Unit price
monthly high and low of daily closing prices from the NSE bhavcopy; the adjustment basis is printed under Market data₹ per unit · NSEMarket data
from the exchange price file and the latest filed statements; a figure with no source says soReturns
price return, income return and total return, by fiscal year₹ per unitThe filed years, four numbers
the whole trust, measured from filed statements onlyThe trust
Dates that matter
filed and scheduledthe company's own guidance, measured against its own first quarter
NOI, NDCF and DPU are non-statutory measures defined by the manager, not by Ind AS
Distribution per unit, and what it is made of
₹ per unitRevenue and net operating income, half year by half year
as filed, with derived halves marked₹ mnRevenueNet operating incomederived as full year less the filed half
Segments
revenue, net operating income and margin₹ mn · three monthsPortfolio at a glance
the number that confuses everyone about REITs, reconciled
What the call claimed, tested
Figures we did not accept, and why
property-wise fair value tables across the balance dates on fileWhere the two revenue numbers come from
databook against statutory statementSeries breaks the statements themselves declare
where a line stops meaning what it meantA break is recorded against the first year on the new basis · totals stay comparable across a break, sub-lines do not
Every filed year, as filed
every figure from a consolidated statement of profit and loss or a segment note₹ mn unless statedCAGR columns computed on the endpoints showna dot marks a figure derived rather than filed
where the operating result and the unitholder's result part company
RevenueNet operating incomeDistribution per unitNAV per unitFinance costs
Common-size income statement
per cent of revenue from operationsPer-unit series
₹ per unit, on the units outstanding at each year endevery figure in this panel carries its document and page
Segment history
revenue and net operating income by segment₹ mnBlank cells are periods where the filing gives segment NOI but not segment revenue — never a zero
Half-yearly and quarterly revenue and NOI
assembled from the segment notes of the filings on disk₹ mnA dotted marker means the period was derived by subtraction from a filed full year or half year, never read directly
Consolidated financial statements
₹ mn
Statement
View
Quarterly statement of unaudited results
₹ mnevery figure in this panel carries its document and page
What is not here, and why
declared coverage gapsA gap is published as a gap · nothing on this page is interpolated, smoothed or back-solved to fill one
Ratio analysis
every ratio derived from the filed statements on the previous tab — inputs named in each rowNet debt = borrowings, current and non-current, less cash, bank balances and current investments
Leverage
net debt to EBITDA and interest coverNet debt / EBITDA (×)EBITDA / finance costs (×)
Where the operating income goes
finance costs as a share of NOIFinance costs ÷ NOIDistributions ÷ NOI
Projection engine
drivers on the left, statements below — every default is a measured historical value, not a guessProjected statements
net operating income to distribution per unit₹ mn unless statedValuation
two independent routes, both driven by the sliders above₹ per unitSensitivity — value per unit
exit cap rate against terminal NOI growth₹ per unitevery figure in this panel carries its document and page
What the earnings calls on file actually contain
what the files on record actually contain, countedMINDSPACE · earnings callsGuidance track record
every number the manager guided, against the number that was later filedThe same questions, asked of every call on file
one row per metric management repeats, one column per callsaid on the call, not in a statementalso fileda blank is a call that did not give the number — never a carried-forward value
Facts joined to the sentence that explains them
every claim found in the calls on file, each anchored to a filed numberwhy the same period appears twice, and which filing each came fromWho was on the call
extracted from the participant block of each transcriptA governance series that exists only inside transcripts
Distribution per unit, as declared on each call
₹ per unitevery figure in this panel carries its document and page
Net distributable cash flow, SPV level to unitholder
the bridge the whole asset class turns onevery figure in this panel carries its document and page
NDCF by asset, SPV level
where the distributable cash is actually generated₹ mnevery figure in this panel carries its document and page
Distribution per unit, quarter by quarter
as declared₹ per unitevery figure in this panel carries its document and page
Commercial office portfolio
the assets in the portfolio tableMark-to-market is market rent over in-place rent · GAV from the semi-annual independent valuation by L. Anuradha with C&W review
Development pipeline
under construction and proposed₹ mn to be spentHospitality
every figure in this panel carries its document and page
Revenue, NOI and NDCF by asset
eighteen line items — the detail no XBRL filing carries₹ mn · three monthsA blank is a period or a measure not disclosed for that asset, never a zero
Asset fair value, the verified balance dates
from the property-wise break-up inside the statement of net assets at fair value₹ mnView
Accepted only where the entity values sum exactly to the total printed in the same table · the dates rejected for this trust are listed on the Triage tab
Asset metric picker
any measure the databook carries, for the periods it carries themMeasure
every figure in this panel carries its document and page
Leasing
three months endedLargest occupiers
share of gross annualised rental obligationsevery figure in this panel carries its document and page
Notable deals signed this quarter
Occupier names are as disclosed — several are anonymised by the manager and are shown that way, never guessed at
Debt at REIT level
Maturity ladder
principal repayment by fiscal yearevery figure in this panel carries its document and page
Leverage
Borrowings and net debt, the filed years
derived from the consolidated balance sheet₹ mnConsolidated borrowings differ from the REIT-level debt table above, which covers instruments issued by the Trust itself
Unitholding pattern
units as filedevery figure in this panel carries its document and page
Document library
every filing on disk, by classevery figure in this panel carries its document and page
Source register
which filing each period on this page came fromPage references are to the printed page of the source PDF
Sell-side coverage
nineteen firms, as listed in the databookAnalyst coverage is disclosed in the databook and is itself a data point — no other Indian REIT publishes it this completely
Download the workbook
INE0CCU25019_MINDSPACE_trustbook.xlsx — every number this page serves for the trust as a cell, with a row per cell naming the document, page and line it was read from.
Operating measures
Read from the trust’s investor presentations and valuation reports. These are not audited statements. Each figure names the document, the page and the date it was published.
| Measure | 2020-03-31 | 2021-03-31 | 2023-03-31 | 2023-06-30 | 2024-03-31 | 2024-09-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|---|
| Capitalisation rate | — | — | — | — | — | — | 4% | 3% | 1% |
| Committed occupancy | — | — | 70.7% | 72.6% | — | — | — | — | — |
| Occupancy | — | — | 70% | 70% | — | — | — | — | — |
| Units outstanding | 593,018,182 | 593,018,182 | — | — | 593,018,182 | 593,018,182 | — | — | — |
| Weighted average lease expiry | — | — | 9.7 years | 9.4 years | — | — | — | — | — |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-06 | Q1FY27 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call |
| 2026-08-06 | Q1FY27 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call |
| 2026-04-29 | Q4FY26 | Karan Khanna, Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call |
| 2026-04-29 | Q4FY26 | Karan Khanna, Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call |
| 2026-01-28 | Q3FY26 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call |
| 2026-01-28 | Q3FY26 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call |
| 2025-11-06 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call | |
| 2025-11-06 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call | |
| 2025-08-04 | Mindspace Business Parks REIT, PARKS REIT, Preeti Chheda, Ramesh Nair | Read the call | |
| 2025-08-04 | Mindspace Business Parks REIT, PARKS REIT, Preeti Chheda, Ramesh Nair | Read the call | |
| 2025-06-24 | Read the call | ||
| 2025-04-30 | Mindspace Business Parks REIT, PARKS REIT, Preeti Chheda, Ramesh Nair | Read the call | |
| 2025-04-30 | Mindspace Business Parks REIT, PARKS REIT, Preeti Chheda, Ramesh Nair | Read the call | |
| 2025-01-24 | Q3FY25 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call |
| 2025-01-24 | Q3FY25 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call |
| 2024-10-25 | Q2FY25 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call |
| 2024-10-25 | Q2FY25 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call |
| 2024-06-21 | Mr Deepak Ghaisas, Mr Ramesh Nair, Mr. Bharat Sanghavi, Mr. Deepak Ghaisas | Read the call | |
| 2024-01-30 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call | |
| 2024-01-30 | Mindspace Business Parks REIT, Preeti Chheda, Ramesh Nair | Read the call | |
| 2023-07-05 | Chanda Makhija Thadani | Read the call | |
| 2023-05-05 | MINDSPACE BUSINESS PARKS REIT, Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call | |
| 2023-01-31 | Q2FY23 | Preeti Chheda, Vinod Rohira | Read the call |
| 2023-01-31 | Q2FY23 | Preeti Chheda, Vinod Rohira | Read the call |
| 2022-11-15 | Q2FY23 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call |
| 2022-11-15 | Q2FY23 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call |
| 2022-08-11 | Q1FY23 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call |
| 2022-08-11 | Q1FY23 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call |
| 2022-06-29 | Mr. Narendra Rahalkar | Read the call | |
| 2022-05-13 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call | |
| 2022-05-13 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call | |
| 2022-02-11 | Q3FY22 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call |
| 2022-02-11 | Q3FY22 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call |
| 2021-11-15 | Q2FY22 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call |
| 2021-11-15 | Q2FY22 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call |
| 2021-08-16 | Q1FY22 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call |
| 2021-08-16 | Q1FY22 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call |
| 2021-08-04 | Hong Kong | Read the call | |
| 2021-06-29 | Mr. Deepak Ghaisas, Mr. Rohit Bhase | Read the call | |
| 2021-05-17 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call | |
| 2021-05-17 | Mindspace Business Parks REIT, Preeti Chheda, Vinod Rohira | Read the call | |
| 2020-11-12 | Deepak Aswani, MINDSPACE BUSINESS PARKS REIT, Mindspace Business Parks REIT, Preeti Chheda | Read the call | |
| 2020-11-12 | Deepak Aswani, MINDSPACE BUSINESS PARKS REIT, Mindspace Business Parks REIT, Preeti Chheda | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY27 | Q2FY22 | Q2FY23 | Q2FY25 | Q3FY22 | Q3FY25 | Q3FY26 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Acquisitions | successfully acquired 9.2 million square feet from both sponsors and third parties. | On the ROFO side, in addition to the pre- | To update you on the acquisition opportunities, we had received a ROFO notice for acquisition of 100% | We received Board approval to acquire c. 260,000 square feet area in Mindspace Madhapur from a | We are excited to have received the ROFO notice from the sponsor for | The proposed purchase of the ROFO asset in Hyderabad is a step in that | that we have concluded the acquisition earlier this month. | acquiring at a combined acquisition price of Rs.5541 Crores. |
| Availability and tariff | — | — | — | has given all the positives from quality of life, to talent availability, to cleanliness, to traffic, to safety, | On the back of these encouraging trends and limited space availability | — | micro-markets witnessing single-digit availability. | — |
| Cap rates and valuation | And second thing is that, so this will be having any impact on NAV as well | On ground, we continue to see increased activity for evaluation and assessment | We are evaluating of this additional asset along with on-going evaluation of ROFO opportunity and shall | Our GAV increased from 287 billion to 313 billion. | So, we have got the board approval to start our evaluation, I | done our due diligence and evaluation and presented the opportunity to the Board. | to a year ago, cost of debt is now below cap rates, supporting accretive acquisitions. | NAV closed at 527 per unit, up 9% from 483.7 as of September 2025. |
| Debt cost | same time keeping our LTV at comfortable levels. | Reduced interest rates and low gearing of our Portfolio provides us with the | With central banks across the globe raising interest rates and pulling out liquidity from the system, the | Our LTV is at a very healthy level at 21.9%. | pro forma average cost of debt has further reduced to 6.6%. | This was mainly because of refinancing of a bond which we had raised | With relatively lower interest rates compared | Our LTV today stands at 24.3%, cost of debt at 7.41%, and is the |
| Development | square feet of under construction office assets due for delivery over the next 12 months. | under construction and we have another 5.6 million sq. ft. available in the | Stars for its sustainability efforts on the Development side and 4 out 5 stars for the Standing Investment | Planned development of 3.9 million square feet. | Centers’ will provide an impetus to the development of the sector. | I also want to take this opportunity to give a “Development Update” on what's happening: | Well-chosen acquisitions and a development | Consistent execution, consistent delivery and reinforcing performance. |
| Distributions | Distribution per unit for Q1 FY27 stood at 6.67, the highest | We announced a distribution of approximately INR 2.7 billion i.e., INR 4.60 | We announced a distribution of approximately INR 2.8 billion i.e., INR 4.75 per unit for the quarter. | Our distribution grew from 2.84 billion to 3.05 billion crossing 3 billion again, for the first | We announced a distribution of approximately INR 2.75 billion i.e., INR 4.64 per | the Hyderabad ROFO asset, we are recording double-digit distribution growth. | quarter increased by 19.8% year-on-year, delivering a DPU of 5.83 per unit. | Distribution for the quarter increased by 9.7% year-on-year. |
| Occupancy | occupancy stood at 95.8% on a like-to-like basis and including the new acquisition it stands | increased physical occupancy in the coming quarters. | Our committed occupancy which had risen by 130 bps | Our committed occupancy increased from 87.6% to 91.7% over the last 12 months. | construction, vacant and new area leasing. | 20% compared to 2023 and the reduction in vacancies has led to increase in rents. | Vacancy is the lowest in the last five years, with many | Pan India vacancy dropped to a five year low of 14.7%. |
| Re-leasing and rents | The average rent of the park is Rs.80 this shows the mark-to- | achieved a releasing spread of 21.6% in this quarter. | thereby aiding MTM growth in our portfolio. | releasing spread of 27.8%, which increased our in-place rent to 70 per square foot per month. | We have also successfully pre-leased our under-construction asset | This quarter has been quite exciting for us; we closed a few large preleases, we are offering to buy | achieved a releasing spread of 27.4% for Q3 FY2026 on 1 million square feet of area re- | Re-leasing spreads remain very healthy, 40.3% for the quarter and |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2022-08-11 | Q1FY23 | Mindspace Business Parks REIT | costs remain low at c.6.9% at the end of the first quarter, though we expect the changing interest |
| 2022-05-13 | Mindspace Business Parks REIT | Based on our conversations with our occupiers, we expect it to cross 50% by the second half of | |
| 2024-10-25 | Q2FY25 | Mindspace Business Parks REIT | We expect NOI to grow by over Rs. 900 crores over the next three to four years because of leasing |
| 2022-08-11 | Q1FY23 | Mindspace Business Parks REIT | costs remain low at c.6.9% at the end of the first quarter, though we expect the changing interest |
| 2022-05-13 | Mindspace Business Parks REIT | Based on our conversations with our occupiers, we expect it to cross 50% by the second half of | |
| 2024-10-25 | Q2FY25 | Mindspace Business Parks REIT | We expect NOI to grow by over Rs. 900 crores over the next three to four years because of leasing |