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Edge23 Jan 2026
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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
Q3 FY26 delivered strong financial and operational performance, with gross leasing of 1.1 million sq ft, robust demand for Grade A office assets, and committed occupancy reaching up to 95.3% (excluding certain assets), the highest since listing.
NOI for Q3 FY26 was INR 6,714 million, up 28.7% year-on-year, and distribution grew 19.8% to INR 3,780 million, with DPU at INR 5.83 per unit.
Portfolio expansion included acquisitions in Mumbai and Pune, adding 800,000 sq ft of leasable area, and a total of four million sq ft of inorganic acquisitions over 2.5 years.
The REIT was ranked among the top five globally in the 2025 S&P Corporate Sustainability Assessment (DJSI), reflecting strong ESG performance.
Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were approved, with statutory auditor review confirming no material misstatements.
Financial highlights
Revenue from operations for Q3 FY26 was INR 8,163 million, up 27.2% year-on-year; consolidated revenue was Rs. 8,141.22 million.
Net profit attributable to unitholders for Q3 FY26 was Rs. 1,800.95 million, with total comprehensive income at Rs. 1,800.31 million.
LTV stood at 24.9% as of December 31, 2025, and cost of debt declined to 7.39% p.a.p.m., with 76% of debt at fixed rates.
Net distributable cash flow (NDCF) for Q3 FY26 was Rs. 3,797.76 million, with cumulative distribution for nine months at Rs. 17.45 per unit.
GAV of the portfolio reached INR 441 billion as of September 2025.
Outlook and guidance
Growth is expected from disciplined execution of the development pipeline, strategic acquisitions, and ongoing asset management.
Market vacancy is at a five-year low, with strong demand from GCCs and global firms; 2026 completions are projected at 60 million sq ft, with vacancy expected to remain stable at 14%.
The Board reaffirmed commitment to quarterly distributions of at least 90% of NDCF, in line with REIT regulations.
No material impact from AI or tariffs observed yet; continued strong leasing momentum anticipated.
Ongoing and future development projects in Hyderabad and other markets are expected to drive further growth.
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Next Mindspace Business Parks REIT earnings date
Q4 25/2629 Apr, 2026
Mindspace Business Parks REIT
Next Mindspace Business Parks REIT earnings date
Q4 25/2629 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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