Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 638 | 608 | 620 | 628 | 649 | 649 | 681 | 740 | 772 | 814 | 890 | 946 |
| Expenses | 183 | 162 | 178 | 184 | 181 | 179 | 197 | 190 | 197 | 188 | 207 | 233 |
| Operating Profit | 455 | 446 | 442 | 444 | 468 | 470 | 484 | 550 | 575 | 626 | 683 | 714 |
| OPM % | 71% | 73% | 71% | 71% | 72% | 72% | 71% | 74% | 74% | 77% | 77% | 75% |
| Other Income | 2 | 3 | -33 | 13 | 3 | 23 | 26 | 27 | -20 | 21 | 25 | 28 |
| Interest | 115 | 116 | 119 | 126 | 130 | 144 | 156 | 203 | 204 | 209 | 220 | 256 |
| Depreciation | 98 | 98 | 94 | 97 | 98 | 106 | 104 | 115 | 118 | 122 | 124 | 119 |
| Profit before tax | 245 | 235 | 196 | 234 | 242 | 242 | 249 | 259 | 233 | 316 | 364 | 366 |
| Tax % | 39% | 38% | 35% | 41% | 44% | 40% | 61% | 36% | 46% | 39% | 43% | 26% |
| Net Profit | 150 | 147 | 127 | 138 | 135 | 145 | 96 | 167 | 127 | 192 | 209 | 272 |
| EPS in Rs | 2.38 | 2.33 | 2.00 | 2.16 | 2.12 | 2.29 | 1.43 | 2.57 | 1.91 | 2.96 | 3.06 | 3.96 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,432 | 0 | 1,138 | 1,761 | 2,298 | 2,462 | 2,596 | 3,216 | 3,423 |
| Expenses | 419 | 5 | 300 | 385 | 751 | 691 | 741 | 779 | 824 |
| Operating Profit | 1,013 | -5 | 838 | 1,376 | 1,547 | 1,772 | 1,855 | 2,438 | 2,598 |
| OPM % | 71% | 74% | 78% | 67% | 72% | 71% | 76% | 76% | |
| Other Income | 260 | 0 | 22 | -68 | -110 | -22 | 76 | 50 | 53 |
| Interest | 446 | 0 | 171 | 264 | 343 | 457 | 557 | 836 | 889 |
| Depreciation | 220 | 0 | 209 | 329 | 355 | 383 | 406 | 479 | 484 |
| Profit before tax | 607 | -5 | 479 | 714 | 738 | 911 | 968 | 1,172 | 1,279 |
| Tax % | 15% | 0% | 30% | 37% | 58% | 38% | 47% | 41% | |
| Net Profit | 515 | -5 | 335 | 447 | 308 | 561 | 514 | 694 | 799 |
| EPS in Rs | 5.18 | 7.15 | 4.78 | 8.85 | 7.82 | 10.05 | 11.89 | ||
| Dividend Payout % | 0% | 0% | 185% | 258% | 399% | 216% | 278% | 238% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 23% | 12% | 26% | ||
| Compounded Profit Growth | % | 17% | 26% | 54% | ||
| Stock Price CAGR | % | 10% | 17% | 9% | ||
| Return on Equity | % | 3% | 4% | 5% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 50 | 0.00 | 16,284 | 16,284 | 16,284 | 16,284 | 16,582 | 17,697 |
| Reserves | 1,581 | -5 | 19 | -663 | -1,501 | -2,115 | -2,528 | -2,651 |
| Borrowings | 6,162 | 0 | 3,774 | 4,461 | 5,466 | 6,986 | 10,125 | 12,991 |
| Other Liabilities | 1,339 | 5 | 2,169 | 2,205 | 2,427 | 2,660 | 2,908 | 3,535 |
| Total Liabilities | 9,132 | 0 | 22,246 | 22,287 | 22,676 | 23,815 | 27,088 | 31,573 |
| Fixed Assets | 6,052 | 0 | 21,199 | 21,223 | 21,431 | 21,974 | 24,774 | 28,790 |
| CWIP | 2 | 0 | 2 | 0 | 0 | 0 | 65 | 128 |
| Investments | 1 | 0 | 2 | 2 | 3 | 3 | 4 | 4 |
| Other Assets | 3,077 | 0 | 1,043 | 1,061 | 1,242 | 1,838 | 2,245 | 2,651 |
| Total Assets | 9,132 | 0 | 22,246 | 22,287 | 22,676 | 23,815 | 27,088 | 31,573 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 934 | 0 | 798 | 1,162 | 1,393 | 1,527 | 2,017 | 2,414 |
| Cash from Investing Activity | -586 | 0 | 853 | -456 | -751 | -1,459 | -1,500 | -1,293 |
| Cash from Financing Activity | -356 | 0 | -1,504 | -754 | -456 | -164 | -473 | -919 |
| Net Cash Flow | -8 | 0 | 146 | -48 | 186 | -96 | 45 | 202 |
| Free Cash Flow | 165 | 0 | 394 | 588 | 627 | 443 | 529 | 1,140 |
| CFO/OP | 107% | 0% | 102% | 97% | 101% | 97% | 122% | 113% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 8 | 7 | 4 | 9 | 16 | 8 | 6 | |
| Inventory Days | ||||||||
| Days Payable | ||||||||
| Cash Conversion Cycle | 8 | 7 | 4 | 9 | 16 | 8 | 6 | |
| Working Capital Days | 310 | -381 | -327 | -231 | -403 | -309 | -508 | |
| ROCE % | -0% | 6% | 5% | 6% | 7% | 7% | 8% |
Fundamentals
Market Cap₹ 32,824 Cr.
Current Price₹ 496
Stock P/E42.1
Book Value₹ 232
ROCE7.64 %
ROE4.65 %
Dividend Yield2.38 %
Face Value₹ 485
Compounded Sales Growth (TTM)26%
Compounded Profit Growth (TTM)54%
Consolidated figures.
Valuation
Market capRs 29,560 Cr
Enterprise valueRs 35,935 Cr
P/E (TTM)39.05x
Price to book2.09x
Price to sales8.64x
EV / EBITDA13.55x
EV / EBIT16.58x
EV / sales10.50x
Price to cash flow19.36x
Earnings yield2.56%
Dividend yield3.84%
P/E, 3-year average51.97x
P/B, 3-year average1.36x
P/E, 5-year average53.20x
P/B, 5-year average1.29x
Profitability
Operating margin (excl. other income)71.95%
Operating margin (incl. other income)71.07%
EBITDA margin77.46%
Pre-tax margin37.37%
Net profit margin22.12%
Net margin, latest quarter27.67%
ROE3.63%
ROCE6.60%
ROA2.26%
ROE, 3-year average2.72%
ROCE, 3-year average5.61%
ROA, 3-year average1.81%
ROE, 5-year average2.26%
ROCE, 5-year average4.64%
ROA, 5-year average1.70%
ROIC (approx.)6.50%
Tax rate38.37%
Other income / net worth-0.15%
Growth
Sales growth (latest year)7.16%
Profit growth (latest year)85.13%
Sales CAGR, 3 years29.34%
Sales CAGR, 5 years11.46%
Profit CAGR, 3 years19.54%
Profit CAGR, 5 years1.86%
Sales growth QoQ6.35%
Profit growth QoQ31.88%
Sales growth YoY (latest quarter)27.85%
Profit growth YoY (latest quarter)67.10%
Per share
EPS (TTM)Rs 12.77
EPS (latest year)Rs 8.85
EPS (latest quarter)Rs 4.42
EPS, 3-year averageRs 6.93
EPS, 5-year averageRs 6.49
Book value per shareRs 238.93
Sales per shareRs 57.71
Cash flow per shareRs 25.74
Free cash flow per shareRs 19.22
Dividend per share (latest year)Rs 19.14
Dividend per share, 3-year averageRs 18.88
Dividend per share, 5-year averageRs 16.56
Dividends
Dividend payout216.17%
Dividend payout, 3-year average291.02%
Dividend payout, 5-year average264.48%
Efficiency
Asset turnover0.10x
Fixed asset turnover0.11x
Inventory turnover86.61x
Inventory days4 days
Debtor days16 days
Debtors turnover22.54x
Cash conversion cycle6 days
Working capital days-508 days
Leverage
Total debtRs 6,986 Cr
Cash and bankRs 610 Cr
Net debtRs 6,376 Cr
Debt to equity0.49x
Net debt / EBITDA2.40x
Interest coverage2.44x
Owners' fund to total sources59.50%
Debt to assets29.33%
Cash flow
Cash from Operating Activity (latest year)Rs 1,527 Cr
Cash from Investing Activity (latest year)Rs -1,459 Cr
Cash from Financing Activity (latest year)Rs -164 Cr
Net Cash Flow (latest year)Rs -96 Cr
Free cash flow (latest year)Rs 1,140 Cr
FCFE (approx.: FCF + change in debt)Rs 2,659 Cr
Cash from ops / profit, 5 years3.37x
Sales to cash flow1.61x
Statement figures
Net sales (TTM)Rs 3,423 Cr
Net sales (latest year)Rs 2,462 Cr
Sales (latest quarter)Rs 946 Cr
Operating profit excl. other income (latest year)Rs 1,772 Cr
Operating profit (latest quarter)Rs 714 Cr
Other income (TTM)Rs 53 Cr
EBITDA (TTM)Rs 2,651 Cr
PBDT (TTM)Rs 1,763 Cr
Profit before tax (TTM)Rs 1,279 Cr
Tax (latest year)Rs 349 Cr
Net profit (TTM)Rs 757 Cr
Net profit (latest year)Rs 525 Cr
Net profit (latest quarter)Rs 262 Cr
Depreciation (TTM)Rs 484 Cr
Depreciation (latest quarter)Rs 119 Cr
Interest (TTM)Rs 889 Cr
Cost of goods sold (latest year)Rs 377 Cr
Total expenditure (latest year)Rs 691 Cr
Total income (latest year)Rs 2,440 Cr
Share capitalRs 16,284 Cr
ReservesRs -2,115 Cr
Shareholders' fundsRs 14,169 Cr
Total assetsRs 23,815 Cr
Net blockRs 21,974 Cr
InvestmentsRs 3 Cr
ReceivablesRs 109 Cr
InventoryRs 4 Cr
Other liabilitiesRs 2,660 Cr
Shares outstanding (crore)59.30
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 39.1 is at the 9th percentile of its own 4.4-year range
(median 49.4, low 35.1, high 68.1).
P/B 2.09 is at the 74th percentile (median 1.70).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | MINDSPACE | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -1.0% | -2.8% | +1.8 pts |
| 1 month | +2.5% | -6.8% | +9.3 pts |
| 3 months | +5.4% | -7.6% | +13.0 pts |
| 3 years | +59.8% | +14.2% | +45.6 pts |
| 5 years | +62.1% | +27.9% | +34.2 pts |
Red flags
F-score 7 of 8No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹946 Cr +27.8% vs Jun 2025.
Net profit ₹272 Cr +62.9%.
Against our estimate for Jun 2026: sales -0.2%, profit +24.7% beat. Our estimate for Sep 2026: sales Rs 998 Cr, profit Rs 235 Cr (how).
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Knowledge Realty Trust | 50,348 | 80.3 | 5.22 % |
| Embassy Office Parks REIT | 41,490 | 169 | 5.61 % |
| Bagmane Prime Office REIT | 36,145 | 0.00 % | |
| Brookfield India Real Estate Trust | 27,706 | 51.6 | 5.36 % |
| Nexus Select Trust | 24,952 | 56.7 | 5.83 % |
| Property Share Investment Trust- Propshare Titania | 491 | 846 | 5.09 % |
| Property Share Investment Trust-Propshare Celestia | 233 | % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2026-08-07 | Distribution - Rs 6.67 Per Unit Consisting Of Dividend - Rs 3.34 Per Unit/ Repayment Of Spv Debt - Rs 3.33 Per Unit | |
| 2026-05-05 | Distribution - Rs 6.64 Per Unit Consisting Of Dividend - Rs 3.35 Per Unit/ Repayment Of Spv Debt - Rs 3.26 Per Unit/ Interest - Re 0.01 Per Unit/Other Income - Re 0.02 Per Unit | |
| 2026-01-30 | Distribution - Rs 5.83 Per Unit Consisting Of Dividend - Rs 3.12 Per Unit/ Interest - Re 0.05 Per Unit/ Repayment Of Spv Debt - Rs 2.66 Per Unit | |
| 2025-11-07 | Distribution - Rs 5.83 Per Unit Consisting Of Dividend - Rs 3.02 Per Unit/ Interest - Re 0.03 Per Unit/ Repayment Of Spv Debt - Rs 2.77 Per Unit /Other Income - Re 0.01 Per Unit | |
| 2025-08-07 | Distribution - Rs 5.79 Per Unit Consisting Of Dividend - Rs 3.19 Per Unit/ Interest - Re 0.10 Per Unit/ Repayment Of Spv Debt - Rs 2.47 Per Unit /Other Income - Re 0.03 Per Unit | |
| 2025-05-06 | Distribution - Rs 6.44 Per Unit Consisting Of Dividend - Rs 2.77 Per Unit/ Interest - Re 0.13 Per Unit/ Repayment Of Spv Debt - Rs 3.48 Per Unit /Other Income - Rs 0.06 Per Unit | |
| 2025-01-29 | Distribution - Rs 5.32 Per Unit Consisting Of Dividend - Rs 3.20 Per Unit/ Interest - Re 0.22 Per Unit/ Repayment Of Spv Debt - Rs 1.88 Per Unit /Other Income - Re 0.02 Per Unit | |
| 2024-10-30 | Distribution - Rs 5.15 Per Unit Consisting Of Dividend - Rs 3.10 Per Unit/ Interest - Re 0.28 Per Unit/ Repayment Of Spv Debt - Rs 1.76 Per Unit /Other Income - Re 0.01 Per Unit | |
| 2024-08-02 | Distribution - Rs 5.04 Per Unit Consisting Of Dividend - Rs 3.03 Per Unit/ Interest - Re 0.34 Per Unit/ Repayment Of Spv Debt - Rs 1.66 Per Unit /Other Income - Re 0.01 Per Unit | |
| 2024-05-09 | Distribution - Rs 4.77 Per Unit Consisting Of Dividend - Rs 4.31 Per Unit/ Interest - Re 0.46 Per Unit | |
| 2024-02-06 | Distribution - Rs 4.80 Per Unit Consisting Of Dividend - Rs 4.29 Per Unit/ Interest - Re 0.50 Per Unit/ Other Income - Re 0.01 Per Unit | |
| 2023-11-06 | Distribution - Rs 4.79 Per Unit Consists Of Interst Amount - Re 0.49 Per Unit/Dividend - Rs 4.30 Per Unit | |
| 2023-07-31 | Distribution Rs 4.80 Per Unit Comprising Of Dividend - Rs 4.33 Per Unit/Interest Amount - Re 0.46 Per Unit Other Income Re 0.01 Per Unit | |
| 2023-05-10 | Distribution Rs 4.81 Per Unit Comprising Of Dividend - Rs 4.37 Per Unit/Interest Amount - Re 0.43 Per Unit Other Income Re 0.01 Per Unit | |
| 2023-02-06 | Distribution Rs 4.80 Per Unit Comprising Of Dividend - Rs 4.37 Per Unit/Interest Amount - Re 0.43 Per Unit | |
| 2022-11-18 | Distribution Rs 4.75 Per Unit Comprising Of Dividend - Rs 4.37 Per Unit/Interest Amount - Re 0.36 Per Unit/Other Income- Re 0.02 Per Unit | |
| 2022-08-11 | Dividend- Rs 4.41/Interest Amount- Rs 0.32/Other Income- Rs 0.01 | |
| 2022-05-17 | Dividend-Rs 4.30/Interest Amount-Rs 0.31 | |
| 2022-02-15 | Interest Amount - Rs 0.32 Per Unit/ Dividend - Rs 4.31 Per Unit/ Other Income - Rs 0.01 Per Unit | |
| 2021-11-17 | Dividend - Rs 4.28 Per Ut/Interest Amount - Rs 0.32 Per Unit | |
| 2021-08-17 | Dividend - Rs 4.23 Per Unit/Interest Amount - Rs 0.37 | |
| 2021-05-20 | Distribution - Interest - Re 0.37/Dividend - Rs 4.44 Per Unit | |
| 2021-02-17 | Distribution - Rs 4.78 Per Unit |
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of Mindspace Business Parks REIT?
Mindspace Business Parks REIT (MINDSPACE) has a market capitalisation of Rs 32,824 Cr. at the 2026-10-01 close.
What is the P/E ratio of Mindspace Business Parks REIT?
Mindspace Business Parks REIT trades at a P/E of 42.1 on trailing twelve-month profit, at the 2026-10-01 close.
What were Mindspace Business Parks REIT's latest quarterly results?
In the Jun 2026 quarter, Mindspace Business Parks REIT sales was Rs 946 Cr (+27.8% vs Jun 2025) and net profit was Rs 272 Cr.
What is the 52-week high and low of Mindspace Business Parks REIT?
The 52-week high is Rs 525.50 and the 52-week low is Rs 441.01.