Mindspace Business Parks REIT (MINDSPACE) Q3 25/26 earnings summary

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.