Mindspace Business Parks REIT

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Mindspace Business Parks REIT trades at ₹493, in a confirmed uptrend and 132 weeks into that stage. That is +6.8% against its own 200-day average. It sits at 97% of a 52-week range of ₹422 to ₹495. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a confirmed uptrend — week 132 of stage 2, confirmed. At ₹493 it trades +6.8% versus its 200-day average and sits at 97% of its 52-week range (₹422–₹495).

Against the market, two honest reads. Cumulative: over the last 5.8 years the stock moved +64% while the NIFTY 500 moved +154% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 58th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Mindspace Business Parks REIT trades at 47.4× P/E, mid-range by its own standards (58th percentile). Its long-run median P/E is 46.0×, measured across 5.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 47.4× is mid-range by its own standards (58th percentile), against a long-run median of 46.0× measured over 5.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +28.5% against a +17.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +11.9%/yr price move, ~+15.1%/yr came from earnings growth and ~−3.2 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 13% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Mindspace Business Parks REIT reads as turning around on its fundamental arc. Turning around — profit growth swung from −10.0% at the trough to +117.7% off a 5-quarter-old trough (single-quarter readings), ROCE holding at 8.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

56.4/100 — rank 1 of 4 in Real Estate Investment Trusts · 75% evidence confidence

Mindspace Business Parks REIT scores 56.4 out of 100 against the 4 companies it is compared with in Real Estate Investment Trusts, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 26.5 + 14.1 + 3.2 + 12.6 = 56.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Mindspace Business Parks REIT reported ₹890 Cr of revenue in the Mar 26 quarter, +30.7% year on year. That is the 10th straight quarter of year-on-year growth. Over 8 years it has compounded at 26.1% a year. The last full year, FY26, came in at ₹3,216 Cr. The last four reported quarters add to ₹3,216 Cr.

Mindspace Business Parks REIT reported ₹890 Cr of revenue in the Mar 26 quarter, +30.7% year on year. That is the 10th straight quarter of year-on-year growth. Over 8 years it has compounded at 26.1% a year. The last full year, FY26, came in at ₹3,216 Cr. The last four reported quarters add to ₹3,216 Cr.

FY26 revenue came in at ₹3,216 Cr (+23.9% on the year), capping 8 years at 26.1% compound. The latest quarter (Mar 26) printed ₹890 Cr, +30.7% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +23.2% growth against the decade's 26.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +23.4% over the last 4 quarters against +14.4%/yr over the last 8 — accelerating; TTM profit +35.2% vs +11.3%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 77.0% this quarter (+6.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Mindspace Business Parks REIT's operating margin is 77.0% in the Mar 26 quarter, +6.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 47.0% to 78.0%. The current quarter sits inside that band.

Mindspace Business Parks REIT's operating margin is 77.0% in the Mar 26 quarter, +6.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 47.0% to 78.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 77.0%, +6.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 47.0%–78.0%.

Why the margin moved: operating margin went +5.7 pp year on year while gross margin went +0.4 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit +117.7% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Mindspace Business Parks REIT earned ₹209 Cr of net profit in the Mar 26 quarter, +117.7% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹694 Cr. The 8-year compound rate is 52.3%. That is 23.5% of the quarter's revenue. The same quarter a year earlier earned ₹96.0 Cr.

Mindspace Business Parks REIT earned ₹209 Cr of net profit in the Mar 26 quarter, +117.7% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹694 Cr. The 8-year compound rate is 52.3%. That is 23.5% of the quarter's revenue. The same quarter a year earlier earned ₹96.0 Cr.

Mar 26 profit was ₹209 Cr, +117.7% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹694 Cr (+35.0%), and the 8-year compound rate is 52.3%.

Why profit moved: revenue contributed +30.7% and the margin +6.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +41.3% vs revenue +23.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 337% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 337% of Mindspace Business Parks REIT's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹2,414 Cr of operating cash against ₹694 Cr of profit. After ₹4,558 Cr of capital spending, ₹−2,144 Cr was left as free cash.

FY26: operating cash of ₹2,414 Cr against reported profit of ₹694 Cr, leaving free cash of ₹−2,144 Cr after ₹4,558 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 337% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 337%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 6.9× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹8,755 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Mindspace Business Parks REIT's cash conversion cycle runs 6 days in FY26, down from 7 days in FY21. Capital spending ran ₹8,755 Cr over the last 3 years. At FY26 sales of ₹3,216 Cr each day of that cycle holds about ₹8.8 Cr, so roughly ₹53.0 Cr sits inside the business at any moment.

FY26: debtors at 6 days (an asset-light business — no inventory to speak of) — for a full cycle of 6 days, tighter than FY21's 7.

In money terms: at FY26 sales of ₹3,216 Cr, each day of the cycle holds about ₹8.8 Cr — so the 6-day loop keeps roughly ₹53.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹8,755 Cr over the last 3 fiscal years against ₹1,268 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹128 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 8%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Mindspace Business Parks REIT earns a ROCE of 8% in FY26. That is up from a trough of 0% in FY20. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 21.6% net margin on 0.10× asset turns.

FY26 ROCE is 8%, recovered from a FY20 trough of 0% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 21.6% net margin × 0.10× asset turns × 2.10× balance-sheet leverage ≈ 4.5% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 13% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.86.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Mindspace Business Parks REIT carries ₹12,991 Cr of borrowings against ₹15,046 Cr of equity in FY26, a debt-to-equity of 0.86. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹3,774 Cr to ₹12,991 Cr. Capital spending ran ₹8,755 Cr across the last 3 of those years.

FY26: borrowings of ₹12,991 Cr against equity of ₹15,046 Cr — a debt-to-equity of 0.86. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹3,774 Cr to ₹12,991 Cr while capital spending ran ₹8,755 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 13% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Mindspace Business Parks REIT moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Mindspace Business Parks REIT: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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