# Real Estate Investment Trusts — company-by-company sector analysis

> Real Estate Investment Trusts: Embassy Office Parks REIT owns the largest revenue base; Brookfield India Real Estate Trust has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 4 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Embassy Office Parks REIT leads with income of ₹4,582 crore, based on 4 of 4 comparable companies through Mar 2026. Brookfield India Real Estate Trust has the fastest current income growth at 24.5%, across 4 of 4 comparable companies.

### Is the Real Estate Investment Trusts sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 4 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Real Estate Investment Trusts company is largest by income?

Embassy Office Parks REIT leads with income of ₹4,582 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Real Estate Investment Trusts company is growing fastest?

Brookfield India Real Estate Trust has the fastest current income growth at 24.5%, across 4 of 4 comparable companies.

### Which Real Estate Investment Trusts company has the strongest 4-Factor Sector Score?

Mindspace Business Parks REIT ranks first at 56.4/100 with 75.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Real Estate Investment Trusts company has the lowest comparable P/BV-to-ROE?

Mindspace Business Parks REIT has the lowest comparable P/BV ÷ ROE at 0.45, among 4 of 4 companies that pass the metric’s comparability rules.

### How much history does this Real Estate Investment Trusts comparison include?

The page compares up to 19 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Real Estate Investment Trusts against NIFTY 500 is not available from the current market series. 4 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Mindspace Business Parks REIT is the strongest against the sector itself at +1.1%.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 4/4
Stocks leading sector: 3/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹1.3 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Mindspace Business Parks REIT (MINDSPACE): 56/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 26.5/35 | Capital efficiency 14.1/25 | Valuation 3.2/20 | Relative strength 12.6/20
   - Exact sum: 26.5 + 14.1 + 3.2 + 12.6 = 56.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Brookfield India Real Estate Trust (BIRET): 53/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 26.5/35 | Capital efficiency 14.1/25 | Valuation 3.8/20 | Relative strength 8.1/20
   - Exact sum: 26.5 + 14.1 + 3.8 + 8.1 = 52.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Embassy Office Parks REIT (EMBASSY): 47/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 19.4/35 | Capital efficiency 13.7/25 | Valuation 1.0/20 | Relative strength 12.9/20
   - Exact sum: 19.4 + 13.7 + 1 + 12.9 = 47
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Nexus Select Trust (NXST): 43/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 13.7/35 | Capital efficiency 14.1/25 | Valuation 1.4/20 | Relative strength 13.3/20
   - Exact sum: 13.7 + 14.1 + 1.4 + 13.3 = 42.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 4.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

## Income Scale & Growth Durability

What the numbers say: Embassy Office Parks REIT is the scale leader at ₹4,582 crore, 42.5% ahead of Mindspace Business Parks REIT. Brookfield India Real Estate Trust's growth is 24.5% from a ₹2,970 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Embassy Office Parks REIT is the scale benchmark; Brookfield India Real Estate Trust is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Embassy Office Parks REIT's growth falls below Brookfield India Real Estate Trust's for two consecutive comparable reports while operating margin also compresses.

Evidence: Embassy Office Parks REIT · ₹4,582 crore | 42.5% versus #2 · Mindspace Business Parks REIT | 7/8 recent comparable periods | 4/4 companies · 55 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Embassy Office Parks REIT (EMBASSY): ₹4.6K Cr
2. Mindspace Business Parks REIT (MINDSPACE): ₹3.2K Cr
3. Brookfield India Real Estate Trust (BIRET): ₹3.0K Cr
4. Nexus Select Trust (NXST): ₹2.6K Cr

### Income growth — fastest growers
1. Brookfield India Real Estate Trust (BIRET): 25%
2. Mindspace Business Parks REIT (MINDSPACE): 23%
3. Embassy Office Parks REIT (EMBASSY): 13%
4. Nexus Select Trust (NXST): 12%

### 19-quarter Income history
- EMBASSY: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 ₹893 Cr | Mar 2023 ₹895 Cr | Jun 2023 ₹943 Cr | Sep 2023 ₹926 Cr | Dec 2023 ₹966 Cr | Mar 2024 ₹981 Cr | Jun 2024 ₹934 Cr | Sep 2024 ₹997 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr
- MINDSPACE: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 ₹559 Cr | Mar 2023 ₹570 Cr | Jun 2023 ₹593 Cr | Sep 2023 ₹638 Cr | Dec 2023 ₹608 Cr | Mar 2024 ₹620 Cr | Jun 2024 ₹628 Cr | Sep 2024 ₹649 Cr | Dec 2024 ₹649 Cr | Mar 2025 ₹681 Cr | Jun 2025 ₹740 Cr | Sep 2025 ₹772 Cr | Dec 2025 ₹814 Cr | Mar 2026 ₹890 Cr
- BIRET: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 ₹300 Cr | Mar 2023 ₹302 Cr | Jun 2023 ₹314 Cr | Sep 2023 ₹400 Cr | Dec 2023 ₹531 Cr | Mar 2024 ₹547 Cr | Jun 2024 ₹574 Cr | Sep 2024 ₹590 Cr | Dec 2024 ₹602 Cr | Mar 2025 ₹620 Cr | Jun 2025 ₹642 Cr | Sep 2025 ₹671 Cr | Dec 2025 ₹697 Cr | Mar 2026 ₹960 Cr
- NXST: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹287 Cr | Sep 2023 ₹541 Cr | Dec 2023 ₹571 Cr | Mar 2024 ₹542 Cr | Jun 2024 ₹554 Cr | Sep 2024 ₹557 Cr | Dec 2024 ₹594 Cr | Mar 2025 ₹580 Cr | Jun 2025 ₹614 Cr | Sep 2025 ₹631 Cr | Dec 2025 ₹671 Cr | Mar 2026 ₹652 Cr

### 19-quarter Income growth history
- EMBASSY: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.2% | Mar 2024 9.6% | Jun 2024 -1.0% | Sep 2024 7.7% | Dec 2024 5.8% | Mar 2025 11% | Jun 2025 13% | Sep 2025 13% | Dec 2025 17% | Mar 2026 11%
- MINDSPACE: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.8% | Mar 2024 8.8% | Jun 2024 5.9% | Sep 2024 1.7% | Dec 2024 6.7% | Mar 2025 9.8% | Jun 2025 18% | Sep 2025 19% | Dec 2025 25% | Mar 2026 31%
- BIRET: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 77% | Mar 2024 81% | Jun 2024 83% | Sep 2024 48% | Dec 2024 13% | Mar 2025 13% | Jun 2025 12% | Sep 2025 14% | Dec 2025 16% | Mar 2026 55%
- NXST: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 93% | Sep 2024 3.0% | Dec 2024 4.0% | Mar 2025 7.0% | Jun 2025 11% | Sep 2025 13% | Dec 2025 13% | Mar 2026 12%

## Profit Scale & Acceleration

What the numbers say: Mindspace Business Parks REIT leads with ₹695 crore of TTM profit, 29.7% above Brookfield India Real Estate Trust. Brookfield India Real Estate Trust shows ≥100% on the scoring scale (226.8% uncapped) growth from a ₹536 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Mindspace Business Parks REIT sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Mindspace Business Parks REIT · ₹695 crore | 29.7% versus #2 · Brookfield India Real Estate Trust | 4/8 recent comparable periods | 4/4 companies · 55 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Mindspace Business Parks REIT (MINDSPACE): ₹695 Cr
2. Brookfield India Real Estate Trust (BIRET): ₹536 Cr
3. Nexus Select Trust (NXST): ₹403 Cr
4. Embassy Office Parks REIT (EMBASSY): ₹338 Cr

### Profit growth — fastest growers
1. Brookfield India Real Estate Trust (BIRET): 100%
2. Mindspace Business Parks REIT (MINDSPACE): 35%
3. Nexus Select Trust (NXST): -17%

### 19-quarter Net profit history
- EMBASSY: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 ₹163 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹234 Cr | Sep 2023 ₹217 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹283 Cr | Jun 2024 ₹179 Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹158 Cr | Mar 2025 ₹-243 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹232 Cr | Dec 2025 ₹381 Cr | Mar 2026 ₹-430 Cr
- MINDSPACE: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 ₹126 Cr | Mar 2023 ₹-34 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹127 Cr | Dec 2025 ₹192 Cr | Mar 2026 ₹209 Cr
- BIRET: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 ₹25 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹-27 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹149 Cr | Dec 2025 ₹201 Cr | Mar 2026 ₹54 Cr
- NXST: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 ₹-3 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹251 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹110 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹12 Cr

### 19-quarter Profit growth history
- EMBASSY: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 41% | Mar 2024 709% | Jun 2024 -24% | Sep 2024 605% | Dec 2024 -31% | Mar 2025 -186% | Jun 2025 -13% | Sep 2025 -85% | Dec 2025 141% | Mar 2026 —
- MINDSPACE: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17% | Mar 2024 — | Jun 2024 0.7% | Sep 2024 -10% | Dec 2024 -1.4% | Mar 2025 -24% | Jun 2025 21% | Sep 2025 -5.9% | Dec 2025 32% | Mar 2026 118%
- BIRET: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -32% | Mar 2024 -94% | Jun 2024 — | Sep 2024 1,050% | Dec 2024 35% | Mar 2025 3,850% | Jun 2025 238% | Sep 2025 548% | Dec 2025 774% | Mar 2026 -32%
- NXST: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 49% | Sep 2024 -56% | Dec 2024 11% | Mar 2025 -22% | Jun 2025 -14% | Sep 2025 20% | Dec 2025 17% | Mar 2026 -89%

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Embassy Office Parks REIT (EMBASSY): ₹22.5K Cr
2. Brookfield India Real Estate Trust (BIRET): ₹16.6K Cr
3. Mindspace Business Parks REIT (MINDSPACE): ₹13.0K Cr
4. Nexus Select Trust (NXST): ₹6.2K Cr

### 19-quarter Deposits history

### 19-quarter Borrowings history
- EMBASSY: Mar 2018 — | Mar 2019 ₹7.8K Cr | Mar 2020 ₹5.7K Cr | Mar 2021 ₹10.7K Cr | Mar 2022 ₹12.1K Cr | Dec 2022 — | Mar 2023 ₹14.8K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹17.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹20.0K Cr | Jun 2025 — | Sep 2025 ₹21.1K Cr | Dec 2025 — | Mar 2026 ₹22.5K Cr
- MINDSPACE: Mar 2018 ₹2.4K Cr | Mar 2019 ₹6.2K Cr | Mar 2020 ₹0 Cr | Mar 2021 ₹3.8K Cr | Mar 2022 ₹4.5K Cr | Dec 2022 — | Mar 2023 ₹5.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹10.1K Cr | Jun 2025 — | Sep 2025 ₹11.3K Cr | Dec 2025 — | Mar 2026 ₹13.0K Cr
- BIRET: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 ₹2.1K Cr | Mar 2022 ₹5.2K Cr | Dec 2022 — | Mar 2023 ₹5.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹12.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹9.1K Cr | Jun 2025 — | Sep 2025 ₹9.1K Cr | Dec 2025 — | Mar 2026 ₹16.6K Cr
- NXST: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5.3K Cr | Jun 2025 — | Sep 2025 ₹5.8K Cr | Dec 2025 — | Mar 2026 ₹6.2K Cr

## Return On Assets

What the numbers say: Mindspace Business Parks REIT leads roa at 4.3%; the second comparison lacks enough current evidence.

Investor read: Mindspace Business Parks REIT sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Mindspace Business Parks REIT · 4.3% | 27.1% versus #2 · Nexus Select Trust | Not enough history | 4/4 companies · 0 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Mindspace Business Parks REIT (MINDSPACE): 4.3%
2. Nexus Select Trust (NXST): 3.4%
3. Brookfield India Real Estate Trust (BIRET): 3.3%
4. Embassy Office Parks REIT (EMBASSY): 2.9%

### ROA change — fastest improvers

### 19-quarter ROA history

### 19-quarter ROA change history

## ROE — Leaders & Improvers

What the numbers say: Mindspace Business Parks REIT leads roe at 4.7%; the second comparison lacks enough current evidence.

Investor read: Mindspace Business Parks REIT sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Mindspace Business Parks REIT · 4.7% | 69.1% versus #2 · Brookfield India Real Estate Trust | Not enough history | 4/4 companies · 0 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Mindspace Business Parks REIT (MINDSPACE): 4.7%
2. Brookfield India Real Estate Trust (BIRET): 2.8%
3. Nexus Select Trust (NXST): 2.7%
4. Embassy Office Parks REIT (EMBASSY): 1.3%

### ROE change — fastest improvers

### 19-quarter ROE history

### 19-quarter ROE change history

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 19-quarter Gross NPA history

### 19-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: Mindspace Business Parks REIT has the lowest comparable P/BV ÷ ROE at 0.45×, 4.3% below Brookfield India Real Estate Trust. Only 4 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Mindspace Business Parks REIT · 0.45× | 4.3% versus #2 · Brookfield India Real Estate Trust | 0/8 recent comparable periods | 4/4 companies · 0 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Mindspace Business Parks REIT (MINDSPACE): 0.5
2. Brookfield India Real Estate Trust (BIRET): 0.5
3. Nexus Select Trust (NXST): 0.7
4. Embassy Office Parks REIT (EMBASSY): 1.6

### P/BV — lowest P/BV
1. Brookfield India Real Estate Trust (BIRET): 1.3
2. Nexus Select Trust (NXST): 1.9
3. Embassy Office Parks REIT (EMBASSY): 2.0
4. Mindspace Business Parks REIT (MINDSPACE): 2.1

### 19-quarter P/BV ÷ ROE history

### 19-quarter P/BV history
- EMBASSY: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 1.1 | Mar 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.5 | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.7 | Dec 2025 1.9 | Mar 2026 1.8
- MINDSPACE: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 1.1 | Mar 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 1.6 | Mar 2025 1.6 | Jun 2025 1.8 | Sep 2025 2.0 | Dec 2025 2.1 | Mar 2026 2.0
- BIRET: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 0.8 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 0.9 | Sep 2025 1.4 | Dec 2025 1.5 | Mar 2026 1.7
- NXST: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.2 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 1.4 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.7

## Market action

Mindspace Business Parks REIT has the strongest one-year price move in Real Estate Investment Trusts at +17.3%. It also leads on Mansfield relative strength against NIFTY at +5.3%. 4 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Mindspace Business Parks REIT (MINDSPACE): 17%
2. Embassy Office Parks REIT (EMBASSY): 14%
3. Nexus Select Trust (NXST): 12%
4. Brookfield India Real Estate Trust (BIRET): 10%

### Strongest relative strength versus NIFTY 500
1. Mindspace Business Parks REIT (MINDSPACE): 5.3%
2. Embassy Office Parks REIT (EMBASSY): 5.3%
3. Nexus Select Trust (NXST): 4.5%
4. Brookfield India Real Estate Trust (BIRET): 0.8%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 4 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Embassy Office Parks REIT (EMBASSY) — market value ₹41.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Mindspace Business Parks REIT (MINDSPACE) — market value ₹32.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Brookfield India Real Estate Trust (BIRET) — market value ₹28.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Nexus Select Trust (NXST) — market value ₹25.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 0. Unverified: 0. Withheld: 4. Graded companies: 4.

4 of 4 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Embassy Office Parks REIT (EMBASSY) — its two data sources disagree by up to 106% on reported income across 14 comparable periods, so its derived ratios are withheld; Mindspace Business Parks REIT (MINDSPACE) — its two data sources disagree by up to 13% on reported income across 14 comparable periods, so its derived ratios are withheld; Brookfield India Real Estate Trust (BIRET) — its two data sources disagree by up to 300% on reported income across 14 comparable periods, so its derived ratios are withheld; Nexus Select Trust (NXST) — its two data sources disagree by up to 8,598% on reported income across 13 comparable periods, so its derived ratios are withheld.

- WITHHELD | EMBASSY | Embassy Office Parks REIT | diff_gt_2pct | disagreement up to 106.27% over 14 comparable periods
- WITHHELD | MINDSPACE | Mindspace Business Parks REIT | diff_gt_2pct | disagreement up to 13.23% over 14 comparable periods
- WITHHELD | BIRET | Brookfield India Real Estate Trust | diff_gt_2pct | disagreement up to 299.85% over 14 comparable periods
- WITHHELD | NXST | Nexus Select Trust | diff_gt_2pct | disagreement up to 8598.22% over 13 comparable periods

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 19 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Real Estate Investment Trusts index?

The Nifty Real Estate Investment Trusts index tracks India's listed Real Estate Investment Trusts companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Real Estate Investment Trusts sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Real Estate Investment Trusts stocks in India?

Ranked by this page's four-factor score, Mindspace Business Parks REIT places first among 4 listed Real Estate Investment Trusts companies, followed by Brookfield India Real Estate Trust. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Real Estate Investment Trusts stocks are listed in India?

This comparison covers 4 listed Real Estate Investment Trusts companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Real Estate Investment Trusts company is the biggest?

Embassy Office Parks REIT is the largest, with trailing-twelve-month income of ₹4,582 crore, ahead of Mindspace Business Parks REIT at ₹3,216 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Real Estate Investment Trusts company is growing fastest?

Brookfield India Real Estate Trust has the fastest income growth at 24.5% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Real Estate Investment Trusts company makes the most profit?

Mindspace Business Parks REIT earns the most, at ₹695 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Brookfield India Real Estate Trust has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Real Estate Investment Trusts company earns the highest return on capital?

Mindspace Business Parks REIT leads on return on assets at 4.3%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Real Estate Investment Trusts stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Mindspace Business Parks REIT screens cheapest at 0.45×. Only 4 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Real Estate Investment Trusts stock has the strongest price momentum?

Mindspace Business Parks REIT has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Real Estate Investment Trusts company scores highest for research priority?

Mindspace Business Parks REIT scores 56.4 out of 100 with 75.2% evidence confidence, from 26.5 points on growth and earnings, 14.1 on capital efficiency, 3.2 on valuation and 12.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Real Estate Investment Trusts companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 19 reported quarters of fundamentals and 9 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Real Estate Investment Trusts sector?

The 4 Real Estate Investment Trusts companies on this page carry ₹1,26,921 crore of combined market value. Embassy Office Parks REIT is the largest at ₹41,516 crore, about 33% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Real Estate Investment Trusts sector performing?

4 of the 4 covered Real Estate Investment Trusts companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/real-estate-investment-trusts