Check Before You Invest : Mindspace Business Parks REIT

Snapshot

Q.1 Which industry/sub-sector does Mindspace Business Parks REIT belong to?

Mindspace Business Parks REIT belongs to the BFSI sector, operating specifically within the Finance - Investment segment.

Q.2 Is Mindspace Business Parks REIT a good quality company?

Mindspace Business Parks REIT is a quality company, based on a 7-year financial track record.

Q.3 Is Mindspace Business Parks REIT undervalued or overvalued?

Mindspace Business Parks REIT appears Overvalued, as its key valuation ratios are above with their past averages.

Q.4 Is Mindspace Business Parks REIT a good buy now?

Mindspace Business Parks REIT is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

Q.1 Total Income growth of Mindspace Business Parks REIT?

Mindspace Business Parks REIT Operating Income growth is -30.96% for FY-2025, which is below its 5-year CAGR of NA%, indicating slower growth.

Q.2 Return on Assets of Mindspace Business Parks REIT?

Mindspace Business Parks REIT Return on Asset is 2.9%, which is below its 5-year historical median of 6%, indicating deteriorated earnings on assets.

	Current Level	5-year Historic Median
NPM%	61.16	89.88
PPOP%	-	-
RoA%	2.9	6

Q.3 Return on Equity (ROE) of Mindspace Business Parks REIT?

Mindspace Business Parks REIT Return on Equity is 3.6% for FY-2025, which is below its 5-year historical median of 6.7%, indicating the business is making worse use of its shareholders capital.

Q.4 Net Profit Margin of Mindspace Business Parks REIT?

Mindspace Business Parks REIT Net Profit Margin, which is the difference between the rate of interest earned on assets and the rate of interest paid on liabilities, is 61.16% for FY-2025, which is below its 5-year median( 89.88%), indicating decreasing margins.

Q.5 Total Asset growth of Mindspace Business Parks REIT?

Mindspace Business Parks REIT Total Asset growth is 5.34% for FY-2025, which is above its 5-year CAGR of 3.69%, indicating faster growth.

Ownership & governance

Q.1 Promoter shareholding and pledge status of Mindspace Business Parks REIT?

Promoters hold 59.40% of the Mindspace Business Parks REIT, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

Q.1 AUM Growth of Mindspace Business Parks REIT vs Industry Peers?

Mindspace Business Parks REIT AUM CAGR is 3.69%, compared to the 5-year industry median CAGR of 9.45%, indicating slower growth and losing its market share.

Q.2 Profit metrics (NPM, PPOP, RoA) of Mindspace Business Parks REIT vs industry peers

Mindspace Business Parks REIT profit metrics are in line with the industry median level of -0.85%, indicating similar profitability compared to peers.

Profit Metrics

	Current Level	5-year Industry Median
NPM%	61.16	9.95
PPOP%	-	-13.31
RoA%	2.9	0.8

Q.3 Operating efficiency of Mindspace Business Parks REIT vs industry peers?

Mindspace Business Parks REIT ROCE (6.6) is above the industry median of (1.9); while the current ROE (6.7) are above than the 5-year average Industry ROE (1.2). This shows that the business is positioned in the top quartile of the industry.

Operating Efficiency

	Current Level	5-year Industry Median
NPM%	61.16	9.95
PPOP%	-	-13.31
RoA%	2.9	0.8
ROCE%	4.6	1.9
ROE%	3.6	1.2

Valuation & price assessment

Q.1 Stock return of Mindspace Business Parks REIT over the last decade?

Over the last 5 years, the stock has delivered a CAGR of 9.84% based on the current price.

Q.2 What return has the stock given over the last decade?

	9Y	5Y	3Y	1Y
Share Price CAGR	-	9.8%	12.6%	19.1%

Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?

Valuation Ratios	Current	5-year Historic Median	5-year Industry Median
Price to Earnings	-	-	33.72
Price to Book	-	-	0.94
Price to Sales	-	-	12.44
EV to EBITDA	7.44	1.49	9.97

Q.4 Valuation ratios of Mindspace Business Parks REITvs historical and industry averages?

The current Price to book ratio (P/B) 0% is similar than its historical median of %, indicating that at the current price the stock is fairly valued. However, you need a deeper analysis to make a better judgement.

Strategic outlook

Q.1 Does its ROIC exceed its WACC?

Mindspace Business Parks REIT return on invested capital (ROIC) is 4.04% for FY-2025, is lower than its estimated weighted average cost of capital (WACC) of 14%, indicating value erosion.

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