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 ₹ 25,522 Cr.
- Current Price ₹ 420
- High / Low ₹ 425 / 330
- Stock P/E 53.4
- Book Value ₹ 231
- Dividend Yield 7.19 %
- ROCE 6.53 %
- ROE 3.39 %
- Face Value ₹ 379
Pros
- Stock is providing a good dividend yield of 7.19%.
- Company has been maintaining a healthy dividend payout of 298%
- Promoter holding has increased by 0.97% over last quarter.
Cons
- Company has a low return on equity of 3.10% over last 3 years.
- Company might be capitalizing the interest cost
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 1,432 | 0 | 1,138 | 1,761 | 2,298 | 2,462 | 2,660 | |
| 419 | 5 | 300 | 385 | 751 | 691 | 741 | |
| Operating Profit | 1,013 | -5 | 838 | 1,376 | 1,547 | 1,772 | 1,920 |
| OPM % | 71% | 74% | 78% | 67% | 72% | 72% | |
| 260 | 0 | 22 | -68 | -110 | -22 | 12 | |
| Interest | 446 | 0 | 171 | 264 | 343 | 457 | 557 |
| Depreciation | 220 | 0 | 209 | 329 | 355 | 383 | 406 |
| Profit before tax | 607 | -5 | 479 | 714 | 738 | 911 | 968 |
| Tax % | 15% | 0% | 30% | 37% | 58% | 38% | 47% |
| 515 | -5 | 335 | 447 | 308 | 561 | 514 | |
| EPS in Rs | 5.18 | 7.15 | 4.78 | 8.85 | 7.82 | ||
| Dividend Payout % | 0% | 0% | 185% | 258% | 399% | 216% | 278% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 15% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 151% |
| 3 Years: | 0% |
| TTM: | -12% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 6% |
| 1 Year: | 23% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | 3% |
| Last Year: | 3% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | -5 | 19 | -663 | -1,501 | -2,115 | -2,528 |
| 6,162 | 0 | 3,774 | 4,461 | 5,466 | 6,986 | 10,125 | |
| 1,339 | 5 | 2,169 | 2,205 | 2,427 | 2,660 | 2,908 | |
| Total Liabilities | 9,132 | 0 | 22,246 | 22,287 | 22,676 | 23,815 | 27,088 |
| 6,052 | 0 | 21,199 | 21,223 | 21,431 | 21,974 | 24,774 | |
| CWIP | 2 | 0 | 2 | 0 | 0 | 0 | 65 |
| Investments | 1 | 0 | 2 | 2 | 3 | 3 | 4 |
| 3,077 | 0 | 1,043 | 1,061 | 1,242 | 1,838 | 2,245 | |
| Total Assets | 9,132 | 0 | 22,246 | 22,287 | 22,676 | 23,815 | 27,088 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 934 | 0 | 798 | 1,162 | 1,393 | 1,527 | 2,017 | |
| -586 | 0 | 853 | -456 | -751 | -1,459 | -1,500 | |
| -356 | 0 | -1,504 | -754 | -456 | -164 | -473 | |
| Net Cash Flow | -8 | 0 | 146 | -48 | 186 | -96 | 45 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 8 | 7 | 4 | 9 | 16 | 8 | |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 8 | 7 | 4 | 9 | 16 | 8 | |
| Working Capital Days | 346 | -250 | -137 | -93 | -93 | -96 | |
| ROCE % | -0% | 6% | 5% | 6% | 7% | 7% |
Documents
Announcements
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the REIT and any change in such rating
9 Jun - ICRA reaffirms Mindspace REIT's AAA (Stable) ratings on NCDs and A1+ on commercial papers, confirming strong credit profile.
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Reg 23(5)(i): Disclosure of material issue
9 Jun - Mindspace REIT redeemed INR 100 crore commercial paper fully on June 6, 2025, no dues outstanding.
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Reg 23(5)(i): Disclosure of material issue
9 Jun - Crisil reaffirms Mindspace REIT's AAA/Stable ratings; CP limit enhanced to Rs.1550 crore.
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the REIT and any change in such rating
9 Jun - Crisil reaffirms AAA/Stable ratings on Mindspace REIT debentures; CP rating A1+ with limit increased to Rs.1550 Cr.
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Disclosure of Annual financial information
2 Jun - Mindspace REIT files FY25 Annual Report, financials, valuation report, and AGM notice for June 24, 2025.
Annual reports
Concalls
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May 2025TranscriptNotesPPT REC
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Jan 2025Transcript PPT
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Oct 2024Transcript PPT
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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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Nov 2022TranscriptNotesPPT
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Jun 2022TranscriptNotesPPT
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Aug 2021TranscriptPPT
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Apr 2021TranscriptPPT
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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]