Mindspace Business Parks REIT
Mindspace REIT is a Real Estate Investment Trust listed in India under the SEBI Real Estate Investment Trust Regulations, 2014. Mindspace REIT primarily holds interests in rental yielding commercial real estate assets. It's portfolio consists of high-quality Grade-A business campuses, independent office buildings, and state-of-the-art data centers.
It is incorporated as a registered Trust and listed through a public issue of units. The sponsor of Mindspace REIT is the K Raheja Corp Group. [1]
- Market Cap ₹ 28,227 Cr.
- Current Price ₹ 463
- High / Low ₹ 476 / 353
- Stock P/E 37.5
- Book Value ₹ 273
- Dividend Yield 1.73 %
- ROCE 4.57 %
- ROE 3.56 %
- Face Value ₹ 379
Pros
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 140%
Cons
- Tax rate seems low
- Company has a low return on equity of 5.82% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Realty Realty Real Estate Investment Trusts (REITs)
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 504 | 582 | 0 | 613 | 1,201 | 1,278 | 1,400 | 957 | 1,147 | |
| 269 | 188 | 5 | 8 | 12 | 17 | 18 | 23 | 26 | |
| Operating Profit | 236 | 395 | -5 | 606 | 1,189 | 1,261 | 1,382 | 934 | 1,121 |
| OPM % | 47% | 68% | 99% | 99% | 99% | 99% | 98% | 98% | |
| 76 | 88 | 0 | 1 | 1 | 4 | 2 | 10 | 10 | |
| Interest | 214 | 224 | 0 | 23 | 87 | 114 | 222 | 348 | 373 |
| Depreciation | 106 | 105 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -9 | 154 | -5 | 584 | 1,104 | 1,151 | 1,162 | 597 | 759 |
| Tax % | -372% | 20% | 0% | 0% | 0% | 0% | 0% | 1% | |
| 24 | 124 | -5 | 583 | 1,103 | 1,149 | 1,161 | 592 | 753 | |
| EPS in Rs | 9.84 | 18.60 | 19.38 | 19.58 | 9.71 | 12.54 | |||
| Dividend Payout % | 0% | 0% | 0% | 97% | 99% | 98% | 98% | 224% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -7% |
| TTM: | -1% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 162% |
| 3 Years: | -19% |
| TTM: | -15% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 9% |
| 3 Years: | 9% |
| 1 Year: | 27% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 6% |
| Last Year: | 4% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.08 | 0.08 | 0.00 | 16,284 | 16,284 | 16,284 | 16,284 | 16,582 |
| Reserves | 77 | 200 | -5 | 295 | 292 | 320 | 343 | 46 |
| 2,358 | 2,438 | 0 | 1,142 | 1,642 | 2,189 | 3,474 | 4,616 | |
| 424 | 472 | 5 | 23 | 84 | 60 | 91 | 22 | |
| Total Liabilities | 2,859 | 3,110 | 0 | 17,745 | 18,302 | 18,852 | 20,191 | 21,266 |
| 1,920 | 1,908 | 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 0 | 15,310 | 15,310 | 15,310 | 15,410 | 16,225 |
| 938 | 1,201 | 0 | 2,434 | 2,992 | 3,542 | 4,781 | 5,041 | |
| Total Assets | 2,859 | 3,110 | 0 | 17,745 | 18,302 | 18,852 | 20,191 | 21,266 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| 0 | -11 | -12 | -20 | -15 | -29 | |||
| 0 | -1,525 | 633 | 749 | 66 | 235 | |||
| 0 | 1,829 | -633 | -712 | -45 | -482 | |||
| Net Cash Flow | 0 | 294 | -12 | 17 | 5 | -276 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 12 | 7 | 0 | 0 | 0 | 0 | 0 | |
| Inventory Days | ||||||||
| Days Payable | ||||||||
| Cash Conversion Cycle | 12 | 7 | 0 | 0 | 0 | 0 | 0 | |
| Working Capital Days | 392 | 463 | -2 | -0 | -2 | 0 | 20 | |
| ROCE % | 15% | -0% | 7% | 7% | 7% | 7% | 5% |
Documents
Announcements
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Unit Holding Pattern
20 Oct - Unit holding pattern for quarter ended Sep 30, 2025; total 60,91,83,634 units; sponsor 64.45%.
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Reg 23(5)(i): Disclosure of material issue
17 Oct - Approved fundraising up to INR 1,15,000 million; amended debenture covenants to Net Debt/NOI ≤6.00x, LTV ≤37%
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Reg 26E: Quarterly Compliance Report on Corporate governance
16 Oct - Corporate governance compliance report for quarter ended September 30, 2025, filed October 16, 2025.
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Investor Complaints
16 Oct - One investor complaint received and resolved within one working day for quarter ended September 30, 2025.
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Reg 23(5)(i): Disclosure of material issue
16 Oct - Mindspace REIT becomes Sustainability Partner for Navi Mumbai Recyclothon, targeting 2 lakh citizens across 200+ locations (Oct 16, 2025).
Annual reports
Concalls
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Jul 2025TranscriptNotesPPT
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Jun 2025TranscriptNotesPPT
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May 2025Transcript PPT REC
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Jan 2025TranscriptPPTREC
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Jan 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Jul 2024Transcript PPT
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Apr 2024Transcript PPT
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Jan 2024Transcript PPT REC
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Nov 2023Transcript PPT REC
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Aug 2023Transcript PPT
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Jul 2023TranscriptNotesPPT REC
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Jun 2023TranscriptNotesPPT
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May 2023TranscriptNotesPPT
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May 2023Transcript PPT
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May 2023TranscriptNotesPPT
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May 2023TranscriptNotesPPT REC
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Jan 2023TranscriptNotesPPT
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Nov 2022TranscriptNotesPPT REC
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Aug 2022TranscriptNotesPPTREC
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Jun 2022TranscriptNotesPPT REC
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Feb 2022TranscriptNotesPPTREC
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Nov 2021TranscriptNotesPPTREC
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Aug 2021Transcript PPT REC
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May 2021TranscriptPPTREC
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Jan 2021TranscriptPPT
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Nov 2020TranscriptPPT
K Raheja Corp Group
It is one of the real estate developers in India with presence across the entire real estate value chain, from acquiring land to developing and operating assets across offices, hospitality, malls, residential and retail segments. It has partnered with several marquee institutional investors including Blackstone, GIC among others. [1]