Mindspace Business Parks REIT

Mindspace Busine Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Mindspace Business Parks REIT

₹ 460 -0.47%
21 May - close price
mindspacereit.com BSE: 543217 NSE: MINDSPACE
About

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]

Key Points

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]

Website BSE NSE - RR
  • Market Cap ₹ 30,419 Cr.
  • Current Price ₹ 460
  • High / Low ₹ 512 / 389
  • Stock P/E 45.0
  • Book Value ₹ 232
  • Dividend Yield 9.24 %
  • ROCE 7.64 %
  • ROE 4.65 %
  • Face Value ₹ 485
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Pros

  • Company has been maintaining a healthy dividend payout of 205%

Cons

  • Company has a low return on equity of 3.94% over last 3 years.
  • Company might be capitalizing the interest cost
  • Promoters have pledged 47.6% of their holding.

* 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
570 593 638 608 620 628 649 649 681 740 772 814 890
165 167 183 162 178 184 181 179 197 190 197 188 207
Operating Profit 405 426 455 446 442 444 468 470 484 550 575 626 683
OPM % 71% 72% 71% 73% 71% 71% 72% 72% 71% 74% 74% 77% 77%
-134 8 2 3 -33 13 3 23 26 27 -20 21 25
Interest 98 107 115 116 119 126 130 144 156 203 204 209 220
Depreciation 92 93 98 98 94 97 98 106 104 115 118 122 124
Profit before tax 81 234 245 235 196 234 242 242 249 259 233 316 364
Tax % 142% 42% 39% 38% 35% 41% 44% 40% 61% 36% 46% 39% 43%
-34 137 150 147 127 138 135 145 96 167 127 192 209
EPS in Rs -0.49 2.15 2.38 2.33 2.00 2.16 2.12 2.29 1.43 2.57 1.91 2.96 3.06
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,432 0 1,138 1,761 2,298 2,462 2,660 3,216
419 5 300 385 751 691 741 779
Operating Profit 1,013 -5 838 1,376 1,547 1,772 1,920 2,438
OPM % 71% 74% 78% 67% 72% 72% 76%
260 0 22 -68 -110 -22 12 50
Interest 446 0 171 264 343 457 557 836
Depreciation 220 0 209 329 355 383 406 479
Profit before tax 607 -5 479 714 738 911 968 1,172
Tax % 15% 0% 30% 37% 58% 38% 47% 41%
515 -5 335 447 308 561 514 694
EPS in Rs 5.18 7.15 4.78 8.85 7.82 10.05
Dividend Payout % 0% 0% 185% 258% 399% 216% 278% 122%
Compounded Sales Growth
10 Years: %
5 Years: 23%
3 Years: 12%
TTM: 21%
Compounded Profit Growth
10 Years: %
5 Years: 17%
3 Years: 26%
TTM: 42%
Stock Price CAGR
10 Years: %
5 Years: 10%
3 Years: 13%
1 Year: 17%
Return on Equity
10 Years: %
5 Years: 3%
3 Years: 4%
Last Year: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 50 0.00 16,284 16,284 16,284 16,284 16,582 18,715
Reserves 1,581 -5 19 -663 -1,501 -2,115 -2,528 -3,669
6,162 0 3,774 4,461 5,466 6,986 10,125 12,991
1,339 5 2,169 2,205 2,427 2,660 2,908 3,595
Total Liabilities 9,132 0 22,246 22,287 22,676 23,815 27,088 31,633
6,052 0 21,199 21,223 21,431 21,974 24,774 28,790
CWIP 2 0 2 0 0 0 65 128
Investments 1 0 2 2 3 3 4 4
3,077 0 1,043 1,061 1,242 1,838 2,245 2,711
Total Assets 9,132 0 22,246 22,287 22,676 23,815 27,088 31,633

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
934 0 798 1,162 1,393 1,527 2,017 2,414
-586 0 853 -456 -751 -1,459 -1,500 -1,293
-356 0 -1,504 -754 -456 -164 -473 -919
Net Cash Flow -8 0 146 -48 186 -96 45 202
Free Cash Flow 165 0 394 588 627 443 529 1,140
CFO/OP 107% 0% 102% 97% 101% 97% 118% 113%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 8 7 4 9 16 8 6
Inventory Days
Days Payable
Cash Conversion Cycle 8 7 4 9 16 8 6
Working Capital Days 310 -381 -327 -231 -403 -302 -497
ROCE % -0% 6% 5% 6% 7% 7% 8%

Insights

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Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Dec 2025
Completed Area
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In-place Rent
INR psf/month
Total Leasable Area
msf
Weighted Average Cost of Debt
% p.a.p.m.
Weighted Average Lease Expiry (WALE)
years
Committed Occupancy
%

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Shareholding Pattern

Numbers in percentages

Shareholding pattern is currently not available for this company.

Documents

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Credit ratings

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