1. India Stocks

  2. •

    Finance

  3. •

    Real estate investment trusts
Mindspace Business Parks REIT

Mindspace Business Parks REIT

492.64
INR
+1.23
(+0.25%)
47.25P/E
Nov 17Next Earn
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
21.08
23.93
29.54
19.02
29.11
37.76
40.24
43.03
52.2
42.34
Basic EPS, GAAP
2.5
8.08
8
5.18
7.15
4.78
8.85
8.02
10.55
10.06
Free Cash Flow per Basic Share
12.8
15.75
15.63
13.4
19.59
23.49
25.74
33.95
39.06
- -
Dividend per Share
1.01
0.43
1.01
5.49
- -
20.25
20.42
- -
- -
- -
Book Value per Share
19.81
27.5
34.45
274.92
263.41
249.28
238.93
230.71
232.08
- -
Tangible Book Value per Share
19.81
27.5
34.45
274.91
263.41
249.28
238.93
230.71
232.08
- -
Basic Weighted Avg Shares
593
593
593
593
593
593
593
594
618
637
Sales/Revenue/Turnover
12,501
14,191
17,520
11,281
17,260
22,392
23,861
25,564
32,257
26,967
Operating Margin (%)
51.5
55.32
56.44
56.95
59.41
52.95
56.05
57.71
59.72
61.71
Depreciation Expense
2,056
2,197
1,146
2,091
3,289
3,554
3,827
4,060
4,790
3,656
Net Income, GAAP
1,483
4,789
4,747
3,074
4,238
2,836
5,250
4,763
6,519
6,405
Effective Tax Rate (%)
54.24
15.13
31.64
30.15
37.38
58.22
38.37
46.94
40.78
35.7
Profit Margin (%)
11.86
33.75
27.09
27.25
24.55
12.67
22
18.63
20.21
23.75
Working Capital
11,957
12,791
10,607
-8,208
-12,162
-10,264
-19,594
-13,138
-30,838
- -
LT Debt
52,371
56,006
63,745
33,660
35,471
45,956
48,951
86,221
94,669
- -
Total Equity
13,573
18,470
22,915
172,134
164,712
155,782
149,285
148,105
157,968
- -
Return on Invested Capital (%)
- -
8.83
7.67
2.92
3.06
2.36
3.84
3.34
4.25
- -
Return on Capital (%)
- -
10.77
8.87
2.59
2.7
1.91
3.59
3.13
4.11
8.97
Return on Common Equity (%)
- -
34.13
25.84
3.35
2.66
1.87
3.63
3.38
4.48
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
35,241
- -
LT Borrowings
- -
94,539
- -
LT Finance Leases
- -
130
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
609
648
648
Market Capitalization
289,405
291,268
308,119

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
19,327
- -
Cash, Cash Equivalents & STI
- -
16,907
- -
Accounts Receivable, Net
- -
521
- -
Inventories
- -
54
- -
Total Current Liabilities
- -
50,166
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
35,241
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
-1.61%
6.66%
Free Cash Flow
- -
25.5%
19.66%
Net Income, GAAP
- -
23.5%
36.87%
Sales/Revenue/Turnover
- -
24.52%
26.18%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
6,185
6,277
6,385
6,811
25,564
2026
7,293
- -
8,521
8,900
32,257
2027
9,547
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
2.16
2.12
2.29
1.45
8.02
2026
2.57
- -
2.96
3.08
10.55
2027
3.99
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
4.77
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
2027
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Ramesh Nair
Full Time Employees
6,385
Sector
Finance
Industry
Real estate investment trusts
Address
Raheja Tower, Plot No. C-30, Block 'G', Bandra Kurla Complex, Bandra (E) Mumbai MH India 400051
IPO Date
Aug 7, 2020
Website
mindspacereit.com
Similar Companies
Realty Income Corporation (NYSE:O)
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. (BIST:EKGYO)
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
AGNC Investment Corp. (NASDAQ:AGNC)
Prologis, Inc. (NYSE:PLD)
American Tower Corporation (REIT) (NYSE:AMT)
Business
Mindspace Business Parks REIT (NSE: MINDSPACE-RR.NS) is an Indian real estate investment trust sponsored by K Raheja Corp Group that owns, operates, and invests in a portfolio of premium Grade-A office properties and business parks focused on rental income generation. The REIT's assets include integrated business campuses and independent office buildings with advanced infrastructure, amenities, and green certifications such as Gold or Platinum IGBC/LEED, encompassing a total leasable area of approximately 38.2 million square feet as of September 30, 2025, comprising 31.0 million square feet of completed area across 12 office parks and 61 buildings, plus 7.2 million square feet under construction or planned for future development; key properties feature Mindspace Airoli East and West, Paradigm Mindspace Malad, The Square Avenue 61 in Mumbai's BKC, Mindspace Madhapur and Pocharam, Commerzone Raidurg, The Square 110 Financial District in Hyderabad, Commerzone Yerawada, The Square Signature Business Chambers and Gera Commerzone Kharadi in Pune, and Commerzone Porur in Chennai. It serves over 270 tenants, including multinational corporations contributing 73.9% of gross contracted rents, with committed occupancy at 93.8% (94.6% excluding certain assets), a weighted average lease expiry of 7.4 years, and operations concentrated in India's prime office markets of Mumbai, Hyderabad, Pune, and Chennai. Founded on November 18, 2019, and headquartered at Raheja Tower, Bandra Kurla Complex, Mumbai, the REIT listed via public issue in 2021 under SEBI REIT Regulations, 2014, and includes a facility management division within its structure. In recent developments, Mindspace REIT announced in late November 2025 the acquisition of premium assets for approximately INR 2,916 crore from K Raheja Corp, including properties from Sundew Real Estate Private Limited (The Square Avenue 98 in Mumbai) and Pramaan Properties Private Limited (Ascent-Worli in Mumbai and an office building in Pune), adding about 0.72 million square feet of leasable area to bolster its CBD presence, cash flows, and tenant base featuring Wall Street anchors; the deal prompted a dedicated conference call on December 1, 2025, marking a strategic expansion amid Q2 FY26 results showing INR 7,778 million in revenue, INR 6,339 million NOI, 0.8 million square feet gross leasing at INR 76 psf average rent, and INR 5.79 per unit distribution.