Arthneeti

Mindspace Business Parks REIT Q1 FY27 Share Price & Earnings Call Analysis

₹476.64-1.45% today
Market cap
₹31,521 Cr
P/E
40.42
ROE
4.65%
PEG
1.52
Price to sales
9.19
Debt to equity
0.86
52W high / low
₹509 / ₹448
Sales growth (5Y)
23.09%
EBITDA margin
75.92%
Net profit margin
22.41%
Sales (last year)
₹3,423 Cr

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.

Guidance scorecard · Q1 FY27 call

What Mindspace Business Parks REIT's management guided
and where it ranks in Realty

#27of 41 in
Realty
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Mindspace Business Parks REIT expects strong growth supported by 4.7 million sq ft of office space deliveries by H2 FY27/end FY27.
  • These completions are projected to add Rs. 5-6 billion in additional Net Operating Income (NOI).
  • The portfolio has a healthy pipeline with 10 million sq ft under approvals and development.
  • Recent quarter saw 0.9 million sq ft gross leasing, with occupancy at 95.8% like-to-like.
  • Portfolio in-place rent stands at Rs.81/sq ft/month, with a 20% mark-to-market rental growth opportunity.
  • New office projects launched at Airoli West (1.1 million sq ft) and Commercezone Yerawada (0.4 million sq ft) are expected to further boost revenue.
  • Addition of two new pre-committed hotels in Hyderabad and Pune diversifies revenue streams.

2 more points from Mindspace Business Parks REIT's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Mindspace Business Parks REIT said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Mindspace REIT has announced new developments including two office buildings and two new hotels.
  • The first hotel in Hyderabad involves repurposing an existing structure with construction starting immediately.
  • Navi Mumbai development (1.1 million sq. ft. at Airoli West) plans construction to start after MIDC and MoEF approvals (expected in about 6 months total) and a 2.5-3 year construction timeline.
  • Pune development at Commerzone Yerawada involves a 400,000 sq. ft. office building with construction starting immediately post approvals.
  • Estimated cost for these new developments is in the range of Rs. 1,000 Crores to Rs. 1,050 Crores.
  • These capital investments are funded primarily from debt.

2 more points from Mindspace Business Parks REIT's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Mindspace Business Parks REIT said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Ongoing developments include Mindspace Madhapur (1A, 1B, B18 buildings), with minor delays of around one quarter typical for construction and occupancy certifications.
  • New projects: Two office buildings and two hotels announced; construction timelines vary — e.g., Hyderabad hotel repurposing starts immediately, Airoli West (Navi Mumbai) office (~1.1 million sq ft) plans approvals expected in 3-6 months with 2.5-3 years…
  • Leasing pipeline is strong with significant pre-leasing of 4.7 million sq ft deliveries expected by H2 FY27, contributing additional NOI.

2 more points from Mindspace Business Parks REIT's call on the order book

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Full Q1 FY27 analysis
Full Realty ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Realty
on management's own guidance

  1. Sobha LtdGood growth
    2
  2. Strong growth
    1
  3. Man Infraconstruction LtdGood growth
    3
See all potential multibaggersWhere does Mindspace Business Parks REIT rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Realty companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹12,035 Cr41.1
2Sobha Ltd20–40%Up 2%+₹12,548 Cr54.4
3Man Infraconstruction Ltd20–40%Up 2%+₹4,602 Cr21.2
420–40%Up 2%+₹1,157 Cr12.7
520–40%Flat₹1.06L Cr25.6
620–40%Flat₹61,922 Cr23.4

Sign up free to see every company in the sector ranking and track Mindspace Business Parks REIT.

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Financials of Mindspace Business Parks REIT

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Mindspace Business Parks REIT

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +570593638608620628649649681740772814890
Expenses +165167183162178184181179197190197188207
Operating Profit405426455446442444468470484550575626683
OPM %71%72%71%73%71%71%72%72%71%74%74%77%77%
Other Income +-134823-33133232627-202125
Interest98107115116119126130144156203204209220
Depreciation92939898949798106104115118122124
Profit before tax81234245235196234242242249259233316364
Tax %142%42%39%38%35%41%44%40%61%36%46%39%43%
Net Profit +-3413715014712713813514596167127192209
EPS in Rs-0.492.152.382.332.002.162.122.291.432.571.912.963.06

Financials of Mindspace Business Parks REIT

Profit & Loss

Annual income statement trend

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +1,43201,1381,7612,2982,4622,6603,216
Expenses +4195300385751691741779
Operating Profit1,013-58381,3761,5471,7721,9202,438
OPM %71%74%78%67%72%72%76%
Other Income +260022-68-110-221250
Interest4460171264343457557836
Depreciation2200209329355383406479
Profit before tax607-54797147389119681,172
Tax %15%0%30%37%58%38%47%41%
Net Profit +515-5335447308561514694
EPS in Rs5.187.154.788.857.8210.05
Dividend Payout %0%0%185%258%399%216%278%122%

Financials of Mindspace Business Parks REIT

Balance Sheet

Capital structure and asset base

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital500.0016,28416,28416,28416,28416,58218,715
Reserves1,581-519-663-1,501-2,115-2,528-3,669
Borrowings +6,16203,7744,4615,4666,98610,12512,991
Other Liabilities +1,33952,1692,2052,4272,6602,9083,595
Total Liabilities9,132022,24622,28722,67623,81527,08831,633
Fixed Assets +6,052021,19921,22321,43121,97424,77428,790
CWIP20200065128
Investments10223344
Other Assets +3,07701,0431,0611,2421,8382,2452,711
Total Assets9,132022,24622,28722,67623,81527,08831,633

Financials of Mindspace Business Parks REIT

Cash Flows

Operating, investing and financing cash movement

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +93407981,1621,3931,5272,0172,414
Cash from Investing Activity +-5860853-456-751-1,459-1,500-1,293
Cash from Financing Activity +-3560-1,504-754-456-164-473-919
Net Cash Flow-80146-48186-9645202
Free Cash Flow16503945886274435291,140
CFO/OP107%0%102%97%101%97%118%113%

Financials of Mindspace Business Parks REIT

Ratios

Working capital efficiency and return ratios

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days87491686
Inventory Days
Days Payable
Cash Conversion Cycle87491686
Working Capital Days310-381-327-231-403-302-497
ROCE %-0%6%5%6%7%7%8%

Guidance history

How Mindspace Business Parks REIT's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlannedPlanned—
Q1 FY26 call →10–20%FlatPlannedPlanned—
Q3 FY25 call →0–10%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

59out of 100

Momentum score · price trend

59 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+3.7%63%
Last 6 months+2.1%56%
Last 3 months−3.8%57%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Mindspace Business Parks REIT: 0.4 × 63 + 0.4 × 56 + 0.2 × 57 = 59.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Mindspace Business Parks REIT's management said in earlier quarters

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