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 ₹ 27,091 Cr.
- Current Price ₹ 445
- High / Low ₹ 455 / 347
- Stock P/E 53.5
- Book Value ₹ 231
- Dividend Yield 1.80 %
- ROCE 6.53 %
- ROE 3.39 %
- Face Value ₹ 379
Pros
- Company has been maintaining a healthy dividend payout of 298%
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 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 1,432 | 0 | 1,138 | 1,761 | 2,298 | 2,462 | 2,660 | 2,737 | |
| 419 | 5 | 300 | 385 | 751 | 691 | 741 | 747 | |
| Operating Profit | 1,013 | -5 | 838 | 1,376 | 1,547 | 1,772 | 1,920 | 1,989 |
| OPM % | 71% | 74% | 78% | 67% | 72% | 72% | 73% | |
| 260 | 0 | 22 | -68 | -110 | -22 | 12 | 61 | |
| Interest | 446 | 0 | 171 | 264 | 343 | 457 | 557 | 634 |
| Depreciation | 220 | 0 | 209 | 329 | 355 | 383 | 406 | 424 |
| Profit before tax | 607 | -5 | 479 | 714 | 738 | 911 | 968 | 993 |
| Tax % | 15% | 0% | 30% | 37% | 58% | 38% | 47% | |
| 515 | -5 | 335 | 447 | 308 | 561 | 514 | 543 | |
| EPS in Rs | 5.18 | 7.15 | 4.78 | 8.85 | 7.82 | 8.41 | ||
| Dividend Payout % | 0% | 0% | 185% | 258% | 399% | 216% | 278% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 15% |
| TTM: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 151% |
| 3 Years: | 0% |
| TTM: | -8% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 8% |
| 3 Years: | 6% |
| 1 Year: | 27% |
| 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 | 310 | -381 | -327 | -231 | -403 | -302 | |
| ROCE % | -0% | 6% | 5% | 6% | 7% | 7% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
20h - Redeemed INR 600 crore (12,000 CPs) on September 15, 2025; outstanding nil.
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Reg 23(5)(i): Disclosure of material issue
20h - Allotment of 60,000 NCDs aggregating INR 600 crore; 7.00% coupon; 2-year tenor; redeem Sep 14, 2027.
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Reg 23(5)(i): Disclosure of material issue
12 Sep - INR 600 crore CP issued Aug 5, 2025; proceeds used to repay issuer/group SPV indebtedness; maturity Sep 15, 2025.
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Reg 23(5)(i): Disclosure of material issue
10 Sep - Non-deal one-on-one investor meetings on September 15, 2025 in Singapore; presentation available online.
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Reg 23(5)(i): Disclosure of material issue
8 Sep - Mindspace REIT marks five years; INR55.9bn distributions, INR372bn GAV, 93.7% occupancy, 14.8% annualized returns.
Annual reports
Concalls
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Jul 2025TranscriptNotesPPT
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May 2025Transcript PPT REC
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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]