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Mindspace Business Parks REIT
(MINDSPACE)
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Rating:56Neutral
Price Target:
₹481.00
▼(-0.67% Downside)
Action:Downgraded
Date:05/02/26
The score is primarily held back by weakening cash conversion (negative free cash flow in 2025–2026) and rising leverage despite strong reported growth and profitability. Technical signals are broadly neutral, while valuation is a notable headwind due to a high P/E and zero dividend yield.
Positive Factors
Recurring Rental Revenue
The REIT business model centers on long-term, contractually backed rental income and tenant recoveries, delivering predictable cash flows. This structural revenue profile supports portfolio cash generation and underwriting stability over multiple years, reducing dependence on cyclical leasing timing.
Negative Factors
Rising Leverage
Material increase in leverage reduces financial flexibility and raises refinancing and covenant risk for a capital-intensive REIT. Higher debt loads elevate interest expense sensitivity and constrain capacity to fund capex or absorb occupancy shocks, making capital management more critical over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Rental Revenue
The REIT business model centers on long-term, contractually backed rental income and tenant recoveries, delivering predictable cash flows. This structural revenue profile supports portfolio cash generation and underwriting stability over multiple years, reducing dependence on cyclical leasing timing.
Read all positive factors
Mindspace Business Parks REIT (MINDSPACE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹328.02B
Dividend Yield0%
Average Volume (3M)11.80K
Price to Earnings (P/E)46.9
Beta (1Y)0.27
Revenue Growth23.80%
EPS Growth31.17%
CountryIN
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryREIT - Office
Share Statistics
EPS (TTM)8.03
Shares Outstanding661,993,470
10 Day Avg. Volume7,011
30 Day Avg. Volume11,805
Financial Highlights & Ratios
PEG Ratio1.35
Price to Book (P/B)1.85
Price to Sales (P/S)8.49
P/FCF Ratio-190.62
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)14.31
Revenue Forecast (FY)₹39.90B
Mindspace Business Parks REIT Business Overview & Revenue Model
Company Description
Mindspace Business Parks REIT operates as a real estate investment trust specializing in office properties. Its extensive portfolio is strategically positioned across four major Indian commercial hubs: the Mumbai Region, Hyderabad, Pune, and Chenn...
How the Company Makes Money
Mindspace Business Parks REIT makes money primarily by leasing space in its office and business park properties to corporate tenants under contractual lease arrangements. Its core revenue stream is rental income (including base rent and contractua...
Mindspace Business Parks REIT Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.56B | 32.69B | 25.56B | 23.86B | 22.39B | 17.26B |
| Gross Profit | 21.42B | 12.13B | 21.66B | 19.60B | 18.24B | 14.80B |
| EBITDA | 19.30B | 16.53B | 19.63B | 17.50B | 14.37B | 13.06B |
| Net Income | 4.76B | 6.52B | 4.76B | 5.25B | 2.84B | 4.24B |
Balance Sheet | ||||||
| Total Assets | 271.60B | 316.33B | 271.60B | 238.45B | 227.23B | 223.53B |
| Cash, Cash Equivalents and Short-Term Investments | 6.17B | 12.96B | 6.17B | 3.20B | 4.06B | 3.48B |
| Total Debt | 101.25B | 129.91B | 101.25B | 69.86B | 54.66B | 44.61B |
| Total Liabilities | 123.50B | 158.36B | 123.50B | 89.16B | 71.45B | 58.82B |
| Stockholders Equity | 140.54B | 150.47B | 140.54B | 141.69B | 147.83B | 156.21B |
Cash Flow | ||||||
| Free Cash Flow | 1.47B | -1.46B | -1.30B | 4.43B | 6.27B | 5.88B |
| Operating Cash Flow | 16.36B | 16.65B | 13.59B | 15.27B | 13.93B | 11.62B |
| Investing Cash Flow | -15.47B | -13.47B | -15.63B | -14.59B | -7.51B | -4.56B |
| Financing Cash Flow | -440.67M | -1.16B | 2.49B | -1.64B | -4.56B | -7.54B |
Mindspace Business Parks REIT Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹659.16B | 25.27 | ― | 0.44% | 29.10% | 27.52% | |
70 Outperform | ₹1.62T | 36.98 | ― | 1.24% | 2.51% | 1.08% | |
56 Neutral | ₹328.02B | 46.89 | ― | 0.00% | 23.80% | 31.17% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹686.80B | 61.10 | ― | 0.11% | 65.81% | 111.83% | |
49 Neutral | ₹415.52B | 122.24 | ― | 5.77% | 13.59% | -76.35% |
* General Sector Average
IN:MINDSPACE
Mindspace Business Parks REIT
493.30
101.15
25.79%
IN:BIRET
Brookfield India Real Estate Trust
341.62
44.07
14.81%
IN:DLF
DLF Limited
658.90
-108.62
-14.15%
IN:EMBASSY
Embassy Office Parks REIT
437.64
68.49
18.55%
IN:OBEROIRLTY
Oberoi Realty Limited
1,826.95
245.29
15.51%
IN:PRESTIGE
Prestige Estates Projects Limited
1,616.40
20.29
1.27%
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.