Mindspace Business Parks REIT (NSE:MINDSPACE)

Q2 2026 Mindspace Business Parks REIT Earnings Call Transcript

Nov 6, 2025 / 10:30 AM GMT

Release Date Price: ₹461.4 (-1.60%)

Transcript

Key Points

Positve

Mindspace Business Parks REIT (BOM:543217) reported a strong quarter with a 25.9% year-on-year growth in net operating income to 634 crores.
The company's unit price increased from 315 in September 2023 to 455 by the end of September 2025, reflecting annualized total returns of nearly 26%.
The committed occupancy of the portfolio increased to 94.6%, with some parks achieving 100% occupancy.
Mindspace Business Parks REIT has a low loan-to-value ratio of 24.2%, indicating strong balance sheet strength.
The company is actively expanding its portfolio with strategic acquisitions and developments, including a significant presence in data centers, positioning it uniquely at the intersection of real estate and digital infrastructure.

Negative

Despite strong performance, there are concerns about the slowing leasing momentum in the broader Indian office market.
The company faces challenges in leasing out space in certain areas, such as Airoli East, which has a lower occupancy rate compared to other locations.
There is uncertainty regarding the future rental growth in Hyderabad, which has been a significant contributor to the company's NAV increase.
The company is still awaiting final approvals for the development of the Hyatt Regency Hotel within the Airoli East campus, which could delay potential revenue streams.
Mindspace Business Parks REIT is facing competitive pressures in acquiring third-party assets, with some assets being outbid by other companies.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MINS.NS - Mindspace Business Parks REIT
Q2 2026 Mindspace Business Parks REIT Earnings Call
Nov 06, 2025 / 10:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to the Q2 F526 earnings conference call of MindSpace Business Park Street.

As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing and 0 on your touchstone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Govean Gilla, head corporate finance.

Thank you and over to you, sir.

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Unidentified_2 [2]
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