Brookfield India Real Estate Trust

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Brookfield India Real Estate Trust trades at ₹340, building a base and 3 weeks into that stage. That is +3.4% against its own 200-day average. It sits at 42% of a 52-week range of ₹319 to ₹369. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is building a base — week 3 of stage 1, confirmed. At ₹340 it trades +3.4% versus its 200-day average and sits at 42% of its 52-week range (₹319–₹369).

Against the market, two honest reads. Cumulative: over the last 5.2 years the stock moved +41% while the NIFTY 500 moved +86% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 43rd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Brookfield India Real Estate Trust trades at 58.7× P/E, mid-range by its own standards (43rd percentile). Its long-run median P/E is 67.5×, measured across 5.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 58.7× is mid-range by its own standards (43rd percentile), against a long-run median of 67.5× measured over 5.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +111.2% against a +10.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +5.1%/yr price move, ~+50.1%/yr came from earnings growth and ~−45.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 300% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Brookfield India Real Estate Trust reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +54.8% (single-quarter readings) while profit growth is falling at −31.6% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

52.5/100 — rank 2 of 4 in Real Estate Investment Trusts · 69% evidence confidence

Brookfield India Real Estate Trust scores 52.5 out of 100 against the 4 companies it is compared with in Real Estate Investment Trusts, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 26.5 + 14.1 + 3.8 + 8.1 = 52.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Brookfield India Real Estate Trust reported ₹960 Cr of revenue in the Mar 26 quarter, +54.8% year on year. That is the 10th straight quarter of year-on-year growth. Over 5 years it has compounded at 86.7% a year. The last full year, FY26, came in at ₹2,971 Cr. The last four reported quarters add to ₹2,970 Cr.

Brookfield India Real Estate Trust reported ₹960 Cr of revenue in the Mar 26 quarter, +54.8% year on year. That is the 10th straight quarter of year-on-year growth. Over 5 years it has compounded at 86.7% a year. The last full year, FY26, came in at ₹2,971 Cr. The last four reported quarters add to ₹2,970 Cr.

FY26 revenue came in at ₹2,971 Cr (+24.3% on the year), capping 5 years at 86.7% compound. The latest quarter (Mar 26) printed ₹960 Cr, +54.8% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +24.0% growth against the decade's 86.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +24.5% over the last 4 quarters against +28.7%/yr over the last 8 — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 73.0% this quarter (+3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Brookfield India Real Estate Trust's operating margin is 73.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged 63.0% to 71.0%.

Brookfield India Real Estate Trust's operating margin is 73.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged 63.0% to 71.0%.

The latest quarter's operating margin is 73.0%, +3.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 63.0%–71.0%, and FY26's 71.0% is the top of that band — a record year.

Why the margin moved: operating margin went +2.7 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit −31.6% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Brookfield India Real Estate Trust earned ₹54.0 Cr of net profit in the Mar 26 quarter, −31.6% year on year. Full-year FY26 profit was ₹537 Cr. The 5-year compound rate is 84.7%. That is 5.6% of the quarter's revenue. The same quarter a year earlier earned ₹79.0 Cr. 1 of the last 12 reported quarters were loss-making.

Brookfield India Real Estate Trust earned ₹54.0 Cr of net profit in the Mar 26 quarter, −31.6% year on year. Full-year FY26 profit was ₹537 Cr. The 5-year compound rate is 84.7%. That is 5.6% of the quarter's revenue. The same quarter a year earlier earned ₹79.0 Cr. 1 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹54.0 Cr, −31.6% year on year. On the full year, FY26 printed ₹537 Cr (+235.6%), and the 5-year compound rate is 84.7%.

🚨 Why profit moved: revenue contributed +54.8% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +382.1% vs revenue +24.0%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 613% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 613% of Brookfield India Real Estate Trust's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹2,285 Cr of operating cash against ₹537 Cr of profit. After ₹13,254 Cr of capital spending, ₹−10,969 Cr was left as free cash.

FY26: operating cash of ₹2,285 Cr against reported profit of ₹537 Cr, leaving free cash of ₹−10,969 Cr after ₹13,254 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 613% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 613%: the cash cycle tightened 53 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 18.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹24,404 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Brookfield India Real Estate Trust's cash conversion cycle runs 14 days in FY26, down from 67 days in FY21. Capital spending ran ₹24,404 Cr over the last 3 years. At FY26 sales of ₹2,971 Cr each day of that cycle holds about ₹8.1 Cr, so roughly ₹114 Cr sits inside the business at any moment.

FY26: debtors at 14 days (an asset-light business — no inventory to speak of) — for a full cycle of 14 days, tighter than FY21's 67.

In money terms: at FY26 sales of ₹2,971 Cr, each day of the cycle holds about ₹8.1 Cr — so the 14-day loop keeps roughly ₹114 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹24,404 Cr over the last 3 fiscal years against ₹1,310 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 5%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Brookfield India Real Estate Trust earns a ROCE of 5% in FY26. That is up from a trough of 4% in FY22. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 18.1% net margin on 0.08× asset turns.

FY26 ROCE is 5%, recovered from a FY22 trough of 4% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 18.1% net margin × 0.08× asset turns × 2.02× balance-sheet leverage ≈ 2.9% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 300% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.85.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Brookfield India Real Estate Trust carries ₹16,583 Cr of borrowings against ₹19,520 Cr of equity in FY26, a debt-to-equity of 0.85. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹2,111 Cr to ₹16,583 Cr. Capital spending ran ₹24,404 Cr across the last 3 of those years.

FY26: borrowings of ₹16,583 Cr against equity of ₹19,520 Cr — a debt-to-equity of 0.85. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹2,111 Cr to ₹16,583 Cr while capital spending ran ₹24,404 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 300% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Brookfield India Real Estate Trust moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Brookfield India Real Estate Trust: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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