Mindspace Business Parks REIT

MINDSPACE

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Market Cap

₹ 28,946 Cr

P/E

55.51

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Investment Checklist

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Mindspace Business Parks REIT is a real estate investment trust focused on commercial properties, primarily in prime urban areas in India.

The company has shown strategic growth through acquisitions and construction, expanding its leasable area across key markets such as Hyderabad and Pune.

Recent acquisitions, including Sustain Properties and Commerzone Raidurg, reflect Mindspace REIT's commitment to enhancing its asset base and operational footprint.

A focus on modern and sustainable workplace solutions is evident, with steady leasing activity and tenant engagement initiatives enhancing its market appeal.

Mindspace REIT maintains robust financial health with a consistent growth trajectory and low leverage, supported by diversified sources of financing.

Sector

Real Estate Investment Trusts

Industry

Infra/ Real Estate Investment Trust

Market Cap

28,946 Cr

Volatility

Low Risk

P/E Ratio

55.5

Industry P/E

49.2

PEG Ratio

2.2

P/B Ratio

1.4

52W High

501.24

52W Low

353.00

Sales CAGR

8.04%

-7.29%

—

10Y

11.11%

Profit CAGR

-8.46%

-18.75%

—

10Y

—

ROE

TTM

3.65%

5.82%

5.53%

10Y

—

ROCE

TTM

6.63%

6.16%

5.75%

1Y Price Target

490.46 ▲ 3.79%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MINDSPACE	475.16	28,946 Cr	55.51	1.42	4.57	3.65	6.63	1.90
NHIT	147.50	28,859 Cr	68.66	1.18	0.00	1.95	3.80	0.93
BIRET	339.91	26,294 Cr	71.11	1.15	4.02	2.53	5.80	1.40
IRBIT	—	25,812 Cr	—	2.32	0.98	-0.98	5.66	-0.31
NXST	162.47	24,546 Cr	50.63	1.78	3.91	3.53	5.91	2.34
CUBEINVIT	143.00	19,220 Cr	621.74	1.81	7.85	0.29	4.71	0.10
VERTIS	107.16	16,181 Cr	26.92	1.75	9.79	8.01	7.21	2.97

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	593	638	608	619	638	649	661	704	740	772
Expenses	166	178	158	176	176	166	179	194	190	197
Operating Profit	428	460	450	443	462	483	482	510	550	575
OPM %	72.08	72.12	74.05	71.54	72.46	74.40	72.91	72.44	74.32	74.49
Other Income	8.31	2.16	2.80	-32	3.07	3.27	11	2.69	15	-26
Interest	107	115	116	119	126	131	144	156	203	204
Depreciation	93	98	98	94	97	98	106	104	115	118
Profit Before Tax	234	245	235	196	234	242	242	249	259	233
Tax %	41.57	38.60	37.59	35.21	41.23	44.29	40.15	61.45	35.61	45.59
Net Profit	137	150	147	127	138	135	145	96	167	127
EPS in Rs	2.09	2.32	2.26	1.99	2.24	2.31	2.23	1.50	2.37	1.82

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,432	0.00	1,138	1,761	2,298	2,459	2,660	2,754
Expenses	418	4.90	297	385	745	678	707	729
Operating Profit	1,013	-4.90	841	1,376	1,553	1,781	1,953	2,025
OPM %	70.78	—	73.88	78.12	67.60	72.42	73.41	73.52
Other Income	260	0.00	18	-68	-116	-31	-22	32
Interest	446	0.00	171	264	343	457	557	634
Depreciation	220	0.00	209	329	355	383	406	424
Profit Before Tax	607	-4.90	479	714	738	911	968	993
Tax %	15.13	0.00	30.15	37.38	58.22	38.37	46.94	45.33
Net Profit	515	-4.90	335	447	309	561	514	543
EPS in Rs	—	—	7.73	6.96	4.65	8.65	8.28	7.92
Dividend Payout %	0.00	—	124.06	134.13	385.98	53.90	273.69	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	50	0.00	16,284	16,284	16,284	16,284	16,582
Reserves	1,581	-4.90	19	-663	-1,501	-2,115	-2,528
Borrowings	5,843	0.00	3,774	4,461	5,466	6,986	10,125
Other Liabilities	1,670	4.90	2,195	2,272	2,474	2,690	2,981
Total Liabilities	9,144	0.00	22,272	22,354	22,723	23,845	27,160
Fixed Assets	122	0.00	141	154	130	113	116
CWIP	2.20	0.00	2.20	0.00	0.00	0.00	65
Investments	5,931	0.00	21,060	21,071	21,304	21,864	24,662
Other Assets	3,088	0.00	1,069	1,128	1,289	1,868	2,318
Total Assets	9,144	0.00	22,272	22,354	22,723	23,845	27,160

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	934	0.00	798	1,162	1,393	1,527	2,017
Cash from Investing Activity	-586	0.00	853	-456	-751	-1,459	-1,500
Cash from Financing Activity	-356	0.00	-1,504	-754	-456	-164	-473
Net Cash Flow	-8.30	0.00	147	-48	186	-96	45

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	63.22%	63.22%	63.48%	63.48%	63.48%	63.48%	63.48%	63.48%	63.48%	64.45%	64.45%	64.45%
FIIs	21.52%	20.93%	19.72%	19.71%	0.00%	19.24%	18.64%	19.04%	13.58%	13.39%	13.97%	14.36%
DIIs	2.16%	2.25%	2.73%	2.72%	22.39%	3.18%	3.77%	4.24%	9.83%	9.50%	9.56%	9.18%
Public	13.11%	13.60%	14.06%	14.08%	14.13%	14.10%	14.12%	13.24%	13.12%	12.65%	12.02%	12.01%
Total Shareholders	0	0	0	0	0	0	0	0	0	0	0	0

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 17, 2024	Icici prudential mutual fund	Bulk	Buy	354.30	375.30 Cr	1,05,92,717	1.73
Dec 17, 2024	Hdfc standard life insurance ...	Bulk	Buy	354.30	140.00 Cr	39,51,453	0.64
Dec 17, 2024	Capital income builder	Bulk	Buy	354.30	362.75 Cr	1,02,38,615	1.68
Dec 17, 2024	Platinum illumination a 2018 ...	Bulk	Sell	354.32	1,926.62 Cr	5,43,75,000	8.92

Projection

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

3 days ago

Disclosure of Typographical Error in Valuation Report

Mindspace Business Parks REIT has issued a corrigendum to address a typographical error in the valuation report regarding a related party transaction.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q2 FY24

Investor Presentation

Q1 FY24

Investor Presentation

Q1 FY24

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