Bagmane Prime Office REIT

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.

Bagmane Prime Office REIT trades at ₹108, building a base and 12 weeks into that stage. That is +3.5% against its own 200-day average. It sits at 100% of a 52-week range of ₹103 to ₹108. On relative strength it has no relative-strength read yet.

Today the stock is building a base — week 12 of stage 1, confirmed. At ₹108 it trades +3.5% versus its 200-day average and sits at 100% of its 52-week range (₹103–₹108).

Against the market, two honest reads. Cumulative: over the last 2 months the stock moved +4% while the NIFTY 500 moved +4% — ahead of the index over the full window. Recent form: no trailing-13-week read yet — 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.

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.

P/E does not price Bagmane Prime Office REIT — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. A P/E returns here the first period the bottom line turns positive.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

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

Stage: No read 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.

Bagmane Prime Office REIT reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

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.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

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

Bagmane Prime Office REIT reported ₹437 Cr of revenue in the Jun 26 quarter, −29.9% year on year. The last full year, FY26, came in at ₹0.0 Cr. The last four reported quarters add to ₹1,060 Cr. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

FY26 revenue came in at ₹0.0 Cr (−100.0% on the year). The latest quarter (Jun 26) printed ₹437 Cr, −29.9% year on year.

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.

Bagmane Prime Office REIT's operating margin is 83.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 77.5% to 79.6%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 83.0%, +0.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 77.5%–79.6%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

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

Bagmane Prime Office REIT earned ₹59.0 Cr of net profit in the Jun 26 quarter, −76.8% year on year. The full FY26 year was a loss of ₹0.3 Cr. That is 13.5% of the quarter's revenue. The same quarter a year earlier earned ₹0.0 Cr.

Jun 26 profit was ₹59.0 Cr, −76.8% year on year. On the full year, FY26 printed ₹−0.3 Cr (−100.0%).

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 158% of Bagmane Prime Office REIT's reported profit arrived as operating cash — the cash follows the profit. In FY25 that was ₹1,596 Cr of operating cash against ₹897 Cr of profit. After ₹684 Cr of capital spending, ₹912 Cr was left as free cash.

FY25: operating cash of ₹1,596 Cr against reported profit of ₹897 Cr, leaving free cash of ₹912 Cr after ₹684 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 158% 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 158%: the cash cycle held roughly steady between FY24 and FY25 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 4.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

Bagmane Prime Office REIT's cash conversion cycle runs 8 days in FY25, down from 14 days in FY24. Capital spending ran ₹684 Cr over the last 1 years.

FY25: debtors at 8 days (an asset-light business — no inventory to speak of) — for a full cycle of 8 days, tighter than FY24's 14.

On the investment side: capital spending of ₹684 Cr over the last 1 fiscal years against ₹169 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹28.5 Cr (FY25) — 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.

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.⚠ unverified

Bagmane Prime Office REIT earns a ROCE of 33% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 37.8% net margin on 0.33× asset turns.

FY25 ROCE is 33%.

Why the return is what it is — the wiring (FY25): 37.8% net margin × 0.33× asset turns × 4.56× balance-sheet leverage ≈ 56.9% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

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.

Bagmane Prime Office REIT carries ₹3,766 Cr of borrowings against ₹1,586 Cr of equity in FY25, a debt-to-equity of 2.37. Operating profit covers the interest bill 5×. Over 1 years borrowings went from ₹3,874 Cr to ₹3,766 Cr. Capital spending ran ₹684 Cr across the last 1 of those years.

FY25: borrowings of ₹3,766 Cr against equity of ₹1,586 Cr — a debt-to-equity of 2.37. Operating profit covers the interest bill 5×. Over 1 years borrowings went from ₹3,874 Cr to ₹3,766 Cr while capital spending ran ₹684 Cr in just the last 1 — the build-out is being paid for out of cash, not debt.

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 Bagmane Prime Office REIT 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 — .

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.

Bagmane Prime Office REIT: 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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