Mindspace Business Parks Reit · NSE:MINDSPACE.RR

Mindspace Business Parks Reit — Q3 FY26 Earnings Presentation

62 slides from Mindspace Business Parks Reit's earnings presentation, Jan 27, 2026

  1. Slide 1: Q3 FY26 Investor Presentation

    Q3 FY26 Investor Presentation 27th January 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 10 Project Updates 10 02 Financial Update 14 Financial Update 14 03 Our Markets 19 Our Markets 19 04 Our Franchise Portfolio 27 Our Franchise & Portfolio 27 05 Re-energizing Parks 39 Re-energizing Parks 39 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 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%

  6. Slide 6: 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.

  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. 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

  8. Slide 8: Q3FY26 – Healthy re-leasing spread of 27.4%

    Q3FY26 – Healthy re-leasing spread of 27.4%(1)(2) ~71% re-leasing visibility (incl. area re-let in 9M) Overview of Lease Expiry and Re-leasing spread FY26E Expiries Average 3.3 msf (3) Re-leasing Spread(2) 22.8% (Since listing) 2.0msf Expect to 1.3msf Retain Exits Average Annual 3.0 msf Lease expiry

  9. Slide 9: Project Updates

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  10. Slide 10: 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

  11. Slide 11: 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

  12. Slide 12: Concluded acquisition of Ascent-Worli, The Square Avenue (BKC Annex) & 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

  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 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

  15. Slide 15: 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

  16. Slide 16: 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

  17. Slide 17: 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

  18. Slide 18: Our Markets

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  19. Slide 19: 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. 57 msf c. 38% c. 42% 80%-90% Net absorption in % contribution of % share in overall Physical Occupancy CY2025(1) GCCs in office leasing acti

  20. Slide 20: GCCs: India a preferred destination

    GCCs: India a preferred destination c. 50% 98.7 1.9+ c. 85% msf Mn % share of India in Total space leased GCC employees in Lower average global GCC by GCCs since CY India(1) salary of engineers market(1) 2022-CY2025(1) viz-a-viz developed countries(1) GCC Growth forecast 300 Factors driving GCC leas

  21. Slide 21: 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 ~8.1 msf 370+ ~17% Lakh Tech workforce in Telangana Leasing activity in CY2025 (1) GCCs in Hyderabad(1) Hyderabad’s share of all driven by Hyder

  22. Slide 22: Madhapur as the preferred office market drives highest absorption in Hyderabad

    Madhapur as the preferred office market drives highest absorption in Hyderabad 90+ 2nd 80 msf 65% 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

  23. Slide 23: 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 141 msf top 3 6.3 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

  24. Slide 24: 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 60% Completed Stock as on Avg. annual net absorption Q4 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 c

  25. Slide 25: Chennai - One of the key growth markets

    Chennai - One of the key growth markets South-West Micro Market(1) 84 msf ~3.9 23 msf 33% msf Completed Stock as on Average annual net 27% share of City’s Share of net absorption Q4 CY2025(1) absorption since 2019(1) office stock(2) since 2019 (1) Healthy net absorption in CY2025 6.6 Chennai Airport

  26. Slide 26: Our Franchise & Portfolio

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  27. Slide 27: 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 538Bn (5) of experience Market Capitalization presence of 3 listed entities Office Hospitality Malls Residential Retail Developed residential Operates 300+ retail Leasable Area c.60 msf (1) c.5,000+ (2) keys 7 malls (

  28. Slide 28: 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 39.0 msf 15.4 msf Total Leasable Area (1,2) 16.9 msf INR 441.3 Bn (1,2) Gross Asset Value Presence in Worli, Presence in BKC, Madhapur & Malad-Goregaon Financial Distri

  29. Slide 29: 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

  30. Slide 30: 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 10.1 msf Completed Area 98.1% 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-Dec-25 cereit.c

  31. Slide 31: 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 95.3% Committed Occupancy mData i n d as s pofa c 31-Dec-25 ereit.com 31 Note:

  32. Slide 32: 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-Dec-25 cereit.com 32

  33. Slide 33: 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 81.8% Committed Occupancy Mindspace Airoli West, Navi Mumbai 6.5 msf (Incl. Datacenter of 1.7 msf) Leasable Area 5.4 msf Completed Area 96.0% Committed Occupancy Data

  34. Slide 34: 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

  35. Slide 35: 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 86% Committed Occupancy The Square Avenue 98 (BKC Annex), Mumbai 0.22 msf Leasable Area 0.16 msf Completed Area 100% Committed Occupancy IT Building, Pune 0.1 msf Leasable Area

  36. Slide 36: 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 % of total Gross Contracted Rentals GCC- 14.2% Datacen

  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 NAVRATRI ROCK’N DHOL WITH MIRCHI NAVRATRI ROCK’N DHOL WITH MIRCHI DIWALI FIESTA DIWALI FIESTA DIWALI FIESTA MPL FOOTBALL MPL FOOTBALL STANDUP COMEDY STANDUP COMEDY mindspacereit.com 45

  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 tCO2e Renewable energy mix (1) (32.2% reduction from FY20 baseline)* 7,73,711 KL 56.02% of material Water Recycled sourced using sustainable sourcing* INR 24 Bn INR 12 Bn of Cumulative Green / Sustainability linked Bond Sustainability Linked subscr

  48. Slide 48: Key Achievements and Awards

    Key Achievements and Awards Mindspace REIT: Real Estate Excellence • DJSI - Ranked among the Top 5 REITs globally out of 377 peers in the 2025 S&P Corporate Sustainability Assessment. • Achieved DJSI score of 73/100 • Received 5 star rating by GRESB for 3rd consecutive year, along with Green Star •

  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 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

  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 Q3 FY26 Q3 FY25 9M FY26 Q3 FY26 Q3 FY25 9M FY26 Q3 FY26 Mindspace Airoli (E) 1,169 979 3,170 816 709 2,245 12% Mindspace Airoli (W) 1,306 1,060 3,838 1,016

  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 Mindspace Business Parks REIT Axis Trustee Services Limited Managers Private Limited(1) SPV: SPV: K SPV: SPV: KRC SPV: SPV: SPV: Avocado SPV: SPV: Sustain Rahej

  55. Slide 55: Portfolio Summary

    Portfolio Summary 31.2 msf of Completed area with WALE of 7.3 years and MTM potential of 16.6%(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 74.7% 81.8%

  56. Slide 56: Breakup of Lease Expiry Profile

    Breakup of Lease Expiry Profile 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 Airoli E

  57. Slide 57: Key Financial Metrics

    Key Financial Metrics Delivered consistent growth on key financial metrics Revenue (INR bn) (1) NOI (INR bn) (1) 6.7 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

  58. Slide 58: Debt Maturity Schedule as on 31-Dec-25

    Debt Maturity Schedule as on 31-Dec-25 Wt. Principal Repayment Interest Description Fixed/ Undrawn Avg. Total Facility Principal O/S Rate FY32 & (INR Mn) Floating Facility Maturi FY26 FY27 FY28 FY29 FY30 FY31 Total (p.a.p.m) Beyond ty At REIT Level NCD4 Fixed 5,000 - 5,000 7.9% 1.6 - - 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% Mindspace

  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, 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

  62. Slide 62: Thank You

    Thank You

Mindspace Business Parks REIT — Q3 FY26 Earnings Presentation on 6ix