MINDSPACE
Mindspace Busine share price & financials
- Price
- ₹492.69
- Market cap
- ₹32.5k Cr
- Sector
- Realty
- Calls analysed
- 5
Mindspace Busine Q1 FY26
Revenue from Operations ₹750 cr (+21% YoY). Net Operating Income (NOI) grew 24.2% YoY to ₹616 crores, the highest growth since listing.
Read the full call →What Mindspace Busine does
Mindspace Business Parks REIT is a real estate investment trust that owns, develops and leases Grade-A office business parks, standalone office buildings and data-centre space across the Mumbai, Pune, Hyderabad and Chennai micro-markets. It earns rental income by leasing completed office space to corporate occupiers such as IT/ITeS companies, global capability centres (GCCs) and BFSI firms, under the Mindspace, Commerzone and The Square property brands. The REIT is sponsored by the K Raheja Corp group and is externally managed by K Raheja Corp Investment Managers Private Limited, which has no employees of its own.
Segments
- Mumbai Region
- Hyderabad Region
- Pune Region
- Chennai Region
- Total leasable area
- 39.0 million sq ft (as of 31-Dec-2025)
- Office business park assets
- 11 business parks/assets in portfolio (Q1 FY26)
- Cities of presence
- 4 — Mumbai, Pune, Hyderabad, Chennai
- Green-certified buildings
- 55 Green Buildings (as of Mar-2024)
- Marquee tenants
- 220+ marquee tenants (as of Mar-2024)
- Weighted Average Lease Expiry (WALE)
- 6.8 years (as of Mar-2024)
Guidance record · Q1 FY26
what the last two calls moved 10 tracked 3 delivered 2 missed 5 open- Leasing of Vacant SEZ Space delivered said Q4 FY24 Promised: Lease 1.8 million sq ft vacant space in Navi Mumbai in the next 1.5 years. Q1 FY26: 1.6 million sq ft of the demarcated 2.3 million sq ft has been leased.
- Incremental Rental Revenue went quiet said Q4 FY24 Promised: Generate rentals of another Rs.800 crores from organic growth in 3-4 years. Q1 FY26: This long-term target was not addressed or updated in the latest quarter's call.
- Capacity Completion (R2 Pune) delayed said Q4 FY24 Promised: Complete 1 million sq ft R2 building in Pune by end of 2024. Q1 FY26: Delivered in Q4 FY25 (Jan-Mar 2025), a one-quarter delay from the 'end of 2024' target.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 27.8%, net profit up 62.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 649 | 649 | 681 | 740 | 772 +19% | 814 +25% | 890 +31% | 946 +28% |
| EBITDA | 468 | 470 | 484 | 550 | 575 +23% | 626 +33% | 683 +41% | 714 +30% |
| Net profit | 135 | 145 | 96 | 167 | 127 −6% | 192 +32% | 209 +118% | 272 +63% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +16.9% 1Y
1Y: ₹420.44 on 10 Sept 2025 → ₹491.66. High ₹503.23 (12 Feb 2026), low ₹420.16 (11 Sept 2025).
Financials, as filed
Revenue grew 11.9% a year over 3 years, FY23 to FY26. Operating margin widened to 75.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.3k Cr | ₹2.5k Cr | ₹2.6k Cr | ₹3.2k Cr |
| Operating profit | ₹1.6k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.4k Cr |
| Operating margin | 67.5% | 71.9% | 71.6% | 75.7% |
| Interest | ₹343 Cr | ₹457 Cr | ₹556 Cr | ₹836 Cr |
| Depreciation | ₹355 Cr | ₹383 Cr | ₹405 Cr | ₹479 Cr |
| Net profit | ₹307 Cr | ₹561 Cr | ₹514 Cr | ₹695 Cr |
| Net margin | 13.4% | 22.8% | 19.7% | 21.6% |
| Cash from operations | ₹1.4k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹2.4k Cr |
| Free cash flow | ₹627 Cr | ₹443 Cr | ₹529 Cr | ₹1.1k Cr |
| ROCE | 6.0% | 7.0% | 7.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹16.3k Cr | ₹16.3k Cr | ₹16.3k Cr | ₹16.3k Cr | ₹16.2k Cr | ₹17.7k Cr |
| Reserves | ₹19 Cr | ₹-663 Cr | ₹-1.5k Cr | ₹-2.1k Cr | ₹-2.6k Cr | ₹-2.7k Cr |
| Borrowings | ₹3.8k Cr | ₹4.5k Cr | ₹5.5k Cr | ₹7.0k Cr | ₹11.3k Cr | ₹13.0k Cr |
| Other liabilities | ₹2.2k Cr | ₹2.2k Cr | ₹2.4k Cr | ₹2.7k Cr | ₹3.3k Cr | ₹3.5k Cr |
| Total liabilities | ₹22.2k Cr | ₹22.3k Cr | ₹22.7k Cr | ₹23.8k Cr | ₹28.1k Cr | ₹31.6k Cr |
| Fixed assets | ₹21.2k Cr | ₹21.2k Cr | ₹21.4k Cr | ₹22.0k Cr | ₹25.5k Cr | ₹28.8k Cr |
| Capital work in progress | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹84 Cr | ₹128 Cr |
| Investments | ₹2 Cr | ₹2 Cr | ₹3 Cr | ₹3 Cr | ₹4 Cr | ₹4 Cr |
| Other assets | ₹1.0k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.8k Cr | ₹2.5k Cr | ₹2.7k Cr |
| Total assets | ₹22.2k Cr | ₹22.3k Cr | ₹22.7k Cr | ₹23.8k Cr | ₹28.1k Cr | ₹31.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (5)
Read the Q1 FY26 call →Learn to analyse Mindspace Busine
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