Bagmane Prime Office Reit · NSE:BAGMANE.RR
Bagmane Prime Office Reit — Q1 FY27 Earnings Presentation
46 slides from Bagmane Prime Office Reit's earnings presentation, August 2026
Slide 1: Corporate Presentation Q1 FY27
Corporate Presentation Q1 FY27
Slide 2: Table of Contents
TABLE OF CONTENTS Page Section No. 01. Bagmane Group – Sponsors Profile 03 02. Portfolio Overview 06 03. Sustainability 16 04. Proven Track Record 19 05. Development Update 25 06. ROFO Assets 28 07. Industry Overview 32 08. IPO Highlights 0 38 09. Annexures 0 41 Bagmane Constellation Business Park
Slide 3: Bagmane Group - Sponsor Profile
BAGMANE GROUP - SPONSOR PROFILE Bengaluru’s largest and one of India’s leading pure-play commercial owner and developer Key Highlights 1996 2008 2017 Dec’25 37 msf Mr. Raja Bagmane Commenced Area developed doubled Area developed grew incorporated BDPL construction at ORR to 11.4 msf to 29.7 msf Deve
Slide 4: Operational Excellence Across the Value Chain
BAGMANE GROUP – OPERATIONAL EXCELLENCE ACROSS THE VALUE CHAIN Holistic approach towards successful acquisition, development, leasing and management of office workspaces In-house Quality, Design and Acquisition / Opportunity Sourcing Procurement and PM Teams Proven capabilities in acquisition Avg
Slide 5: Executive Summary
EXECUTIVE SUMMARY Bagmane Group is Bengaluru’s largest and one of India’s leading pure-play Grade A+ office owner & developer Visionary ~3 decades of experience with the completed portfolio growing over 2.6x in the last 9 years to ~30.6 msf Sponsor #1 share in supply and absorption from 2021-H
Slide 6: Portfolio Overview
02 Portfolio Overview Bagmane Tech Park
Slide 7: Portfolio Overview
PORTFOLIO OVERVIEW A pure-play Bengaluru portfolio with embedded growth: 18% MTM upside and 47.2 msf ROFO opportunity 19.6 msf 607 164.4 MW (DC) Total Leasable Area(1) Room Keys Solar(2) Bengaluru 98.7% 18% 47.2 msf Private & Confidential North Bengaluru COMMITTED OCCUPANCY MTM POTENTIAL R O F O P I
Slide 8: 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 4.5 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 9: 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 | 95.3% Committed Occ.(2) Volvo’s Largest centre of largest R&D centre(3) Texas Instruments in India 26% of gross Largest new rentals from Semiconductors
Slide 10: 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 99% 90% 64% Foreign MNCs GCCs Fortune 500 BFSI Others Technology Top 10 Tenants AB InBev (%) of Gross Contr
Slide 11: Long-Standing Tenant Relationships
LONG-STANDING TENANT RELATIONSHIPS Preference for Bagmane offices is evidenced by multifold expansion by marquee tenants All values in k sft(1) Amazon Texas Instruments 33x 3316 14x 2673 11x 945 196 89 100 2016 Jun'26 2015 Jun'26 2013 Jun'26 Qualcomm 1.5x 824 7x 1097 20x 498 566 168 24 2005 Jun'26 2
Slide 12: State-of-the-Art Infrastructure (1/4)
STATE-OF-THE-ART INFRASTRUCTURE (1/4) World-class amenities promoting live-work-play – F&B Cafeteria Craft Brewery Food Court Food Court 12
Slide 13: State-of-the-Art Infrastructure (2/4)
STATE-OF-THE-ART INFRASTRUCTURE (2/4) World-class amenities promoting live-work-play – Amenities Gymnasium Sports Facility Infinity Pool Feeder Shuttle Day Care Amphitheatre 13
Slide 14: State-of-the-Art Infrastructure (3/4)
STATE-OF-THE-ART INFRASTRUCTURE (3/4) World-class amenities promoting live-work-play - Sports & Events Bagmane Run Bagmane Cricket Bash Bagmane Run Bagmane Cricket Bash 14
Slide 15: State-of-the-Art Infrastructure (4/4)
STATE-OF-THE-ART INFRASTRUCTURE (4/4) Recent New Lifestyle/F&B Additions Costa Coffee GLEN’s Bakehouse Starbucks Burger Singh 15
Slide 16: Sustainability
03 Sustainability Luxor @ Bagmane Capital Tech Park
Slide 17: Consistent Sustainability Focus
CONSISTENT SUSTAINABILITY FOCUS Committed to long-term sustainability across our operations Reducing emissions through renewable energy 92%(2) of portfolio assets are LEED certified 80%+ Share of renewable energy(1) National EHS 5 Star Rating Excellence – Silver RE100 Member 100% Renewal 93/100 scor
Slide 18: 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 19: Proven Track Record
04 Proven Track Record Bagmane Rio Business Park
Slide 20: Robust Business Model with Strong Levers for Growth
ROBUST BUSINESS MODEL WITH STRONG LEVERS FOR GROWTH Steady cashflows complemented by strong levers for organic and inorganic growth Organic Growth Acquisitions incl. 47+ msf ROFO Future Development 4% LTV(2) Under Significant debt Construction headroom for Lease – up future growth of vacant 2.0 msf
Slide 21: REIT Portfolio Has Outperformed the Market
REIT PORTFOLIO HAS OUTPERFORMED THE MARKET Consistently maintained over 94% committed occupancy since Mar’21 with sustained 6.1% rental CAGR Committed Occupancy In-place Rents (%) (Rebased to Mar’21) COVID COVID 99% 99% 137 98% 6.1% 97% 96% 132 96% +187 bps 94%(1) 127 +1009bps 124 93% 123 4.2% 118 1
Slide 22: 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-Jun’26) [ [ Leased to existing tenants Gross Contracted 89%
Slide 23: Asset-Level Revenue & NOI - Q1 FY27
ASSET-LEVEL REVENUE & NOI – Q1 FY27(1) Delivered 90% NOI margin in Q1 FY27, with 16% Y-o-Y growth in Revenue and NOI REVENUE FROM OPERATIONS NET OPERATING INCOME Assets (₹Mn) Q1 FY27 Q1 FY26 Growth % Q1 FY27 Q1 FY26 Growth % BWTC 1,829 1,750 4% 1,627 1,619 0% BCBP 1,666 1,521 10% 1,447 1,362 6% RIO
Slide 24: Debt Profile
DEBT PROFILE Lowest leverage among Indian REITs with significant debt headroom for growth ₹23 Bn ₹16 Bn 4% 7.4%(2) AAA ₹180+ Bn Gross Debt Net Debt LTV(1) Avg. Cost of debt Credit Rating(3) Debt headroom Debt Maturity Profile (₹ Mn) Composition of Debt 6,245 OD 27% 9,061 ₹ 23 Bn 2,165 Gross Debt 1,7
Slide 25: Development Update
05 Development Update Bagmane Tech Park
Slide 26: Development Pipeline (1/2)
DEVELOPMENT PIPELINE – (1/2) Strong office development pipeline in SBD City to drive NOI growth 1.0 msf 2.0 msf Under Development Future Development Cosmos - Ceres Q3 FY27 ₹1.2 Bn Expected Completion Date Balance Cost 8th Floor slab under progress Façade work commenced for lower floors Perspective A
Slide 27: 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) 33.25 MW installed, balance under execution; Charging of substation by KPTCL awaited Actual Actual Hosp
Slide 28: ROFO Assets
06 ROFO Assets Bagmane Capital Tech Park
Slide 29: 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 4.6 Completed Under
Slide 30: 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 0.8 1.4
Slide 31: 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 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) 931 Msf 92 Grade A office stock in 86 85 Top 7 markets as of Q2 83 80 2026; >1B sf by 2027 77 75 67 63 63 63 54 CY23-25 CY26-2
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 % 27 % ~37 % ~11 % Vacancy – June 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 114 116 15.0 12% 14.5 104 14.0 100 13.5 13.0 12.0 12.5 11.1 10% 12.0 11.0 11.5 11.0 9.6% 10.3 10.0 10.5 10.0 8% 9.5 9.0 8.5 7.9 8.0 7.5 6.8 6% 7.0 5.7 6.5 6.1% 5.9 6.0 5.5 4.9 4.9% 4.4 5.0 3.9 4% 4.5 4.4% 4.3% 4.0 4.1% 3.5 3.0 5.3 2.5 3.3 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) 145 3.6 138 149 12% 130 3.4 3.3 3.2 3.1 3.0 2.9 2.9 10% 2.8 2.6 2.4 2.2 8% 2.2 2.0 5.8% 1.8 5.5% 5.2% 6% 1.6 1.6 1.5 4.8% 1.5 1.4 4.3% 1.3 1.2 4% 3.0% 1.0 2.0 0.8 0.6 0.5 2% 0.3 0.4 0.7 0.3 0.2 0.0 0% 2023 2024 2025 2026E 2027E 2028E Gross Leasing (m
Slide 38: IPO Highlights
08 IPO Highlights Bagmane Constellation Business Park
Slide 39: IPO & Listing Highlights
IPO & LISTING HIGHLIGHTS GCC focused office REIT with Grade A+ assets in the world’s best performing micro markets | Listed in May ‘26 ₹100.00 ₹ 351,900 Mn ISSUE PRICE PER UNIT M AR K E T C AP AT L I S T I N G ₹108.70 207 k applications Bagmane Prime Office REIT U N I T P R I C E AS O F AU G 1 0 , 2
Slide 40: Thank You
THANK YOU INVESTOR CONTACT Website: www.bagmanereit.com Email: ir@bagmanereit.com Office: +91 80 4032 9901
Slide 41: Annexure
09 Annexure Bagmane World Technology Centre
Slide 42: Portfolio Snapshot as on June 30, 2026
PORTFOLIO SNAPSHOT AS ON JUNE 30, 2026 Future Leasable Completed U/C Area Committed In-place Market Asset Development Occupancy Area (msf) Area (msf) (msf) Occupancy rent (psf) Rent (psf) Area (msf) Commercial Offices Bagmane World Technology Centre, ORR 4.5 4.5 - - 91.5% 96.4% 94 108 Bagmane Conste
Slide 43: 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 44: 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, 28+ years of experience in real estate BMR and PWC sector Rajeshwari Srinivasan
Slide 45: Key Terms & Definitions
KEY TERMS & DEFINITIONS • All figures in this presentation are as of June 30, 2026, unless otherwise specified • Some of the figures in this Presentation have been rounded -off to the nearest decimal/ whole number for the ease of presentation Term Description Agreement to lease or letter of intent N
Slide 46: 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
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