Mindspace Business Parks Reit · NSE:MINDSPACE.RR

Mindspace Business Parks Reit — Q4 FY26 Earnings Presentation

66 slides from Mindspace Business Parks Reit's earnings presentation, Apr 29, 2026

  1. Slide 1: Q4 FY26 Investor Presentation

    Q4 FY26 Investor Presentation 29th April 2026

  2. Slide 2: Disclaimer

    Disclaimer By attending the meeting where this presentation (“Presentation”) is made, or by reading the Presentation materials, you agree to be bound by the following limitations: This Presentation (a) is for information purposes only without regards to specific objectives, financial situations or n

  3. Slide 3: Table of Contents

    Table of Contents Key Highlights 4 Key Highlights 4 01 Project Updates 12 Project Updates 12 02 Financial Update 15 Financial Update 15 03 Our Markets 21 Our Markets 21 04 Our Franchise Portfolio 29 Our Franchise & Portfolio 29 05 Re-energizing Parks 41 Re-energizing Parks 41 06 Value creation via E

  4. Slide 4: Key Highlights

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  5. Slide 5: Strong Financial Performance fueled by Sustained Demand for Grade-A Assets

    Strong Financial Performance fueled by Sustained Demand for Grade-A Assets 7.1msf (1) 3.5 msf (1) Gross Leasing Q4 FY26 Gross Leasing FY26 95.7% 2.0 msf (2) c. Committed Pre-Leased Occupancy Q4 FY26 Sequentially up 1.2% c.1.5 Msf (84%) at Building 8 pre-leased to 2 Global Corporates (Planned deliver

  6. Slide 6: Strong Operating Performance helps deliver robust financial performance

    Strong Operating Performance helps deliver robust financial performance INR 7,419 Mn INR 4,305 Mn INR 476 Bn (Q4 FY25 - INR 5,398 Mn) (Q4 FY25 - INR 3,923 Mn) ( Sep’25 - INR 410 Bn) Q4 FY26 NOI Q4 FY26 Distribution Gross Asset Value Up 37.4% Y-o-Y Up 9.7%Y-o-Y Up 16.1% v/s Sep’ 25 Up 24.5% excluding

  7. Slide 7: Delivered Strong Operational performance

    Delivered Strong Operational performance Key Operating Indicators Q4 FY26 FY26 Gross Leasing 3.5 (1) msf 7.1 (1) msf Re-leased Area 0.6 msf 2.8 msf New and Vacant Area Leased 0.9 msf 2.3 msf Pre-lease 2.0 msf 2.0 msf Average Rent for Area Leased INR 103 psf/Month INR 90 psf/Month Re-leasing Spread(2

  8. Slide 8: Ongoing acquisitions (1/2): Commerzone Pallikaranai, Chennai

    Ongoing acquisitions (1/2): Commerzone Pallikaranai, Chennai INR 26.3 Bn (1) INR 25.4 Bn c. 2.6 msf c. 70% (2) Gross Purchase GAV Total Leasable area Committed Occupancy Consideration Received Unitholders approval for acquisition; Transaction to be concluded in May’26 mNumbers i n d s p aare c eas r

  9. Slide 9: Ongoing acquisitions (2/2): 51% stake in International Tech Park Chennai

    Ongoing acquisitions (2/2): 51% stake in International Tech Park Chennai, Radial Road Committed occupancy INR 30.6 Bn INR 30 Bn c. 2.6 msf Gross Purchase c. 87% in Tower 1 & c.28% GAV (1) Total leasable area in Tower 2 (3) Consideration(2) Numbers are as of 15 March 2026, unless stated otherwise m 1

  10. Slide 10: Modern and Sustainable workplaces attracting occupiers

    Modern and Sustainable workplaces attracting occupiers High Quality Portfolio with 11 out of 14(1) parks achieving an average of more than 96% committed occupancy levels 100% 100% 100% 100% 100% 100% 98.7% 98.6% 96.7% 96.3% Gera The The Square Commer- Commer- The 98.9% Commer Commer- Square Mindspac

  11. Slide 11: FY26 – Healthy re-leasing spread of 31.8%

    FY26 – Healthy re-leasing spread of 31.8 %(1)(2) ~73% leased out of 3.6 msf expiries in FY26 Overview of Lease Expiry and Re-leasing spread FY26 Expiries Average 3.6 msf (3) Re-leasing Spread(2) 24.0 % (Since listing) 1.9 msf 1.6 msf Retained Exited Average Annual c.3 msf Lease expiry in last 4 Year

  12. Slide 12: Project Updates

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  13. Slide 13: Strong Demand Driving Pre-leasing across the Development Pipeline

    Strong Demand Driving Pre-leasing across the Development Pipeline Hyderabad Hyderabad Hyderabad Mindspace Madhapur Mindspace Madhapur Mindspace Madhapur (1A-1B Re-development) (7/8 Re-development) (B18 Hotel) ▪ Leasable area: 1.5 msf ▪ Leasable area: 0.5 msf ▪ Leasable area: 1.7 msf ▪ Status: Façade

  14. Slide 14: DC & mixed-use developments to complement the office portfolio

    DC & mixed-use developments to complement the office portfolio Navi Mumbai Navi Mumbai Navi Mumbai Mindspace Airoli West Mindspace Airoli West Mindspace Airoli East (B7 DC) (B11 DC) (B17 Mixed use) ▪ Leasable area: 0.25 msf ▪ Leasable area: 0.5 msf ▪ Leasable area: 0.9 msf ▪ Status: 3rd floor slab i

  15. Slide 15: Financial Update

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  16. Slide 16: Key Financial Indicators Q4 FY26 FY26

    Financial Performance Driven by Organic Cash Flows and Acquisition Figures in INR Mn Key Financial Indicators Q4 FY26 FY26 (Y-o-Y) (Y-o-Y) Revenue from Operations(1) 8,879 31.0% 32,342 26.2% Net Operating Income(1) 7,419 37.4% 26,636 29.2% Distribution 4,305 9.7% 15,164 15.6% DPU 6.64 p.u 3.1% 24.09

  17. Slide 17: NDCF Build-up Q4 FY26

    NDCF Build-up Q4 FY26 Particulars (INR Mn) Q4 FY26 Revenue from Operations(1) 8,879 Property Taxes & Insurance (261) Other Direct Operating Expenses (1,199) Net Operating Income (NOI) 7,419 Property Management Fees (229) Net Other Expenses (28) EBITDA(1) 7,162 Cash Taxes (Net of Refunds) (952) Worki

  18. Slide 18: NDCF Build-up FY26

    NDCF Build-up FY26 Particulars (INR Mn) FY26 Revenue from Operations(1) 32,343 Property Taxes & Insurance (961) Other Direct Operating Expenses (4,746) Net Operating Income (NOI) 26,636 Property Management Fees (785) Net Other Expenses (334) EBITDA(1) 25,517 Cash Taxes (Net of Refunds) (3,359) Worki

  19. Slide 19: Delivered Healthy Distribution Growth

    Delivered Healthy Distribution Growth Distribution overview FY26 FY26 Q4 FY26 Distribution Distribution Repayment of Capital, 11.16 , 46.3% INR 15,164 Mn INR 4,305 Mn DPU ₹24.09 p.u. INR 24.09 p.u. INR 6.64 p.u. Interest, 0.20 , 0.8% Dividend, 12.68 , 52.6% Yield Other Income, 0.05 , 0.2% 5.7% (1) D

  20. Slide 20: Low Leverage Offers Balance Sheet Headroom for Future Growth

    Low Leverage Offers Balance Sheet Headroom for Future Growth 24.3% 28.7% INR 5,952Mn 7.41% 3.0x ₹ 1,15,729Mn Net Debt to Net Debt to Undrawn Committed Cost of Debt Interest Coverage Net Debt (1) Market Value Post Market Value (1) Facilities (p.a.p.m) Ratio(6) Acquisitions (2) Weighted Average Maturi

  21. Slide 21: Our Markets

    A SRaBeEaes we) NN AVUVRULEE: ‘i rere Se ca | 04 Our Markets

  22. Slide 22: Indian Office Sector: Riding the Winds of Favorable Trends

    Indian Office Sector: Riding the Winds of Favorable Trends Emerging trends Rising GCC Return to in India’s Office Domestic landscape Office Market Occupiers 13.7 c. 45% c. 43% 80%-90% msf Net absorption in Q1 % contribution of % share in overall Physical Occupancy 2026(1) GCCs in office leasing acti

  23. Slide 23: GCCs: India a preferred destination

    GCCs: India a preferred destination c. 35% 108.5 2.0 Mn c. 85% msf % share of GCC in Total space leased GCC employees in Lower average India’s Grade A by GCCs since CY India(1) salary of engineers Office Stock(1) 2022-Q1 2026(1) viz-a-viz developed countries(1) GCC Growth forecast 300 Factors drivin

  24. Slide 24: Hyderabad – Second largest Tech hub of India

    Hyderabad – Second largest Tech hub of India Progressive government policies and Infrastructure growth are key market drivers Hyderabad’s GCC Landscape 9.4 ~3.6 msf ~400+ ~18% Lakh Tech workforce in Telangana Leasing activity in Q1 2026(1) GCCs in Hyderabad(1) Hyderabad’s share of all driven by Hyde

  25. Slide 25: Madhapur as the preferred office market drives highest absorption in Hyderabad

    Madhapur as the preferred office market drives highest absorption in Hyderabad c.95 2nd 80 msf ~64% Rs psf (in Size) 56% share of City’s Share of net absorption since Highest rentals amongst all Largest micro market across office stock(1) CY 2019(1) micro markets(1) India (1) 1. (1)i n m (1) Source:

  26. Slide 26: Mumbai Region - Infrastructure projects upgrades driving office demand uptick

    Mumbai Region - Infrastructure projects upgrades driving office demand uptick Navi Mumbai – A Preferred Location with Accessible Talent 142 msf top 3 1.8 msf Ranked amongst in terms of overall quality of living in India 3 Ranked rd , 2nd time in a row, in cleanliness index(1) in India Completed Stoc

  27. Slide 27: Pune - Thriving Office Market with Excellent Social Infrastructure

    Pune - Thriving Office Market with Excellent Social Infrastructure SBD East Micro Market(1) 92.5 msf ~4.2 msf 51 msf 53% Completed Stock as on Avg. net absorption since Q1 CY20266 (1) CY 2019 (2) 55% share of City’s Share of net absorption office stock(2) since CY 2019(2) 85-90 Pune Airport capacity

  28. Slide 28: Chennai - One of the key growth markets

    Chennai - One of the key growth markets South-West Micro Market(1) 86 msf ~3.9 24 msf 32% msf Completed Stock as on Average net absorption since 28% share of City’s Share of net absorption Q1 CY2026(1) 2019(1) office stock(2) since 2019 (1) Healthy net absorption since 2023 6.6 Chennai Airport 5.8 5

  29. Slide 29: Our Franchise & Portfolio

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  30. Slide 30: Sponsored by One Of India's Leading Real Estate Group

    Sponsored by One Of India’s Leading Real Estate Group Over 6 Decades Pan India INR 505 Bn (4) of experience Market Capitalization presence of 3 listed entities Office Hospitality Malls Residential Retail Data Centre Developed Operates 300+ 250+ MW Leasable Area c.64 msf (1) c.5,000 + (2) keys 7 mall

  31. Slide 31: Mindspace REIT's Presence in Key Office Markets

    Mindspace REIT’s Presence in 4 Key Office Markets Located strategically in established office micro-markets Mumbai Hyderabad Region 39.3 msf 15.4 msf Total Leasable Area (1) 17.1 msf INR 476 Bn (2) Gross Asset Value Presence in Worli, Presence in BKC, Madhapur & Malad-Goregaon Financial District and

  32. Slide 32: Delivered Robust Performance

    Delivered Robust Performance Cumulative distribution of INR 67.6 Bn since listing c. 30.5 msf (1) 7.4% CAGR Gross Leasing In-place rent(5) INR 112.4 pu Cumulative DPU since 15.7 % Annualized returns(3) listing(2) 3.8 msf c.9.1 Delivered New (c.5.2 msf underway (8)) Developments Area Acquired 24.3 %

  33. Slide 33: High Quality Office portfolio in Prime Locations (1/6)

    High Quality Office portfolio in Prime Locations (1/6) Mindspace Madhapur, Hyderabad 13.8 msf Leasable Area 10.1 msf Completed Area 98.9% Committed Occupancy Commerzone Raidurg, Hyderabad 1.8 msf Leasable Area 1.8 msf Completed Area 100.0% Committed Occupancy Data m i n das s pofa 31-Mar-26 cereit.c

  34. Slide 34: High Quality Office portfolio in Prime Locations (2/6)

    High Quality Office portfolio in Prime Locations (2/6) Commerzone Kharadi, Pune 3.0 msf Leasable Area 3.0 msf Completed Area 100.0% Committed Occupancy Commerzone Yerwada, Pune 1.8 msf Leasable Area 1.8 msf Completed Area 96.3% Committed Occupancy mData i n d as s pofa c 31-Mar-26 ereit.com 34 Note:

  35. Slide 35: High Quality Office portfolio in Prime Locations (3/6)

    High Quality Office portfolio in Prime Locations (3/6) The Square Nagar Road, Pune 0.8 msf Leasable Area 0.8 msf Completed Area 100.0% Committed Occupancy Commerzone Porur, Chennai 1.2 msf Leasable Area 1.2 msf Completed Area 100.0% Committed Occupancy Data m i n das s pofa 31-Mar-26 cereit.com 35

  36. Slide 36: High Quality Office portfolio in Prime Locations (4/6)

    High Quality Office portfolio in Prime Locations (4/6) Mindspace Airoli East, Navi Mumbai 7.4 msf Leasable Area 5.0msf Completed Area 83.1% Committed Occupancy Mindspace Airoli West, Navi Mumbai 6.5 msf (Incl. Datacenter of 1.7 msf) Leasable Area 5.4 msf Completed Area 98.7% Committed Occupancy Data

  37. Slide 37: High Quality Office portfolio in Prime Locations (5/6)

    High Quality Office portfolio in Prime Locations (5/6) Mindspace Malad, Mumbai 0.8 msf Leasable Area 0.8 msf Completed Area 98.6% Committed Occupancy The Square BKC, Mumbai 0.1 msf Leasable Area 0.1 msf Completed Area 100.0% Committed Occupancy The Square 110 Financial District, Hyderabad 0.8 msf Le

  38. Slide 38: High Quality Office portfolio in Prime Locations (6/6)

    High Quality Office portfolio in Prime Locations (6/6) Ascent – Worli, Mumbai 0.5 msf Leasable Area 0.5 msf Completed Area 96.7% Committed Occupancy The Square Avenue 98 (BKC Annex), Mumbai 0.22 msf Leasable Area 0.16 msf Completed Area 100.0% Committed Occupancy IT Building, Pune 0.1 msf Leasable A

  39. Slide 39: Diversified Portfolio of Marquee Tenants

    Diversified Portfolio of Marquee Tenants Top 10 tenants contributing 32.7% (Mar-26) vs. 35.0% (Dec-25) Diversified tenant mix across sectors Top 10 tenants Gross Contracted Rentals contribution (32.7%) (1) (1) % split by Gross Contracted Rentals % of total Gross Contracted Rentals GCC- 13.0% Datacen

  40. Slide 40: Marquee Tenant Base

    Marquee Tenant Base Leading MNCs and Fortune 500 companies across sectors Technology Technology Financial Services Financial Services Diversified Diversified AMD Nvidia Barclays SMFG Smartworks Verizon Accenture Wipro Goldman Allstate Hitachi energy Qualcomm Cognizant IBM B.A. Continuum Axis British

  41. Slide 41: Re-energizing Parks

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  42. Slide 42: Dynamic Environment, Vibrant Workspaces

    Dynamic Environment, Vibrant Workspaces mindspacereit.com 42

  43. Slide 43: Energized Landscape for Business Excellence

    Energized Landscape for Business Excellence mindspacereit.com 43

  44. Slide 44: Infusing modern design elements to elevate experience

    Infusing modern design elements to elevate experience Tailoring common areas to meet the evolving preferences of tenants mindspacereit.com 44

  45. Slide 45: Experience Center: An Inclusive Ecosystem for all Lifestyle & Business Needs

    Experience Center: An Inclusive Ecosystem for all Lifestyle & Business Needs Enhancing the Mindspace offering with a modern club facility with top notch amenities c. 130 ksf Exclusive and premium space Perspective Offers enriching entertainment, sports, lifestyle, recreation and dining experiences m

  46. Slide 46: Curated mix of amenities enhancing work place experience

    Curated mix of amenities enhancing work place experience Badminton | Squash | Indoor-Outdoor Cafes Bar and Lounge Tennis Yoga | Meditation | Aerobic State of the art gym facility Half Olympic Size Lap Pool Rooms mindspacereit.com 46

  47. Slide 47: SOCIALising at Vantage Café in the Park

    SOCIALising at Vantage Café in the Park The first-ever SOCIAL in One of the largest SOCIAL Hyderabad OUTLETS in the country mindspacereit.com 47

  48. Slide 48: Tenant Engagement Initiatives, Designed to Build Camaraderie

    Tenant Engagement Initiatives, Designed to Build Camaraderie STANDUP COMEDY STANDUP COMEDY STANDUP COMEDY STANDUP COMEDY STANDUP COMEDY ECO RUN ECO RUN ECO RUN ECO RUN mindspacereit.com 48

  49. Slide 49: Value creation via ESG

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  50. Slide 50: ESG - Key Highlights

    ESG - Key Highlights Scope 1+2 emission* 49.1% 56,451 tCO2e Renewable energy mix (1) (30.2% reduction from FY20 baseline) 15,86,129 KL 56.02% of material Water Recycled sourced using sustainable sourcing* INR 24 Bn (2) INR 12Bn of Cumulative Green / Sustainability linked Bond Sustainability Linked s

  51. Slide 51: Key Achievements and Awards

    Key Achievements and Awards Mindspace REIT: Real Estate Excellence • DJSI - Ranked #3 globally in 2025 S&P Global Corporate Sustainability Assessment • India’s highest-rated REIT —and the only Indian organization in our sector to achieve ‘Industry Distinction’ in the S&P Global Sustainability Yearbo

  52. Slide 52: Focus On High Corporate Governance Standards

    Focus On High Corporate Governance Standards Strong governance framework complemented by partnership with leading institutional investors Mindspace REIT: Top-Notch Standards 10 Member Board / Independent Chairman • 60% independent directors on the Board • Manager can be removed with 60% approval of

  53. Slide 53: Shareholding Pattern

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  54. Slide 54: Unitholding Pattern as on 31 Mar 2026

    Unitholding Pattern as on 31 Mar 2026 Unitholding Summary INR 30,266 Cr 33.4% Market Cap(1) % Free- float 648 Mn units Unitholding Pattern (Market Cap : INR 291 Bn) AIF MF NIIs 0.2% 4.8% 9.3% Insurance 3.2% DIIs 2.6% Sponsors & Sponsor Group Public (Others) FIIs 66.6% 33.4% 13.2% Sponsors / Sponsor

  55. Slide 55: Annexure

    09 Annexure

  56. Slide 56: Strong NOI Growth Driven by Rental Growth and Contribution from Acquisitions

    Strong NOI Growth Driven by Rental Growth and Contribution from Acquisitions Revenue from Operations (INR Mn)(1) NOI (INR Mn)(1) % of NOI Assets Q4 FY26 Q4 FY25 FY26 Q4 FY26 Q4 FY25 FY26 Q4 FY26 Mindspace Airoli (E) 1,095 1,050 4,265 811 671 3,056 11% Mindspace Airoli (W) 1,400 1,136 5,238 1,100 816

  57. Slide 57: Structure of Mindspace REIT

    Structure of Mindspace REIT Unitholders Investment In Distribution Mindspace REIT Investment Manager Trust Trustee K Raheja Corp Investment Mindspace Business Parks REIT Axis Trustee Services Limited Managers Private Limited(1) SPV: K SPV: SPV: Avocado SPV: SPV: KRC SPV: Pramaan Hold Co: Raheja IT S

  58. Slide 58: Portfolio Summary

    Portfolio Summary 32.0 msf of Completed area with WALE of 7.2 years and MTM potential of 21.9%(1) Total Committed WALE on Leasable Completed UC/Future Occupancy In-place Rent Asset Occupancy area Area Area (msf) Area (msf) (%) (INR psf) (%) (years) (msf) Mindspace Airoli East 7.4 5.0 2.4 73.2% 83.1%

  59. Slide 59: Breakup of Lease Expiry Profile

    Breakup of Lease Expiry Profile Asset FY27 FY28 FY29 Area % of Gross Rent at Area % of Gross Rent at Area Expiring % of Gross Rent at Expiring Contracte Expiry Expiring Contracted Expiry (msf) Contracted Expiry (msf) d Rentals (INR psf) (msf) Rentals (INR psf) Rentals (INR psf) Mindspace Airoli (E)

  60. Slide 60: Key Financial Metrics

    Key Financial Metrics Delivered consistent growth on key financial metrics Revenue (INR bn) (1) NOI (INR bn) (1) 8.9 7.4 8.2 7.8 6.7 7.5 6.3 6.8 6.2 6.2 6.4 5.9 6.2 5.2 5.4 5.0 5.0 4.8 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1

  61. Slide 61: Balance Sheet as on 31-Mar-26

    Balance Sheet as on 31-Mar-26 Balance Sheet (INR Mn)(1) Mar-26 Sep-25 Notes 1. All numbers are prior to minority Sources of Funds adjustment Total Equity 1,57,968 1,43,324 2. Other Liabilities primarily include Trade Payables, Capital Creditors, Retention Sub-Total 1,57,968 1,43,324 Money, Advances

  62. Slide 62: Debt Maturity Schedule as on 31-Mar-26

    Debt Maturity Schedule as on 31-Mar-26 Interest Wt. Avg. Description Fixed/ Undrawn Total Facility Principal O/S Rate Maturity FY32 & (INR Mn) Floating Facility FY27 FY28 FY29 FY30 FY31 Total (p.a.p.m) (Years) Beyond At REIT Level NCD4 Fixed 5,000 - 5,000 7.9% 1.3 - 5,000 - - - - 5,000 NCD 5 Fixed 5

  63. Slide 63: De-risked Portfolio with ~90.7% Completed Assets

    De-risked Portfolio with ~90.7% Completed Assets Project wise Market Value breakup (1) Asset CompletedU/C & Future Dev. Total Value % of Total Completed Assets form 90.7% of the Market Value(1) Mindspace Airoli East 53,337 4,687 58,024 12.2% Mindspace Airoli West 59,201 6,569 65,770 13.8% Under Mind

  64. Slide 64: Research Houses Covering Mindspace REIT

    Research Houses Covering Mindspace REIT Research House Analyst Email Id Ambit Capital Karan Khanna karan.khanna@ambit.co Avendus Spark Girish Choudhary girish.c@avendusspark.com Axis Capital Pritesh Sheth pritesh.sheth@axiscap.in Bank of America Kunal Tayal kunal.tayal@bofa.com Bank of Baroda Capita

  65. Slide 65: Key Definitions

    Key Definitions Asset SPVs/HoldCo Collectively, Avacado, Gigaplex, Horizonview, Intime, KRIT, KRC Infra, MBPPL, Sustain, Sundew, Mack Soft, Pramaan and Sundew RE Occupied Area + Committed Area Committed Occupancy (%) Completed Area Committed Area Completed Area which is unoccupied but for which lett

  66. Slide 66: Thank You

    Thank You

Mindspace Business Parks REIT — Q4 FY26 Earnings Presentation on 6ix