Q2 FY27: NOI up 31.9% YoY to INR 8,361 Mn, DPU at INR 6.67 per unit
Results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 3 min read
- Revenue from Operations
- INR 10,099 Mn, up 29.8% YoY
- NOI
- INR 8,361 Mn, up 31.9% YoY
- DPU
- INR 6.67 per unit, up 14.4% YoY
What this update contains
The manager of the REIT has shared the press release and the investor presentation for the quarter and half year ended September 30, 2026 (called Q2 FY27). For a REIT, two numbers matter most: Net Operating Income (rent and other operating income minus operating costs) and Distribution Per Unit (DPU), which is the cash paid out to unitholders.
Quarter at a glance
- Revenue from Operations: INR 10,099 Mn in Q2 FY27 against INR 7,778 Mn in Q2 FY26, a rise of 29.8%
- Net Operating Income (NOI): INR 8,361 Mn against INR 6,339 Mn, a rise of 31.9%
- Like to like NOI grew 16.8% year on year
- Distribution Per Unit: INR 6.67 against INR 5.83, up 14.4%
- Total distribution declared for the quarter: c. INR 4,415 million
Distribution and payment dates
- Record date for the distribution is November 5, 2026
- Payment is to be processed on or before November 13, 2026
- Cumulative distribution since listing is c. INR 76.4 billion, or c. INR 126 per unit
The record date decides who is eligible: units held on that date receive the payout.
Balance sheet and valuation markers
- Gross Asset Value of the portfolio rose 15.9% to c. INR 552 Bn
- NAV per unit moved from INR 527 to INR 565.1, a 7.2% increase
- Since listing, NAV per unit has seen 78% cumulative growth and c.10% CAGR
- Loan-to-Value is broadly unchanged at c. 29.1%
- Cost of debt held steady at 7.43% per annum per month
Operational highlights
- Gross leasing of c. 1.6 million sq. ft. in the quarter
- Committed occupancy at a record 96.1% on a like to like basis, excluding new acquisitions completed in H1 FY27 and Pocharam (an asset held for sale); including all acquisitions it is 93.8% (excluding Pocharam)
- Since acquisition, c. 0.6 million sq. ft. has been leased at the newly added Chennai assets, ahead of the business plan
- Committed occupancy at those assets is c.77.5% for Commerzone Pallikaranai and c.75% for One Radial
- A deal of c. 0.5 million sq. ft. was signed at One Radial with a European BFSI GCC
- The first redevelopment project of c. 1.5 million sq.ft. was delivered at Hyderabad with 100% pre-leasing
- Completed portfolio increased to 37.7 million sq. ft., with a development pipeline of 6.0 million sq. ft.
- 0.15 million sq. ft. was acquired across Commerzone Yerwada and Mindspace Madhapur, consolidating c. 0.8 million sq. ft. within the parks
- Mark-to-Market rental upside potential is estimated at c. 22.8%
Portfolio and ratings
The portfolio has a total leasable area of 46.4 msf, made up of 37.7 msf completed, 6.0 msf under construction and 2.7 msf of future development, across 7 integrated business parks and 9 independent office assets, with over 314 tenants. In the 2026 GRESB Development Ratings the REIT scored 100 out of 100, was ranked no. 1 across the Office/Asia, Office/Listed and Asia/Listed categories, and received a 5-star rating for the fourth consecutive year.
How to read it
Growth in NOI and DPU is what drives the cash payout a unitholder receives, and the quarter shows both rising at a double-digit pace, helped by leasing, rent increases and completed developments. Occupancy, leasing volume and the development pipeline indicate how much of the portfolio is earning and how much more can be added. Leverage (LTV) and cost of debt show how the portfolio is funded. A management earnings call is scheduled for November 03, 2026 at 08:30 hours (Indian Standard Time).
Also from Mindspace Business Parks REIT
Intimation of newspaper advertisement of unaudited results for the quarter and half year ended September 30, 2026
3 Nov 2026
Mindspace Business Parks REIT reported a strong Q2 with 30% revenue growth and 32% NOI growth, with management discussing debt strategy, diversification into data centers and hotels, and DPU outlook
3 Nov 2026
Security cover details and Nil material deviation statement shared for the quarter ended 30 September 2026
2 Nov 2026
More numbers
- Revenue from Operations, Q2 FY2710,099
- Net Operating Income (NOI), Q2 FY278,361
- NOI growth YoY31.9%
- Distribution Per Unit (DPU), Q2 FY276.67
- DPU growth YoY14.4%
- Distribution declared for Q2 FY27INR 4,415 million
- NAV per unit565.1
- Committed occupancy (like to like)96.1%
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