Mindspace REIT Q4 FY26: Profit Jumps 117%, Sales Up 29%

What Mindspace REIT reported for the March 2026 quarter

Mindspace Business Parks REIT reported a strong set of consolidated numbers for the quarter ended March 31, 2026 (Q4 FY26), with revenue and profitability rising sharply year-on-year. The REIT’s total income from operations for the quarter was reported at ₹889.95 crore in its consolidated quarterly numbers. Another results summary pegged total income from operations for Q4 FY26 at ₹914.89 crore (₹9,148.94 million), highlighting a small presentation difference across disclosures.

On profitability, net profit after tax for Q4 FY26 was reported at ₹198.56 crore in the consolidated quarterly numbers, while a separate results table reported ₹208.73 crore (₹2,087.31 million). Both disclosures point to a steep year-on-year jump in profit, supported by higher operating income and improved portfolio performance. Earnings per unit (basic) for the quarter were reported at ₹3.08, up from ₹1.45 in the year-ago period.

Revenue growth: Q4 sales rose to about ₹890 crore

Net sales or income from operations for Q4 FY26 was reported at ₹889.95 crore. For comparison, the consolidated quarterly table lists ₹699.44 crore for the March 2025 quarter. Another summary in the provided disclosures cited ₹681.08 crore for March 2025, alongside a year-on-year growth figure of 30.67%.

On a sequential basis, the REIT’s net sales increased from ₹814.12 crore in the December 2025 quarter (Q3 FY26) to ₹889.95 crore in March 2026. A quarterly comparison table in the provided material also showed Q4 FY26 net profit at ₹198.56 crore and Q3 FY26 net profit at ₹180.10 crore.

Profit and operating performance: EBITDA at ₹710.40 crore

The REIT’s EBITDA for the March 2026 quarter was reported at ₹710.40 crore, up from ₹513.69 crore in the March 2025 quarter. In the alternate disclosure format, EBITDA for Q4 FY26 was reported at ₹710.40 crore (₹7,103.99 million). This broad alignment across disclosures indicates operating profitability remained high, with operating leverage and cost discipline supporting profit growth.

The same set of quarterly numbers reported EPS at ₹3.08 for March 2026 versus ₹1.45 in March 2025. The quarter also reflected strong net operating income trends, with one disclosure citing Q4 net operating income (NOI) of ₹742 crore, up 37.4% year-on-year.

Full-year FY26: income and profit moved higher

For the full year ended March 31, 2026, Mindspace REIT reported net profit after tax of ₹694.26 crore (₹6,942.58 million), up 35% from ₹513.75 crore (₹5,137.46 million) in FY25. Total income from operations for FY26 was reported at ₹3,293.09 crore (₹32,930.87 million), up 23% from ₹2,675.63 crore (₹26,756.27 million) in FY25.

Separately, another annual summary in the provided text reported FY26 net profit at ₹651.86 crore versus ₹476.28 crore in FY25, and sales at ₹3,216.35 crore versus ₹2,596.11 crore. These differences likely reflect differing line items or classifications within consolidated reporting, but the direction remains consistent: higher income and higher profits year-on-year.

Leasing, occupancy, and rentals: key operating indicators

Operational updates in the provided material pointed to continued demand across the REIT’s key markets. Mindspace REIT reportedly leased over 7.1 million sq ft of office space in 2025-26, including around 3.5 million sq ft during the March quarter.

Portfolio committed occupancy rose by about 120 basis points sequentially to around 95.7%, aided by pre-leasing momentum, particularly in Hyderabad. The REIT pre-leased nearly 2 million sq ft at its Mindspace Madhapur asset, including 1.5 million sq ft in a redevelopment project, at an average rental of ₹116 per sq ft.

The disclosures also cited in-place rents of ₹80.4 per sq ft per month, and a mark-to-market upside of nearly 22%. Re-leasing spreads were reported at 40.3% for the quarter and 31.8% for FY26.

Capital structure and debt metrics disclosed for Q4 FY26

The REIT reported a debt service coverage ratio (DSCR) of 2.90 and an interest service coverage ratio (ISCR) of 3.38 for Q4 FY26. Debt-to-equity was reported as stable at 0.83 for both Q4 FY26 and FY26.

Unit capital increased to ₹18,715.43 crore (₹187,154.26 million) from ₹16,896.40 crore (₹168,964.03 million) in the previous year. Net worth was reported at ₹15,046.82 crore (₹150,468.19 million) as of March 31, 2026.

Valuation, portfolio size, and asset base indicators

A comprehensive valuation update in the provided text covered the REIT’s office portfolio across four key markets, with a total leasable area cited at 39.10 million sq ft in one disclosure and 39.3 million sq ft in another. Completed area was cited at 32 million sq ft, with 64 completed buildings and 284 tenants.

Gross asset value was reported at about ₹47,600 crore (₹476 billion) as of March 31, 2026, while another disclosure cited gross asset value at ₹47,635 crore. Net asset value (NAV) was reported at ₹527 per unit, up 9% from September 2025.

Regulatory filings, audit outcome, and NCD compliance

Mindspace REIT’s consolidated results for the quarter and year ended March 31, 2026 were recommended by the Audit Committee and approved by the Board of Directors of K Raheja Corp Investment Managers Private Limited (manager to the REIT) at a meeting held on April 29, 2026. Statutory auditors issued an unmodified report on the financial results, as per the disclosure.

The REIT also filed security cover certificates and compliance reports for multiple non-convertible debenture (NCD) series, confirming compliance with financial covenants for the year ended March 31, 2026. The disclosure cited net debt to NOI at 4.18 versus a maximum allowed 6.00, and a loan-to-value ratio of 24% versus a maximum allowed 37%. Security cover ratios across NCD series were disclosed in a range of 1.55 to 3.29. For NCD 17, the REIT raised ₹560 crore through private placement on March 5, 2026, with full utilisation reported.

Stock performance and key market statistics cited

Mindspace REIT units closed at ₹470.38 on the NSE on April 30, 2026. The provided data cited returns of 0.31% over the last six months and 22.07% over the last 12 months. Another return table in the same material cited +2.49% over six months, +22.26% over one year, and +57.06% over five years.

The provided “fundamental statistics” snapshot listed market capitalisation at ₹30,284 crore (₹302.84 billion), earnings (TTM) at ₹540 crore (₹5.40 billion), and revenue (TTM) at ₹3,073 crore (₹30.73 billion).

Key numbers at a glance

What to track next

The latest disclosures show Mindspace REIT combining higher operating income with improving occupancy and large-ticket leasing, while keeping leverage metrics within disclosed thresholds. Investors are likely to track how pre-leasing converts into reported revenue and NOI, and how distribution trends evolve alongside leasing spreads and in-place rent resets.

Separately, compliance filings around NCD security cover and leverage limits remain an important data point for a yield-oriented vehicle, especially given the role of debt markets in REIT capital structures.

Conclusion

Mindspace Business Parks REIT’s Q4 FY26 filings point to strong year-on-year growth in income and profit, supported by leasing momentum and higher committed occupancy. The next key updates for the market will come through subsequent exchange filings and operational disclosures on leasing, occupancy, and portfolio-level cash flows.