Mindspace Business Parks REIT (MINDSPACE) — share price & stock analysis

Market cap

₹31,667 Cr

P/E

46.8×

ROE

4.7%

vs own history (since 2021)

57th pctile

Book value / share

₹232

EPS (TTM)

₹10.4

10-yr median P/E

45.8×

Revenue (FY26)

₹3,216 Cr

Profit after tax (FY26)

₹694 Cr

Weinstein stage

Stage 2 (130 weeks)

Data as of

1 July 2026

4 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 8% — weak; real debt (0.86× equity); margins near the top of their band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

What the earnings deliver, the price follows

Since Aug 2021, the stock is up 63% and earnings per share are up 52% — the price has tracked the profits, not run ahead of them.pricettm_eps

The market is paying for delivery, not promises. What you see in earnings is what you get in the price.

Today’s P/E of 46.8× is the middle of its own range against its own history since 2021 (57th percentile) — neither a bargain nor a stretch, by its own standards.pe_ratio

A caveat on every valuation comparison here: the stock has only traded since 2021, and in that time its P/E has ranged 36–64× — it has never been cheap. “Middle of its range” means the middle of an expensive range.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (45.8×).

Stage 2: the trend is up, and has been for 130 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 130 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹458 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 85 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Losses, then a rebuild: profits are at an all-time high

Over 8 years, sales went from ₹504 Cr to ₹3,216 Cr (about 26% a year), and profit from ₹24.0 Cr to ₹694 Cr.revenuenet_profit

The books show real losses in FY20 (worst: ₹−5.0 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit

Sales jumped 31% last quarter — growth every single quarter for over 2 years

Mar 26 sales were ₹890 Cr, up 31% on the same quarter last year.revenue

That makes 10 quarters of growth in a row — this is a trend, not a blip.revenue

Margins are widening — 71% → 77% in a year

Of every ₹100 of sales, the company keeps ₹76.8 as operating profit (a year ago it kept ₹71.0).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 67.3% in FY23 and has been rebuilt to 75.8% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin barely moved (95% → 96%), so the change came from running costs — the business is getting more efficient as it scales.gpm_pctopm_pct

Profit exploded 118% — mostly from selling more

Mar 26 profit after tax was ₹209 Cr, up 118% year on year.net_profit

The profits are real — they turn into cash

Over the last 5 profitable years, the business reported ₹2,524 Cr of profit and collected ₹8,513 Cr of operating cash — about 337% conversion.operating_cash_flownet_profit

When cash tracks profit this closely, the earnings need no asterisk.

The cash cycle is stable

One rupee now takes about 6 days to go out the door as materials and come back as collected cash.cash_conversion_cycle

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹1,920 Cr (FY18) to ₹28,790 Cr, with another ₹128 Cr of capacity under construction right now.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹4,252 Cr) fits inside the operating cash the business generated (₹5,958 Cr).investing_cash_flowoperating_cash_flow

Carrying real debt

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹86 — total borrowings have grown from ₹2,358 Cr to ₹12,991 Cr over the window.borrowings

Every ₹100 kept in the business earns just ₹8

Return on capital employed is 8.0% (a year ago: 7.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Strong on the data — worth the deeper look if the story keeps its promises

The numbers lean positive, and the price is roughly fair to the delivery so far.

Best thing in the data: profit rising (₹96.0 Cr → ₹209 Cr).net_profit

One dissent worth hearing: our valuation lens reads negative — “its fair-value math says the price sits about 27% above what the numbers justify”. When a lens disagrees with the committee, it is usually pointing at the thing that breaks first.

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data