Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>Record 9M CY2026 leasing of 66.4 msf. GCCs (43%) and flex (24%) rising as third-party IT services shrinks to 13%, the AI-era demand rotation deepening.</li>
<li>Re-Rating driving institutional flows: Embassy’s index inclusion, Blackstone’s INR120bn Knowledge Realty OFS and India’s first bank-financed REIT NCD highlight growing investor participation and funding access.</li>
<li>Occupancy remains robust at 90-99%, with Knowledge Realty offering growth headroom, Embassy scale, Mindspace acquisition-led expansion and Brookfield interest rate sensitivity.</li>
</ul>


Record 9M CY2026 leasing of 66.4 msf. GCCs (43%) and flex (24%) rising as third-party IT services shrinks to 13%, the AI-era demand rotation deepening.
Re-Rating driving institutional flows: Embassy’s index inclusion, Blackstone’s INR120bn Knowledge Realty OFS and India’s first bank-financed REIT NCD highlight growing investor participation and funding access.
Occupancy remains robust at 90-99%, with Knowledge Realty offering growth headroom, Embassy scale, Mindspace acquisition-led expansion and Brookfield interest rate sensitivity.


India Office REIT Monthly Tracker - October 2026

Equity Bottom-Up

Brookfield India Real Estate Trust / Equity Bottom-Up

Brookfield India Real Estate Trust (BIRET IN)

<ul>
<li>Q1 FY27 revenue up 55.8% YOY and NOI up 51.7% YOY, driven by the Ecoworld consolidation. Completed leasable area jumped 33.1% YOY to 32.6 msf</li>
<li>DPU of INR5.60 (+6.7% YOY) with a 6.3% trailing yield. LTV normalised to 25.9% after the equity raise, restoring balance sheet headroom.</li>
<li>We view BIRET as the cleanest institutional proxy for India's Grade-A office cycle, with visible growth but a heavily floating rate debt book.</li>
</ul>


Q1 FY27 revenue up 55.8% YOY and NOI up 51.7% YOY, driven by the Ecoworld consolidation. Completed leasable area jumped 33.1% YOY to 32.6 msf
DPU of INR5.60 (+6.7% YOY) with a 6.3% trailing yield. LTV normalised to 25.9% after the equity raise, restoring balance sheet headroom.
We view BIRET as the cleanest institutional proxy for India's Grade-A office cycle, with visible growth but a heavily floating rate debt book.


Brookfield India REIT (BIRET): Ecoworld Transforms the Scale; Strong Q1 FY27, BKC Adds CBD Exposure

<ul>
<li>India's office market hit record H1 2026 leasing of 45.5 msf, with GCCs driving 43% of demand; listed REITs are the cleanest vehicle to capture this strength.</li>
<li>SEBI's equity reclassification (effective January 2026) and RBI's draft proposal on direct bank lending are set to expand the buyer base and lower funding costs.</li>
<li>The five established listed REITs manage 187+ msf of Grade A space with INR2.72 trillion gross AUM and distributed over INR8,900 crore in FY26.</li>
</ul>


India's office market hit record H1 2026 leasing of 45.5 msf, with GCCs driving 43% of demand; listed REITs are the cleanest vehicle to capture this strength.
SEBI's equity reclassification (effective January 2026) and RBI's draft proposal on direct bank lending are set to expand the buyer base and lower funding costs.
The five established listed REITs manage 187+ msf of Grade A space with INR2.72 trillion gross AUM and distributed over INR8,900 crore in FY26.


India Office REITs: Structural Demand Meets a Regulatory Inflection Point

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.

Equity Capital Markets

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

<ul>
<li>Record H1 CY2026 leasing of 45.5 msf, with GCC (43%) and flex (24%) demand rising as third-party IT services contracts to 13%</li>
<li>Regulatory re-rating underway: SEBI's equity reclassification opens the INR 65 trn mutual fund base, a sixth REIT has listed, and the BSE has launched a REIT benchmark. </li>
<li>Knowledge Realty offers the most growth headroom (18% LTV, largest GAV at INR674bn); Embassy leads on scale (52.5 msf) but has highest leverage; Mindspace and Brookfield remain acquisition led.</li>
</ul>


Record H1 CY2026 leasing of 45.5 msf, with GCC (43%) and flex (24%) demand rising as third-party IT services contracts to 13%
Regulatory re-rating underway: SEBI's equity reclassification opens the INR 65 trn mutual fund base, a sixth REIT has listed, and the BSE has launched a REIT benchmark. 
Knowledge Realty offers the most growth headroom (18% LTV, largest GAV at INR674bn); Embassy leads on scale (52.5 msf) but has highest leverage; Mindspace and Brookfield remain acquisition led.


India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India

Brookfield India Real Estate Trust is India's first and only 100% institutionally managed office Real Estate Investment Trust (REIT). It owns and operates a portfolio of high-quality, Grade-A commercial assets, primarily campus-style office parks, across major Indian technology hubs like Mumbai, Gurugram, Noida, and Kolkata. The trust generates revenue primarily through lease rentals from multinational and domestic corporations, focusing on stable income and long-term capital appreciation for unitholders. Headquartered in Mumbai, India, the trust was settled on July 17, 2020.

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Brookfield India Real Estate Trust (BIRET IN)

India Office REIT Monthly Tracker - October 2026

Record 9M leasing (66.4 msf) and a regulatory re-rating, index inclusion, a ₹120bn KRT OFS, India’s first bank-financed REIT, reinforce the...

GSBR Research

Brookfield India REIT (BIRET): Ecoworld Transforms the Scale; Strong Q1 FY27, BKC Adds CBD Exposure

Brookfield India REIT’s Q1 FY27 reflects the full Ecoworld scale up, with strong NOI growth, firm occupancy and leasing spreads, while BKC adds...

GSBR Research

India Office REITs: Structural Demand Meets a Regulatory Inflection Point

India's office market booming in H1 2026 with GCCs driving demand; listed REITs offer cleanest way to capitalize on strength.

GSBR Research

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India's listed office REITs enter H2 CY2026 with macro and fundamentals aligned. H1 leasing hit a record 45.5 msf, led by GCCs (43%) and flex...

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Office REIT Monthly Tracker - October 2026

Record 9M leasing (66.4 msf) and a regulatory re-rating, index inclusion, a ₹120bn KRT OFS, India’s first bank-financed REIT, reinforce the...

GSBR Research

Brookfield India REIT (BIRET): Ecoworld Transforms the Scale; Strong Q1 FY27, BKC Adds CBD Exposure

Brookfield India REIT’s Q1 FY27 reflects the full Ecoworld scale up, with strong NOI growth, firm occupancy and leasing spreads, while BKC adds...

GSBR Research

India Office REITs: Structural Demand Meets a Regulatory Inflection Point

​India's office market booming in H1 2026 with GCCs driving demand; listed REITs offer cleanest way to capitalize on strength.

GSBR Research

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India's listed office REITs enter H2 CY2026 with macro and fundamentals aligned. H1 leasing hit a record 45.5 msf, led by GCCs (43%) and flex...

GSBR Research

India's office market booming in H1 2026 with GCCs driving demand; listed REITs offer cleanest way to capitalize on strength.