Mindspace Business Parks REIT has reported consolidated financial results for the quarter and financial year ended March 31, 2026, demonstrating robust operational performance across key metrics. The commercial real estate investment trust delivered significant growth in profitability and revenue, reflecting effective portfolio management and operational efficiency.

Financial Performance Summary

The REIT's financial results for Q4FY26 showed substantial improvement across major indicators:

Strong Profitability Growth

Net profit after tax for Q4FY26 reached ₹2,087.31 million, representing a 117% year-on-year increase compared to ₹961.11 million in the corresponding quarter of the previous year. This significant improvement underscores the REIT's effective cost management and operational execution. For the full financial year FY26, net profit after tax grew 35% to ₹6,942.58 million from ₹5,137.46 million in FY25.

Revenue Expansion

Total income from operations for Q4FY26 stood at ₹9,148.94 million, marking a 29% increase from ₹7,077.67 million recorded in Q4FY25. On an annual basis, total income from operations for FY26 reached ₹32,930.87 million, up 23% from ₹26,756.27 million in the previous financial year. This consistent revenue growth demonstrates the REIT's ability to generate steady income from its commercial real estate portfolio.

Key Financial Ratios and Capital Structure

The REIT maintained strong financial health indicators during the period. The debt service coverage ratio stood at 2.90 for Q4FY26, while the interest service coverage ratio was 3.38, indicating comfortable debt servicing capabilities. The debt equity ratio remained stable at 0.83 for both Q4FY26 and FY26. Unit capital increased to ₹187,154.26 million from ₹168,964.03 million in the previous year, reflecting growth in the REIT's capital base. Net worth stood at ₹150,468.19 million as of March 31, 2026.

Board Approval and Auditor Report

The consolidated financial results for the quarter and financial year ended March 31, 2026, were recommended by the Audit Committee and approved by the Board of Directors of K Raheja Corp Investment Managers Private Limited (acting as Manager to Mindspace Business Parks REIT) at its meeting held on April 29, 2026. The Statutory Auditors of Mindspace REIT have issued an unmodified report on the financial results.

Mindspace Business Parks REIT has filed its earnings presentation and comprehensive valuation reports for the quarter and financial year ended March 31, 2026, with stock exchanges pursuant to SEBI REIT regulations. The REIT also submitted detailed financial results, security cover certificates, and compliance status reports for its Non-Convertible Debenture series on April 29, 2026.

Financial Performance Summary

The consolidated financial results for Q4 FY26 demonstrate strong operational performance:

For the full year FY26, the REIT reported total income of Rs. 32,930.87 million and profit attributable to unit holders of Rs. 6,518.58 million.

Portfolio Valuation and Assets

The comprehensive valuation report covers the REIT's entire portfolio across four key office markets with a total leasable area of 39.10 million sq ft. The portfolio valuation reflects strong market fundamentals with Gross Asset Value of Rs. 476 billion as of March 31, 2026, and Net Asset Value of Rs. 527 per unit, up 9% from September 2025. Portfolio committed occupancy stood at 95.7%, up 1.2% quarter-on-quarter.

Debt Securities Compliance

The REIT filed security cover certificates and compliance status reports for multiple NCD series (NCD 4 through NCD 17) with various debenture trustees including Catalyst Trusteeship Limited, IDBI Trusteeship Services Limited, and IDBI Trusteeship Limited. Deloitte Haskins & Sells LLP, the statutory auditors, provided limited assurance certification confirming that all financial covenants have been complied with for the year ended March 31, 2026.

Key financial covenant metrics include:

The security cover ratios for various NCD series ranged from 1.55 to 3.29, all within required limits. For NCD 17, the REIT raised Rs. 560 crore through private placement on March 5, 2026, with full utilization reported and no material deviation from the stated objects of the issue.

Regulatory Filings

All documents have been filed in compliance with SEBI (Real Estate Investment Trusts) Regulations, 2014, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, International Valuation Standards 2025, and RICS Valuation Standards and Guidelines 2025. The comprehensive documentation provides investors with detailed insights into the REIT's portfolio performance, valuation methodology, debt compliance status, and market positioning across India's key office markets.

Source: None/Company/INE0CCU25019/537fa75481be4cf7.pdf