Mindspace Business Parks Reit · NSE:MINDSPACE.RR

Mindspace Business Parks Reit — Q2 FY26 Earnings Presentation

62 slides from Mindspace Business Parks Reit's earnings presentation, Nov 5, 2025

  1. Slide 1: Q2 FY26 Investor Presentation

    Q2 FY26 Investor Presentation 5th November 2025

  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 10 Project Updates 10 02 Financial Update 13 Financial Update 13 03 Our Markets 19 Our Markets 19 04 Our Franchise Portfolio 27 Our Franchise & Portfolio 27 05 Re-energizing Parks 38 Re-energizing Parks 38 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 94.6% msf 0.8 msf 410.2 bn (1) (3) INR ( Mar’25 - INR 366.5 bn) Committed Occupancy Gross Leasing Q2 FY26 Gross Asset Value 93.8% Incl. The Square Up 11.9% v/s Mar’25 110 Financial district acquired in Q2 Highest since listin

  6. Slide 6: Delivered Strong Operational performance

    Delivered Strong Operational performance Key Operating Indicators Q2 FY26 H1 FY26 Gross Leasing 0.8 msf 2.6 msf Re-leased Area 0.4 msf 1.6 msf New and Vacant Area Leased 0.4 msf 1.0 msf Average Rent for Area Leased INR 76 psf/Month INR 77 psf/Month Re-leasing Spread(1) 28.1 % 29.1 % on 0.7 msf on 2.

  7. Slide 7: Modern and Sustainable workplaces attracting occupiers

    Modern and Sustainable workplaces attracting occupiers Mindspace Airoli West has achieved highest Committed Occupancy of c. 94% 100% 100% 100% 100% 100% 98.6% 98.0% Gera The Square The Square Commerzone Commerzone Mindspace Mindspace Commerzone Nagar Road BKC Porur Raidurg Malad Madhapur Kharadi Pun

  8. Slide 8: Redefining the experience at Airoli East with Mindspace Fusion

    Redefining the experience at Airoli East with Mindspace Fusion mindspacereit.com 8

  9. Slide 9: Q2FY26 – Healthy re-leasing spread of 28.1%

    Q2FY26 – Healthy re-leasing spread of 28.1%(1)(2) ~74% re-leasing visibility (incl. area re-let in H1) Overview of Lease Expiry and Re-leasing spread FY26E Expiries Average 2.4 msf (3) Re-leasing Spread(2) 22.5% (Since listing) 1.5msf Expect to 0.9msf Retain Exits Average Annual 3.0 msf Lease expiry

  10. Slide 10: Project Updates

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  11. Slide 11: 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: 16th ,17th and 18th floor slab under progress. ▪ Status: 7th and 8th floor slab work in progress. Major MEP

  12. Slide 12: 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 applied (Club ID, Façade & ▪ Estimated Completion:

  13. Slide 13: Financial Update

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  14. Slide 14: 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 Q2 FY26 H1 FY26 (Y-o-Y) (Y-o-Y) Revenue from Operations(1) 7,778 24.8% 15,301 23.1% Net Operating Income(1) 6,339 25.8% 12,503 25.0% Distribution 3,552 16.3% 7,079 17.1% DPU 5.83 p.u 13.2% 1

  15. Slide 15: NDCF Build-up Q2 FY26

    NDCF Build-up Q2 FY26 Particulars (INR Mn) Q2 FY26 Revenue from Operations(1) 7,778 Property Taxes & Insurance (236) Other Direct Operating Expenses (1,203) Net Operating Income (NOI) 6,339 Property Management Fees (187) Net Other Expenses (116) EBITDA(1) 6,036 Cash Taxes (Net of Refunds) (803) Work

  16. Slide 16: Balance Sheet as on 30-Sep-25

    Balance Sheet as on 30-Sep-25 Balance Sheet (INR Mn)(1) Sep-25 Mar-25 Notes 1. All numbers are prior to minority Sources of Funds adjustment Total Equity 1,43,324 1,48,106 2. Other Liabilities primarily include Trade 1,43,324 1,48,106 Payables, Capital Creditors, Retention Sub-Total Money, Advances

  17. Slide 17: Delivered Healthy Distribution Growth

    Delivered Healthy Distribution Growth Distribution overview Q2 FY26 H1 FY26 Distribution Repayment of Debt by INR 7,079 Mn SPV to REIT, ₹2.77, 47.5% DPU ₹5.83 p.u. Interest, ₹0.03, INR 11.6 p.u. 0.5% Dividend, ₹3.02, 51.8% DPU Growth (y-o-y) Other Income, ₹0.01, 0.2% 14% Declaration Date Record Date

  18. Slide 18: Low Leverage Offers Balance Sheet Headroom for Future Growth

    Low Leverage Offers Balance Sheet Headroom for Future Growth ₹ 99,155Mn 24.2% INR 3,034Mn 7.52% 4.6x 3.1x 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 Weight

  19. Slide 19: Our Markets

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  20. Slide 20: 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 c. 40 msf c. 36% c. 42% 75%-85% Net absorption in % contribution of % share in overall Net Physical Occupancy 9MCY2025(1) GCCs in office absorp

  21. Slide 21: GCCs: India a preferred destination

    GCCs: India a preferred destination c. 50% 87.5 1.9 Mn c. 85% msf % share of India in Total space leased GCC employees in Lower average global GCC by GCCs since India(1) salary of engineers market(1) 2022-9M CY2025(1) viz-a-viz developed countries(1) GCC Growth forecast 300 Factors driving GCC leasi

  22. Slide 22: 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 9.5 ~5.4 msf 370+ 17% Lakh Tech workforce in Telangana Leasing activity in 9M CY2025 (1) GCCs in Hyderabad(1) Hyderabad’s share of all driven by Hyd

  23. Slide 23: Madhapur as the preferred office market drives highest absorption in Hyderabad

    Madhapur as the preferred office market drives highest absorption in Hyderabad 90+ 2nd 79 msf 66% 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: d

  24. Slide 24: 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 139 msf top 3 4.7 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

  25. Slide 25: Pune - Thriving Office Market with Excellent Social Infrastructure

    Pune - Thriving Office Market with Excellent Social Infrastructure SBD East Micro Market(1) 91 msf ~4.0 msf 50 msf 60% Completed Stock as on Avg. annual net absorption Q3 CY2025( (1) since CY 2019 (2) 55% share of City’s Share of net absorption office stock(2) since CY 2019(2) 85-90 Pune Airport cap

  26. Slide 26: Chennai - One of the key growth markets

    Chennai - One of the key growth markets South-West Micro Market(1) 83 msf ~3.8 23 msf 33% msf Completed Stock as on Average annual net 27% share of City’s Share of net absorption Q3 CY2025(1) absorption since 2019(1) office stock(2) since 2019 (1) Healthy net leasing in 9M CY2025 6.6 Chennai Airport

  27. Slide 27: Our Franchise & Portfolio

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  28. Slide 28: 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 548Bn (5) of experience Market Capitalization presence of 3 listed entities Office Hospitality Malls Residential Retail Developed residential Operates 299 retail Leasable Area c.60 msf (1) c.5,000+ (2) keys 7 malls (3

  29. Slide 29: 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 38.2 msf 14.6 msf Total Leasable Area 16.9 msf INR 410.2 Bn (1) Gross Asset Value Presence in Presence in Malad-Goregaon Madhapur & and Financial District Navi Mumbai I

  30. Slide 30: Delivered Robust Performance

    Delivered Robust Performance Cumulative distribution of INR 99.9 p.u. since listing c. 26.1 msf (1) 6.2% CAGR Gross Leasing In-place rent(5) INR 59.5 Bn 16.3 % Total distribution(2) Annualized returns(3) 3.7 msf Delivered New 3.1 msf Developments Area Acquired 7.52 % p.a.p.m. 24.2 % Cost of Debt as

  31. Slide 31: High Quality Office portfolio in Prime Locations (1/6)

    High Quality Office portfolio in Prime Locations (1/6) Mindspace Madhapur, Hyderabad 13.7 msf Leasable Area 10.0 msf Completed Area 98.0% 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 30-Sep-25 cereit.c

  32. Slide 32: 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 1.7 msf Leasable Area 1.7 msf Completed Area 94.6% Committed Occupancy mData i n d as s pofa c 30-Sep-25 ereit.com 32 Note:

  33. Slide 33: 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 1.1 msf Leasable Area 1.1 msf Completed Area 100.0% Committed Occupancy Data m i n das s pofa 30-Sep-25 cereit.com 33

  34. Slide 34: High Quality Office portfolio in Prime Locations (4/6)

    High Quality Office portfolio in Prime Locations (4/6) Mindspace Airoli East, Navi Mumbai 7.3 msf Leasable Area 4.9msf Completed Area 80.1% Committed Occupancy Mindspace Airoli West, Navi Mumbai 6.4 msf Leasable Area 5.4 msf Completed Area 93.8% Committed Occupancy Data m i n das s pofa 30-Sep-25 ce

  35. Slide 35: 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

  36. Slide 36: Diversified Portfolio of Marquee Tenants

    Diversified Portfolio of Marquee Tenants Top 10 tenants contributing 34.0% (Sep-25) vs. 34.8% (Jun-25) Diversified tenant mix across sectors Top 10 tenants Gross Contracted Rentals contribution (34.0%) (1) (1) % split by Gross Contracted Rentals % of total Gross Contracted Rentals # of parks GCC- 13

  37. Slide 37: Marquee Tenant Base

    Marquee Tenant Base Leading MNCs and Fortune 500 companies across sectors Technology Technology Financial Services Financial Services Diversified Diversified Accenture Wipro Barclays SMFG Smartworks Verizon Cognizant Atos India Fiserv Allstate Hitachi energy Qualcomm Highradius NCR Princeton B.A. Co

  38. Slide 38: Re-energizing Parks

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  39. Slide 39: Dynamic Environment, Vibrant Workspaces

    Dynamic Environment, Vibrant Workspaces mindspacereit.com 39

  40. Slide 40: Energized Landscape for Business Excellence

    Energized Landscape for Business Excellence mindspacereit.com 40

  41. Slide 41: 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 41

  42. Slide 42: 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

  43. Slide 43: 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 43

  44. Slide 44: 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 44

  45. Slide 45: Tenant Engagement Initiatives, Designed to Build Camaraderie

    Tenant Engagement Initiatives, Designed to Build Camaraderie PHOTOGRAPHY CONTEST & EXHIB PHOTOGRAPHY CONTEST & EXHIB PHOTOGRAPHY CONTEST & EXHIB Wellness Vibes Images PHOTOGRAPHY CONTEST & EXHIB PHOTOGRAPHY CONTEST & EXHIB WELLNESS VIBES WORKSHOP Wellness Vibes Images Wellness Vibes Images Wellness

  46. Slide 46: Value creation via ESG

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  47. Slide 47: ESG - Key Highlights

    ESG - Key Highlights Scope 1+2 emission* 49% 55,295 Renewable energy mix tCO2e for H1 FY26(1) (32.2% reduction from FY20 baseline)* 7,73,711 KL 56.02% of material Water Recycled H1 FY26 sourced using sustainable sourcing* INR 24 Bn (2) INR 12 Bn of Cumulative Green / Sustainability linked Bond Susta

  48. Slide 48: Key Achievements and Awards

    Key Achievements and Awards Mindspace REIT: Real Estate Excellence • Received Standing Investment: 93/100 | Ranked 2nd among 20 peers in Asia | Office | Listed • Received Development Benchmark: 100/100 | Ranked 2nd among 18 peers in Asia | Office • Received the coveted title of ‘Global Listed Sector

  49. Slide 49: 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

  50. Slide 50: Shareholding Pattern

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  51. Slide 51: Unitholding Pattern as on Sep 2025

    Unitholding Pattern as on 30 Sep 2025 Unitholding Summary INR 27,705 Cr 35.6% Market Cap(1) % Free- float 609 Mn units Unitholding Pattern (Market Cap : INR 277 Bn) (1) AIF MF NIIs 0.3% 4.9% 9.5% Insurance 3.6% DIIs 2.8% Sponsors & Sponsor Group Public (Others) 64.4% 35.6% FIIs 14.4% Sponsors / Spon

  52. Slide 52: Annexure

    09 Annexure

  53. Slide 53: 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 Q2 FY26 Q2 FY25 H1 FY26 Q2 FY26 Q2 FY25 H1 FY26 Q2 FY26 Mindspace Airoli (E) 988 991 2,001 737 756 1,429 12% Mindspace Airoli (W) 1,297 939 2,532 992 684 1

  54. Slide 54: Structure of Mindspace REIT

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

  55. Slide 55: Portfolio Summary

    Portfolio Summary 31.0 msf of Completed area with WALE of 7.4 years and MTM potential of 18.7%(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 7.3 4.9 2.4 73.0% 80.1%

  56. Slide 56: Breakup of Lease Expiry Profile

    Breakup of Lease Expiry Profile Q3-Q4 FY26 FY27 FY28 % of Asset Gross Rent at Area % of Gross Rent at Area % of Gross Rent at Area Expiring Contract Expiry Expiring Contracted Expiry Expiring Contracted Expiry (msf) ed (INR psf) (msf) Rentals (INR psf) (msf) Rentals (INR psf) Rentals Mindspace Airol

  57. Slide 57: Key Financial Metrics

    Key Financial Metrics Delivered consistent growth on key financial metrics Revenue (INR bn) (1) NOI (INR bn) (1) 6.5 6.3 6.2 7.8 6.0 7.5 5.2 5.4 6.8 5.5 6.4 5.0 5.0 6.2 6.2 5.0 4.8 4.7 4.8 5.9 6.0 5.9 4.5 4.0 3.5 3.0 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY24 Q3

  58. Slide 58: Debt Maturity Schedule as on 30-Sep-25

    Debt Maturity Schedule as on 30-Sep-25 Interest Wt. Avg. Principal Repayment Description Fixed/ Total Undrawn Principal Rate Maturity FY32 & (INR Mn) Floating Facility Facility O/S FY26 FY27 FY28 FY29 FY30 FY31 Total (p.a.p.m) (Years) Beyond At REIT Level NCD4 Fixed 5,000 - 5,000 7.9% 1.8 - - 5,000

  59. Slide 59: De-risked Portfolio with ~91.2% Completed Assets

    De-risked Portfolio with ~91.2% Completed Assets Project wise Market Value breakup (1) Completed Assets form 91.2% of the Market Asset Completed U/C & Future Dev. Total Value % of Total Value(1) Mindspace Airoli East 51,047 3,946 54,993 13.4% Mindspace Airoli West 55,702 4,563 60,265 14.7% Under Min

  60. Slide 60: Research Houses Covering Mindspace REIT

    17 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 Cap

  61. Slide 61: Key Definitions

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

  62. Slide 62: Thank You

    Thank You

Mindspace Business Parks REIT — Q2 FY26 Earnings Presentation on 6ix