External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Embassy Office Parks REIT / Equity Bottom-Up

<ul><li>Strong Operating Metrics: EOP REIT’s revenue rose 13% YoY to Rs 1,124 Cr, supported by portfolio expansion, strong leasing, and rent escalations.</li><li>Total office space expanded 7% YoY to 40.9 Mn sq. ft., with new additions at Embassy Tech Village and Embassy Manyata.</li><li>Healthy pre-leasing levels (97–100%) and lower vacancies lifted occupancy by 300 bps YoY to 90%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Operating Metrics: EOP REIT’s revenue rose 13% YoY to Rs 1,124 Cr, supported by portfolio expansion, strong leasing, and rent escalations.Total office space expanded 7% YoY to 40.9 Mn sq. ft., with new additions at Embassy Tech Village and Embassy Manyata.Healthy pre-leasing levels (97–100%) and lower vacancies lifted occupancy by 300 bps YoY to 90%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT Ltd - Q2FY26: Expansion on Track; Healthy NOI

<ul><li>Stable Operating Metrics; NOI Momentum Sustained Despite Cost Pressures: Embassy REIT reported a 14.8% YoY increase in revenue to Rs 1,086 Cr, supported by a 10% growth in leasable area, a 200-basis-point improvement in occupancy, and a strong 28–31% rise in average room rates (ARR) across its hospitality portfolio.</li><li>The office and hospitality segments posted YoY revenue growth of 7% and 20%, respectively, while the energy segment declined 45% YoY.</li><li>Net operating income (NOI) rose 17% YoY to Rs 892 Cr. Distribution per unit (DPU) came in at Rs 23.01, marking an 8% YoY increase. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stable Operating Metrics; NOI Momentum Sustained Despite Cost Pressures: Embassy REIT reported a 14.8% YoY increase in revenue to Rs 1,086 Cr, supported by a 10% growth in leasable area, a 200-basis-point improvement in occupancy, and a strong 28–31% rise in average room rates (ARR) across its hospitality portfolio.The office and hospitality segments posted YoY revenue growth of 7% and 20%, respectively, while the energy segment declined 45% YoY.Net operating income (NOI) rose 17% YoY to Rs 892 Cr. Distribution per unit (DPU) came in at Rs 23.01, marking an 8% YoY increase. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT Ltd - Portfolio Expansion Showing NOI Growth

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>WeWork India is the Indian arm of global flex space major <a href="https://www.smartkarma.com/entities/wework-inc" target="_blank" data-smartkarma-citation="entities:28061:1" rel="noopener">(WEWKQ US)</a>; however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)</li>
<li>WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)</li>
<li>IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?</li>
</ul>


WeWork India is the Indian arm of global flex space major (WEWKQ US); however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)
WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)
IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?


WeWork India - IPO Review: A Premium Flex Space Player with Strong Promoter Backing

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

India

Embassy Office Parks REIT operates as a real estate investment trust. The Company acquires and develops commercial buildings, offices, IT parks, and industrial areas. Embassy Office Parks serves customers in India.

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Embassy Office Parks REIT (EMBASSY IN)

Embassy Office Parks REIT Ltd - Q2FY26: Expansion on Track; Healthy NOI

Strong Operating Metrics: EOP REIT’s revenue rose 13% YoY to Rs 1,124 Cr, supported by portfolio expansion, strong leasing, and rent escalations.

Axis Direct

Embassy Office Parks REIT Ltd - Portfolio Expansion Showing NOI Growth

The office and hospitality segments posted YoY revenue growth of 7% and 20%, respectively, while the energy segment declined 45% YoY.

Axis Direct

WeWork India - IPO Review: A Premium Flex Space Player with Strong Promoter Backing

WeWork India, backed by Embassy group, stands out in flex space market with a focus on premium properties. IPO valuation at 22x FY25 EBITDA prices...

Himanshu Dugar

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

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Embassy Office Parks REIT Ltd - Q2FY26: Expansion on Track; Healthy NOI

Strong Operating Metrics: EOP REIT’s revenue rose 13% YoY to Rs 1,124 Cr, supported by portfolio expansion, strong leasing, and rent escalations.

Axis Direct

Embassy Office Parks REIT Ltd - Portfolio Expansion Showing NOI Growth

The office and hospitality segments posted YoY revenue growth of 7% and 20%, respectively, while the energy segment declined 45% YoY.

Axis Direct

WeWork India - IPO Review: A Premium Flex Space Player with Strong Promoter Backing

​WeWork India, backed by Embassy group, stands out in flex space market with a focus on premium properties. IPO valuation at 22x FY25 EBITDA prices...

Himanshu Dugar

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

WeWork India, backed by Embassy group, stands out in flex space market with a focus on premium properties. IPO valuation at 22x FY25 EBITDA prices...