Mindspace Business Parks REIT, sponsored by K Raheja Corp (MINDSPACE) Fair Value & Analysis
Real Estate · IN · Market cap ₹330B
Strengths
Risks
Fair value as of: Aug 21, 2026
From 16 valuation models · updated yesterday
Share price +0.9% over the past month.
Below-average quality, and screening another 66% overvalued on our models.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹265.80). The favourable scenario is already priced in.
- Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (₹125.55 to ₹265.80) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range ₹237.33 – ₹498.00 · fair‑value band ₹125.55 – ₹265.80 · the ₹495.37 price screens above the ₹168.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.
Analysis
Mindspace Business Parks REIT, sponsored by K Raheja Corp (MINDSPACE) currently trades at ₹495.37, while our model-based Fair Value estimate is ₹168.56, implying the stock looks roughly 66.0% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Mindspace Business Parks REIT, sponsored by K Raheja Corp generated revenue of ₹34.9B at a net margin of 21.7%. Revenue grew 28.2% year over year. It earns a return on equity of 5.2%. Net debt stands at ₹118B. Fundamentals as of Aug 21, 2026
Our scenario range runs from ₹125.55 (bear case) to ₹265.80 (bull case); at ₹495.37, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -24% fair-value upside, at -66%, MINDSPACE screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 16 models by family
Widest divergence: DCF Models (₹424.18) versus Asset-Based (₹152.29). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 72
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Mindspace Business Parks REIT, sponsored by K Raheja Corp group, listed on the Indian bourses in August 2020. The REIT owns quality office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai, and is one of the largest Grade-A office portfolios in India.
Full company description
Mindspace Business Parks REIT, sponsored by K Raheja Corp group, listed on the Indian bourses in August 2020. The REIT owns quality office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai, and is one of the largest Grade-A office portfolios in India. The portfolio has a total leasable area of 33.1 msf comprising of 26.2 msf of completed area, 4.4 msf of area under construction and 2.5 msf of future development. The portfolio consists of 5 integrated business parks and 5 quality independent office assets with superior infrastructure and amenities. It has a diversified and high-quality tenant base, with over 210 tenants as of December 31, 2023. Most of the buildings in the portfolio are either Gold or Platinum Green Building Certified (IGBC/LEED). The assets provide a community-based ecosystem and have been developed to meet the evolving standards of tenants, and the demands of "new age businesses', making it amongst the preferred options for both multinational and domestic corporations.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Mindspace Business Parks REIT, sponsored by K Raheja Corp reported revenue of ₹32.3B in FY2026 versus ₹17.3B in FY2022, a compound +16.9%/yr. Reported net income was ₹6.5B in FY2026, compounding +11.4%/yr from FY2022.
MINDSPACE screens 66% overvalued. Compare with MERLIN Properties SOCIMI, S.A →
Peer Group
REIT - Office · 73 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Office median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €5.66 | -63% |
| BXP, Inc BXP | $67.95 | $53.27 | -22% |
| Vornado Realty Trust VNORP | $51.00 | $40.45 | -21% |
| Alexandria Real Estate Equities, Inc ARE | $48.06 | $58.69 | +22% |
| Hudson Pacific Properties, Inc HPP | $14.31 | $4.28 | -70% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.27 SGD | 1.14 SGD | -10% |
| Cousins Properties Incorporated CUZ | $29.49 | $17.46 | -41% |
| DEXUS DXS | A$5.96 | A$4.49 | -25% |
| Keppel DC REIT AJBU | 2.21 SGD | 1.68 SGD | -24% |
| Embassy Office Parks REIT owns, EMBASSY | ₹435.90 | ₹141.82 | -67% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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