Mindspace Business Parks REIT (MINDSPACE) Q2 25/26 earnings summary

Executive summary

• Achieved highest committed occupancy since listing at 94.6% (like-to-like), and 93.8% including new acquisitions, with strong and consistent performance under current CEO.

• Net operating income (NOI) for Q2 FY26 increased 25.8% year-over-year to INR 6,339 million, with gross asset value rising to INR 41,000 crore.

• Distribution per unit (DPU) up 13.2% year-over-year to INR 5.83, with total Q2 FY26 distribution up 16.3% year-over-year.

• NAV per unit grew 12% from INR 431.7 (March 2025) to INR 483.7 (September 2025), and nearly 50% since IPO.

• Significant investments in renewable energy and asset acquisitions, including captive solar power plants and new properties.

Financial highlights

• Q2 FY26 NOI grew 25.8% year-over-year to INR 6,339 million; revenue from operations for Q2 FY26 increased by 24.8% year-over-year to INR 7,778 million.

• H1 FY26 revenue from operations at INR 15,301 million, up 23.1% year-over-year; H1 FY26 NOI at INR 12,503 million, up 25.0% year-over-year.

• Profit for Q2 FY26: Rs. 1,267.90 million; H1 FY26: Rs. 2,935.85 million.

• DPU for Q2 FY26 at INR 5.83, up 13.2% year-over-year; distribution for H1 FY26: Rs. 11.62 per unit.

• NAV per unit at INR 483.7 as of September 2025.

Outlook and guidance

• Targeting exit occupancy close to 95% by end of FY26, with strong re-leasing visibility for upcoming expiries and robust rental growth.

• Balance construction capex stands at INR 41,856 million as of September 2025, supporting ongoing and future developments.

• Management focuses on stable distributions, asset value growth, and sustainability initiatives.