Mindspace Business Parks REIT (MINDSPACE) Q4 25/26 earnings summary

Executive summary

• Achieved record financial and operational performance in Q4 and FY26, with strong leasing momentum, portfolio expansion, and high pre-leasing activity, especially in Hyderabad.

• Committed occupancy reached an all-time high of 95.7%, with major acquisitions in Chennai adding 5.2 msf to the portfolio.

• NAV per unit rose to INR 527.01 as of March 31, 2026, up 9% from September 2025.

• Board approved audited consolidated and standalone financials with unmodified auditor opinions.

Financial highlights

• Q4 FY26 NOI: INR 742 crore, up 37.4% year-on-year; full year NOI: INR 2,660 crore, up 29.2%.

• Q4 revenue from operations: INR 888 crore, up 31% year-on-year; full year revenue: INR 3,200 crore, up 26%.

• Distribution for FY26: INR 1,516 crore, up 15.6% year-on-year; DPU for FY26 was INR 24.09, up 9.7%.

• Net profit margin for FY26 was 22.81%, compared to 19.30% in FY25.

• Net worth as of March 31, 2026, stood at INR 150,468.2 million.

Outlook and guidance

• Expect continued NOI and DPU growth, driven by rising occupancy, rental increases, and new acquisitions.

• Balance sheet remains strong with low leverage (LTV at 24.3%, rising to 28.7% post-acquisitions), providing headroom for future growth.

• Ongoing and future development pipeline includes 7.3 msf, with significant pre-leasing and capex commitments.

• Announced acquisitions post year-end: 51% stake in Radial IT Park Private Limited and 100% stakes in Sycamore Properties and Content Properties, subject to closing conditions.