Mindspace Business Parks REIT
Mindspace REIT is a Real Estate Investment Trust listed in India under the SEBI Real Estate Investment Trust Regulations, 2014. Mindspace REIT primarily holds interests in rental yielding commercial real estate assets (Grade-A office portfolio). It is incorporated as a registered Trust and listed through a public issue of units. The sponsor of Mindspace REIT is the K Raheja Corp Group. [1]
- Market Cap ₹ 23,245 Cr.
- Current Price ₹ 382
- High / Low ₹ 387 / 330
- Stock P/E 33.4
- Book Value ₹ 272
- Dividend Yield 5.59 %
- ROCE 7.11 %
- ROE 6.98 %
- Face Value ₹ 379
Pros
- Stock is providing a good dividend yield of 5.59%.
- Company has delivered good profit growth of 56.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 98.4%
- Promoter holding has increased by 0.97% over last quarter.
Cons
- Tax rate seems low
- Company has a low return on equity of 6.85% over last 3 years.
- Working capital days have increased from 164 days to 285 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Real Estate Investment Trusts Industry: Construction
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 504 | 582 | 0 | 613 | 1,201 | 1,278 | 1,400 | 1,034 | |
| 269 | 188 | 5 | 8 | 12 | 17 | 18 | 22 | |
| Operating Profit | 236 | 395 | -5 | 606 | 1,189 | 1,261 | 1,382 | 1,012 |
| OPM % | 47% | 68% | 99% | 99% | 99% | 99% | 98% | |
| 76 | 88 | 0 | 1 | 1 | 4 | 2 | 7 | |
| Interest | 214 | 224 | 0 | 23 | 87 | 114 | 222 | 320 |
| Depreciation | 106 | 105 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -9 | 154 | -5 | 584 | 1,104 | 1,151 | 1,162 | 699 |
| Tax % | -372% | 20% | 0% | 0% | 0% | 0% | 0% | |
| 24 | 124 | -5 | 583 | 1,103 | 1,149 | 1,161 | 696 | |
| EPS in Rs | 9.84 | 18.60 | 19.38 | 19.58 | 11.74 | |||
| Dividend Payout % | 0% | 0% | 0% | 97% | 99% | 98% | 98% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 32% |
| TTM: | -25% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 56% |
| 3 Years: | 26% |
| TTM: | -40% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 3% |
| 1 Year: | 8% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | 7% |
| Last Year: | 7% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.08 | 0.08 | 0.00 | 16,284 | 16,284 | 16,284 | 16,284 | 16,185 |
| Reserves | 77 | 200 | -5 | 295 | 292 | 320 | 343 | 78 |
| 2,358 | 2,438 | 0 | 1,142 | 1,642 | 2,189 | 3,474 | 4,600 | |
| 424 | 472 | 5 | 23 | 84 | 60 | 91 | 22 | |
| Total Liabilities | 2,859 | 3,110 | 0 | 17,745 | 18,302 | 18,852 | 20,191 | 20,886 |
| 1,920 | 1,908 | 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 0 | 15,310 | 15,310 | 15,310 | 15,410 | 15,610 |
| 938 | 1,201 | 0 | 2,434 | 2,992 | 3,542 | 4,781 | 5,275 | |
| Total Assets | 2,859 | 3,110 | 0 | 17,745 | 18,302 | 18,852 | 20,191 | 20,886 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|
| 0 | -11 | -12 | -20 | -15 | |||
| 0 | -1,525 | 633 | 749 | 66 | |||
| 0 | 1,829 | -633 | -712 | -45 | |||
| Net Cash Flow | 0 | 294 | -12 | 17 | 5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 12 | 7 | 0 | 0 | 0 | 0 | |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 12 | 7 | 0 | 0 | 0 | 0 | |
| Working Capital Days | 392 | 463 | -2 | 152 | 55 | 285 | |
| ROCE % | 15% | -0% | 7% | 7% | 7% | 7% |
Documents
Announcements
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Reg 18(16): Disclosure of record date for purpose of distribution
22 Apr - Board meeting on April 30 to approve FY25 results and declare Q4 distribution; conference call scheduled.
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Reg 23(5)(i): Disclosure of material issue
22 Apr - Board meeting on April 30 to approve FY25 results and declare distribution; record date May 6, payment by May 13.
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Unit Holding Pattern
21 Apr - Mindspace Business Parks REIT unitholding pattern disclosed for quarter ended March 31, 2025.
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Reg 26E: Quarterly Compliance Report on Corporate governance
21 Apr - Mindspace REIT's quarterly corporate governance compliance report for year ended March 31, 2025.
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Investor Complaints
21 Apr - Investor complaints report: 1 complaint received and resolved promptly, none pending as of March 31, 2025.
Annual reports
Concalls
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Jan 2025Transcript PPT
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Oct 2024Transcript PPT
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Jul 2024Transcript PPT
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Apr 2024Transcript PPT
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Jan 2024Transcript PPT REC
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Nov 2023Transcript PPT REC
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Aug 2023Transcript PPT
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Jul 2023TranscriptNotesPPT REC
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Jun 2023TranscriptNotesPPT
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May 2023TranscriptNotesPPT
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May 2023Transcript PPT
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May 2023TranscriptNotesPPT
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May 2023TranscriptNotesPPT REC
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Nov 2022TranscriptNotesPPT
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Jun 2022TranscriptNotesPPT
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Aug 2021TranscriptPPT
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Apr 2021TranscriptPPT
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Jan 2021TranscriptPPT
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Nov 2020TranscriptPPT
K Raheja Corp Group
It is one of the real estate developers in India with presence across the entire real estate value chain, from acquiring land to developing and operating assets across offices, hospitality, malls, residential and retail segments. It has partnered with several marquee institutional investors including Blackstone, GIC among others. [1]