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 (Grade-A office portfolio). 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 ₹ 23,233 Cr.
- Current Price ₹ 381
- High / Low ₹ 397 / 330
- Stock P/E 39.3
- Book Value ₹ 273
- Dividend Yield 7.92 %
- ROCE 4.57 %
- ROE 3.56 %
- Face Value ₹ 379
Pros
- Promoter holding has increased by 0.97% over last quarter.
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
Sector: Real Estate Investment Trusts Industry: Construction
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 | |
|---|---|---|---|---|---|---|---|---|
| 504 | 582 | 0 | 613 | 1,201 | 1,278 | 1,400 | 957 | |
| 269 | 188 | 5 | 8 | 12 | 17 | 18 | 23 | |
| Operating Profit | 236 | 395 | -5 | 606 | 1,189 | 1,261 | 1,382 | 934 |
| OPM % | 47% | 68% | 99% | 99% | 99% | 99% | 98% | |
| 76 | 88 | 0 | 1 | 1 | 4 | 2 | 10 | |
| Interest | 214 | 224 | 0 | 23 | 87 | 114 | 222 | 348 |
| Depreciation | 106 | 105 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -9 | 154 | -5 | 584 | 1,104 | 1,151 | 1,162 | 597 |
| Tax % | -372% | 20% | 0% | 0% | 0% | 0% | 0% | 1% |
| 24 | 124 | -5 | 583 | 1,103 | 1,149 | 1,161 | 592 | |
| EPS in Rs | 9.84 | 18.60 | 19.38 | 19.58 | 9.71 | |||
| Dividend Payout % | 0% | 0% | 0% | 97% | 99% | 98% | 98% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -7% |
| TTM: | -32% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 162% |
| 3 Years: | -19% |
| TTM: | -49% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 3% |
| 1 Year: | 8% |
| 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 | 152 | 55 | 285 | 244 | |
| ROCE % | 15% | -0% | 7% | 7% | 7% | 7% | 5% |
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
2d - Meeting on May 6 to consider raising Rs.1800 crore via debt securities/commercial papers.
-
Reg 23(5)(i): Disclosure of material issue
2d - Submission of Annual Secretarial Compliance Report for FY ended March 31, 2025 by Mindspace REIT.
-
Reg 23(5)(i): Disclosure of material issue
2d - Mindspace REIT files security details, cover certificate, and utilization statement for March 31, 2025 quarter.
-
Compliances-Reg. 54 - Asset Cover details
2d - Mindspace REIT files security details, cover certificate, and utilization report for Q4 FY25 with no deviations.
-
Reg 21: Disclosure of valuation report received by the manager
2d - Mindspace REIT declares NAV of Rs.431.7 per unit as of March 31, 2025, based on independent valuation.
Annual reports
Concalls
-
Jan 2025Transcript PPT
-
Oct 2024Transcript PPT
-
Jul 2024Transcript PPT
-
Apr 2024Transcript PPT
-
Jan 2024Transcript PPT REC
-
Nov 2023Transcript PPT REC
-
Aug 2023Transcript PPT
-
Jul 2023TranscriptNotesPPT REC
-
Jun 2023TranscriptNotesPPT
-
May 2023TranscriptNotesPPT
-
May 2023Transcript PPT
-
May 2023TranscriptNotesPPT
-
May 2023TranscriptNotesPPT REC
-
Nov 2022TranscriptNotesPPT
-
Jun 2022TranscriptNotesPPT
-
Aug 2021TranscriptPPT
-
Apr 2021TranscriptPPT
-
Jan 2021TranscriptPPT
-
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]