Mindspace Business Parks REIT has received reaffirmation of its credit ratings from ICRA Limited, reinforcing the REIT's strong financial position and creditworthiness. The rating agency confirmed the reaffirmation on April 06, 2026, maintaining stable outlooks across all rated instruments.

Credit Rating Details

ICRA Limited has reaffirmed comprehensive credit ratings for Mindspace Business Parks REIT across multiple financial instruments. The rating reaffirmation covers the REIT's issuer rating, debt securities, and short-term commercial papers, providing investors with continued confidence in the entity's financial stability.

Regulatory Compliance

The REIT has informed both the National Stock Exchange of India Limited and BSE Limited about the rating reaffirmation in compliance with regulatory requirements. The disclosure was made pursuant to Regulation 23(5) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, and Regulation 51(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The communication was signed by Mridul Gupta, Company Secretary and Compliance Officer, on behalf of K Raheja Corp Investment Managers Private Limited, which acts as the Manager to Mindspace Business Parks REIT.

Rating Validation and Terms

ICRA Limited confirmed that the ratings previously communicated on March 17, 2026, remain valid with unchanged terms and conditions. The rating agency emphasized that these ratings represent opinions and should not be treated as recommendations to buy, sell, or hold the rated instruments.

The rating letters specify that ICRA reserves the right to review and revise the ratings based on new information or changing circumstances that could impact the REIT's creditworthiness. Any modifications to the terms, conditions, or size of the rated instruments would require a fresh review by the rating agency.

Key Rating Considerations

For the commercial paper program, ICRA highlighted specific validity conditions:

• Instruments must be issued within three months of the rating date
• Once issued, ratings remain valid throughout the instrument's life (maximum twelve months)
• The rating agency retains the right to review ratings based on new developments

The rating reaffirmation underscores Mindspace Business Parks REIT's continued financial strength and ability to service its debt obligations across different maturity profiles.

Mindspace Business Parks REIT has received favorable credit ratings from CRISIL Limited for its debt instruments, with the rating agency assigning CRISIL AAA/Stable rating to new non-convertible debentures while reaffirming existing ratings across its debt portfolio.

Credit Rating Details

CRISIL Limited has assigned CRISIL AAA/Stable rating to Mindspace REIT's new non-convertible debentures worth INR 100 crore. The rating agency has also reaffirmed its ratings on existing debt instruments, maintaining the trust's strong credit profile.

Financial Performance Highlights

Mindspace REIT demonstrated strong operational performance in the first nine months of fiscal 2026. Revenue from operations increased by approximately 25% year-on-year, reaching INR 2,346 crore, driven by stable rentals, contractual escalations, and improved occupancy rates.

Debt Profile and Financial Metrics

The REIT maintains a conservative capital structure with comfortable debt metrics. Consolidated gross debt stood at INR 11,613 crore as of December 31, 2025, compared to INR 10,134 crore as of March 31, 2025, primarily due to debt drawn for ongoing capital expenditures.

Portfolio and Recent Acquisitions

Mindspace REIT's portfolio comprises 15 commercial offices, IT parks, and SEZ assets with operational area of 31.2 million square feet as of December 2025. The trust has been actively expanding through strategic acquisitions, including the completion of acquisitions of three prime commercial office assets in Mumbai and Pune through equity swaps.

The REIT acquired Q-City (0.81 million sq ft) in July 2025 for approximately INR 512 crore, funded entirely through debt. Earlier, it acquired Commerzone Raidurg (1.8 million sq ft) in February 2025 by issuing units to the asset holding company's equity shareholders.

Rating Rationale

CRISIL's rating reflects Mindspace REIT's comfortable loan-to-value ratio, strong debt protection metrics, and stable revenue profile supported by healthy occupancy and geographic diversification. The ratings are supported by the trust's low debt levels and regulatory cap on incremental borrowings, while being partially offset by susceptibility to real estate sector volatility.

The stable outlook indicates CRISIL's expectation that Mindspace REIT will continue to benefit from the quality of its underlying assets over the medium term, maintaining its strong credit profile and operational performance.