Interim report
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Bagmane Prime Office REIT1RN: IN/REIT/25-26/0007Condensed Consolidated Interim Balance Sheet as at 30 September 2026(All amounts are in INR million, unless otherwise stated)Particulars NoteAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)AssetsNon-current assetsProperty, plant and equipment410,046.03 - Capital work-in progress53,262.06 - Investment property73,50,602.04 - Investment property under development63,497.94 - Financial assetsOther financial assets92,956.49 - Income tax assets (net)201,579.68 - Other non-current assets102,913.38 - Total non-current assets 3,74,857.62 - Current assetsFinancial assetsTrade receivables81,206.37 - Cash and cash equivalents127,251.40 - Bank balances other than cash and cash equivalents12628.00 - Other financial assets 9 1,031.99 - Other current assets10456.73 64.40 Total current assets 10,574.49 64.40 Total assets3,85,432.11 64.40 Equity and liabilitiesEquityUnit capital133,39,217.00 - Distribution - Repayment of Capital14- - Other equity15(537.61) (2.57)Equity attributable to owners of the parent 3,38,679.39 (2.57) Non-Controlling Interest15975.37 - Total equity 3,39,654.76 (2.57) LiabilitiesNon-current liabilitiesFinancial liabilitiesBorrowings1619,888.36 - Lease liabilities3080.02 - Other financial liabilities173,907.38 - Deferred tax liabilities (net)115,401.04 - Other non-current liabilities22493.07 - Total non-current liabilities 29,769.87 - Current liabilitiesFinancial liabilitiesBorrowings164,709.66 - Lease liabilities300.37 - Trade payablesTotal outstanding dues of micro enterprises and small enterprises21 74.43 - Total outstanding dues of creditors other than micro enterprises and small enterprises 21 766.81 1.03 Other financial liabilities178,988.43 65.94 Other current liabilities221,460.31 - Income tax liabilities (net)187.47 - Total current liabilities 16,007.48 66.97 Total liabilities 45,777.35 66.97 Total equity and liabilities3,85,432.11 64.40 The accompanying notes form an integral part of the condensed consolidated interim financial statementsAs per our report of even date attachedFor S. R. Batliboi & Associates LLPFor and on behalf of the Board of Directors ofChartered AccountantsBagmane Realty Investment Manager Private LimitedICAI Firm Registration Number: 101049W/E300004 (acting in its capacity as Manager to Bagmane Prime Office REIT)per Sudhir Kumar Jain Aditya Bagmane Shashank Bagmane Venkatesh Ranganath PPartnerDirector Director Company SecretaryMembership no. 213157 DIN:07184524 DIN:09836805 Membership No. A37567Place: BengaluruRichard Hugh Andrew Ashay S ShahDate: 02 November 2026Chief Executive OfficerChief Financial Officer
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Condensed Consolidated Interim Statement of Profit and Loss for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)NoteFor the half year ended 30 September 2026For the period from30 May 2025 to30 September 2025(Unaudited)(Refer note 38 & 39)IncomeRevenue from operations 2312,020.00 - Other income24273.52 - Total income 12,293.52 - ExpensesSub-contractor cost 73.88 - Finance costs27903.36 - Depreciation expense255,028.10 - Other expenses261,843.03 - Total expenses 7,848.37 - Profit before tax 4,445.15 - Tax expenseCurrent tax19697.23 - Deferred tax19(835.17) - Total tax expense (137.94) - Profit for the period4,583.09 - Other comprehensive income ('OCI')- - Total comprehensive income for the period (comprising profit and OCI)4,583.09 - Attributable to:Owners of the parent 4,564.96 - Non-controlling Interests 18.13 - Of the Total comprehensive income for the period above:Profit for the periodAttributable to:Owners of the parent 4,564.96 - Non-controlling Interests 18.13 - Other comprehensive income for the periodAttributable to:Owners of the parent- - Non-controlling Interests- - Earnings per unit (Not annualised)29- Basic and diluted (in Rs.) 1.68 - The accompanying notes form an integral part of the condensed consolidated interim financial statementsAs per our report of even date attachedFor S. R. Batliboi & Associates LLPFor and on behalf of the Board of Directors ofChartered AccountantsBagmane Realty Investment Manager Private LimitedICAI Firm Registration Number: 101049W/E300004(acting in its capacity as Manager to Bagmane Prime Office REIT)per Sudhir Kumar Jain Aditya BagmaneShashank Bagmane Venkatesh Ranganath PPartner DirectorDirector Company SecretaryMembership no. 213157 DIN:07184524DIN:09836805 Membership No. A37567Place: BengaluruRichard Hugh AndrewAshay S ShahDate: 02 November 2026 Chief Executive OfficerChief Financial Officer Particulars
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Condensed Consolidated Interim Statement of Cash Flows for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)Particulars NoteFor the half year ended 30 September 2026For the period from30 May 2025 to30 September 2025(Unaudited)(Refer note 38 & 39)Cash flows from operating activitiesProfit before tax 4,445.15 - Adjustments:Depreciation expense 25 5,028.10 - Reversal of allowance for credit loss (net) 24 (17.04) - Interest Income 24 (172.83) - Liabilities no longer required written back 24 (0.13) - Interest Expense 27 902.09 - 10,185.34 - Working Capital Changes:Changes in trade receivables 1,029.62 - Changes in other financial assets (74.43) - Changes in other assets (112.21) - Changes in other financial liabilities (13.59) - Changes in other liabilities (1,189.98) - Changes in provisions (10.37) - Changes in trade payables (387.17) - Cash generated from operations 9,427.21 - Income tax paid, net (2,121.54) - Net cash flows from/(used in) operating activities (A) 7,305.67 - Cash flows from investing activities (3,068.67) - Acquisition of subsidiaries, net of cash acquired (refer note 35 and 36) 3,791.93 - (17,750.00) - Investment in bank deposits (with original maturity of more than three months) (3,808.81) - Redemption of bank deposits (with original maturity of more than three months) 4,709.13 - Interest received 142.37 - Net cash flows from /(used in) investing activities (B) (15,984.05) - Cash flows from financing activitiesProceeds from fresh issue of unit capital 23,900.00 - Proceeds from offer for sale of unit capital 10,150.00 - Repayment towards offer for sale of unit capital (9,932.29) - (800.48) - Proceeds from borrowings 50,265.21 - Repayment of borrowings (54,981.02) - Dividends paid by subsidiary to Non-Controlling interest (21.25) - Distribution to unitholders of the Trust (5,100.00) - Interest paid (725.66) - 12,754.51 - 4,076.13 - Cash and cash equivalents at the beginning of the period - - Cash and cash equivalents at the end of the period 4,076.13 - Components of cash and cash equivalents Balances with banks - in current accounts 7,229.91 - 20.33 - Cash on hand 1.16 - 7,251.40 - Less: Overdraft facilities (3,175.27) - Cash and cash equivalents as reported in statement of cash flows 4,076.13 - The accompanying notes form an integral part of the condensed consolidated interim financial statementsAs per our report of even date attachedFor S. R. Batliboi & Associates LLPFor and on behalf of the Board of Directors ofChartered AccountantsBagmane Realty Investment Manager Private LimitedICAI Firm Registration Number: 101049W/E300004 (acting in its capacity as Manager to Bagmane Prime Office REIT)per Sudhir Kumar Jain Aditya Bagmane Shashank BagmaneVenkatesh Ranganath PPartner Director Director Company SecretaryMembership no. 213157DIN:07184524 DIN:09836805Membership No. A37567Place: BengaluruRichard Hugh Andrew Ashay S ShahDate: 02 November 2026 Chief Executive Officer Chief Financial Officer - Deposits with original maturity of three months or less Purchase of property plant and equipments and investment property (including capital work in progress, Investment property under development and capital advances)Operating cash flow before working capital changes Net increase/ (decrease) in cash and cash equivalents (A+B+C)Net cash flows from /(used in) financing activities (C)Acquisition of business undertaking (refer note 35)Payment towards unit issue expenses for fresh issue and offer for sale of units (including transfer of balance to escrow account for unit issue expenses)
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Condensed Consolidated Interim Statement of Changes in Unitholder's Equity for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)A. Unit capitalParticulars Number of units Amount Balance as at 30 May 2025 (incorporation date) - - Movement during the period - - Balance as at 30 September 2025 (refer note 38 & 39) - - Balance as at 01 April 2026 - - Units issued during the period - pursuant to the initial public offer, issued, subscribed and fully paid up in cash (Refer note 37) 23,90,00,000 23,900.00 - in exchange for investment in subsidiaries (Refer note 35) 3,16,10,00,000 3,16,100.00 Less: Unit issue expenses - (783.00)Balance as at 30 September 2026 (Unaudited) 3,40,00,00,000.00 3,39,217.00 B. Distribution - Repayment of CapitalParticularsAmountBalance as at 30 May 2025 (incorporation date)- - - Balance as at 01 April 2026- - - C. Other equity and Non-Controlling InterestRetained earningsTotal other equity attributable to OwnersNon-controlling interestBalance as at 30 May 2025 (incorporation date)- - - Add: Profit for the period - - - Add: Other comprehensive income - - - Total comprehensive income - - - - - - - - - Balance as at 01 April 2026(2.57) (2.57) - Add: Profit/(Loss) for the period 4,564.96 4,564.96 18.13 Add: Other comprehensive income - - - Total comprehensive income4,564.96 4,564.96 18.13 Add: Non-controlling interest ("NCI") pursuant to asset acquisition (Refer note 36)- - 978.49 Less: Distribution by subsidiary to NCI - - (21.25) (5,100.00) (5,100.00) - (537.61) (537.61) 975.37 The accompanying notes form an integral part of the condensed consolidated interim financial statementsAs per our report of even date attachedFor S. R. Batliboi & Associates LLPFor and on behalf of the Board of Directors ofChartered AccountantsBagmane Realty Investment Manager Private LimitedICAI Firm Registration Number: 101049W/E300004 (acting in its capacity as Manager to Bagmane Prime Office REIT)per Sudhir Kumar JainAditya Bagmane Shashank Bagmane Venkatesh Ranganath PPartnerDirector Director Company SecretaryMembership no. 213157DIN:07184524 DIN:09836805 Membership No. A37567Place: BengaluruRichard Hugh Andrew Ashay S ShahDate: 02 November 2026 Chief Executive Officer Chief Financial OfficerBalance as at 30 September 2025 (refer note 38 & 39)Less: Distribution to unitholders of the TrustBalance as at 30 September 2026 (Unaudited)Less: Movement during the periodParticularsBalance as at 30 September 2025 (refer note 38 & 39)Less: Movement during the periodBalance as at 30 September 2026 (Unaudited)Less: Distribution to unitholders of the Trust
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)Statement of Net Distributable Cash Flows (NDCF)Particulars For the half year ended 30 September 2026(Unaudited) Cash flows from operating activities of the Bagmane REIT (12.36)Add: Cash flows received from HoldCo/Asset SPV(s) which represent distributions of NDCF computed as per relevant framework 6,897.64 Add:Treasury income/ income from investing activities of the Bagmane REIT (interest income received from fixed deposit,anyinvestment entities as defined in Regulation 18(5) of the REIT Regulations, tax refund, any other income in the nature ofinterest,profit on sale of mutual funds, investments, assets etc., dividend income etc., excluding any Ind AS adjustments. It is clarifiedthatthese amounts will be considered on a cash receipt basis) 3.82 Add: Proceeds from sale of real estate investments, real estate assets or shares of HoldCo/ Asset SPV(s) adjusted for the following: - (i) Applicable capital gains and other taxes - (ii) Related debts settled or due to be settled from sale proceeds - (iii) Directly attributable transaction costs - (iv) Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations or any otherrelevantprovisions of the REIT Regulations - Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of HoldCo/ Asset SPV(s) notdistributedpursuant to an earlier plan to re-invest as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of theREITRegulations, if such proceeds are not intended to be invested subsequently - Less:Finance cost on borrowings, as per the profit and loss account. However, the amortization of any transaction costs canbeexcluded provided such transaction costs have already been deducted while computing NDCF of previous period whensuchtransaction costs were paid (216.93)Less:Debt repayment at the Bagmane REIT level (to include principal repayments as per scheduled equated monthlyinstalmentsexcept if refinanced through new debt including overdraft facilities and to exclude any debt repayments/ debt refinancedthroughnew debt in any form or funds raised through issuance of units) - Less: Any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any:(i) loan agreement entered with financial institution; or(ii) terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Bagmane REIT or any ofitsHoldCo/ Asset SPV(s); or(iii) terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by theBagmaneREIT or any of its HoldCo/ Asset SPV(s); or(iv) agreement pursuant to which the Bagmane REIT operates or owns the real estate asset, or generates revenue or cashflows fromsuch asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, andanyother agreement of a like nature, by whatever name called); or(v) statutory, judicial, regulatory, or governmental stipulations - Less:Any capital expenditure on existing assets owned/ leased by the Bagmane REIT, to the extent not funded by debt/ equityorfrom contractual reserves created in the earlier years - NDCF at Trust level 6,672.17 Add: Distribution from surplus cash reserves 3,741.10 NDCF at Trust level (including distribution from surplus cash reserves) 10,413.27 Note: Disclosure pursuant to guidance under Paragraphs 4.1.4 & 4.1.6 of Chapter 4, read with Paragraph 3.19 of Chapter 3 and Paragraph 4.2.8 ofChapter4, of SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 3. Since the initial formation transactions, including issuance of unit capital and acquisition of subsidiaries by the Trust have been completed during thehalfyear ended 30 September 2026, the preparation and submission of the Statement of Net Distributable Cash Flows of the Trust are not applicable, for theperiodsupto 31 March 2026, including for the period from 30 May 2025 to 30 September 2025. Computation of NDCF for the Trust: 1. The Board of Directors of the Manager to the Trust have declared distribution to Unitholders as below:a) In its meeting held on 11 August 2026, distribution of Rs. 1.5000 per unit which aggregates to Rs. 5,100.00 million. The distributions of Rs. 1.5000 perunitcomprises Rs. 0.1252 per unit in the form of interest and Rs. 1.3748 per unit in the form of dividend for the quarter ended 30 June 2026.b) In its meeting held on 02 November 2026, distribution of Rs. 1.55 per unit which aggregates to Rs. 5,270.00 million. The distributions of Rs. 1.55 perunitcomprises Rs. 0.33 per unit in the form of interest and Rs. 1.22 per unit in the form of dividend for the quarter ended 30 September 2026.2. Cash flows received from HoldCo/SPVs represent distributions of NDCF computed as per relevant framework received by the Trust from BDPL amounting to Rs. 6,808.04 million and BGPL amounting to Rs. 89.60 million. Further, distribution from surplus cash reserves represents receipt from BDPL.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)Statement of Net Distributable Cash Flows (NDCF)Computation of NDCF for HoldCo/SPVs:For the half year ended30 September 2026(Unaudited)BDPLCash flows from operating activities of HoldCo/SPVs6,366.13 Add: Cash flows received from SPV(s) which represent distributions of NDCF computed as per relevant framework 703.30 Add:Treasury income/ income from investing activities of the SPV (interest income received from fixed deposit, tax refund, anyotherincome in the nature of interest, profit on sale of mutual funds, investments, assets etc., dividend income etc., excluding any IndASadjustments. It is clarified that these amounts will be considered on a cash receipt basis) 136.05 Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs adjusted for the following: - (i) Applicable capital gains and other taxes(ii) Related debts settled or due to be settled from sale proceeds(iii) Directly attributable transaction costs(iv) Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisionsofthe REIT RegulationsAdd: Proceeds from sale of real estate investments, real estate assets or shares of SPVs not distributed pursuant to an earlier plan tore-investas per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations, if such proceeds are notintendedto be invested subsequently - Less:Finance cost on borrowings, as per the profit and loss account excluding finance cost on any shareholder debt/loan from trust.Theamortization of any transaction costs can be excluded provided such transaction costs have already been deducted while computingNDCFof previous period when such transaction costs were paid (384.35)Less:Debt repayment (to include principal repayments as per scheduled equated monthly instalments except if refinanced through newdebtincluding overdraft facilities and to exclude any debt repayments/ debt refinanced through new debt, in any form or equity raise as wellasrepayment of any shareholder debt/ loan from Trust) - Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any: (i). loan agreement entered with banks / financial institution from whom the Trust or any of its SPVs/ HoldCos have availed debt, or (ii). terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/HoldCos,or (iii). terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or anyofits SPVs/ HoldCos, or (iv). agreement pursuant to which the SPV/ HoldCo operates or owns the real estate asset, or generates revenue or cashflows from suchasset(such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement ofalike nature, by whatever name called); or (v). statutory, judicial, regulatory, or governmental stipulations - Less:Any capital expenditure on existing assets owned/ leased by the SPV or HoldCo, to the extent not funded by debt/ equity or fromreserves created in the earlier years - NDCF for HoldCo/SPVs6,821.13 Add: Distribution from surplus cash reserves3,741.10 NDCF for HoldCo/SPVs (including distribution from surplus cash reserves)10,562.23 NDCF distributed for the periodTill 30th September 20266,381.84 Subsequent to 30th September 20264,167.30 Total10,549.14 Note: Disclosure pursuant to guidance under Paragraphs 4.1.4 & 4.1.6 of Chapter 4, read with Paragraph 3.19 of Chapter 3 and Paragraph 4.2.8 of Chapter 4,ofSEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025Particulars 1. Cash flows received from SPVs represent distributions of NDCF computed as per relevant framework received from BGPLLP amounting to Rs.209.95million, BGPL amounting to Rs. 125.37 million and BRPL amounting to Rs. 367.98 million. Further, distribution from surplus cash reservesincludesRs.199.96 million received by BDPL from BRPL.2. Since the initial formation transactions, including issuance of unit capital and acquisition of subsidiaries by the Trust have been completed duringthehalf year ended 30 September 2026, the preparation and submission of the Statement of Net Distributable Cash Flows of the Trust are not applicable,forthe periods upto 31 March 2026, including for the period from 30 May 2025 to 30 September 2025.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)Statement of Net Distributable Cash Flows (NDCF)Computation of NDCF for HoldCo/SPVs:BGPL BGPLLP BRPLCash flows from operating activities of HoldCo/SPVs 234.71 214.08 503.10 Add: Cash flows received from SPVs which represent distributions of NDCF computed as per relevant framework - - - Add:Treasury income/ income from investing activities of the SPV (interest income received from fixed deposit, taxrefund,any other income in the nature of interest, profit on sale of mutual funds, investments, assets etc., dividend incomeetc.,excluding any Ind AS adjustments. It is clarified that these amounts will be considered on a cash receipt basis) 0.57 - 1.94 Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs adjusted for the following: - - - (i) Applicable capital gains and other taxes - (ii) Related debts settled or due to be settled from sale proceeds - (iii) Directly attributable transaction costs - (iv) Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations or any otherrelevantprovisions of the REIT Regulations - Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs not distributed pursuant to anearlierplan to re-invest as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations,ifsuch proceeds are not intended to be invested subsequently - - - Less:Finance cost on borrowings, as per the profit and loss account excluding finance cost on any shareholder debt/loan fromtrust. The amortization of any transaction costs can be excluded provided such transaction costs have already beendeductedwhile computing NDCF of previous period when such transaction costs were paid - - (108.79)Less:Debt repayment (to include principal repayments as per scheduled equated monthly instalments except ifrefinancedthrough new debt including overdraft facilities and to exclude any debt repayments/ debt refinanced through new debt, inanyform or equity raise as well as repayment of any shareholder debt/ loan from Trust) - - - Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any: (i). loan agreement entered with banks / financial institution from whom the Trust or any of its SPVs/ HoldCos haveavaileddebt, or (ii). terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any ofitsSPVs/ HoldCos, or (iii). terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed bytheTrust or any of its SPVs/ HoldCos, or (iv). agreement pursuant to which the SPV/ HoldCo operates or owns the real estate asset, or generates revenue orcashflowsfrom such asset (such as, concession agreement, transmission services agreement, power purchase agreement, leaseagreement,and any other agreement of a like nature, by whatever name called); or (v). statutory, judicial, regulatory, or governmental stipulations - - - Less:Any capital expenditure on existing assets owned/ leased by the SPV , to the extent not funded by debt/ equity or fromreserves created in the earlier years - (4.13) - NDCF for HoldCo/SPVs 235.28 209.95 396.25 Add: Distribution from surplus cash reserves - - 215.01 NDCF for HoldCo/SPVs (including distribution from surplus cash reserves) 235.28 209.95 611.26 NDCF distributed for the periodTill 30th September 2026130.89 209.95 282.26 Subsequent to 30th September 202684.08 - 285.68 Total214.97 209.95 567.94 Note:2. Since the initial formation transactions, including issuance of unit capital and acquisition of subsidiaries by the Trust have been completed during thehalfyear ended 30 September 2026, the preparation and submission of the Statement of Net Distributable Cash Flows of the Trust are not applicable, fortheperiods upto 31 March 2026, including for the period from 30 May 2025 to 30 September 2025.3. Computation of NDCF for BGPLLP represents NDCF for the period from 08 May 2026 (acquisition date) to 30 June 2026, post which the entitywasconverted into a private limited company as BGPL. Further, computation of NDCF for BGPL represents NDCF for the period from 01 July 2026(conversiondate) to 30 September 2026. Disclosure pursuant to guidance under Paragraphs 4.1.4 & 4.1.6 of Chapter 4, read with Paragraph 3.19 of Chapter 3 and Paragraph 4.2.8 of Chapter 4,ofSEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 1. BDPL holds 93% in BRPL and the balance 7% represents non-controlling interests. Hence, 93% of total distributions of BRPL is distributed to BDPLandconsidered for NDCF computation. ParticularsFor the half year ended30 September 2026(Unaudited)
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007(All amounts are in INR million, unless otherwise stated)A. Statement of Net Assets at fair valueParticularsBook Value Fair Value Book ValueFair Value(A) Total Assets 3,85,432.11 4,33,251.89 64.40 64.40 (B) Total Liabilities 45,777.35 45,777.35 66.97 66.97 (C) Net Assets / (Liabilities)3,39,654.76 3,87,474.54 (2.57) (2.57) (D) Less: Non-Controlling interest975.37 1,217.35 - - (E) Net assets attributable to unit holders3,38,679.39 3,86,257.19 (2.57) (2.57) (F) Number of Units 3,40,00,00,000 3,40,00,00,000 (G) NAV per Unit (E) / (F) (in Rs.) 99.61 113.61 Notes:(i)(ii)Measurement of fair valuesValuation technique(iii)Name of the ComponentDescription of AssetFair value of Specified Assets*Other assets at book value**Fair value of Total AssetsBagmane REITNA - 2,128.15 2,128.15 BDPLBagmane Tech Park 1,12,353.60 5,814.35 1,18,167.95 Bagmane World Technology Centre # 89,487.30 3,931.64 93,418.94 Bagmane Constellation Business Park 93,320.20 2,336.06 95,656.26 Bagmane Cosmos Business Park 68,916.10 218.59 69,134.69 Luxor @ Bagmane Capital Tech Park 20,941.50 179.55 21,121.05 BRPL Bagmane Rio Business Park 22,009.60 717.39 22,726.99 BGPL Solar Assets 10,453.50 444.36 10,897.86 Total Assets 4,17,481.80 15,770.09 4,33,251.89 Less: Non-Controlling interest 1,540.67 50.22 1,590.89 Total Assets attributable to unitholders 4,15,941.13 15,719.87 4,31,661.00 6,641.70 - 6,641.70 (iv)B. Statement of Total Returns at fair valueParticulars For the half year ended 30 September 2026 For the period from30 May 2025 to30 September 2025 (Unaudited)(Refer note 38 & 39)Total comprehensive income / (loss)("TCI") (A)4,583.09 - Add : Other changes in fair value not recognised in TCI (B)8,830.09 - Total Returns (A+B)13,413.18 - i)ii) Property wise break up of Fair value of Total Assets as at 30 September 2026 is as follows:*comprises of Investment Property, Property, Plant and Equipment, Capital work-in-progress, Investment Property underdevelopment,Capital Advances and Unbilled Lease income (current and non-current). The fair value of the Specified assets are solely based on the fair valuation report oftheindependent valuer appointed under the REIT Regulations. The fair value of the Specified assets as at 30 September 2026 as disclosed above are determined based on the valuation report of the independentregisteredvaluer appointed under the REIT Regulations, having appropriately recognised professional qualifications and recent experience in the location and categoryofthe properties being valued.The fair value measurement for Specified Assets has been categorized as a Level 3 fair value based on the inputs to the valuation technique used.The valuers have followed a Discounted Cash Flow method. The valuation model considers the present value of net cash flows to be generated fromtherespective properties, taking into account the expected rental growth rate, vacancy period, occupancy rate, average room rent, lease incentive costs andblendedtariff rates. The expected net cash flows are discounted using the risk adjusted discount rates. Among other factors, the discount rate estimation considersthequality of a building and its location (prime vs secondary), tenant credit quality, lease terms, average room rent and occupancy for the hotels.The Trust has not issued any units till 31 March 2026. Therefore, the disclosures in respect of NAV per unit as at 31 March 2026 are not applicable.Condensed Consolidated Interim Financial Statements for the half year ended 30 September 2026Disclosure pursuant to guidance under Paragraph 4.1.5 of Chapter 4, read with Paragraphs 3.4.7 & 3.4.8 of Chapter 3 and Paragraphs 4.2.6 & 4.2.7 ofChapter4, of SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025As at 30 September 2026 (Unaudited) As at 31 March 2026 (Refer note 39)Refer note (i) below ** Other assets at book value represents aggregate of current assets and non-current assets excluding Specified assets. The fair value of suchassetsapproximates their carrying value, given the nature and maturity profile of such assets.# includes hotel assets under constructionThe Trust does not hold any real estate assets and investment in subsidiaries as at 31 March 2026. Hence, Other changes in fair value not recognised in TCIisRs.Nil for the period from 30 May 2025 to 30 September 2025.The Trust did not hold any real estate assets and investment in Special Purpose Vehicles (SPVs) as at 31 March 2026. Hence, the break up of property wisefairvalues as at 31 March 2026 are not applicable.In the above statement, changes in fair value for the half year ended 30 September 2026 have been computed based on the difference in fair values ofSpecifiedAssets from the date of acquisition of subsidiaries to 30 September 2026. The fair values of the Specified Assets as at 30 September 2026 are solely based onthevaluation report of the independent valuer appointed under the REIT Regulations.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)Bagmane REIT BDPL BGPL BRPLTotal 10,520.09 9,999.08 - 4,078.85 24,598.02 Deferred payments [B] - - - - - 1,496.27 4,918.28 404.58 432.27 7,251.40 9,023.82 5,080.80 (404.58) 3,646.58 17,346.62 Value of REIT Assets [E] (refer note 3 below) - 3,85,018.70 10,453.50 22,009.60 4,17,481.80 Net Borrowings Ratio [D/E]4.16%1Bagmane REIT BDPL BGPL BRPLTotal8,012.41 - - - 8,012.41 - - - 3,411.26 3,411.26 - 6,444.94 - - 6,444.94 - 1,842.03 - - 1,842.03 - 1,712.11 - - 1,712.11 2,507.68 - - - 2,507.68 - - - 667.59 667.59 10,520.09 9,999.08 - 4,078.85 24,598.02 23The Value of REIT assets has been determined based on the latest available valuation report as at 30 September 2026 by the valuer appointed under the REIT Regulations.4Statement of Additional Disclosure of RatiosFor the half year ended 30 September 2026(Unaudited)0.074.2514.59Asset cover available ratio (d)16.97Total debts to total assets ratio (e)0.06Net Worth i.e.: Unitholders funds (in INR Million) (f)3,38,679.39 Distribution per unit (in INR) (g)3.05Net operating income (in INR Million) (h)10,795.27 Net profit margin percent (i)0.37Current ratio (j)0.66Notes:1.The formulae for computation of the above-mentioned ratios on consolidated basis are as follows:a) Debt equity ratio = Total borrowings (i.e., Long-term borrowings + Short-term borrowings) / Total Equity (i.e., Unit Capital + Other equity + Non-controlling interest -Distribution-Repayment of Capital)b) Debt Service Coverage Ratio = Earnings before finance costs, depreciation, amortisation and tax expenses / [Finance cost (net of capitalisation and excluding interest onleasedeposit and interest on lease liability) + Principal repayments made during the period (net of proceeds from borrowings)]c) Interest Service Coverage Ratio = Earnings before finance costs, depreciation, amortisation and tax expenses / Finance cost (net of capitalisation and excluding interest onleasedeposit and interest on lease liability)d) Asset cover ratio = Value of REIT Assets (i.e., value determined based on the latest available valuation report by the valuer appointed under the REIT Regulations) /Totalborrowings (i.e., Long-term borrowings + Short-term borrowings)e) Total debts to total assets ratio = Total borrowings (i.e., Long-term borrowings + Short-term borrowings) / Total assets (i.e., Current Assets + Non Current Assets)f) Net Worth i.e.: Unitholders funds = Unit Capital + Other equity - Distribution-Repayment of Capitalg) Distribution per unit = Total distribution / Number of unitsh) Net operating income (i.e., Segment results) = Revenue from operations (i.e., Segment revenue) - Direct operating expenses (refer Segment Information for details)i) Net profit margin percent = Profit after tax / Total incomej) Current ratio = Current Assets / Current liabilitiesParticularsDebt equity ratio (a)2. Since the Trust has acquired subsidiaries during the half year ended 30 September 2026, the Statement of Additional Disclosure of Ratios are not applicable for the periods upto31March 2026, including for the period from 30 May 2025 to 30 September 2025.Interest service coverage ratio (c) Disclosure pursuant to guidance under Paragraphs 4.6.5 & 4.18.2 of Chapter 4 of SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 Debt service coverage ratio (b)Since the Trust has acquired subsidiaries during the half year ended 30 September 2026, the Statement of Net Borrowings Ratio are not applicable for the periods upto 31March2026, including for the period from 30 May 2025 to 30 September 2025.Term loan from Bajaj Housing Finance LimitedTerm loan from ICICI Bank LimitedTerm loan from HDFC Bank LimitedTerm loan from Indian Overseas BankTerm loan from Federal Bank LTD.Overdraft from Bajaj Housing Finance LimitedOverdraft from ICICI Bank LimitedTotalCash and cash equivalents are as per Schedule III to the Companies Act, 2013.BorrowingsStatement of Net Borrowings RatioParticulars As at 30 September 2026 (Unaudited)Borrowings (A) (refer note 1 below)Cash and Cash Equivalents [C] (refer note 2 below)Aggregate Borrowings and Deferred payments net of Cash and Cash Equivalents [D=A+B-C]Notes:Borrowings = Long-term borrowings + Short-term borrowings. Refer below for details of borrowings as at 30 September 2026:Name of lenders
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)1 Corporate InformationBusiness activities Shareholding (in percentage)Business of development, management and lease of office space.Bagmane REIT: 100%Business of development, management and lease of office space.BDPL: 93%Non-controlling interest: 7%Business of generation and supply of solar power to the office spaces of subsidiaries of the Trust.BDPL: 100%Bagmane Green Power LLP ("BGPLLP") (upto30June 2026)Bagmane Green Power Private Limited("BGPL")(converted from Bagmane Green Power LLPeffective01 July 2026) The condensed consolidated interim financial statements comprise condensed interim financial statements of Bagmane Prime Office REITortheBagmane Realty and Infrastructure LLP (theorhas set up Bagmane Prime Office REIT on 30 May 2025 as an irrevocable trust, pursuant tothetrust deed, under the provisions of the Indian Trusts Act, 1882 and the Trust has been registered on 15 July 2025 with the Securities Exchange Board of India(SEBI)as a Real Estate Investment Trust under the Securities Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (as amended) havingregistrationnumber IN/REIT/25-26/0007. The trustee to Bagmane Prime Office REIT is Axis Trustee Services Limited (theand the manager is BagmaneRealtyInvestment Manager Private Limited (theorregistered office of the Trust is located at "Laurel Building", 5th floor, BBlock,Bagmane Tech Park, 65/2 , C. V. Raman Nagar, Bangalore 560093. The investment objectives of Bagmane Prime Office REIT are to carry on the activities of a real estate investment trust, as permissible under the SEBI (RealEstateInvestment Trusts) Regulations, 2014 (as amended). Bagmane Prime Office REIT will primarily invest in commercial offices in India.The Trust has acquired the subsidiaries by acquiring the equity interest, as mentioned below in list of subsidiaries, held by the Sponsor, Sponsor Group andcertainother shareholders on 08 May 2026 either directly or through other subsidiary. In exchange for these, the above holders have been allotted Units of the Trust. On14May 2026, the units of the Trust are listed on Bombay Stock Exchange ('BSE') and National Stock Exchange ('NSE').As part of initial public offer, the Trust has issued 340.50 million units at a price of Rs.100 per unit aggregating to Rs.34,050 million, consisting of a freshissuanceof 239.00 million units aggregating to Rs. 23,900 million and an offer for sale of 101.50 million units aggregating to Rs.10,150 million.The condensed consolidated interim financial statements for the half year ended 30 September 2026 were approved for issue in accordance with a resolutionpassedby the Board of Directors of the Manager on 02 November 2026.The list of Subsidiaries/SPVs of the Trust are as follows:Name of the Subsidiaries/SPVsBagmane Developers Private Limited ("BDPL")Bagmane Rio Private Limited ("BRPL")
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)2 Material accounting policies2.1 Basis of preparation2.1.1 Basis of consolidationSubsidiariesConsolidation procedure:d. The financial statements of the subsidiaries used for the purpose of consolidation are drawn up to same reporting date as that of the Trust, i.e., halfyearended 30 September 2026 and are prepared using uniform accounting policies for like transactions and other events in similar circumstances.e. Non-controlling interests in the results and equity of subsidiaries are shown separately in the condensed consolidated interim statement of profit andloss,condensed consolidated interim statement of changes in equity and balance sheet.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control overasubsidiary, it:Derecognises the carrying amount of any non-controlling interests at the date when control is lost. This includes any components of OCI attributabletothem.Recognises a distribution if the transaction, event, or circumstances that resulted in the loss of control involves a distribution of shares in the subsidiarytoowners in their capacity as ownersReclassifies theshare of components previously recognised in OCI to profit or loss or transferred directly to retained earnings, if required byotherInd AS. Such reclassification/ transfer is decided on the same basis as would be required if the Group had directly disposed of the related assets or liabilities.Also refer note 1 for the list of entities consolidated in the condensed consolidated interim financial statements.c. Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the Group (profitsorlosses resulting from intragroup transactions that are recognised in assets, such as inventory and investment properties and property plant & equipments,areeliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS12 IncomeTaxesapplies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions. The condensed consolidated interim financial statements of the Trust comprises the condensed consolidated interim Balance Sheet as at 30 September 2026thecondensed consolidated interim Statement of Profit and Loss, including other comprehensive income, the condensed consolidated interim Statement ofCashFlows, condensed consolidated interim Statement of Changes in Unitholder's Equity, condensed consolidated interim statement of Net DistributableCashFlows and a summary of material accounting policies and select explanatory information for the half year ended 30 September 2026, prepared as pertherequirements of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended, including any guidelinesandThe condensed consolidated interim financial statements have been prepared in accordance with the Indian Accounting Standard (Ind AS) 34Financialas defined in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended), to the extent not contrary withtheREIT Regulations. Also refer note 13(e) in respect of classification of Unit Capital.These condensed consolidated interim financial statements have been prepared on historical cost basis, except for certain financial instruments whicharemeasured at fair value at the end of each reporting period, as explained in the accounting policies below.Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would bereceivedto sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.These condensed consolidated interim financial statements are presented in Indian rupees (INR or Rs.) millions, except when otherwise indicated, which istheTrust functional currency and the currency of the primary economic environment in which the Trust operates.Also refer note 39.The consolidated financial statements comprise the financial statements of the Trust and its subsidiaries (refer note 1). Control is achieved when the Groupisexposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over theinvestee.Specifically, the Group controls an investee if and only if the Group has: The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elementsofcontrol. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of thesubsidiary.Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements fromthedate the Group gains control until the date the Group ceases to control the subsidiary. Consolidated financial statements present assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries as those of asingleeconomic entity. In preparing these consolidated financial statements, below key consolidation procedures are followed.a. Combine like items of assets, liabilities, equity, income, expenses and cash flows of the Trust with those of its subsidiaries. For this purpose, incomeandexpenses of the subsidiaries are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)2.2 Summary of material accounting policiesa) Business combinationb) Revenue recognitioni. Income from leasingii. Revenue from contracts with customersDeferred lease incomeDeferred lease income represents the unamortised portion of impact arising on amortised cost accounting of lease deposit at the inception of lease whichisrecognised subsequently over the balance lease term.Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflectstheconsideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is theprincipalin its revenue arrangements, because it typically controls the goods or services before transferring them to the customer. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transactionpriceneeds to be allocated. In determining the transaction price, the Group considers the effects of variable consideration, the existence of significantfinancingcomponents, non-cash consideration, and consideration payable to the customer (if any).Revenue is recognised as and when the services are rendered based on the terms of the contracts. The Group collects goods and service tax on behalf ofthegovernment and therefore, it is not an economic benefit flowing to the Group. Hence, it is excluded from revenue. The Group raises invoices as pertheterms of the contract, upon which the payment is due to be made by the customers.If the consideration in a contract includes a variable amount (like volume rebates/incentives, cash discounts etc.), The Group estimates the amountofconsideration to which it will be entitled in exchange for rendering the services to the customer. The variable consideration is estimated atcontractinception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will notoccurwhen the associated uncertainty with the variable consideration is subsequently resolved. The estimate of variable consideration for expectedfuturevolume rebates/incentives, cash discounts etc. are made on the most likely amount method. Revenue is disclosed net of such amounts. Income from leasing arising is accounted for on a straight-line basis over the lock-in term. Contingent rents are recognised as revenue in the periodinwhich they are earned.Unbilled lease income, Advance lease income and Deferred lease income - CurrentUnbilled lease income pertains to amounts recognised as revenue over the lease term on straight line basis which will be billed subsequently in theensuingyear.Advance lease income pertains to the amounts billed to the customers as per the contractual terms of lease which will be recognised subsequently intheensuing year.Deferred lease income represents the unamortised portion of impact arising on amortised cost accounting of lease deposit at the inception of lease whichisrecognised subsequently over the balance lease term in the ensuing year.Unbilled lease income pertains to amounts recognised as revenue over the lease term on straight line basis which will be billed subsequently in theensuing1 - 5 years.Advance lease income pertains to the amounts billed to the customers as per the contractual terms of lease which will be recognised subsequently intheensuing 1 - 5 years.Deferred lease income represents the unamortised portion of impact arising on amortised cost accounting of lease deposit at the inception of lease whichisrecognised subsequently over the balance lease term in the ensuing 1 - 5 years.If the concentration test is met, the set of activities and assets is determined not to be a business and the Group identifies and recognises theindividualidentifiable assets acquired and liabilities assumed by allocating the purchase price first to financial assets/financial liabilities at the respective fairvalues,the remaining balance of the purchase price is then allocated to the other identifiable assets and liabilities on the basis of their relative fair values atthedate of purchase. Such a transaction does not give rise to goodwill or bargain purchase gain.At the time of acquisition of assets and liabilities assumed, the Group evaluates whether the acquisition is a business combination or asset acquisition.The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process thattogethersignificantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continueproducingoutputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process oritsignificantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significantcost,effort, or delay in the ability to continue producing outputs.Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of theconsiderationtransferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination,the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of theidentifiablenetassets. Acquisition-related costs are expensed as incurred.The Group has an option to apply athat permits a simplified assessment of whether an acquired set of activities and assets is notabusiness. The optional concentration test is met if substantially all of the fair value of the gross assets acquired (net of cash and cash equivalents,deferredtax assets and goodwill from deferred tax liabilities) in a transaction is concentrated in a single identifiable asset or Group of similar identifiable assets.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)b) Revenue recognition (continued) iii. Dividend incomeiv. Interest incomec) Property, plant and equipmentAdvances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is classified as capital advancesunderother non-current assets.The cost of the property, plant and equipment not ready for their intended use before such date, are disclosed as capital work-in-progress.Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Cost comprises the purchase price andanyattributable cost of bringing the asset to its working condition for its intended use. Any trade discounts and rebates are deducted in arriving at thepurchaseprice.Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group andthecost of the item can be measured reliably. All other expenses on existing property, plant and equipment, including day-to-day repair andmaintenanceexpenditure and cost of replacing parts, are charged to the statement of profit and loss for the period during which such expenses are incurred.The residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjusted prospectively, if appropriate.Borrowing costs directly attributable to acquisition of property, plant and equipment which take substantial period of time to get ready for its intendeduseare also included to the extent they relate to the period till such assets are ready to be put to use.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economicbenefitsare expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposalproceedsand the carrying amount of the asset) is included in the income statement when the asset is derecognised.Expenditure directly relating to construction activity is capitalised. Other indirect expenditure (including borrowing costs) incurred during the construction period which is not related to the construction activity nor is incidental thereto is charged to the statement of profit and loss. Contract balancesContract assetsA contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs its obligationbytransferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for theearnedconsideration that is conditional.Trade receivablesA receivable (whether billed or unbilled) represents theright to an amount of consideration that is unconditional (i.e., only the passage of timeisrequired before payment of the consideration is due).Contract liabilitiesA contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amountofconsideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contractliabilityis recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when theGroupperforms its obligations under the contract.Revenue is recognised when the shareholders' or unit holders' right to receive payment is established which is generally when the shareholders approvethedividend.Interest income, including income arising from other financial instruments, is recognised using the effective interest rate method. The Group recognises revenue from construction services over time because the customer simultaneously receives and consumes the benefits providedtothem. The Group uses an input method in measuring progress of the construction services because there is a direct relationship between theeffort(i.e., based on the cost incurred) and the transfer of service to the customer. The Group recognises revenue on the basis of the cost expended relative tothetotal expected cost to complete the service.For projects executed through joint development arrangements not being jointly controlled operations, wherein the land owner/possessor provides landandthe Group undertakes to develop properties on such land and in lieu of land owner providing land, the Group has agreed to transfer certain percentageofconstructed area or certain percentage of the revenue proceeds, the revenue from the development and transfer of constructed area/revenuesharingarrangement in exchange of such development rights/ land is being accounted on gross basis on launch of the project. Revenue is recognised overtimeusing input method, on the basis of the inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction ofthatperformance obligation. The revenue is measured at the fair value of the land received, adjusted by the amount of any cash or cash equivalentstransferred.When the fair value of the land received cannot be measured reliably, the revenue is measured at the fair value of the estimated constructionservicerendered to the landowner, adjusted by the amount of any cash or cash equivalents transferred. The fair value so estimated is considered as the cost oflandin the computation of percentage of completion for the purpose of revenue recognition as discussed above.Power charges income (including income from generation of renewable energy) is recognised on the basis of contractual arrangements at the point intimewhen the control is transferred to the customers.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)d) Investment propertiese) Depreciation on property, plant and equipment and investment propertiesBlock of AssetsUseful lives(in years)Temporary structure 3 yearsRoads 5 yearsBuildings related to solar plants 25 yearsOther Buildings 10-60 years10-25 years10 years8 years5 years3 yearsf) Impairment of assetsImpairment of non-financial assets g) Current versus non-current classificationThe Group segregates assets and liabilities into current and non-current categories for presentation in the balance sheet after considering itsnormaloperating cycle and other criteria set out in Ind AS 1,of FinancialFor this purpose, current assets and liabilities includethecurrent portion of non-current assets and liabilities respectively. Deferred tax assets and liabilities are always classified as non-current. The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Grouphasidentified period up to 12 months as its operating cycle.Impairment losses, including impairment on inventories, are recognised in the statement of profit and loss. After impairment, depreciation is providedonthe revised carrying amount of the asset over its remaining useful life.Impairment of financial assetsThe Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or whenannualimpairment testing for an asset is required, the Group estimates therecoverable amount. Anrecoverable amount is the higher of anor cash-generating(CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unlesstheasset does not generate cash inflows that are largely independent of those from other assets or Group's of assets. When the carrying amount of an assetorCGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects currentmarketassessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactionsaretaken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated byvaluationmultiples, quoted share prices for publicly traded companies or other available fair value indicators. VehiclesOffice equipmentComputerFreehold land is not depreciated.The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or whenannualimpairment testing for an asset is required, the Group estimates therecoverable amount. Anrecoverable amount is the higher of anor cash-generating(CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unlesstheasset does not generate cash inflows that are largely independent of those from other assets or group of assets. When the carrying amount of an assetorCGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects currentmarketassessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactionsaretaken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated byvaluationmultiples, quoted share prices for publicly traded companies or other available fair value indicators.BuildingsPlant and EquipmentFurniture and fixturesInvestment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated atcostless accumulated depreciation and accumulated impairment loss, if any.Property held under a lease is classified as investment property when it is held to earn rentals or for capital appreciation or both.The cost includes the cost of replacing parts and borrowing costs for long-term construction projects if the recognition criteria are met. Whensignificantparts of the investment property are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives.Allother repair and maintenance costs are recognised in statement of profit or loss as incurred.Though the Group measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes. Fairvaluesare determined based on an annual evaluation performed by internal valuation experts.Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from use and no futureeconomicbenefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in statementofprofit or loss in the period of derecognition.Depreciation on property, plant and equipment and investment properties is calculated on straight-line method basis using the following usefullivesprescribed under Schedule II with residual value of 5%:
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)h) Fair value measurement i) Financial instrumentsSubsequent measurementFor purposes of subsequent measurement, financial assets are classified in four categories:Financial assets at amortised cost (debt instruments)a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, andb) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principalamountoutstanding.This category is the most relevant to the Group. After initial measurement, such financial assets are subsequently measured at amortised cost usingtheeffective interest rate (EIR) method and are subject to impairment as per the accounting policy applicable toof financialAmortisedcost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIRamortisation is included in other income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. Thefinancialassets at amortised cost includes trade receivables, cash and bank balances and other financial assets. The Group measures financial instruments, such as investments at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants atthemeasurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability,assumingthat market participants act in their economic best interest.A fair value measurement of a non-financial asset takes into account a marketability to generate economic benefits by using the asset initshighest and best use or by selling it to another market participant that would use the asset in its highest and best use.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fairvalue,maximising the use of relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,describedas follows, based on the lowest level input that is significant to the fair value measurement as a whole:For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) attheend of each reporting period.A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income(OCI),and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financialcontractual cash flow characteristics and thebusinessmodel for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group initially measuresafinancial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that donotcontain a significant financing component are measured at the transaction price. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that arepayments of principal and intereston the principal amount outstanding. This assessment is referred to as the SPPI test and is performed ataninstrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective ofthebusiness model.Thebusiness model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The businessmodeldetermines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classifiedandmeasured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flowswhilefinancial assets classified and measured at fair value through OCI are held within a business model with the objective of both holding tocollectcontractual cash flows and selling.Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace(regularway trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)j) Financial instruments (continued)Financial liabilitiesSubsequent measurementFor purposes of subsequent measurement, financial liabilities are classified in two categories: Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated uponinitialrecognition as at fair value through profit or loss. Gains or losses on liabilities held for trading are recognised in the profit or loss.Financial liabilities are designated upon initial recognition as at fair value through profit or loss only if the criteria in Ind AS 109 are satisfied.Forliabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognised in OCI. These gains/ losses arenotsubsequently transferred to P&L. However, the Group may transfer the cumulative gain or loss within equity. All other changes in fair value ofsuchliability are recognised in the statement of profit and loss. The Group has not designated any financial liability as at fair value through profit or loss.Financial liabilities at amortised cost (Loans and borrowings)This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured atamortisedcost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIRamortisationprocess. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIRamortisation is included as finance costs in the statement of profit and loss.This category generally applies to borrowingsFinancial guarantee contractsFinancial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it incursbecausethe specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts arerecognisedinitially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liabilityismeasured at the higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less,whenappropriate, the cumulative amount of income recognised in accordance with the principles of Ind AS 115.Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liabilityisreplaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such anexchangeor modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respectivecarryingamounts is recognised in the statement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated balance sheet if there is a currently enforceablelegalright to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. Financial assets at fair value through OCI (FVTOCI) (debt instruments)a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, andDebt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. For debt instruments, atfairvalue through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the profit or loss and computedinthe same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition,thecumulative fair value changes recognised in OCI is reclassified from the equity to profit or loss. Financial assets at fair value through profit or lossFinancial assets in this category are those that are held for trading and have been either designated by management upon initial recognition oraremandatorily required to be measured at fair value under Ind AS 109 i.e. they do not meet the criteria for classification as measured at amortised costorFVOCI. Management only designates an instrument at FVTPL upon initial recognition, if the designation eliminates, or significantly reduces,theinconsistent treatment that would otherwise arise from measuring the assets or liabilities or recognising gains or losses on them on a different basis.Suchdesignation is determined on an instrument-by-instrument basis. For the Group, this category includes derivative instruments and listed equityinvestmentswhich the Group had not irrevocably elected to classify at fair value through OCI. The Group has not designated any financial assets at FVTPL.Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the statementofprofit and loss. Interest earned on instruments designated at FVTPL is accrued in interest income, using the EIR, taking into account any discount/ premiumandqualifying transaction costs being an integral part of instrument. Interest earned on assets mandatorily required to be measured at FVTPL is recordedusingthe contractual interest rate. Dividend income on listed equity investments are recognised in the statement of profit and loss as other income when the right of payment has been established.Initial recognition and measurementFinancial Liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payablesasappropriate.All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributabletransactioncosts
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)k) Borrowing costsl) Cash and cash equivalentsm) Provisionsn) Contingent liabilities and contingent assetsContingent liabilitieso) Earnings per unitp) TaxesBasic earnings per unit are calculated by dividing the net profit or loss for the year attributable to unit holders (after deducting preference dividendsandattributable taxes) by the weighted average number of units outstanding during the year. The weighted average number of units outstanding duringtheyear is adjusted for events of bonus issue.For the purpose of calculating diluted earnings per unit, the net profit or loss for the year attributable to unit holders and the weighted average numberofunits outstanding during the year are adjusted for the effects of all dilutive potential units.Tax expense comprises of current and deferred tax.Current income taxesCurrent income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act. Deferredincometaxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timingdifferencesof earlier years. Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in othercomprehensiveincome or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.Deferred taxesDeferred tax is provided using the Balance Sheet approach on temporary differences between the tax bases of assets and liabilities and theircarryingamounts for financial reporting purposes at the reporting date.Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferredtaxassets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and thecarryforward of unused tax credits and unused tax losses can be utilised.Deferred tax assets and liabilities are recognised for all taxable temporary differences, except:> In respect of taxable temporary differences associated with investments in associates and interests in joint ventures, when the timing of the reversalofthe temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future> When the deferred tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, atthetime of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductibletemporarydifferences.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficienttaxableprofit will be available to allow all or part of the deferred tax asset to be utilised.Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that futuretaxableprofits will allow the deferred tax asset to be recovered. Borrowing costs directly attributable to acquisition/ construction of qualifying assets are capitalised until the time all substantial activities necessarytoprepare the qualifying assets for their intended use are complete. A qualifying asset is one that necessarily takes substantial period of time to get readyforits intended use/ sale. All other borrowing costs not eligible for inventorisation/ capitalisation are charged to statement of profit and loss.Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three monthsorless, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net ofoutstandingA provision is recognised when an enterprise has a present obligation (legal or constructive) as result of past event and it is probable that an outflowofembodying economic benefits of resources will be required to settle a reliably assessable obligation. Provisions are determined based on bestestimaterequired to settle each obligation at each balance sheet date. If the effect of the time value of money is material, provisions are discounted using acurrentpre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passageoftime is recognised as a finance cost.A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of oneormore uncertain future events beyond the control of the Group or a present obligation that is not recognised because it is not probable that an outflowofresources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannotberecognised because it cannot be measured reliably. The Group does not recognize a contingent liability but discloses its existence in thefinancialstatements.Contingent assetsA contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by- the occurrence or non-occurrence ofoneor more uncertain future events not wholly within the control of the Group. The Group does not recognize the contingent asset in its Ind ASfinancialstatements since this may result in the recognition of income that may never be realised. Where an inflow of economic benefits is probable, theGroupdisclose a brief description of the nature of contingent assets at the end of the reporting period. However, when the realisation of income isvirtuallycertain, then the related asset is not a contingent asset and the Group recognize such assets.Provisions, contingent liabilities and contingent assets are reviewed at each reporting date.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)p) Taxes (continued)q) Foreign currency translationr) Land advances) LeasesWhere the Group is lessee The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities andthedeferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority on either the same taxable entity or differenttaxableentities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, ineachfuture period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.Functional and presentation currencyItems included in the financial statements of the Group are measured using the currency of the primary economic environment in which theGroupoperatesfunctionalThe financial statements are presented in Indian rupee (INR), which is thefunctional andpresentationcurrency.Foreign currency transactions and balancesi) Initial recognition - Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchangeratebetween the reporting currency and the foreign currency at the date of the transaction.ii) Conversion - Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date. Non-monetary items, whicharemeasured in terms of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction.Non-monetaryitems, which are measured at fair value or other similar valuation denominated in a foreign currency, are translated using the exchange rate at thedatewhen such value was determined.iii) Exchange differences - The Group accounts for exchange differences arising on translation/ settlement of foreign currency monetary items asincomeor as expense in the period in which they arise.Advances paid by the Group to the seller/ intermediary toward outright purchase of land is recognised as advance under loans and advances (duringthecourse of obtaining clear and marketable title, free from all encumbrances and transfer of legal title to the Group), whereupon it is transferred to landstockunder Freehold land/Investment property.Land/ development rights received under joint development arrangements is measured at the fair value of the estimated construction service renderedtothe land owner and the same is accounted on launch of the project under investment property under development. Further, non-refundable depositamountpaid by the Group under joint development arrangements is recognised as capital advance under other assets and on the launch of the project, thenon-refundable amount is transferred as land cost to investment property under development.Management is of the view that these advances are given under normal trade practices and are neither in the nature of loans nor advance in the natureofloans.The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use ofanidentified asset for a period of time in exchange for consideration.Where the Group is lessee(a) The use of an identified asset,(b) The right to obtain substantially all the economic benefits from use of the identified asset, and(c) The right to direct the use of the identified assetThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. TheGrouprecognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.i) Right-of-use assetsThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-useassetsare measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost ofright-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencementdateless any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimatedusefullives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciationiscalculated using the estimated useful life of the asset.The right-of-use assets are also subject to impairment. Refer to the accounting policies in section 2.2(g) Impairment of non-financial assets. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability issettled,based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or inequity).Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)s) Leases (continued)Where the Group is lessoru)v)xi)If the Group receives information after the reporting period, but prior to the date of approved for issue, about conditions that existed at the end ofthereporting period, it will assess whether the information affects the amounts that it recognises in its financial statements. The Group will adjust theamountsrecognised in its financial statements to reflect any adjusting events after the reporting period and update the disclosures that relate to those conditionsinlight of the new information. For non-adjusting events after the reporting period, the Group will not change the amounts recognised in itsfinancialstatements but will disclose the nature of the non-adjusting event and an estimate of its financial effect, or a statement that such an estimate cannotbemade, if applicable.Borrowing costsInterest expense is recognised using the effective interest method. Theinterestis the rate that exactly discounts estimated futurecashpayments through the expected life of the financial instrument to the amortised cost of the financial liability. In calculating interest expense, theeffectiveinterest rate is applied to the amortised cost of the liability. Other borrowing costs are recognised as an expense in the period in which they are incurred. ii) Lease LiabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over theleaseterm. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable leasepaymentsthat depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price ofapurchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects theGroupexercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurredtoproduce inventories) in the period in which the event or condition that triggers the payment occurs.In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interestrateimplicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in theleaseterm, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such leasepayments)or a change in the assessment of an option to purchase the underlying asset.iii) Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to its short-term leases i.e., those leases that have a lease term of 12 months or less fromthecommencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases that areconsideredto be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operatingleases.Rental income arising is accounted for on a straight-line basis. Initial direct costs incurred in negotiating and arranging an operating lease are added tothecarrying amount of the leased asset and recognised over the lease term on the same basis as rental income.Segment reportingEvents after the reporting periodAn operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses. Alloperatingsegments' operating results are reviewed regularly by Board of Directors (BOD) of the Group, which is the Group's Chief Operating DecisionMaker('CODM'), to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial informationisavailable. The Group has determined individual business parks and solar park as reportable segments as evaluated by the CODM for the purpose ofmakingdecisions about resource allocation and performance assessment, which are the Group's strategic business units. All the assets of the Group and sourceofrevenue is within India and hence, no separate geographical segment is identified. Transfer prices between operating segments are on an arm's length basis in a manner similar to transactions with third parties. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. Revenueandexpenses directly attributable to segments are reported under each reportable segment. All other expenses and incomes which are not attributableorallocable to segments have been disclosed as unallocable expenses and incomes. Segment result represents Net Operating Income (NOI) which is a key metric reported to the CODM and has been defined as revenue from operationslessdirect operating expenses of the respective segments. Earnings before finance costs, depreciation and tax (EBITDA) has also been determined by the CODM as a measure of performance, which is basedonprofit for the year/period. In its measurement, CODM does not include finance costs, depreciation, amortisation and tax.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)xii)xiii)xiv)xv)xv)3 Significant accounting judgements, estimates and assumptionsi)ii) Useful life and residual value of property, plant and equipment, investment property and intangible assetsiii) Provisions and contingent liabilitiesThe Group reviews the useful life of property, plant and equipment, investment property and intangible assets at the end of each reporting period.Thisreassessment may result in change in depreciation expense in future periods. The useful life and residual value of property, plant andequipment,investment property and intangible assets are determined based on evaluation made by the management of the expected usage of the asset, thephysicalwear and tear and technical or commercial obsolescence of the asset. Due to the judgements involved in such estimates the useful life and residualvalueare sensitive to the actual usage in future period.A provision is recognised when the Group has a present obligation as a result of past event and it is probable that an outflow of resources will berequiredto settle the obligation, in respect of which the reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) arenotdiscounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewedateach balance sheet date adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements. Acontingentasset is neither recognised nor disclosed in the financial statements. Units issued by the Trust are classified as equity. Incremental costs directly attributable to the issuance of units are recognised as a deduction from equity, net of any tax effects. The preparation of financial statements in conformity with the recognition and measurement principles of IND AS requires management to makejudgements,estimates and assumptions that affect the reported balances of revenues, expenses, assets and liabilities and the accompanying disclosures, and the disclosureofcontingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount ofassetsor liabilities effected in future periods.The key judgements, estimates and assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have asignificantrisk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group baseditsjudgements, estimates and assumptions on parameters available when the financial statements were prepared. Existing circumstances and assumptions aboutfuturedevelopments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected intheassumptions when they occur.The Group has entered into commercial property leases on its investment property portfolio. The Group has determined, based on an evaluation oftheterms and conditions of the arrangements, such as the lease term not constituting a major part of the economic life of the commercial property and thefairvalue of the asset, that it retains all the significant risks and rewards of ownership of these properties and accounts for the contracts as operating leases.Initial direct cost recognised as an expense over the lease term on the same basis as the lease income. The Trust recognises a liability to make cash distributions to Unitholders when the distribution is authorised and a legal obligation has been created.Asper the REIT Regulations, a distribution is authorised when it is approved by the Board of Directors of the Manager. A corresponding liability in the formof dividend and interest is recognised directly in other equity and distribution in the form of repayment of capital is recognised directly on the faceofbalance sheet.Statement of net assets at fair value The disclosure of statement of Net Assets at Fair value comprises of the fair values of the properties held by the Trust and its SPVs, if any as well asbookvalues of the total liabilities and other assets of the Trust and its SPVs, if any. The fair value of the properties are reviewed semi-annually takingintoconsideration market conditions existing at the reporting date, and other generally accepted market practices. Statement of total return at fair valueThe disclosure of the Statement of Total Returns at fair value comprises of the Total Comprehensive Income as per the Statement of Profit and lossandChanges in Fair Value of properties (investment property, property, plant and equipment, CWIP and IPUD), where the cost model is followed whichwerenot recognised in Total Comprehensive IncomeUnit CapitalDistribution PolicyUnder the provisions of the REIT Regulations, Bagmane Prime Office REIT is required to distribute to the Unitholders not less than ninety percent ofthenet distributable cash flowsof Bagmane Prime Office REIT. The NDCF was calculated in accordance with the REIT Regulations and inthemanner provided in the NDCF framework defined by the Manager.The aforesaid net distributable cash flows are made available to Bagmane Prime Office REIT in the form of (i) Interest paid on Shareholder Debtprovidedby Bagmane Prime Office REIT to subsidiaries, (ii) Principal repayment of Shareholder Debt, (iii) Dividend declared by subsidiaries and (iv)Proceedsfrom sale of any Bagmane Prime Office REIT assets.Cash distributions to Unitholders
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)3 Significant accounting judgements, estimates and assumptions (continued)iv)v) Impairment of assetsvi) Deferred tax assetvii) Measurement of financial instruments at amortized costviii)ix) Determining fair value of investment properties, including impairment assessment of investment propertiesPresentation/classification of "Unit Capital" as "Equity"The "Unit Capital" is presented/classified as "Equity" in these Condensed Consolidated Interim Financial Statements in order to comply withthemandatory requirements of the relevant REIT Regulations, instead of the applicable requirements of Ind AS 32Financial Instruments:Presentation,specified under Companies (Indian Accounting Standards) Rules, 2015, as amended. Also refer note 13(e).The determination of the fair value of investment properties requires the use of estimates such as future cash flows from the assets (such as marketrent,market parking rent, rent growth rate, parking income growth rate, market lease tenure, market escalations, maintenance income prevailing in themarketetc.) and discount rates applicable to those assets. These estimates are based on local market conditions existing at the balance sheet date.Impairmentexists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs ofdisposaland its value in use. The value in use calculation is based on a discounted cashflowmodel. The cash flows are derived from the budgets.Therecoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used forthepurpose of determining fair values. For projects executed through joint development arrangements, the Group has evaluated that land owners are not engaged in the same line of businessasthe Group and hence has concluded that such arrangements are contracts with customers. The revenue from the development and transfer ofconstructedarea/revenue sharing arrangement and the corresponding land/ development rights received under JDA is measured at the fair value of theestimatedconstruction service rendered to the land owner and the same is accounted on launch of the project. The fair value is estimated with reference to thetermsof the JDA (whether revenue share or area share) and the related cost that is allocated to discharge the obligation of the Group under the JDA. Fair valueofthe construction is considered to be the representative fair value of the revenue transaction and land so obtained. Such assessment is carried out atthelaunch of the real estate project and is not reassessed at each reporting period. The management is of the view that the fair value method and estimatesarereflective of the current market condition.Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair valuelesscosts of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions,conductedatlength, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based onaDCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is notyetcommitted to or significant future investments that will enhance theperformance of the CGU being tested. The recoverable amount is sensitivetothe discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. Theseestimatesare most relevant to disclosure of fair value of investment property recorded by the Group.Deferred tax asset is recognised to the extent that it is probable that the Group will pay normal income tax during the specified period, i.e., the periodforwhich deferred tax credit is allowed to be carried forward and sufficient taxable profit will be available against which such credit can beutilised.Significant management judgement is required to determine the amount of such credit that can be recognised, based upon the likely timing and leveloffuture taxable profits.Certain financial instrument are subsequently measured at amortized cost using the effective interestmethod. The computation of amortized costissensitive to the inputs to EIR including effective rate of interest, contractual cash flows and the expected life of the financial instrument. Changesinassumptions about these inputs could affect the reported value of financial instruments
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)3 New and amended standardsAmendments to Ind AS 109 and Ind AS 107 - Amendments to the Classification and Measurement of Financial InstrumentsThe amendments clarify that a financial liability is generally derecognised on theand introduced an accounting policy option, subjecttospecified condition, to derecognize financial liabilities settled using an electronic payment system before the settlement date.Other amendments include:- Additional guidance for assessing contractual cash flow characteristics of financial assets with ESG-linked and other contingent features.- Clarifications relating to non-recourse financial assets and contractually linked instruments.- Related enhancements to disclosure requirements under ind AS 107 Annual Improvements to Ind ASThe amendments include clarifications, simplifications, corrections or changes to improve consistency in the application of Ind AS 101First-timeAdoption of Indian Accounting Standards, Ind AS 107 Financial Instruments: Disclosures, Ind AS 109 Financial Instruments, Ind AS 110ConsolidatedFinancial Statements and Ind AS 7 Statement of Cash Flows.The Group has assessed the impact of the amendments and there is no significant impact on its condensed consolidated interim financial statements. The accounting policies adopted and methods of computation followed are consistent with those of the previous financial year, except for itemsdisclosedbelow:Ministry of Corporate Affairs (MCA) Companies (Indian Accounting Standards) Amendment Rules, 2026The MCA has notified the Companies (Indian Accounting Standards) Amendment Rules, 2026, introducing the following key amendments andmakingconsequential changes to other Ind AS. These amendments are required to be applied for annual reporting periods beginning on or after 1 April 2026.Amendments to Ind AS 109 and Ind AS 107 - Contracts Referencing Nature-dependent ElectricityThe MCA has made targeted amendments to Ind AS 109 Financial Instruments and Ind AS 107 Financial Instruments: Disclosures to addressaccountingfor contract referencing electricity whose generation depends on natural conditions such as wind and solar power. Such contracts are often structuredaspower purchase agreements (PPAs). The amendments include:- Clarifying the application of therequirements, including circumstances where an entity may sell unused electricity due to nature oftheelectricity market- Permitting hedge accounting if these contracts are used as hedging instruments- Introducing additional disclosure requirements to enable investors to understand the effect of these contracts on afinancialperformance,financial position and cash flows
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)4 Property, plant and equipment ("PPE")ParticularsFreehold landRight of use landPlant and equipmentBuildingFurniture and fixturesVehiclesOffice equipmentTotalGross carrying amount Balance as at 30 May 2025 (incorporation date)- - - - - - - - Additions - - - - - - - - Disposals - - - - - - - - Balance as at 31 March 2026 - - - - - - - - Additions pursuant to asset acquisition (refer note 36)4,314.59 86.23 4,993.88 12.13 69.90 11.51 11.31 9,499.55 Additions714.93 - 4.13 - 0.16 - 0.05 719.27 Disposals- - - - - - - - Balance as at 30 September 2026 5,029.52 86.23 4,998.01 12.13 70.06 11.51 11.36 10,218.82 Accumulated depreciationBalance as at 30 May 2025 (incorporation date)- - - - - - - - Depreciation for the period - - - - - - - - Disposals - - - - - - - - Balance as at 31 March 2026- - - - - - - - Depreciation for the period - 1.19 161.51 0.24 8.10 0.61 1.14 172.79 Disposals - - - - - - - - Balance as at 30 September 2026 - 1.19 161.51 0.24 8.10 0.61 1.14 172.79 Net carrying amountBalance as at 30 September 2026 (Unaudited)5,029.52 85.04 4,836.50 11.89 61.96 10.90 10.22 10,046.03 Balance as at 31 March 2026 (refer note 39) - - - - - - - - 5Capital work-in Progress ("CWIP")ParticularsCapital work-in ProgressTotalBalance as at 30 May 2025 (incorporation date)- - Additions during the period- - Capitalisation during the period- - Fixed Assets-Capital WIP PPEClosing balance as at 31 March 2026 (refer note 39) - - Additions pursuant to asset acquisition (refer note 36) 2,520.38 2,520.38 Additions during the period 741.68 741.68 Capitalisation during the period - - Fixed Assets-Capital WIP PPEClosing balance as at 30 September 2026 (Unaudited) 3,262.06 3,262.06
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)6Investment property under development ("IPUD")ParticularsInvestment property under developmentTotalBalance as at 30 May 2025 (incorporation date) - - Additions during the period- - Capitalisation during the period - - Closing balance as at 31 March 2026 (refer note 39) - - Additions pursuant to asset acquisition (refer note 36) 2,475.91 2,475.91 Additions during the period1,248.27 1,248.27 Capitalisation during the period (226.24) (226.24) Closing balance as at 30 September 2026 (Unaudited) 3,497.94 3,497.94 7Investment propertyParticularsFreehold land Building Plant and equipmentFurniture and FixturesTotalGross carrying amountBalance as at 30 May 2025 (incorporation date) - - - - - Additions during the period - - - - - Disposals/adjustments - - - - - Closing balance as at 31 March 2026 (refer note 39) - - - - - Additions pursuant to asset acquisition (refer note 36)1,75,946.87 1,72,856.60 4,783.67 1,719.03 3,55,306.17 Additions- 105.47 8.46 37.25 151.18 Disposals/adjustments- - - - - Closing balance as at 30 September 2026 (Unaudited) 1,75,946.87 1,72,962.07 4,792.13 1,756.28 3,55,457.35 Accumulated depreciation Balance as at 30 May 2025 (incorporation date) - - - - - Depreciation for the period- - - - - Closing balance as at 31 March 2026 (refer note 39) - - - - - Depreciation for the period- 4,330.71 366.66 157.94 4,855.31 Deletion- - - - - Closing balance as at 30 September 2026 (Unaudited) - 4,330.71 366.66 157.94 4,855.31 Net carrying amountClosing balance as at 30 September 2026 (Unaudited)1,75,946.87 1,68,631.36 4,425.47 1,598.34 3,50,602.04 Closing balance as at 31 March 2026 (refer note 39) - - - - - 8 Trade receivables (unsecured, considered good unless otherwise stated)As at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Trade receivables1,261.12 - Less: Allowances for credit loss (under simplified approach)(54.75) - 1,206.37 - Movement in Expected credit loss allowance under simplified approachParticularsAs at 30 September 2026As at 31 March 2026Opening Balance- - Additions pursuant to asset acquisition 71.79 - Add: Provided during the period 49.59 - Less: Reversed during the year (66.63) - Closing balance54.75 - Notes:1. Trade receivable are non-interest bearing and are due for payment upto 45 days from billing date.2. The Group applies the expected credit loss (ECL) model for measurement and recognition of impairment losses on trade receivables. The Group follows the simplifiedapproachfor recognition of impairment allowance on trade receivables. The application of the simplified approach does not require the Group to track changes in credit risk. Rather,itrecognises impairment allowance based on lifetime ECLs at each reporting date. ECL impairment loss allowance (or reversal) recognised during the year is recognised intheConsolidated Statement of Profit and Loss. This amount is reflected under the head "other expenses/other income in the Consolidated Statement of Profit and Loss.Particulars
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)9 Other financial assets (Unsecured, considered good unless otherwise stated)ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Security deposits39.48 - Unbilled lease income1,063.35 - Non-current bank balancesBank deposit with maturity exceeding 12 months- Deposits with remaining maturity of more than 12 months28.19 - - Margin Money Deposit1,825.47 - 2,956.49 - ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Security deposits0.87 - Unbilled lease income816.38 - Other receivables_FA-Related parties204.49 - Receivables under joint development arrangements10.25 - 1,031.99 - 10 Other assets (Unsecured, considered good unless otherwise stated)ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Unsecured, considered good capital advances- NFACapital advances374.21 - Deposits with statutory/government authoritiesDeposits with statutory/government authorities 484.58 - Balances with statutory/government authorities - Non currentBalances with statutory/government authorities 2,054.59 - 2,913.38 - ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Advances to suppliers12.91 - Prepaid expenses - NFA274.89 - Unit issue expenses (to the extent not written off or adjusted) - 64.40 Balances with statutory/government authorities 168.93 - 456.73 64.40 11 Deferred tax assets/ (liability) (net)ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Deferred tax asset and liabilities are attributable to the following (also refer note 19):Deferred tax assets3.42 - 23.41 - 53.61 - Others4.08 - Deferred tax liabilities(440.27) - Deferred tax on Right of Use asset (24.76) - Impact of financial instruments carried at amortised cost(15.35) - (5,005.18) - Deferred tax asset / (liability) (net) (5,401.04) - 12 Cash and bank balancesParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)(a) Cash and cash equivalents Cash on hand1.16 - Balances with banks:7,229.91 - 20.33 - 7,251.40 - (b) Bank balances other than cash and cash equivalents- Escrow accounts* 628.00 - 628.00 - *the balance is available for restricted use by the Trust. CurrentCurrentNon-current Impact of difference between written down value of fixed assets as per tax laws and as per books of accountsImpact of expense charged to statement of profit and loss in the year but allowed for tax purposes in subsequent years:Carry forward of business lossesImpact of financial instruments carried at amortised costNon-currentImpact of income from leasing recognised in the statement of profit and loss in the year but recognised tax purposes in subsequent years Non-current Deferred tax on Lease Liability Receivables from related parties (refer note 33)
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)13Unit capitalParticulars Number of units Amount Balance as at 30 May 2025 (incorporation date)Share capitalMovement during the period - - Balance as at 31 March 2026 (refer note 39) - - Balance as at 01 April 2026Units issued during the periodShare capital - pursuant to the initial public offer, issued, subscribed and fully paid up in cash (Refer note 37) 23,90,00,000 23,900.00 - in exchange for investment in subsidiaries (Refer note 35) 3,16,10,00,000 3,16,100.00 Share issue expLess: Unit issue expenses - (783.00) Balance as at 30 September 2026 (Unaudited) 3,40,00,00,000 3,39,217.00 (a)(b)Unitholding of Sponsor groupParticulars No. of units as at 30 September 2026 % of total units as at 30 September 2026 No. of units as at 31 March 2026 % of total units as at31 March 2026 Bagmane Realty and Infrastructure LLP2,69,46,33,237 79.25%- - 100.00%Akruthi Infra Build Developers Private Limited11,84,39,168 3.48%- - 100.00%Raja Bagmane 12,30,871 0.04% - - 100.00%Nagamani Raja12,30,871 0.04%- - 100.00%Note: The Trust has not issued any units till 31 March 2026. Therefore, the disclosure for periods upto 31 March 2026 is not applicable.(c)Unitholders holding more than 5% units in the TrustNo. of Units% holdingNo. of Units% holdingBagmane Realty and Infrastructure LLP2,69,46,33,237 79.25%- - (d)Unit Capital Units Amount Units Amount At the beginning of the period- - - - Units issued during the period23,90,00,000 23,900 - - 3,16,10,00,000 3,16,100 - - Outstanding at the end of the period 3,40,00,00,000 3,40,000.00 - - (e)14 Distribution - Repayment of CapitalParticulars As at 30 September As at 31 March 2026 (Unaudited) (Refer note 39) Opening balance- - Less: Movement during the period - - Closing balance- - Note: Unit issue expenses pertaining to the Initial Public Offering of the units of the Trust have been reduced from the unit capital in accordance with Ind AS 32 -FinancialInstruments Presentation. Under the provisions of the REIT Regulations, Bagmane REIT is required to distribute to Unitholders not less than 90% of the net distributable cash flows of BagmaneREITfor each financial year. Accordingly, a portion of the Unitholders funds contains a contractual obligation of the Trust to pay cash to the Unitholders. Thus, in accordancewiththe requirements of Ind AS 32 - Financial Instruments: Presentation, the Unit Capital should have been classified as compound financial instrument which contains bothequityand liability components.However, under the provisions of the REIT Regulations, for the purpose of preparation of financial information under the REIT Regulations, Unit Capital shall beconsideredas equity and the distribution to Unitholders which is in the nature of repayment of capital shall be shown as a negative amount on the face of the Balance Sheet as aseparate In order to comply with the aforesaid provisions of the REIT Regulations, Bagmane REIT has presented/classified its Unit Capital as Equity. Consistent with UnitCapitalbeing classified as Equity, the distributions to Unitholders is presented under Equity and not as finance cost. In line with the above, the dividend payable to Unitholdersisrecognised as liability when the distributions are approved by the Board of Directors of the Manager. As at 30 September 2026 (Unaudited) As at 31 March 2026 (Refer note 39) - pursuant to the initial public offer, issued, subscribed and fully paid up in cash (Refer note 37) - in exchange for investment in subsidiaries (Refer note 35)As at 30 September 2026 (Unaudited) As at 31 March 2026 (Refer note 39)Terms / rights attached to equity shares:The Trust has only one class of Units. Each Unit represents an undivided beneficial interest in the Trust. Each holder of Units is entitled to one vote per Unit. TheUnitholdershave the right to receive at least 90% of the Net Distributable Cash Flows of the Trust at least once in every six months in each financial year in accordance with theREITRegulations. The Board of Directors of the Manager approves distributions to Unitholders. The distribution will be in proportion to the number of Units held bytheUnitholders. The Trust declares and pays distributions in Indian Rupees. Also refer note (e) below. Units held by sponsor group % change during the half year ended 30 September 2026 Distribution - Repayment of Capital represents distributions made by the Trust to its unitholders that areas return of unit capital, in accordance with theREITRegulations. Such distributions arise from NDCF to the extent they are not in the nature of income and are presented as a separate negative line item under Equity,areduction in unit capital and not distributable reserves. During the half year ended 30 September 2026, there has been no repayment of capital by the Trust.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)15 Other equity and Non-Controlling InterestRetained earningsParticulars As at 30 September 2026 (Unaudited) As at 31 March 2026 (Refer note 39) Opening Balance (2.57) - Add: Profit/(Loss) for the period 4,564.96 (2.57)Add: Other comprehensive income - - Total comprehensive income 4,562.39 (2.57)Less: Distribution to unitholders of the Trust *# (5,100.00) - Closing balance(537.61) (2.57) Non-Controlling interestParticulars As at 30 September 2026 (Unaudited) As at 31 March 2026 (Refer note 39) Opening Balance - - Add: Non-controlling interest ("NCI") pursuant to asset acquisition (Refer note 36) 978.49 - Add: Profit/(Loss) for the period 18.13 - Add: Other comprehensive income - - Total comprehensive income 18.13 - Less: Distribution by subsidiary to NCI (21.25) - Closing balance 975.37 - * Distribution to unitholders represents distribution in the form of interest and dividend to unitholders.# The distribution for the half year ended 30 September 2026 does not include the distribution relating to the quarter ended 30 September 2026, as the same will bepaidsubsequent to the half year ended 30 September 2026. The cumulative gain or loss arising from the operations which is retained and accumulated under the heading of retained earnings. At the end of the period/year, the profit/loss after tax is transferred from the statement of profit and loss to the retained earnings.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)16 BorrowingsParticulars As at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Non-current borrowingsAt amortised costSecured loansTerm loan from banks-LT13,410.34 - Term loan from financial institutions-LT8,012.41 - 21,422.75 - Less: Current maturities disclosed under "Current Borrowings"Term loan from banks-LT(1,510.12) - Term loan from financial institutions-LT(24.27) - Total non-current borrowings 19,888.36 - Current BorrowingsAt amortised costSecured loansOverdraft facilities from banks 667.59 - Overdraft facilities from financial institutions 2,507.68 Current maturities of non-current borrowingsTerm loan from banks-STTerm loan from banks-LT1,510.12 - Term loan from financial institutions-LT24.27 - Total current borrowings 4,709.66 - (i) Term loan from banksMaturity Repayment termsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Term loan from banks 9,201.84 - 6% to 11%Upto 203682 to 144 monthly installments ranging from Rs. 336 million to Rs. 589 millionTerm loan from banks 760.57 - 8.05% to 8.65%Upto 2028112 monthly installments ranging from Rs. 51 million to Rs. 55 millionTerm loan from banks3,411.26 - 7.25% - 8.50%2033120 Monthly installmentsranging from Rs.32 million to Rs.54 million.(ii) Overdraft facilities from banksMaturity Repayment termsAs at 30 September 2026As at 31 March 2026Overdraft facilities from banks667.59 - 7.25% - 8.50%Repayable on DemandRepayable on Demand(iii)Term loan from financial institutionsMaturity Repayment termsAs at 30 September 2026As at 31 March 2026Term loans from financial institutions8,012.41 - 7.40% 2042 180 Monthly installmentsranging from Rs.77.08 million to Rs.143.32 million.Nature of borrowingAmount outstanding as at( `)Effective Interest rateSecurity detailsa) Exclusive charge by way of equitable mortgage on the Developer's share in the land and building on the Property.b) Second charge on lease hold rights over 1 acre 17 guntas of the Property from Karnataka Industrial Areas Development Board ("KIADB") (subsequently freehold).c) Exclusive charge by way of hypothecation over Scheduled Receivables as set out under relevant Transaction Documents.d) Lien marked FD of two months' installment on each disbursement.e) Corporate guarantee by parent entity.f) Sanctioned amount of the facility is INR 5,500 million. Effective Interest rateNature of borrowingAmount outstanding as ata) Underlying land and building and assignmentofproject receivables. b) DSRA equivalent to 1 to 3 months InterestandInstallment for loan outstanding of Rs. 3,964.43million(Previous Year: Rs.Nil) c) Guaranteed by certain related parties of the Company.Security detailsa) Underlying land and building and assignmentofproject receivables.b) DSRA equivalent to 3 month installment forloanoutstanding. Nature of borrowingAmount outstanding as atEffective Interest rateSecurity detailsa) First Exclusive charge by way of mortgage over certain properties of subsidiary.b) First Exclusive charge by way of hypothecation over the Receivables arising out of mortgaged properties of subsidiary.c) First exclusive charge over the escrow account of subsidiary.d) Sanctioned amount of the facility is INR 15,000 million. a) Exclusive charge by way of equitable mortgage ontheDeveloper's share in the land and building ontheProperty.b) Second charge on lease hold rights over 1 acre17guntas of the Property from Karnataka IndustrialAreasDevelopment Board ("KIADB") (subsequently freehold).c) Exclusive charge by way of hypothecationoverScheduled Receivables as set out underrelevantTransaction Documents.d) Lien marked FD of two months' installment oneachdisbursement.e) Corporate guarantee by parent entity.f) Sanctioned amount of the facility is INR 5,500 million.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)16 Borrowings (continued)(iv)Overdraft facilities from financial institutionsMaturity Repayment termsAs at 30 September 2026As at 31 March 2026Overdraft facilities from financial institutions2,507.68 - 7.40% On demand Repayable on Demand(v) Changes in liabilities arising from financing activitiesParticulars For the half year ended 30 September 2026 For the period from30 May 2025 to30 September 2025 (Unaudited) (Refer note 38 & 39) BorrowingsOpening balance - - Addition pursuant to asset acquisition (Refer note 36) 38,925.57 - Settlement of borrowings in exchange for units issued by the Trust (12,600.00)- Proceeds from borrowings 50,265.21 - Repayment of borrowings (54,981.02)- Interest expense 710.07 - Interest paid (725.66)- Movement in bank overdraft facility considered as part of cash and cash equivalents 3,003.85 - Closing balance 24,598.02 - Nature of borrowingAmount outstanding as atEffective Interest rateSecurity detailsSame as above
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)17 Other financial liabilitiesParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Non-currentLease rent deposits3,907.38 - 3,907.38 - CurrentLease rent deposits6,918.47 - Capital creditors1,250.09 - Unit issue expenses payable819.87 65.94 8,988.43 65.94 18 Income tax liabilities (net)ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)7.47 - 7.47 - 19 Income taxMajor components of income tax expense :Statement of profit and loss:ParticularsFor the half year ended 30 September 2026For the period from30 May 2025 to30 September 2025(Unaudited)(Refer note 38 & 39)Current tax:Previous year TAX expenseCurrent income tax1,963.30 - Adjustment pursuant to adoption of new tax regime by the subsidiaries (refer note below)(1,266.07) - Deferred tax:Relating to origination and reversal of temporary differences163.12 - Adjustment pursuant to adoption of new tax regime by the subsidiaries (refer note below)(998.29) - Tax expense reported in the statement of profit or loss(137.94) - OCI sectionDeferred tax related to items recognised in OCI during the period:ParticularsFor the half year ended 30 September 2026For the period from30 May 2025 to30 September 2025(Unaudited)(Refer note 38 & 39)Tax effect on items of OCI- - Income tax charge to OCI- - The Taxation and Other Laws (Amendment) Act, 2026 Provision for Income Tax (net of advance income tax)Current Note: Pursuant to the amendment vide Taxation and Other Laws (Amendment) Act, 2026 (theAmendment 2026") providing an option to the subsidiaries of the Trusttopay income-tax at a lower rate if it opts for not availing of certain specified exemptions or incentives, the Group has made an assessment of the aforesaid amendment andhasdecided to opt for the lower tax rate for the financial year 2025-26 and onwards for its subsidiaries. Consequently, during the half year ended 30 September 2026, the Group has re-measured the current and deferred taxes from the normal rate of 29.12% - 34.94% to thelowerrate of 28.60% - 29.12% and has recorded reversal of the current tax and deferred tax. Hence, the current tax expense and deferred tax expense for the half year ended30September 2026 is lower by Rs.1,266.07 million and Rs.998.29 million, respectively.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)20Income tax assets (net)ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Advance income tax (net of provision for income tax) 1,579.68 - 1,579.68 - 21 Trade payablesParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Trade payables- Total outstanding dues of micro enterprises and small enterprises ("MSME") 74.43 - - Total outstanding dues of creditors other than micro enterprises and small enterprises- Others 627.43 1.03 - Related parties (refer note 33) 139.38 - 841.24 1.03 22 Other liabilitiesParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Deferred lease income493.07 - 493.07 - ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Rentals received in advancesDeferred lease income475.43 - Statutory dues payable715.89 - Liability towards corporate social responsibility200.21 - Advance lease income received from customers68.78 - 1,460.31 - CurrentNon-current
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)23 Revenue from operationsFor the half year ended 30 September 2026For the period from30 May 2025 to30 September 2025Particulars (Unaudited)(Refer note 38 & 39)Income from leasing 9,922.34 - Revenue from contracts with customers:Construction services 138.71 - Property maintenance services 1,263.16 - Other operating revenues (refer A below) 695.79 - 2,097.66 - 12,020.00 - A. Other operating revenuesParticularsFor the half year ended 30 September 2026For the period from30 May 2025 to30 September 2025(Unaudited)(Refer note 38 & 39)Power charges income*# 521.66 - Water charges income 58.30 - Commission income 107.62 - Others 8.21 - 695.79 - *Net of power and fuel expenses reimbursed by the tenants813.22 - 447.62 - 24 Other income For the half year ended 30 September 2026 For the period from30 May 2025 to30 September 2025 Particulars (Unaudited)(Refer note 38 & 39)Interest income from:Bank deposits74.88 - Income tax refund71.76 - Security deposits26.19 - Reversal of allowance for credit loss 66.63 - Liabilities no longer required written back0.13 - Miscellaneous income 33.93 - 273.52- 25 Depreciation expense For the half year ended 30 September 2026 For the period from30 May 2025 to30 September 2025 Particulars (Unaudited)(Refer note 38 & 39)Depreciation of property, plant and equipment (refer note 4) 171.60 - Depreciation of investment property (refer note 7) 4,855.31 - Depreciation of right of use assets (refer note 4) 1.19 - 5,028.10 - # Includes income from generation of renewable energy
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)26 Other expenses For the half year ended 30 September 2026 For the period from30 May 2025 to30 September 2025 Particulars (Unaudited)(Refer note 38 & 39)Rates and taxes 3.03 - Property Management fees (refer note 28) 358.30 - Investment management fees (refer note 28) 39.37 - Property tax 229.73 - Rent 4.75 - Repairs and maintenance - building 605.32 - - plant and equipment 22.76 - - others 65.43 - Power and fuel 218.38 - Legal and professional fees * 86.22 - Audit fees 13.26 - Membership fees 12.54 - Trustee Fees 1.06 - Allowance for credit loss 49.59 - Advertisement and business promotion 2.83 - Travel and conveyance 0.94 - Insurance 9.23 - Communication costs 0.82 - Corporate social responsibility expenses 115.32 - Miscellaneous expenses 4.15 - 1,843.03 - * Net of Project development fees capitalised (refer note 28) 58.11 - 27 Finance costs For the half year ended 30 September 2026 For the period from30 May 2025 to30 September 2025 Particulars (Unaudited)(Refer note 38 & 39)Interest expenses on- Borrowing 710.07 - - Security deposits 189.21 - - Lease liability 2.81 - - Others 1.27 - Total finance costs903.36 - 28 Manager Fees1. Investment Management Fees2. Property Management Fees3. Project Development FeesPursuant to the Investment Management Agreement dated 30 May 2025, as amended, the Manager is entitled to fees @ 0.5% (exclusive of applicable taxes) ofNetDistributable Cash Flows ('NDCF'). The fees is paid to the Manager in consideration of undertaking management of the Trust and the Trust's fund and torenderinvestment management services to the Trust.Pursuant to the Project Management and Support Services Agreement dated 30 April 2024, as amended, the Manager is entitled to a fee of 3.5% (exclusiveofapplicable taxes) of the income derived from the leasing activities. The fees is paid to the Manager in consideration of the property management services offeredbyPursuant to the Development Management Agreement dated 12 December 2025, as amended, the Manager is entitled to Rs. 400 per sq. ft. (exclusive ofapplicabletaxes) of the leasable area of project under development, which shall be escalated at 5% per annum. The fees is paid to the Manager in consideration of theprojectSince the issuance of Units and acquisition of subsidiaries by the Trust have been completed during the half year ended 30 September 2026, the Manager Fees inthecurrent period represent fees for the period from 8 May 2026 (acquisition date). There are no changes during the period in the methodology for computation offeespaid to Manager.The details of Manager Fees are as below:Note: Interest expense on others include interest on shortfall in payment of withholding taxes of Rs. 1.27 million (Previous period: Rs. Nil)
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)29 Earnings per unit ("EPU")For the half year ended 30 September 2026For the period from30 May 2025 to30 September 2025(Unaudited)(Refer note 38 & 39)Profit/(loss) after tax for the period 4,564.96 Weighted average number of units (Basic and Diluted) 2,71,25,68,306 1.68 30 LeasesGroup as lesseeSet out below are the carrying amounts of right-of-use assets recognised and the movements during the period:ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)At the beginning of the period - - Add: Additions during the period 86.23 - Less: Depreciation expense(1.19) - At the end of the period 85.04 - Set out below are the carrying amounts of lease liabilities and the movements during the period:ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)At the beginning of the period 78.61 - Add: Additions - - Add: Accretion of interest 1.78 - Less: Principal payment - - Less: Interest payment - - At the end of the period 80.39 - Current 0.37 - Non-current 80.02 - The following are the amounts recognised in profit or loss:ParticularsFor the half year ended 30 September 2026 For the period from30 May 2025 to30 September 2025 (Unaudited)(Refer note 39)Depreciation expense of right-of-use assets 1.19 - Interest expense on lease liabilities 2.81 - Expense relating to short-term leases (included in other expenses) 4.75 - Net amount recognised in profit or loss8.75 - The Group has entered into non cancellable lease arrangements for land parcels for term of less than 30 years.Further, the Group has lease contracts for various items of land and buildings used in its operations, which generally have lease terms of upto 1 year withrenewalwith mutual consent and termination options. The Entity applies therecognition exemptions for these leases and the expense relating to short-termleases is disclosed under Other Expenses.Note 1: The Trust has not issued any units till 30 September 2025. Therefore the disclosures in respect of Earnings per unit is not applicable for the period ending30September 2025.Basic EPU is calculated by dividing the profits/(loss) for the period attributable to unitholders of the Trust by the weighted average number of unitsoutstandingduring the period. Diluted EPU is calculated by dividing the profits/(loss) for the period attributable to unitholders of the Trust by the weighted average numberofunits outstanding during the period plus the weighted average number of units that would be issued on conversion of all the dilutive potential units into unit capital.ParticularsEarnings Per Unit (not annualised)- Basic and Diluted (in Rs.)Refer note 1 below
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)31Commitments and contingenciesa. CommitmentsParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)6,423.86 - b. Contingent liabilitiesParticularsAs at 30 September 2026As at 31 March 2026Contingent liability towards pending litigations related to disputed dues of:Goods and service tax 1,050.43 - Service tax13.55 - Income tax0.97 - Tax related litigationOther litigation:The Group is also subject to certain legal proceedings and claims, which have arisen in the ordinary course of business, including certain litigation forcommercialdevelopment or land parcels held, either through joint development arrangements or through outright purchases, the impact of which is not quantifiable. Thesecasesare pending with various courts and are scheduled for hearings. After considering the circumstances and legal evaluation thereon, the management believesthatthese cases will not have an adverse effect on the financial statements.Estimated amount of contracts remaining to be executed on capital account and not provided for, net of advance, as at the balance sheet dateThe Group has ongoing tax litigations as below:a) Litigations with goods and service tax authorities for the period July 2017 to March 2023 in respect of availment of input tax credit, which are currentlypendingat Principal Commissioner of Central Tax.b) Litigation with respect to levy of service tax on certain transactions for the period April 2016 to June 2017, which is currently ongoing at Customs, Excise &Service Tax Appellate Tribunal. c) Litigation with income tax authorities for the financial year 2018-19 in respect of set-off of withholding tax credits and levy of tax on certain transactions,whichis currently pending at Assessing Officer, Central Circle.Management, based on legal evaluation, is confident of favourable outcome of the litigation and accordingly no provision is required to be recognised in thefinancialstatements at this stage.Note: The Group does not expect any reimbursement in respect of the above contingent liabilities and it is not practicable to estimate the timing of the cashoutflows,if any, in respect of aforesaid matters and it is not probable that an outflow of resources will be required to settle the above obligations/claims.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)32 Financial instrumentsLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3Financial assets:Measured at amortised costTrade receivables 1,206.37 - - 1,206.37 - - - - Cash and cash equivalents 7,879.40 - - 7,879.40 - - - - Other financial assets 3,988.48 - - 3,988.48 - - - - 13,074.25 - - 13,074.25 - - - - Assets for which fair value disclosedMeasured at cost3,54,099.98 - - 4,00,386.60 - - - - 3,54,099.98 - - 4,00,386.60 - - - - Financial liabilities:Measured at amortised costBorrowings 24,598.02 - - 24,598.02 - - - - Lease liabilities 80.39 - - 80.39 - - - - Trade payables 841.24 - - 841.24 1.03 - - 1.03 Other financial liabilities 12,895.81 - - 12,895.81 65.94 - - 65.94 38,415.46 - - 38,415.46 66.97 - - 66.97 Investment in equity shares of subsidiaries are carried at costParticularsThe fair value of the financial assets and liabilities is determined as the amount at which the instrument could be exchanged in a current transaction betweenwillingparties, other than in a forced or liquidation sale.Carrying Value As at 31 March 2026 (Refer note 39)Fair value(Including unamortised portion of initial direct cost)The fair value of financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willingparties,other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:> Refer note 8 for method and assumptions used to estimate fair value of investment properties.> The management assessed that the carrying values of cash and bank balances, trade receivables, trade payables and other financial assets and liabilitiesapproximatetheir fair values largely due to their short-term maturities. > The management assessed that the carrying values of bank deposits, borrowings and other financial assets and liabilities approximate their fair values based oncashflow discounting using parameters such as interest rates, tenure of instrument, creditworthiness of the customer and the risk characteristics of the finance project,asapplicable.These are classified as Level-3 fair value in the fair value hierarchy due to the use of unobservable inputs as explained above.There have been no transfers between levels during the period.Investment property and Investment property under developmentAs at 30 September 2026 (Unaudited)Fair valueCarrying Value
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)33Related party disclosureI List of related parties as per the requirements of REIT regulationsSponsor, Manager and Trustee to the Bagmane Prime Office REITSponsor : Bagmane Realty and Infrastructure LLP (BRILLP)Manager : Bagmane Realty Investment Manager Private Limited (BRIMPL)Trustee : Axis Trustee Services LimitedII Directors/Partners/Promoters of above(a) Directors of Manager (b) Directors of Trustee (c) Partners of SponsorRaja Bagmane Rahul Ranjan Choudhary Raja Bagmane Aditya Bagmane Bipin Saraf Kumar Nagamani RajaShashank Bagmane Parmod Kumar Nagpal Abhishek Goenka Vipul MehrotraKorgi Shashikiran Shetty Sudipto NagRajeshwari SrinivasanIII Other Key Managerial Personnel of ManagerRichard Hugh Andrew (Chief Executive Officer)Ashay S Shah (Chief Financial Officer)Venkatesh Ranganath P (Company Secretary)IV Other related parties with whom the transactions have taken place during the periodAkruthi Infra Build Developers Private LimitedBagmane Constructions Private LimitedBagmane Realty and Infrastructure LLPBagmane Realty Investment Manager Private LimitedBagmane Prime Office REITBagmane Managed Offices LLPBagmane Clean Energy Private LimitedPremium Building Management LLPBagmane Developers Private Limited (upto 07 May 2026)Bagmane Rio Private Limited (upto 07 May 2026) Bagmane Green Power LLP (upto 07 May 2026)V Transactions with related parties other than key management personnelName of the related partyFor the half year ended 30 September 2026For the period from30 May 2025 to30 September 2025 (Unaudited) (Refer note 38 & 39) Trustee FeesAxis Trustee Services Limited 1.06 - Issue of unit capital (in exchange for investment in subsidiaries)Bagmane Realty and Infrastructure LLP 2,69,463.32 - Akruthi Infra Build Developers Private Limited 11,843.92 - Raja Bagmane 123.09 - Nagamani Raja 123.09 - Bagmane Constructions Private Limited 17,750.00 - Acquisition of subsidiary (BRPL) fromBagmane Realty and Infrastructure LLP 13,000.00 - Bagmane Constructions Private Limited 204.49 - Amount received by the Group on behalf ofBagmane Constructions Private Limited 480.51 - Premium Building Management LLP 2.56 - Investment management feesBagmane Realty Investment Manager Private Limited 39.37 - Income from leasingBagmane Managed Offices LLP 186.63 - Bagmane Realty and Infrastructure LLP 18.76 - Property maintenance service incomeBagmane Managed Offices LLP 17.69 - Bagmane Realty and Infrastructure LLP 1.88 - Other Operating RevenueBagmane Managed Offices LLP 82.55 - Power and fuelBagmane Clean Energy Private Limited 93.58 - Repairs and maintenance - buildings 235.20 - Legal and professional feesBagmane Managed Offices LLP 30.66 - Property Management FeesBagmane Realty Investment Manager Private Limited 358.30 - Reimbursement of expenses receivable by the GroupAmount received on behalf of the Group byPremium Building Management LLPPurchase of business undertaking - Luxor @ Bagmane Capital Tech Park
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)33Related party disclosure (continued)Name of the related partyFor the half year ended 30 September 2026For the period from30 May 2025 to30 September 2025(Unaudited)(Refer note 38 & 39)Distributions paidBagmane Realty and Infrastructure LLP 4,041.95 - Akruthi Infra Build Developers Private Limited 177.66 - Raja Bagmane 1.85 - Nagamani Raja 1.85 - Project Development Fees (Capitalised)Bagmane Realty Investment Manager Private Limited 58.11 - Guarantees closedBagmane Realty and Infrastructure LLP 15,500.00 - VIName of the related partyAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Trade payablePremium Building Management LLP 54.91 - Bagmane Realty Investment Manager Private Limited 327.69 - Bagmane Green Power LLP 226.47Bagmane Managed Offices LLP 81.54 - Bagmane Clean Energy Private Limited 125.38 - Trade ReceivableBagmane Managed Office LLP 18.18 - Bagmane Realty and Infrastructure LLP 9.03 - Bagmane Green Power LLP 10.58 - Receivables from related partiesBagmane Prime Office REIT 10.08 - Lease rent depositsBagmane Managed Office LLP 49.58 - Investment in Bagmane Green power LLPPartner's capital account 0.10 - Partner's current account 4,089.16 - Guarantees outstandingGuarantee given byBagmane Realty and Infrastructure LLP 30,886.56 - VII Details of related party balances are as follows:ParticularsAs at 30 September 2026As at 31 March 2026(Unaudited)(Refer note 39)Unit capitalBagmane Realty and Infrastructure LLP 2,69,463.32 - Akruthi Infra Build Developers Private Limited 11,843.92 - Raja Bagmane 123.09 - Nagamani Raja 123.09 - Trade payablePremium Building Management LLP 48.49 - Bagmane Realty Investment Manager Private Limited 94.51 - Axis Trustee Services Limited 1.06 - Bagmane Clean Energy Private Limited 36.62 - Unit issue expenses payableBagmane Realty Investment Manager Private Limited 78.15 54.85 Bagmane Realty and Infrastructure LLP 5.22 1.01 Bagmane Developers Private Limited - 10.08 Trade ReceivablesBagmane Managed Office LLP 49.47 - Bagmane Realty and Infrastructure LLP 4.33 - Receivables from related partiesPremium Building Management LLP 2.56 - 204.49 - Lease rent depositsBagmane Managed Office LLP 49.58 - Guarantees outstandingGuarantee given byBagmane Realty and Infrastructure LLP 15,386.56 - Related party balances acquired pursuant to asset acquisition Bagmane Constructions Private Limited
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)33 Related party disclosure (continued)VIII Other information1. Terms and conditions of transactions with related partiesThe sales to and purchases from related parties are made on terms equivalent to those that prevail inlength transactions. Outstanding balances at the period-endareunsecured and interest free and settlement occurs in cash. There have been no guarantees or securities provided or received for any related party receivables or payables, other than those disclosed above. For the currentperiod,the Trust has not recorded any impairment of receivables relating to amounts owed by related parties.2. Also refer note 35 & 36 for acquisition of subsidiaries / asset acquisition.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)34Segment informationFor the half year ended 30 September 2026 (Unaudited)Particulars Bagmane Tech Park Bagmane Cosmos Business ParkBagmane Constellation Business ParkBagmane World Technology CentreLuxor @ Bagmane Capital Tech ParkBagmane Rio Business ParkSolar Assets/Solar Parks - KarnatakaTotalRevenue from operations (Segment revenue) 3,361.30 857.91 2,697.95 3,190.12 835.80 629.30 447.62 12,020.00 Less: Direct operating expenses (296.92) (90.27) (298.03) (369.85) (47.42) (79.64) (42.60) (1,224.73) Net operating income (Segment results) 3,064.38 767.64 2,399.92 2,820.27 788.38 549.66 405.02 10,795.27 Other expenses (excluding above mentioned Direct operating expenses)(692.18) Other income 273.52 Earnings before finance cost, depreciation and tax expenses (EBITDA)10,376.61 Finance costs(903.36) Depreciation expense(5,028.10) Profit before tax 4,445.15 Tax expenses 137.94 Profit for the period 4,583.09 Other comprehensive income - Total comprehensive income for the period 4,583.09 Following is the detail of major customer contributing 10% or more of the Group's revenue for the half year ended 30 September 2026 (Unaudited):Particulars Bagmane Tech Park Bagmane Cosmos Business ParkBagmane Constellation Business ParkBagmane World Technology CentreLuxor @ Bagmane Capital Tech ParkBagmane Rio Business ParkSolar Assets/Solar Parks - KarnatakaTotalCustomer A- Income from leasing and other services - - 385.57 828.76 11.53 629.30 - 1,855.16 Percentage to the total revenue 15.43% Ind AS 108 establishes standards for the way that business enterprises report information about operating segments and related disclosures. Based on the 'management approach' as defined in Ind AS 108, Chief Operating Decision Maker('CODM')evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by operating segments. The accounting principles used in the preparation of these consolidated financial results areconsistentlyapplied to record revenue and expenditure in individual segments.i) Bagmane Tech Park ii) Bagmane Cosmos Business Parkiii) Bagmane Constellation Business Parkiv) Bagmane World Technology Centrev) Luxor@Bagmane Capital Tech Parkvi) Bagmane Rio Business Parkvii) Solar Assets/Solar Parks - KarnatakaFurther, the information relating to segment assets and segment liabilities are not regularly provided to CODM for review and hence the same is not disclosed.(b) All the assets of the Group and source of revenue is within India and hence, no separate geographical segment is identified.(c) There are major customers having revenue more than 10% of the reportable segment.(d) Since the Trust has acquired subsidiaries during the half year ended 30 September 2026, segment information are not applicable for the periods upto 31 March 2026, including for the period from 30 May 2025 to 30 September 2025.
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)3536 Acquisition of SubsidiariesAsset Acquisition Particulars Amount Assets:Property, plant and equipment 9,499.55 Capital work-in-progress 2,520.38 Investment properties 3,55,306.17 Investment property under development 2,475.91 Other assets 27,873.47 Total Assets (A) 3,97,675.48 Liabilities:Borrowings 38,925.57 Other liabilities 22,904.55 Total Liabilities (B) 61,830.12 Net Assets (A-B) 3,35,845.36 Attributable to owners of the Parent 3,34,866.87 Attributable to Non-Controlling Interests 978.49 Measurement of fair valuesParticularsProperty, plant and equipmentandInvestment property, includingunderdevelopmentsOther assets other than thosementionedaboveLiabilities During the half year ended 30 September 2026:(a) Pursuant to the Share Acquisition Agreements and the Other Investors Securities Acquisition Agreements, the Bagmane REIT has acquired 100.00%ofthe securities of Bagmane Developers Private Limited ('BDPL') (which presently holds 100.00% of SPV, Bagmane Green Power LLP ('BGPLLP')), heldbySponsor and other investors, by issue of 3,161 million units of the Trust for an aggregate value of Rs. 316,100 million (comprising of Rs. 303,500milliontowards acquisition of equity shares of BDPL and Rs. 12,600 million towards acquisition of debentures of BDPL).(b) Further, the Bagmane REIT through BDPL acquired 93.00% of the issued and paid-up equity share capital held by Sponsor, Raja BagmaneandNagamani Raja in Bagmane Rio Private Limited ('BRPL'), for consideration aggregating to Rs. 13,000 million (including utilisation of the proceedsoffresh issue of initial offer of the units of the Trust amounting to Rs. 8,200 million) and transaction costs of Rs. 1.95 million.(c) Further, the Bagmane REIT through BDPL acquired 100% of the Luxor @ Bagmane Tech Park from Bagmane Constructions Private Limited('BCPL')for a consideration of Rs. 17,750 million (including utilisation of the proceeds of fresh issue of initial offer of the units of the Trust amounting toRs.14,200 million) and transaction costs of Rs. 614.92 million. Net cash acquired pursuant to acquisition of subsidiaries:Cash and cash equivalents (included in Other assets above) Less: Overdraft facilities (included in Borrowings above) Net cash acquired16,963.35 (171.42) 16,791.93 ParticularsAmountBook values as on the date of acquisition have been considered as fair values.Book values as on the date of acquisition have been considered as fair values. During the half year ended 30 September 2026, the Trust entered into Share Purchase Agreements with shareholders of SPVs for acquisition ofequityinterest in exchange for units of the Trust. The management has applied the optional concentration test, under Ind AS 103, and concluded that theacquiredset of activities and assets is not a business because substantially all of the fair value of the gross assets acquired is concentrated in investmentpropertiesand related assets, with similar risk characteristics. Accordingly, the acquisition has been accounted for as an asset acquisition.The management has identified and recognised the individual identifiable assets acquired and liabilities assumed and non controlling interests thereonandallocated the purchase consideration to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of acquisition.The allocated value of the identifiable assets and liabilities of the SPVs as at the date of acquisition (i.e., 08 May 2026) were:The valuation techniques (Level 3) used for measuring the fair value of material assets acquired are as follows:Fair values have been determined by independent external property valuer, having appropriatelyrecognisedprofessional qualification and recent experience in the location and category of the properties beingvalued.The valuer has followedcomparisonfor Land andreplacementcostfor building and other components. Direct comparison approach involves comparing tosimilarproperties that have actually been sold in an arms length transaction or are offered for sale.Depreciatedreplacement cost approach considers the current cost of replacing an asset with its equivalent assetlessdeductions for physical deterioration and all relevant forms of obsolescence and optimisation.Valuation Methodology
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Bagmane Prime Office REITRN: IN/REIT/25-26/0007Statement of Condensed Consolidated Interim financial statements for the half year ended 30 September 2026(All amounts are in INR million, unless otherwise stated)37Proposed UtilisationActual utilisation upto 30 September 2026 14,200.00 14,200.00 8,200.00 8,200.00 717.00 600.00 783.00 172.00 23,900.00 23,172.00 3839As per our report of even date attachedFor S. R. Batliboi & Associates LLPFor and on behalf of the Board of Directors ofChartered AccountantsBagmane Realty Investment Manager Private LimitedICAI Firm Registration Number: 101049W/E300004 (acting in its capacity as Manager to Bagmane Prime Office REIT)per Sudhir Kumar Jain Aditya Bagmane Shashank Bagmane Venkatesh Ranganath PPartner Director Director Company SecretaryMembership no. 213157 DIN:07184524 DIN:09836805 Membership No. A37567Place: BengaluruRichard Hugh Andrew Ashay S ShahDate: 02 November 2026 Chief Executive Officer Chief Financial OfficerThe figures for the period from 30 May 2025 (incorporation date) to 30 September 2025 as reported in these condensed consolidated interim financial statementshavebeen approved by the Board of Directors of the Manager but have not been subjected to audit or limited review.The Trust was incorporated on 30 May 2025. During the half year ended 30 September 2026, the Trust has prepared its condensed consolidated interimfinancialstatements for the first time, following the acquisition of certain entities as its subsidiaries during the current period. Accordingly, the current period'scondensedconsolidated interim financial statements comprise the financial information of the Trust for the period upto the acquisition date, and the financial information oftheTrust and its subsidiaries from the acquisition date. Further, the comparative financial information presented for the periods up to 31 March 2026, represent solelythestandalone financial information of the Trust and are not comparable with the current period's consolidated financial information.Part funding of acquisition by Bagmane Developers Private Limited of 93.00% of the issued and paid up equity share capital of Bagmane Rio Private Limited- General purposes 117.00 Offer expenses relating to fresh issue of units as part of IPO 611.00 Total 728.00 On 14 May 2026, the units of the Trust are listed on Bombay Stock Exchange ('BSE') and National Stock Exchange ('NSE'). As part of initial public offer (IPO),theTrust has issued 340.50 million units at a price of Rs.100 per unit aggregating to Rs.34,050 million, consisting of a fresh issuance of 239.00 million unitsaggregatingto Rs. 23,900 million and an offer for sale of 101.50 million units aggregating to Rs.10,150 million. Details of utilisation of proceeds of the IPO are as follows:Objects of the fresh issue as per final offer documentUnutilised amount as at30 September 2026Part funding of acquisition by Bagmane Developers Private Limited of Luxor@Bagmane Capital Tech Park-