Mindspace Business Parks REIT (MINDSPACE) AI Stock Analysis

• Market Cap: ₹271.39B
• Dividend Yield: 0%
• Average Volume (3M): 9.90K
• Price to Earnings (P/E): 52.9
• Beta (1Y): 0.12
• Revenue Growth: 9.83%
• EPS Growth: -4.94%
• Country: IN
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Office
• EPS (TTM): 2.60
• Shares Outstanding: 609,183,650
• 10 Day Avg. Volume: 17,335
• 30 Day Avg. Volume: 9,904
• 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: ₹454.40
• Price Target Upside: 0.94% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 66 Neutral
• Price Target: ₹443.00 ▼(-1.59% Downside)

Mindspace Business Parks REIT's strong financial performance and consistent growth are significant strengths. However, the stock's high leverage and potentially inflated valuation due to a high P/E ratio and dividend yield are key risks. Technical indicators suggest moderate bullish momentum.

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 Business Parks REIT generates revenue primarily through the leasing of its commercial real estate properties to a variety of tenants. The core revenue stream includes rental income from office spaces, which is typically based on long-term lease agreements. Additional sources of income include maintenance charges and facility management services provided to tenants. The company's earnings are further bolstered by its strategic partnerships with corporate clients and its reputation for maintaining high occupancy rates. Mindspace's focus on prime locations and quality infrastructure enables it to attract and retain a robust tenant base, driving consistent cash flows.

Mindspace Business Parks REIT Financial Statement Overview

Summary

Mindspace Business Parks REIT shows strong financial performance with consistent revenue growth and high profitability margins. However, an increase in leverage and declining free cash flow may impact 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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	19.38B	25.56B	23.86B	22.39B	17.26B
Gross Profit	16.40B	21.66B	19.60B	18.24B	14.80B
EBITDA	14.73B	19.63B	17.50B	14.37B	13.06B
Net Income	3.48B	4.76B	5.25B	2.84B	4.24B
Balance Sheet
Total Assets	271.60B	271.60B	238.45B	227.23B	223.53B
Cash, Cash Equivalents and Short-Term Investments	6.17B	6.17B	3.20B	4.06B	3.48B
Total Debt	101.25B	101.25B	69.86B	54.66B	44.61B
Total Liabilities	123.50B	123.50B	89.16B	71.45B	58.82B
Stockholders Equity	140.54B	140.54B	141.69B	147.83B	156.21B
Cash Flow
Free Cash Flow	1.70B	-1.30B	4.43B	6.27B	5.88B
Operating Cash Flow	13.04B	13.59B	15.27B	13.93B	11.62B
Investing Cash Flow	-11.76B	-15.63B	-14.59B	-7.51B	-4.56B
Financing Cash Flow	-1.76B	2.49B	-1.64B	-4.56B	-7.54B

Mindspace Business Parks REIT Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 450.18
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MINDSPACE, the sentiment is Positive. The current price of 450.18 is above the 20-day moving average (MA) of 430.99, above the 50-day MA of 422.33, and above the 200-day MA of 382.97, indicating a bullish trend. The MACD of 6.62 indicates Negative momentum. The RSI at 65.96 is Neutral, neither overbought nor oversold. The STOCH value of 64.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	73 Outperform	384.00B	24.22	7.14%	5.70%	10.41%	76.16%
MINDSPACE	66 Neutral	₹271.39B	52.85	―	―	9.83%	-4.94%
OBEROIRLTY	66 Neutral	588.98B	29.39	14.17%	0.49%	-4.15%	-5.81%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%