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Indian real estate investment trust association appoints Alok Aggarwal as chairman
MUMBAI: Real estate investment trusts (Reits) – though in their nascent stage in India — have been getting increasing traction in the urban development ecosystem. The Indian Reits Association (IRA) – set up in 2023 under the guidance of the Securities Exchange Board of India (Sebi) – has increasingly been making its presence felt on the financial and real estate landscape.
Today, the IRA announced the appointment of Brookfield India Real Estate Trust managing director & CEO Alok Aggarwal as its chairman. The IRA is a non-profit trade organization that supports the growth and development of the India Reits sector. Its founding members include Brookfield India Real Estate Trust, Embassy Office Parks Reit, Mindspace Business Parks Reit, and Nexus Select Trust.
“Alok Aggarwal’s extensive experience in the real estate sector, especially Reits, and proven leadership will help IRA immensely,” said the IRA in a press release. “Under his guidance, we aim to work closely with Sebi to support industry growth, protect investor interests, and uphold high regulatory standards. The association remains committed to fostering best practices in India’s Reit sector.”
Added Alok Aggarwal: “Reits have established a strong foothold in the Indian capital market and are poised for significant growth. I look forward to collaborating with industry leaders and stakeholders to drive innovation, improve transparency, and create value for investors. Together, we can contribute to the sustainable growth and long-term resilience of Reits in India.”
Aggarwal is an alumnus of IIT Delhi, where he earned his engineering degree, and ISB Hyderabad, where he completed his MBA. His academic background has contributed to a successful career spanning over three decades in the real estate industry.
In his professional journey, Aggarwal has held leadership roles at prominent organizations such as Sun Apollo Capital Partners, Milestone Capital Advisors, DLF Universal and Mahindra Gesco Developers.
At Brookfield India Real Estate Trust, he is a leading member of the team that established India’s first 100 per cent institutionally-managed office Reit. He has been instrumental in driving operational excellence, fostering innovation, enhancing tenant relationships, and integrating ESG practices across the portfolio.
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Sapphire Foods FY26 revenue rises to Rs 3,125 crore, posts loss
Q4 revenue at Rs 792 crore, FY26 loss at Rs 32 crore amid cost pressures.
MUMBAI: If growth is on the menu, profitability seems to have taken a brief detour. Sapphire Foods India reported a steady rise in topline for FY26, even as rising costs weighed on profitability. Revenue from operations grew to Rs 3,125 crore for the year ended March 31, 2026, up from Rs 2,882 crore in FY25. However, the company swung to a loss, reporting a net loss of Rs 32 crore for FY26, compared to a profit of Rs 17 crore in the previous year. Total income for the year stood at Rs 3,153 crore, while total expenses climbed to Rs 3,167 crore, reflecting pressure across key cost heads.
In the March quarter, revenue came in at Rs 792 crore, compared to Rs 711 crore in the same period last year. The company reported a quarterly net loss of Rs 13 crore, against a profit of Rs 2 crore a year earlier.
Cost pressures remained visible across operations. Material costs rose to Rs 995 crore for FY26, while employee expenses increased to Rs 428 crore. Other expenses, the largest component, stood at Rs 1,229 crore, underscoring the impact of store operations and expansion-related spends.
Depreciation and amortisation expenses also climbed to Rs 392 crore for the year, reflecting continued investments in store infrastructure and growth.
At the operating level, the company reported a loss before tax of Rs 37 crore for FY26, compared to a profit of Rs 23 crore in FY25. Exceptional items added Rs 24 crore to the cost burden during the year.
On the balance sheet, total assets rose to Rs 3,256 crore as of March 31, 2026, up from Rs 3,041 crore a year earlier, indicating ongoing expansion. Net worth stood at Rs 1,389 crore.
Despite profitability pressures, operating cash flow remained resilient at Rs 507 crore, highlighting underlying business strength and demand stability.
The numbers paint a familiar picture in the quick-service restaurant space, growth continues to be served hot, but margins are still finding their footing.
