Mindspace Business Parks REIT (IN:MINDSPACE)
:MINDSPACE
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Mindspace Business Parks REIT
(MINDSPACE)
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Rating:74Outperform
Price Target:
₹558.00
▲(17.64% Upside)
Action:UpgradedDate:10/23/25
Mindspace Business Parks REIT's strong financial performance and positive technical indicators are the primary drivers of its stock score. However, high valuation metrics and cash flow challenges slightly dampen the overall outlook. The absence of a dividend yield and high P/E ratio suggest caution despite the positive momentum.
Positive Factors
Stable REIT rental business model
Mindspace's business is built on long‑term leased office assets and tenant recoveries, producing predictable contractual rental cash flows. This recurring revenue base supports stability in distributions and underwriting of new leases or refurbishments over the coming months.
Negative Factors
Rising leverage
Higher leverage increases interest expense sensitivity and reduces financial flexibility. With debt/equity at 0.72, the REIT is more exposed to rate and refinancing risk, which can compress distributable cash flow and limit ability to pursue acquisitions or cushion rent roll volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable REIT rental business model
Mindspace's business is built on long‑term leased office assets and tenant recoveries, producing predictable contractual rental cash flows. This recurring revenue base supports stability in distributions and underwriting of new leases or refurbishments over the coming months.
Read all positive factors
Mindspace Business Parks REIT (MINDSPACE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹312.29B
Dividend Yield0%
Average Volume (3M)11.80K
Price to Earnings (P/E)40.2
Beta (1Y)0.22
Revenue Growth14.72%
EPS Growth-4.44%
CountryIN
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)2.96
Shares Outstanding648,342,960
10 Day Avg. Volume7,011
30 Day Avg. Volume11,805
Financial Highlights & Ratios
PEG Ratio-4.88
Price to Book (P/B)1.55
Price to Sales (P/S)8.52
P/FCF Ratio-167.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹527.00Price Target Upside11.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)14.97
Revenue Forecast (FY)₹36.72B
Mindspace Business Parks REIT Business Overview & Revenue Model
Company Description
Mindspace Business Parks REIT is a real estate investment company. It owns an office portfolio located in four key office markets such as Mumbai Region, Hyderabad, Pune and Chennai in India. The company's portfolio has five integrated business par...
How the Company Makes Money
Mindspace generates revenue primarily through the leasing of commercial office spaces to various tenants. The company earns rental income from long-term leases with clients, which constitutes its main revenue stream. Additionally, MINDSPACE may be...
Mindspace Business Parks REIT Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 25.56B | 23.86B | 22.39B | 17.26B | 11.45B |
| Gross Profit | 21.66B | 19.60B | 18.24B | 14.80B | 7.87B |
| EBITDA | 19.63B | 17.50B | 14.37B | 13.06B | 8.78B |
| Net Income | 4.76B | 5.25B | 2.84B | 4.24B | 3.08B |
Balance Sheet | |||||
| Total Assets | 271.60B | 238.45B | 227.23B | 223.53B | 222.72B |
| Cash, Cash Equivalents and Short-Term Investments | 6.17B | 3.20B | 4.06B | 3.48B | 3.88B |
| Total Debt | 101.25B | 69.86B | 54.66B | 44.61B | 37.74B |
| Total Liabilities | 123.50B | 89.16B | 71.45B | 58.82B | 50.58B |
| Stockholders Equity | 140.54B | 141.69B | 147.83B | 156.21B | 163.03B |
Cash Flow | |||||
| Free Cash Flow | -1.30B | 4.43B | 6.27B | 5.88B | 5.46B |
| Operating Cash Flow | 13.59B | 15.27B | 13.93B | 11.62B | 9.05B |
| Investing Cash Flow | -15.63B | -14.59B | -7.51B | -4.56B | 8.34B |
| Financing Cash Flow | 2.49B | -1.64B | -4.56B | -7.54B | -15.04B |
Mindspace Business Parks REIT Technical Analysis
Positive
474.34
Price Trends
473.72
Positive
471.98
Positive
446.35
Positive
Market Momentum
0.80
Negative
62.23
Neutral
93.02
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MINDSPACE, the sentiment is Positive. The current price of 474.34 is above the 20-day moving average (MA) of 459.16, above the 50-day MA of 473.72, and above the 200-day MA of 446.35, indicating a bullish trend. The MACD of 0.80 indicates Negative momentum. The RSI at 62.23 is Neutral, neither overbought nor oversold. The STOCH value of 93.02 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MINDSPACE.
Mindspace Business Parks REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹423.95B | 27.07 | ― | 5.36% | 9.73% | -86.38% | |
74 Outperform | ₹312.29B | 40.17 | ― | 0.00% | 14.72% | -4.44% | |
68 Neutral | ₹607.76B | 24.40 | ― | 0.48% | 2.76% | -3.84% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.