Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Q3 FY26 Earnings Presentation
29 slides from Mindspace Business Parks Reit's earnings presentation, Feb 4, 2026
Slide 1: Corporate Presentation Q3 FY26
Corporate Presentation Q3 FY26 mindspacereit.com 1
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
Slide 3: Mindspace Business Parks REIT Portfolio Overview
Mindspace Business Parks REIT Portfolio Overview One of the largest Grade-A office portfolios in India 39.0 msf 94.5% INR 289 bn INR 6,714 Mn(4) INR 441 Bn Committed Occupancy NOI in Q3 FY26 Gross Asset value(1) Total Leasable Area (1) Market capitalization(2) (ex. Pocharam) (2) Presence in 4 out of
Slide 4: Delivered Robust Performance
Delivered Robust Performance Cumulative distribution of INR 105.7 p.u. since listing c. 27.1 msf (1) 6.2% CAGR Gross Leasing In-place rent(5) INR 63.3 Bn 16.6 % Total distribution(2) Annualized returns(3) 3.8 msf Delivered New 4.0 msf Developments Area Acquired(8) 7.39 % p.a.p.m. 24.9 % Cost of Debt
Slide 5: Five Integrated Business Parks
Five Integrated Business Parks Mindspace Madhapur Mindspace Airoli East Hyderabad | 13.7 msf (1) Mumbai Region | 7.3 msf Completed Area: 10.1 msf; Committed Occupancy: 98.1% Completed Area: 4.9 msf; Committed Occupancy: 81.8% Mindspace Airoli West Gera Commerzone Kharadi Commerzone Yerwada Mumbai Re
Slide 6: Nine Quality Independent Office Assets
Nine Quality Independent Office Assets Commerzone Porur Q City Paradigm, Mindspace Malad Chennai | 1.2 msf Hyderabad | 0.8 msf Mumbai Region | 0.8 msf Completed Area: 1.2 msf Completed Area: 0.8 msf Completed Area: 0.8 msf Committed Occupancy: 100.0% Committed Occupancy: 98.6% Committed Occupancy: 6
Slide 7: Diversified Portfolio of Marquee Tenants
Diversified Portfolio of Marquee Tenants Top 10 tenants contributing 35.0% (Dec-25) vs. 34.0% (Sep-25) Diversified tenant mix across sectors Top 10 tenants Gross Contracted Rentals contribution (35.0%) (1) (1) % split by Gross Contracted Rentals GCC- 14.2% % of total Gross Contracted Rentals Datacen
Slide 8: Key Highlights: Q3 FY26
Key Highlights: Q3 FY26 mindspacereit.com 8
Slide 9: Strong Financial Performance fueled by Sustained Demand for Grade-A Assets
Strong Financial Performance fueled by Sustained Demand for Grade-A Assets 1.1 msf 94.5% msf (1) Gross Leasing Q3 FY26 Committed Occupancy Sequentially up 0.7% Highest since listing INR 6,714 Mn INR 3,780 Mn (Q3 FY25 - INR 5,218 mn) (Q3 FY25 - INR 3,155 mn) Q3 FY26 NOI Q3 FY26 Distribution Up 28.7%
Slide 10: Delivered Strong Operational performance
Delivered Strong Operational performance Key Operating Indicators Q3 FY26 9M FY26 Gross Leasing 1.1 msf 3.6 msf Re-leased Area 0.6 msf 2.2 msf New and Vacant Area Leased 0.5 msf 1.5 msf Average Rent for Area Leased INR 79 psf/Month INR 78 psf/Month Re-leasing Spread(1) 27.4 % 28.5 % on 1.0 msf on 3.
Slide 11: Financial Performance Driven by Organic Cash Flows and Acquisition
Financial Performance Driven by Organic Cash Flows and Acquisition Figures in INR Mn Key Financial Indicators Q3 FY26 9M FY26 (Y-o-Y) (Y-o-Y) Revenue from Operations(1) 8,163 27.2% 23,464 24.5% Net Operating Income(1) 6,714 28.7% 19,217 26.3% Distribution 3,780 19.8% 10,859 18.1% DPU 5.83 p.u 9.6% 1
Slide 12: Modern and Sustainable workplaces attracting occupiers
Modern and Sustainable workplaces attracting occupiers Mindspace Airoli West has achieved highest Committed Occupancy of c. 96% 100% 100% 100% 100% 100% 98.6% 98.1% 96.0% Gera The Square The Square Commerzone Commerzone Mindspace Mindspace Mindspace Commerzone Nagar Road BKC Porur Raidurg Malad Madh
Slide 13: Project Updates
Project Updates mindspacereit.com 13
Slide 14: Gearing for Demand Resurgence
Gearing for Demand Resurgence Hyderabad Hyderabad Mindspace Madhapur Mindspace Madhapur (1A-1B Re-development) (7/8 Re-development) ▪ Leasable area: 1.5 msf ▪ Leasable area: 1.6 msf ▪ Status: 21st and 22nd floor slab under progress ▪ Status: 13th floor slab work in progress ▪ Estimated Completion: Q
Slide 15: Creating Vibrant Mixed Use ecosystems enhancing the Park's offering
Creating Vibrant Mixed Use ecosystems enhancing the Park’s offering Hyderabad Hyderabad Mindspace Madhapur Mindspace Madhapur B18 (Pearl club) ▪ Leasable area: 0.53 msf ▪ Leasable area: 0.13 msf ▪ Status: Excavation work under progress. ▪ Status: OC received (Club ID, Façade & ▪ Estimated Completion
Slide 16: Concluded acquisition of Ascent-Worli, The Square Avenue & Pune IT Building
Concluded acquisition of Ascent-Worli, The Square Avenue 98 (BKC Annex) & Pune IT Building INR 31.1 Bn c. 0.8 msf c. 91% GAV(1) Total leasable area Committed Occupancy(2) Received Board approval to acquire c. 30 ksf unit at Commerzone Yerwada for INR 332(3) Mn (5% discount to fair value(4) of INR 34
Slide 17: Re-energizing Parks
Re-energizing Parks mindspacereit.com 17
Slide 18: Dynamic Environment, Vibrant Workspaces
Dynamic Environment, Vibrant Workspaces mindspacereit.com 18
Slide 19: Energized Landscape for Business Excellence
Energized Landscape for Business Excellence mindspacereit.com 19
Slide 20: Infusing modern design elements to elevate entry experience
Infusing modern design elements to elevate entry experience Tailoring common areas to meet the evolving preferences of tenants mindspacereit.com 20
Slide 21: Attracting Millennial Workforce of India
Attracting Millennial Workforce of India Amenities and high safety standards within our parks make us the partner of choice for occupiers Landscaped podiums Amphitheatre & lobby areas Club house and play area Biophilic landscaped gardens mindspacereit.com 21
Slide 22: 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
Slide 23: Annexure
Annexure mindspacereit.com 23
Slide 24: Key Financial Metrics
Key Financial Metrics Delivered consistent growth on key financial metrics Revenue (INR bn) (1) NOI (INR bn) (1) 6.7 8.2 6.3 7.8 6.2 7.5 6.8 5.2 5.4 6.4 5.0 6.2 6.2 5.0 6.0 5.9 4.7 4.8 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4
Slide 25: NDCF Build-up Q3 FY26
NDCF Build-up Q3 FY26 Particulars (INR Mn) Q3 FY26 Revenue from Operations(1) 8,163 Property Taxes & Insurance (236) Other Direct Operating Expenses (1,214) Net Operating Income (NOI) 6,714 Property Management Fees (196) Net Other Expenses (14) EBITDA(1) 6,503 Cash Taxes (Net of Refunds) (1,008) Wor
Slide 26: Delivered Healthy Distribution Growth
Delivered Healthy Distribution Growth Distribution overview Q3 FY26 9M FY26 Distribution Repayment of Debt by INR 10,859 Mn SPV to REIT, ₹2.66, 45.6% DPU ₹5.83 p.u. INR 17.45 p.u. Dividend, Interest, ₹0.05, ₹3.12, 53.5% 0.9% DPU Growth (y-o-y) 12.5% Declaration Date Record Date Payment Date Key Date
Slide 27: Low Leverage Offers Balance Sheet Headroom for Future Growth
Low Leverage Offers Balance Sheet Headroom for Future Growth ₹ 102,261Mn 24.9% INR 7,825Mn 7.39% 4.4x 3.0x Ne Debt to Undrawn Committed Cost of Debt Interest Coverage Net Debt (1) Net Debt to EBITDA(5) Market Value (1) Facilities (p.a.p.m) Ratio(6) Diversified Book with a mix of debentures and Weigh
Slide 28: Unitholding Pattern as on 31 Dec 2025
Unitholding Pattern as on 31 Dec 2025 Unitholding Summary INR 28,936 Cr 35.6% Market Cap(1) % Free- float 609 Mn units Unitholding Pattern (Market Cap : INR 289 Bn) (2) AIF MF NIIs 0.2% 5.1% 9.7% Insurance 3.5% DIIs 2.9% Sponsors & Sponsor Group Public (Others) 64.5% 35.5% FIIs 14.3% Sponsors / Spon
Slide 29: Thank You
Thank You Investor Relations Enquiries: Govardhan Gedela (Finance & Investor Relations) Email id: ir@mindspacereit.com mindspacereit.com 29
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