/c 5.0 msf | 100% Committed Occ. Samsung’s Amazon’s mini largest R&D centre(1) campus (5 towers) Bagmane Rio
Slide 15: Grade A Offices in SBD City
GRADE A OFFICES IN SBD CITY – A LEADING OFFICE DESTINATION IN BENGALURU Bagmane Tech Park Bagmane Cosmos 4.4 msf | 100% Committed Occ.(1) 3.6 msf | 100% Committed Occ.(2) Volvo’s Largest centre of largest R&D centre(3) Texas Instruments in India 25% of gross Largest new rentals from Semiconductors d
Slide 16: Marquee Tenant Roster
MARQUEE TENANT ROSTER Partner of choice for leading GCCs, foreign MNCs and Fortune 500 companies; backed by tenants involved in or complementing the development of technology and AI innovation 98% 93% 64% Foreign MNCs GCCs Fortune 500 BFSI Others Technology Top 10 Tenants AB InBev (%) of Gross Contr
Slide 17: State-of-the-Art Infrastructure (1/2)
STATE-OF-THE-ART INFRASTRUCTURE (1/2) World-class amenities promoting live-work-play – F&B Cafeteria Craft Brewery Cafeteria Cafeteria 17
Slide 18: State-of-the-Art Infrastructure (2/2)
STATE-OF-THE-ART INFRASTRUCTURE (2/2) World-class amenities promoting live-work-play – Amenities Gymnasium Sports Facility Infinity Pool Feeder Shuttle Day Care Amphitheatre 18
Slide 19: Proven Track Record
03 Proven Track Record Bagmane Cosmos Business Park
Slide 20: REIT Portfolio Has Outperformed the Market
REIT PORTFOLIO HAS OUTPERFORMED THE MARKET Consistently maintained over 94% committed occupancy since Mar’21 with sustained 5.9% rental CAGR Committed Occupancy In-place Rents (%) (Rebased to Mar’21) COVID COVID 99% 99% 137 98% 97% 5.9% 96% 132 96% 128 +133 bps 94%(1) 127 +1080bps 93% 123 4.6% 118 1
Slide 21: Demonstrated Strong Leasing | Healthy MTM Potential
DEMONSTRATED STRONG LEASING | HEALTHY MTM POTENTIAL Superior portfolio quality driving tenant retention with high re-leasing MTM Gross Leasing Area and rentals(1) expiry (msf) (msf) Average Re-leasing Spread(1) 18% Avg. Future MTM 15% (FY23-H1 FY27) [ [ Leased to existing tenants Gross Contracted 91
Slide 22: Development Update
04 Development Update Bagmane Constellation Business Park
Slide 23: Development Pipeline (1/2)
DEVELOPMENT PIPELINE – (1/2) Strong SBD City demand to drive NOI growth: 60% area pre-leased 1.0 msf 2.0 msf 0.6 msf Under Development Future Development Pre-leased Cosmos - Ceres Q3 FY27 54 % ₹ 0.9 Bn Expected Completion Pre-leased Balance Cost Date Finishes underway Perspective Actual Cosmos - Aur
Slide 24: Development Pipeline (2/2)
DEVELOPMENT PIPELINE – (2/2) Hospitality and Renewable Energy developments to support the Office Portfolio and drive NOI growth Solar – Chitradurga(1) 72.5 MW (DC) ₹0.7 Bn Capacity Balance Cost(3) Project commissioning underway Actual Actual Hospitality(2) 607 keys ₹8.2 Bn Total room inventory Balan
Slide 25: ROFO Assets
05 ROFO Assets Bagmane Capital Tech Park
Slide 26: ROFO Pipeline (1/3)
ROFO PIPELINE (1/3) Largest ROFO Pipeline among listed Office REITs - 47+ msf Actual Actual Actual Actual ORR Whitefield Bagmane Capital Tech Park Bagmane Solarium City 7.1 msf 9.0 msf Total leasable area Total leasable area Development split msf Development split msf 2.1 0.0 1.3 4.5 Completed Under
Slide 27: ROFO Pipeline (2/3)
ROFO PIPELINE (2/3) Largest ROFO Pipeline among listed Office REITs - 47+ msf Perspective Perspective North Bengaluru ORR North Bengaluru Bagmane Capital South Bagmane Sierra Business District 2.2 msf 7.6 msf Total leasable area Total leasable area Development split msf Development split msf 2.2 0.0
Slide 28: ROFO Pipeline (3/3)
ROFO PIPELINE (3/3) Largest ROFO Pipeline among listed Office REITs - 47+ msf Bagmane Encore Business Park Bagmane Viva Tech Park, Chennai Bagmane Aerowest, Delhi 2.3 msf 3.7 msf 1.8 msf Perspective Perspective Bagmane District 1862 2.3 msf Bagmane Fintech City, Chennai Perspective 0.6 msf Total Ass
Slide 29: Sustainability
06 Sustainability Bagmane Tech Park
Slide 30: Consistent Sustainability Focus
CONSISTENT SUSTAINABILITY FOCUS Committed to long-term sustainability across our operations Reducing emissions through renewable energy 92%(2) of completed area is LEED certified 80%+ Share of renewable energy(1) National EHS 5 Star Rating Excellence – Silver RE100 Member 100% renewable 93/100 score
Slide 31: Social Initiatives
SOCIAL INITIATIVES Creating shared value in the communities we serve RampMyCity Amba for Life Initiative for making disabled-friendly public spaces Economic empowerment to the intellectually disabled JITO Foundation Janaseva Vidya Kendra Coaching and mentoring youth for careers in Civil Services Sys
Slide 32: Industry Overview
07 Industry Overview Bagmane World Technology Centre
Slide 33: Robust Demand Fuels Office Growth in India
ROBUST DEMAND FUELS OFFICE GROWTH IN INDIA Robust demand for India’s Grade-A office stock continues to outpace supply Gross leasing and Supply Avg. Gross Leasing (msf) (msf) 952 Msf 93 88 Grade A office stock in 83 84 88 Top 7 markets as of Q3 CY 2026; >1B sf by 2027 77 75 71 23 68 63 64 54 CY23-25
Slide 34: India Remains a Preferred GCC Destination
INDIA REMAINS A PREFERRED GCC DESTINATION India’s strong demographic profile and cost advantage has aided sustained growth of GCCs Bengaluru dominating GCC absorption in India GCC expected to be the growth driver in India (% share) (# GCC units) 1.3x 4,700-4,800 1.9x 3,700+ c. 42% share of c.38% c.3
Slide 35: Bengaluru – India's Largest Office Market
BENGALURU – INDIA’S LARGEST OFFICE MARKET India’s largest and best performing office market 26 % 28 % ~39 % ~12 % Vacancy – Sept 30, 2026 Share in India office stock(1) Highest avg net absorption(2) Avg share of GCC leasing(3) vs 15% India vacancy Strong momentum: Gross leasing and supply Rental Gro
Slide 36: Micro Market – Outer Ring Road
MICRO MARKET – OUTER RING ROAD 120 114 104 15.0 100 12% 14.5 13.5 14.0 13.5 13.0 12.5 11.1 11.6 10% 12.0 11.5 11.0 9.6% 10.3 11.0 10.5 10.0 8% 9.5 9.0 2.9 8.5 7.9 7.6 8.0 7.0 7.5 6% 7.0 5.7 6.5 6.1% 6.0 5.2% 5.5 4.9 5.0 3.9 4.9% 4% 4.5 4.3% 4.0 4.1% 3.5 2.5 3.0 2.5 8.1 2% 2.0 1.5 1.0 0.5 0.0 0% 2023
Slide 37: Micro Market – Secondary Business District (City)
MICRO MARKET – SECONDARY BUSINESS DISTRICT (CITY) 155 3.6 138 145 12% 130 3.4 3.4 3.2 3.1 2.9 2.9 3.0 10% 2.8 1.0 2.6 0.7 2.4 8% 2.2 2.1 2.0 5.8% 1.8 5.5% 5.2% 6% 1.6 5.0% 1.6 1.5 1.5 4.8% 1.4 1.3 1.2 4% 3.0% 1.0 0.8 2.4 0.6 0.5 2% 0.3 0.4 2.2 0.3 0.2 0.0 0% 2023 2024 2025 2026E 2027E 2028E Gross Le
Slide 38: Annexure
08 Annexure Bagmane World Technology Centre
Slide 39: Portfolio Snapshot
PORTFOLIO SNAPSHOT Market Market Value – Market Future In-place Market Leasable Completed U/C Area Committed Value - Under Value – Asset Development Occupancy rent Rent Area (msf) Area (msf) (msf) Occupancy Completed Development(1) Total Area (msf) (psf) (psf) (INR Mn) (INR Mn) (INR Mn) Commercial O
Slide 40: High-Quality Investor Base and Unit Holding Pattern
HIGH-QUALITY INVESTOR BASE AND UNIT HOLDING PATTERN High quality and diversified investor base Use of Proceeds(1) Unit holding Pattern Fresh Issue: 23,900 Mn (As of September 30, 2026) As per FOD Achieved Items (₹Mn) (₹Mn) P U B L I C U N I T H O L D E R S (2) — 1 7 . 1 9 % Gross Fresh Issue Proceed
Slide 41: Our Portfolio
OUR PORTFOLIO Trustee Trust Investment Manager Bagmane Realty Axis Trustee Services Bagmane Prime Investment Manager Limited Office REIT Private Limited Bagmane Developers Private Limited (Holdco) (100%) Portfolio held through SPV Portfolio held through SPV Bagmane Rio Portfolio held Bagmane Green P
Slide 42: Reputed Board Members
REPUTED BOARD MEMBERS Independent Directors Non-Executive Directors Abhishek Goenka Raja Bagmane (Chairperson) Founder of Aeka Advisors India LLP Founder of the Bagmane Group Previously associated with RMZ Group, 29+ years of experience in real estate BMR and PWC sector Rajeshwari Srinivasan
Slide 43: Key Terms & Definitions
KEY TERMS & DEFINITIONS • All figures in this presentation are as of September 30, 2026, unless otherwise specified • Some of the figures in this Presentation have been rounded -off to the nearest decimal for the ease of presentation Term Description Agreement to lease or letter of intent Non-bindin
Slide 44: Disclaimer
DISCLAIMER This presentation has been prepared by Bagmane Realty Investment Manager Private Limited ("Manager"), in its capacity as the Manager to Bagmane Prime Office REIT ("REIT"), solely for information purposes. The information contained herein has been prepared from sources believed to be relia
Slide 45: Thank You
THANK YOU INVESTOR CONTACT Website: www.bagmanereit.com Email: ir@bagmanereit.com Office: +91 080 40329901 Bagmane World Technology Centre
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