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>
Structural demand tailwinds persist: Record leasing, GCC-led absorption, and preference for Grade-A assets support high occupancies, long WALEs, and predictable cash flows across India’s Office REIT universe.</li>
<li>
Sector offers scalable, income-led growth: ~133 msf REIT-owned stock, ~371 msf REITable pipeline, and supportive funding conditions provide visibility for steady distributions and medium-term NAV expansion </li>
<li>REITs with longer lease tenures, diversified tenants, and conservative leverage such as Embassy and Knowledge Realty offer superior risk-adjusted outcomes versus acquisition-heavy peers.</li>
</ul>



Structural demand tailwinds persist: Record leasing, GCC-led absorption, and preference for Grade-A assets support high occupancies, long WALEs, and predictable cash flows across India’s Office REIT universe.

Sector offers scalable, income-led growth: ~133 msf REIT-owned stock, ~371 msf REITable pipeline, and supportive funding conditions provide visibility for steady distributions and medium-term NAV expansion 
REITs with longer lease tenures, diversified tenants, and conservative leverage such as Embassy and Knowledge Realty offer superior risk-adjusted outcomes versus acquisition-heavy peers.


India Office REITs - Evaluating the Sector as an Investment Opportunity

<ul>
<li>Global Capability Centres account for ~30–40% of office leasing, with cumulative demand projected at ~180 msf over 2025–2030, supporting long-term office absorption.</li>
<li>Listed Office REITs operate with &gt;90% portfolio occupancy and long WALE profiles (6–8 years), supporting predictable cash flows and sustainable distributions.</li>
<li>~46% of India’s Grade A office stock remains REITable, providing a substantial pipeline for future asset monetisation, NAV growth, and sector deepening.</li>
</ul>


Global Capability Centres account for ~30–40% of office leasing, with cumulative demand projected at ~180 msf over 2025–2030, supporting long-term office absorption.
Listed Office REITs operate with &gt;90% portfolio occupancy and long WALE profiles (6–8 years), supporting predictable cash flows and sustainable distributions.
~46% of India’s Grade A office stock remains REITable, providing a substantial pipeline for future asset monetisation, NAV growth, and sector deepening.


India Office REITs - Emerging as a Core Income Asset Class

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, both <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> and <a href="https://www.smartkarma.com/entities/mech-mind-robotics-technologies" target="_blank" data-smartkarma-citation="entities:55473:1" rel="noopener">Mech-Mind Robotics Technologies</a>  failed to do much.</li>
<li>On the placement front, deals continued to flow in across the region, throughout the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, both SHEIN Global Holdings (625 HK) and Mech-Mind Robotics Technologies  failed to do much.
On the placement front, deals continued to flow in across the region, throughout the week.


Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there were a number of deals launched in India</li>
<li>On the placement front, there were a few placement in India along with <a href="https://www.smartkarma.com/entities/dmg-mori-co-ltd" target="_blank" data-smartkarma-citation="entities:11125:1" rel="noopener">Dmg Mori Co Ltd (6141 JP)</a> in Japan.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there were a number of deals launched in India
On the placement front, there were a few placement in India along with Dmg Mori Co Ltd (6141 JP) in Japan.


Aequitas ECM Weekly (17 August 2026)- Shein, Ingenic, Megmeet, Dinglong, NSE, Milky Mist, DMG

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Bagmane Prime Office REIT / Equity Bottom-Up

<ul>
<li>Bagmane Prime Office REIT, India’s largest pure-play office REIT plans to raise INR 3,405 crore, backed by a 20.3 million sq. ft. and ~INR 40,264 crore Gross Asset Value.</li>
<li>The portfolio has 98.8% occupancy, 7.4-year lease tenure, 60+ tenants, and strong exposure to MNC and GCC tenants, supporting stable rental income.</li>
<li>Backed by Bagmane Group’s strong development track record and 47.1 million sq. ft. ROFO pipeline, the REIT offers growth visibility, but remains Bengaluru-focused.</li>
</ul>


Bagmane Prime Office REIT, India’s largest pure-play office REIT plans to raise INR 3,405 crore, backed by a 20.3 million sq. ft. and ~INR 40,264 crore Gross Asset Value.
The portfolio has 98.8% occupancy, 7.4-year lease tenure, 60+ tenants, and strong exposure to MNC and GCC tenants, supporting stable rental income.
Backed by Bagmane Group’s strong development track record and 47.1 million sq. ft. ROFO pipeline, the REIT offers growth visibility, but remains Bengaluru-focused.


Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

India

Knowledge Realty Trust is an Indian Real Estate Investment Trust (REIT) focused on investing in, managing, and developing premium commercial office properties across major Indian cities. The company holds a portfolio of operational and under-construction commercial office assets, aiming for long-term value and sustainable growth in the commercial real estate market. Knowledge Realty Trust was registered in October 2024 and is headquartered in Mumbai, India.

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Knowledge Realty Trust (KRT IN)

India Office REITs - Evaluating the Sector as an Investment Opportunity

India's Office REIT sector benefits from strong demand, high occupancies, and predictable cash flows, offering steady distributions for investors....

GSBR Research

India Office REITs - Emerging as a Core Income Asset Class

India’s Office REIT market offers stable income and growth visibility, supported by GCC-led leasing demand, high occupancies, long lease tenures,...

GSBR Research

Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (17 August 2026)- Shein, Ingenic, Megmeet, Dinglong, NSE, Milky Mist, DMG

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Office REITs - Evaluating the Sector as an Investment Opportunity

​India's Office REIT sector benefits from strong demand, high occupancies, and predictable cash flows, offering steady distributions for investors....

GSBR Research

India Office REITs - Emerging as a Core Income Asset Class

India’s Office REIT market offers stable income and growth visibility, supported by GCC-led leasing demand, high occupancies, long lease tenures,...

GSBR Research

Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (17 August 2026)- Shein, Ingenic, Megmeet, Dinglong, NSE, Milky Mist, DMG

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

​Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.

Sudarshan Bhandari

India's Office REIT sector benefits from strong demand, high occupancies, and predictable cash flows, offering steady distributions for investors....

Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.