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Mindspace Business Parks REIT
Mindspace Business Parks REIT (MINDSPACE) investor relations material
Mindspace Business Parks REIT Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary28 Jan, 2026
Executive summary
Achieved strong Q3 FY26 results with gross leasing of 1.1 million sq ft, NOI growth of 28.7% year-over-year to INR 6,714 million, and DPU of INR 5.83, driven by robust demand for Grade A office assets and disciplined execution.
Committed occupancy reached 95.3% (excluding certain assets), with strong rental momentum and a re-leasing spread of 27.4% for the quarter.
Major acquisitions in Mumbai and Pune added 800,000 sq ft of leasable area, with further expansion via SPVs and board-approved purchases.
Recognized among the top five global REITs in the 2025 S&P Corporate Sustainability Assessment, reflecting a focus on sustainability.
Unaudited financials for Q3 and 9M FY26 were approved, with no material misstatements found by statutory auditors.
Financial highlights
Revenue from operations for Q3 FY26 increased 27.2% year-over-year to INR 8,163 million; net profit attributable to unitholders was INR 1,800.95 million.
NOI for Q3 FY26 was INR 6,714 million, up 28.7% year-over-year; distribution for the quarter was INR 3,780 million.
DPU for Q3 FY26 was INR 5.83, up 9.6% year-over-year; cumulative nine-month distribution reached INR 17.45 per unit.
Portfolio GAV reached INR 441 billion as of September 2025; net profit margin for Q3 FY26 was 50.33%.
LTV stood at 24.9%, with cost of debt at 7.39% and net borrowings ratio at 25.60%.
Outlook and guidance
Expect continued momentum in operating and financial performance, supported by rising occupancy, rental uptick, project deliveries, and inorganic acquisitions.
Balance sheet remains strong with low leverage, providing headroom for future growth and acquisitions.
Board reaffirmed commitment to quarterly distributions of at least 90% of NDCF, in line with REIT regulations.
No material impact from AI-related job placement or tariffs observed; market absorption and leasing activity expected to remain strong.
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Next Mindspace Business Parks REIT earnings date
Q4 25/2630 Apr, 2026
Mindspace Business Parks REIT
Next Mindspace Business Parks REIT earnings date
Q4 25/2630 Apr, 2026
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Frequently asked questions
Mindspace Business Parks REIT is an India-based real estate investment trust (REIT) specializing in owning and managing a portfolio of high-quality office spaces. The REIT's portfolio includes Grade A integrated business parks and independent office buildings strategically located in key office markets across India, including Mumbai, Hyderabad, Pune, and Chennai. The company is headquartered in Mumbai, Maharashtra, and its shares are listed on the Indian stock exchanges.
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