Mindspace Business Parks REIT (MINDSPACE) AI Stock Analysis

• Market Cap: ₹299.91B
• Dividend Yield: 0%
• Average Volume (3M): 11.80K
• Price to Earnings (P/E): 52.0
• Beta (1Y): 0.11
• Revenue Growth: 14.72%
• EPS Growth: -4.44%
• Country: IN
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Office
• EPS (TTM): 2.96
• Shares Outstanding: 648,342,960
• 10 Day Avg. Volume: 7,011
• 30 Day Avg. Volume: 11,805
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 11.7
• Revenue Forecast (FY): ₹31.18B

• Rating: 74 Outperform
• Price Target: ₹558.00 ▲(17.64% Upside)
• Action: Upgraded Date: 10/23/25
• Date: Action: Upgraded 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.

Strong revenue growth and high margins

Consistent multi‑year revenue expansion combined with very high gross, EBIT and EBITDA margins indicates efficient property operations and pricing power. These durable property‑level economics support resilient net operating income and capacity to absorb cyclical leasing pressures.

Healthy capital base / equity buffer

An equity ratio above 50% signals a substantial capital buffer versus assets, enhancing solvency and access to financing. This structural strength provides longer runway to fund development or acquisitions without immediate dilution or stressed refinancing in the medium term.

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.

Weak free cash flow generation

Significantly lower operating cash flow and near‑zero free cash flow versus net income constrain internal funding for maintenance, growth or distributions. Persistent weak FCF forces reliance on external financing or equity issuance, raising execution and dilution risks over time.

Declining net income / margin pressure

A recent dip in net income and a lower net margin versus prior peaks suggests rising costs or financing impacts are eroding bottom‑line convertibility of strong property cash flows, which can reduce ROE and distributable earnings if the trend persists.

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 parks with superior infrastructure and amenities (such as restaurants, creches and outdoor sports arenas) and five quality independent offices.

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 benefit from ancillary services such as facility management, parking fees, and service charges associated with leased spaces. The company’s revenue model is bolstered by strategic partnerships with major corporations and a robust portfolio of properties located in high-demand areas. Factors contributing to its earnings include the growing demand for flexible workspaces, the expansion of the IT and technology sectors in India, and a strong focus on maintaining high occupancy rates across its properties.

Mindspace Business Parks REIT Financial Statement Overview

Summary

Mindspace Business Parks REIT shows strong revenue growth and profitability with high gross profit margins. However, increased leverage and reduced net income slightly impact the financial outlook. Cash flow challenges, particularly in free cash flow generation, pose a risk to future flexibility.

Income Statement

Mindspace Business Parks REIT has demonstrated strong revenue growth and stable profitability. Over the past three years, revenue has increased consistently, with a notable TTM revenue of ₹25.56 billion, up from ₹17.26 billion in 2022. The gross profit margin remains high at approximately 84.72% for 2025, indicating efficient cost management. However, net income has slightly decreased in the latest period, leading to a net profit margin of 18.63%, which is slightly lower than its historical peak. Nevertheless, the EBIT and EBITDA margins are robust at 57.71% and 75.52%, respectively, reflecting strong operational performance.

Balance Sheet

The company has a solid balance sheet characterized by a strong equity position. The debt-to-equity ratio has increased to 0.72 in 2025, reflecting higher leverage, which poses a potential risk. However, the equity ratio remains healthy at 51.77%, suggesting a stable capital structure. Return on Equity (ROE) is impressive at 3.39%, though slightly lower compared to the previous year due to reduced net income.

Cash Flow

Mindspace Business Parks REIT's cash flow performance is mixed. The operating cash flow has decreased significantly to ₹5.84 billion in 2025, impacting the operating cash flow to net income ratio, which stands at 1.23. Free cash flow has also declined, resulting in a low free cash flow to net income ratio of 0.01. This reduction in free cash flow growth could affect future investment capabilities.

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

• Technical Analysis Sentiment: Negative
• Last Price: 474.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MINDSPACE, the sentiment is Negative. The current price of 474.34 is below the 20-day moving average (MA) of 489.59, below the 50-day MA of 482.03, and above the 200-day MA of 437.49, indicating a neutral trend. The MACD of -1.61 indicates Positive momentum. The RSI at 30.31 is Neutral, neither overbought nor oversold. The STOCH value of 11.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MINDSPACE.

Mindspace Business Parks REIT Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EMBASSY	76 Outperform	₹403.46B	76.75	―	5.36%	9.73%	-86.38%
MINDSPACE	74 Outperform	₹299.91B	52.01	―	0.00%	14.72%	-4.44%
OBEROIRLTY	68 Neutral	₹555.09B	24.81	―	0.48%	2.76%	-3.84%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%