Mindspace Business Parks REIT (MINDSPACE-RR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+35.0%

₹654.97

vs ₹485.03 price

Levered DCF

₹1,187.15

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	42.58×	45.73×	38.89×	68.2×	48.39×	38.12×	37.98×	37.61×
P/B	1.85×	1.55×	1.44×	1.31×	1.31×	0.72×	8.82×	11.05×
P/S	8.49×	8.52×	8.55×	8.63×	11.89×	10.24×	8.93×	10.74×
EV / EBITDA	23.87×	16.56×	15.47×	16.98×	18.86×	17.26×	18.7×	19.43×
Gross margin	37.1%	84.7%	82.1%	81.5%	85.8%	51.6%	71.8%	65.4%
Operating margin	37.2%	57.7%	56.0%	53.0%	59.4%	59.5%	61.9%	62.3%
Net margin	19.9%	18.6%	22.0%	12.7%	24.6%	26.9%	23.5%	28.5%
Current ratio	0.38×	0.51×	0.4×	0.44×	0.32×	0×	2.91×	5.7×
Debt / equity	0.86×	0.72×	0.49×	0.37×	0.29×	0.23×	3.68×	3.78×
Interest coverage	858.63×	2.86×	2.93×	3.46×	4.46×	4.52×	2.56×	2.51×
Dividend yield	5.5%	5.5%	5.9%	6.2%	5.4%	2.8%	0.3%	0.1%
Payout ratio	234.2%	253.0%	230.6%	423.4%	261.0%	105.8%	12.6%	5.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.3%	3.4%	3.7%	1.9%	2.7%	1.9%	23.2%	29.4%
Return on invested capital	2.3%	3.0%	3.6%	2.3%	3.0%	116.5%	7.6%	9.7%
Return on assets	2.1%	1.8%	2.2%	1.2%	1.9%	1.4%	4.2%	5.2%
Free cash flow yield	-0.5%	-0.6%	2.2%	3.2%	2.9%	4.7%	-5.4%	-1.5%
Earnings yield	2.3%	2.2%	2.6%	1.5%	2.1%	2.6%	2.6%	2.7%
Enterprise value	₹394.6B	₹313B	₹270.8B	₹243.9B	₹246.3B	₹151.5B	₹253.1B	₹241.5B
Net debt / EBITDA	7.08×	5.03×	3.81×	3.52×	3.15×	3.9×	5.38×	4.93×
Cash conversion cycle (days)	-15	-126	-82	-57	-116	55	507	555