Mindspace Business Parks REIT
- Market cap
- ₹ 32,335 Cr.
- P/E
- 41x
- P/B
- 2.12x
- 52-week range
- 441.01 – 525.5
- ROE
- 5%
- ROCE
- 8%
- Dividend yield
- 5.1%
- Debt / equity
- 0.86
- Sector
- Realty
- Industry
- Real Estate Investment Trusts (REITs)
- Listed on
- NSE, BSE
About
Mindspace Business Parks REIT is a real estate investment trust (REIT). Its business segment includes Real estate and Power distribution. The Real estate segment comprises the development and management of projects under special economic zones (SEZ), information technology parks and other commercial assets. It has its project/properties in the Mumbai Region, Hyderabad, Pune and Chennai for the development and management of commercial SEZ, IT parks and commercial assets, including incidental activities. The Power distribution segment includes Gigaplex, Sundew and KRC Infra as Deemed Distribution Licensee. Its portfolio in Mumbai region includes Mindspace Airoli East, Mindspace Airoli West, Paradigm Mindspace Malad, and others. Its portfolio in Hyderabad includes Mindspace Madhapur and Mindspace Pocharam. Its portfolio in Pune includes Commerzone Yerwada, and Square Signature Business Chambers (Nagar Road). Its portfolio in Chennai includes Commerzone Porur and Commerzone Pallikaranai.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Real Estate Investment Trusts (REITs): 8 companies →Mindspace Business Parks REIT against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)41 against a typical 54: cheaper than most peers (1st = cheapest).1st of 7
- Sales growth+27.8% against a typical +22.5% from a year earlier.2nd of 4
- Profit growth+62.9% against a typical +46.9% from a year earlier.2nd of 4
- Share price, 3 months−2.4% against a typical −5.7%.3rd of 8
- Size₹ 32,335.1 Cr. market value against a typical ₹ 36,168.2 Cr. (1st = largest).3rd of 4
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Highest safety
Rated AAA by ICRA- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| ICRA | [ICRA]AAA | Stable | 21 Aug 2026 |
| CRISIL | Withdrawn | Stable | 20 Aug 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 21 Aug 2026 | Reaffirmed | [ICRA]AAA | — | ICRA | ₹ 12,200 Cr. | |
| 20 Aug 2026 | Withdrawn | was Crisil AAA | — | CRISIL | ₹ 9,290 Cr. | |
| 13 Jul 2026 | Reaffirmed | [ICRA]AAA | — | ICRA | ₹ 12,000 Cr. | |
| 10 Jul 2026 | Reaffirmed | Crisil AAA | — | CRISIL | ₹ 8,990 Cr. | |
| 19 Jun 2026 | Withdrawn | was Crisil AAA | — | CRISIL | ₹ 9,140 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 2 Nov 2026Upcoming | Financial Results/Other business matters | To consider and approve the financial results for the quarter and half year ended September 30, 2026 and other business matters |
| 5 Aug 2026 | Financial Results/Other business matters | To consider and approve the financial results for the quarter ended June 30, 2026 and other business matters |
| 29 Apr 2026 | Financial Results/Other business matters | Prior Intimation of the meeting of the Board of Directors of K Raheja Corp Investment Managers Private Limited (acting as the Manager to Mindspace Business Parks REIT) for the quarter and financial year ended March 31, 2026, scheduled to be held on Wednesday, April 29, 2026 and the Conference Call thereto |
| 27 Jan 2026 | Financial Results/Other business matters | To consider and approve the financial results for the quarter ended December 31, 2025 and other business matters |
| 5 Nov 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended September 30, 2025 and other business matters |
| 4 Aug 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2025 and other business matters |
| 29 Jan 2025 | Other business matters | To consider other business matters |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 638 | 608 | 620 | 628 | 649 | 649 | 681 | 740 | 772 | 814 | 890 | 946 |
| Expenses | 183 | 162 | 178 | 184 | 181 | 179 | 197 | 190 | 197 | 188 | 207 | 233 |
| Operating Profit | 455 | 446 | 442 | 444 | 468 | 470 | 484 | 550 | 575 | 626 | 683 | 714 |
| OPM % | 71% | 73% | 71% | 71% | 72% | 72% | 71% | 74% | 74% | 77% | 77% | 75% |
| Other Income | 2 | 3 | −33 | 13 | 3 | 23 | 26 | 27 | −20 | 21 | 25 | 28 |
| Interest | 115 | 116 | 119 | 126 | 130 | 144 | 156 | 203 | 204 | 209 | 220 | 256 |
| Depreciation | 98 | 98 | 94 | 97 | 98 | 106 | 104 | 115 | 118 | 122 | 124 | 119 |
| Profit before tax | 245 | 235 | 196 | 234 | 242 | 242 | 249 | 259 | 233 | 316 | 364 | 366 |
| Tax % | 39% | 38% | 35% | 41% | 44% | 40% | 61% | 36% | 46% | 39% | 43% | 26% |
| Net Profit | 150 | 147 | 127 | 138 | 135 | 145 | 96 | 167 | 127 | 192 | 209 | 272 |
| EPS in Rs | 2.38 | 2.33 | 2 | 2.16 | 2.12 | 2.29 | 1.43 | 2.57 | 1.91 | 2.96 | 3.06 | 3.96 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
- 23%
- 3 Years
- 12%
- TTM
- 26%
- 10 Years
- —
- 5 Years
- 17%
- 3 Years
- 26%
- TTM
- 54%
- 10 Years
- —
- 5 Years
- 12%
- 3 Years
- 18%
- TTM
- —
- 10 Years
- —
- 5 Years
- 3%
- 3 Years
- 4%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Mindspace Business Parks REIT | ₹ 482.99 | ₹ 32,335 Cr. | 41x | 2.1x | 5% | — |
| Knowledge Realty Trust | ₹ 111.04 | ₹ 49,240 Cr. | 113.7x | 24.2x | — | 8.5% |
| Sri Lotus Developers and Realty | ₹ 224.25 | ₹ 10,960 Cr. | 27.8x | 3.6x | 33.4% | 31.6% |
| Indiabulls | ₹ 31.95 | ₹ 7,451 Cr. | 18.5x | 2.1x | 24.8% | 63.7% |
| Sanghvi Movers | ₹ 320.30 | ₹ 2,799 Cr. | 19.2x | 2.8x | 15% | 17.2% |
| ECOS (India) Mobility & Hospitality | ₹ 100.00 | ₹ 600 Cr. | 13.8x | 3x | 23.7% | 7.1% |
Management
- Ramesh Nair
- Chief Executive Officer, Managing Director, Executive Director
- Preeti Chheda
- Chief Financial Officer
- Shivaji Nagare
- Executive Vice President - Projects
- Bharat Sanghavi
- Company Secretary and Compliance Officer
- Dev Ashish Gupta
- Head - Commercial Leasing, West
- Rajan M.G.
- Head - Asset and Facilities Management
- O.P. Nandakumar
- Head - Commercial Leasing, South
Prices are delayed and for information only. Nothing on this page is investment advice.