Mindspace Business Parks REIT (MINDSPACE) Q4 24/25 earnings summary

Executive summary

• Achieved record gross leasing of 7.6 million sq ft for FY25, with 2.8 million sq ft in Q4 and committed occupancy rising to 93%.

• NOI for Q4 FY25 rose 13.2% year-on-year to INR 5,398 Mn; FY25 NOI up 8.9% to INR 20,616 Mn.

• Distribution for Q4 FY25 increased 38.7% year-on-year to INR 3,923 Mn; FY25 distribution up 15.5% to INR 13,121 Mn (INR 21.95 per unit).

• Portfolio expanded through acquisitions, including Commerzone Raidurg and Sustain Properties, with major ROFO transaction in Hyderabad.

• Audited consolidated and standalone financials for FY25 were approved with unmodified opinions from auditors.

Financial highlights

• FY25 consolidated revenue from operations: INR 25,961.09 million, up from INR 24,292.00 million in FY24.

• FY25 consolidated EBITDA: INR 19,681.61 million (FY24: INR 17,988.21 million).

• Gross asset value rose 17% from September 2024 to INR 366 billion; NAV per unit up 10% to INR 431.7.

• FY25 consolidated net profit attributable to unitholders: INR 4,759.64 million (down from INR 5,250.43 million in FY24); net profit margin: 13.67% for FY25.

• Q4 FY25 revenue from operations increased 14% year-on-year to INR 6,780 Mn; full-year revenue up 9.6% to INR 25,627 Mn.

Outlook and guidance

• Targeting 95% occupancy by end of FY26, driven by strong leasing and tenant retention.

• NOI growth expected to remain healthy, translating into DPU growth, supported by rising rentals and occupancy.

• Asset recycling and selective acquisitions remain key strategies for FY26.

• Reduction in interest rates and continued pre-leasing to support financial performance.

• Board approval received for potential divestment of Mindspace Pocharam.