Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Q4 FY26 Earnings Presentation
30 slides from Mindspace Business Parks Reit's earnings presentation, May 14, 2026
Slide 1: Corporate Presentation Q4 FY26
Corporate Presentation Q4 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 41.9 95.7% 305 INR 476 Bn Total Leasable Area msf Committed Occupancy (ex. Pocharam) INR Market capitalization bn INR 7,419 Mn(3) Gross Asset value (2) (incl. Commerzone 94.6% incl. Commerzone (4)
Slide 4: 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.2.6 msf underway (8)) Developments Area Acquired 24.3 %
Slide 5: Six Integrated Business Parks
Six Integrated Business Parks Mindspace Airoli West Mindspace Madhapur Mindspace Airoli East Mumbai Region | 6.5 msf Hyderabad | 13.8 msf (1) Mumbai Region | 7.4 msf (Incl.Datacenter of 1.7 msf) Completed Area: 10.1 msf; Committed Completed Area: 5.0 msf; Committed Occupancy: Completed Area: 5.4 msf
Slide 6: Nine Quality Independent Office Assets
Nine Quality Independent Office Assets Commerzone Porur The Square 110 Financial District 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: 9
Slide 7: 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
Slide 8: Key Highlights: Q4 FY26
Key Highlights: Q4 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 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
Slide 10: 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
Slide 11: 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 40.3 % 31.8% Re-lea
Slide 12: 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 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
Slide 13: 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
Slide 14: Project Updates
Project Updates mindspacereit.com 14
Slide 15: 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
Slide 16: 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
Slide 17: Recently Completed acquisition: Commerzone Pallikaranai, Chennai
Recently Completed acquisition: 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 Transaction concluded in May’26 mNumbers i n d s p aare c eas r eof i t 31 .coDecember m 2025 unless otherwise s
Slide 18: Ongoing acquisition: 51% stake in International Tech Park Chennai, Radial Road
Ongoing acquisition: 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. i n d
Slide 19: Re-energizing Parks
Re-energizing Parks mindspacereit.com 19
Slide 20: Dynamic Environment, Vibrant Workspaces
Dynamic Environment, Vibrant Workspaces mindspacereit.com 20
Slide 21: Energized Landscape for Business Excellence
Energized Landscape for Business Excellence mindspacereit.com 21
Slide 22: 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 22
Slide 23: 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 23
Slide 24: 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 25: Annexure
Annexure mindspacereit.com 25
Slide 26: 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
Slide 27: 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
Slide 28: 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
Slide 29: Unitholding Pattern as on Mar 2026
Unitholding Pattern as on 31 Mar 2026 Unitholding Summary INR 30,558 Cr 33.4% Market Cap(1) % Free- float Unitholding Pattern 648 Mn units(2) AIF MF NIIs 0.2% 4.8% 9.3% Insurance 3.2% DIIs 2.6% Sponsors & Sponsor Group Public (Others) FIIs 66.6% (2) 33.4% 13.2% Sponsors / Sponsor Group Current Marqu
Slide 30: Thank You
Thank You Investor Relations Enquiries: Shravan Kailasa (Finance & Investor Relations) Email id: ir@mindspacereit.com mindspacereit.com 30
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