Mindspace Business Parks REIT Reports Record Q4 FY26 Results: NOI Up 37.4% YoY, Full-Year NOI Rises 29.2% to ₹2,664 Crore
Record Performance: Mindspace REIT Reports Strong FY26 Results on Growing Tenant Demand
Mindspace Business Parks REIT reported a strong performance for Q4 FY26 and FY26, supported by robust leasing activity, rising occupancy and improved financial metrics across its portfolio. Revenue from operations rose 31.0 per cent YoY to Rs 8.88 billion in Q4 FY26, while net operating income (NOI) grew 37.4 per cent YoY to Rs 7.42 billion.
For FY26, the Reit reported an NOI of ₹2,664 crore, up 29.2 per cent YoY. The profit metrics were equally strong: consolidated net profit of ₹198.56 crores, marking a sequential increase of 10.25% from Q3 FY26's ₹180.10 crores and an impressive year-on-year surge of 128.62% from ₹86.85 crores in Q4 FY25.
Occupancy Reaches Historic High Amid Active Leasing
Portfolio committed occupancy increased by 1.2 per cent QoQ to 95.7 per cent, while the REIT achieved gross leasing of 3.5 million sq ft in Q4 FY26 and 7.1 million sq ft for the full year. The K Raheja Corp-backed firm reported a re-leasing spread of 40.3 per cent in Q4 FY26 on 1.2 msf of area re-let and 31.8 per cent for FY26 on 4.2 msf of area re-let. These spreads reflect the rent growth realized when existing leases expire and tenants renew.
Pre-leasing remained strong, with nearly 2.0 million sq ft secured at Mindspace Madhapur, Hyderabad, reflecting sustained demand from global occupiers.
Distribution and Asset Growth
The REIT declared its highest quarterly distribution of Rs 6.64 per unit, with total distribution at Rs 4.31 billion for Q4 FY26. The gross asset value (GAV) of the portfolio stood at ₹47,635 crore as on March 31, 2026, up 16.1 per cent over the September 30, 2025 valuation.
Net asset value grew by 9 per cent from ₹483.7 per unit on September 30, 2025, to ₹527 per unit as on March 31, 2026. The Reit's loan-to-value (LTV) stood at 24.3 per cent as of FY26.
Strategic Expansion in Chennai and Development Pipeline
The REIT continues to advance its 5.4 million sq ft development pipeline. The company also progressed on strategic acquisitions worth Rs 55.41 billion, strengthening its presence in Chennai and expanding its footprint in key office markets. The company announced two acquisitions in Chennai, expanding its portfolio and strengthening its market position.
Portfolio committed occupancy of 95.7% across its 39.1 million sq ft office portfolio spanning four key Indian markets.
Market Context and Developer Backing
K Raheja Corp is the second largest commercial developer in India and owns the Mindspace brand. Under the Mindspace banner, K Raheja Corp also operates Mindspace Office Parks, which is a real estate investment trust (REIT). The commercial offerings stand today as a partner of choice for 210+ domestic and foreign multinationals.
Ramesh Nair, managing director and chief executive officer of Mindspace Reit, said, "FY26 was a very strong year across every metric — occupancy, leasing, NOI growth and distributions. As seen in Hyderabad, large tenants are committing early and that is the clearest signal of market confidence. Our Chennai investments have scaled meaningfully, and the timing could not have been better."