Financial Results - REITs or InvITs



General information about REITs or InvITs

Scrip Code 543217
NSE Symbol MINDSPACE
MSEI Symbol NOTLISTED
ISIN INE0CCU25019
Name of Entity Mindspace Business Parks REIT
Class of security - REITs or INVITs REITs
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 27-01-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 20-01-2026
Description of presentation currency INR
Level of rounding Lakhs
Reporting Type Quarterly
Reporting Quarter Third quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Not applicabe
Start date and time of board meeting 27-01-2026   15:45:00
End date and time of board meeting 27-01-2026   18:01:00
Whether cash flow statement is applicable on company
Type of cash flow statement
NDCF applicability Trust
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
(a) Revenue from operations 0.00 0.00
(b) Other income
1 Interest income 14,984.40 38,789.60
2 Dividend 15,491.10 52,287.90
3 Guarantee commission fees (refer Note 30) 0.00 0.00
4 Gain on redemption/marked to market of mutual fund units 258.10 499.10
Total other income 30,733.60 91,576.60
Total income 30,733.60 91,576.60
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 0.00 0.00
(e) Finance costs 14,375.80 36,672.50
(f) Depreciation, depletion and amortisation expense 0.00 0.00
(g) Other Expenses
1 Valuation expenses 0.30 18.90
2 Audit fees (Refer Note 36) 25.20 63.90
3 Insurance expenses 1.30 3.90
4 Management fees (Refer Note 29) 219.60 646.20
5 Trustee fees 11.90 35.60
6 Legal and professional fees 274.80 873.40
7 Bank charges 0.20 0.90
8 Filing and stamping fees 48.40 140.20
9 Travelling and conveyance 13.20 65.70
10 Printing and stationery 0.10 0.50
11 Marketing and advertisement expenses 54.80 94.40
12 Membership & subscription charges 29.80 114.90
13 Foreign Exchange Loss 1.00 1.30
14 Miscellaneous expenses 33.70 93.90
Total other expenses 714.30 2,153.70
Total expenses 15,090.10 38,826.20
3 Total profit/(loss) before exceptional items and tax 15,643.50 52,750.40
4 Exceptional items 0.00 0.00
5 Total profit/(loss) before tax 15,643.50 52,750.40
6 Tax expense
7 Current tax 174.70 399.00
8 Deferred tax 0.00 (4.40)
9 Total tax expenses 174.70 394.60
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 15,468.80 52,355.80
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 15,468.80 52,355.80
17 Other comprehensive income net of taxes 0.00 0.00
18 Total Comprehensive Income for the period 15,468.80 52,355.80
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of unit capital
Paid-up unit capital 16,89,640.30 16,89,640.30
22 Earnings per unit
i Earnings per unit capital for continuing operations
Basic earnings (loss) per unit from continuing operations 2.54 8.59
Diluted earnings (loss) per unit from continuing operations 2.54 8.59
ii Earnings per unit capital for discontinued operations
Basic earnings (loss) per unit from discontinued operations 0 0
Diluted earnings (loss) per unit from discontinued operations 0 0
iii Earnings per unit capital (for continuing and discontinued operations)
Basic earnings (loss) per unit from continuing and discontinued operations 2.54 8.59
Diluted earnings (loss) per unit from continuing and discontinued operations 2.54 8.59
23 Disclosure of notes on financial results Textual Information(1) Textual Information(2)


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets
Net Segment Asset
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities
Net Segment Liabilities
Disclosure of notes on segments Textual Information(1) Textual Information(2)


Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss 0.00 0.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 0.00 0.00
Disclosure of notes on other comprehensive income Text Block(1) Text Block(2)


Statement of Net Distributable Cash Flows (NDCF) - Trust

Amount in (Lakhs)

A Name of Project Mindspace Business Parks REIT
B Date of start of reporting period 01-10-2025
C Date of end of reporting period 31-12-2025
Sr. Particulars Amount
Cashflows from operating activities of the Trust (739.20)
1 Add: Cash Flows received from SPV's / Investment entities which represent distributions of NDCF computed as per relevant framework
1 Cash flows received from SPV’s / Investment entities which represent distributions of NDCF computed as per relevant framework 51,879.40
f Sum of other Cash flows not included above
Details of other Cash flows not included above
Cash flows received from SPV’s / Investment entities which represent distributions of NDCF computed as per relevant framework
Total (1) 51,879.40
2 Add: Treasury income / income from investing activities of the Trust
a Interest income received from FD 72.30
b Tax refund 0.00
c Any other income in the nature of interest 0.00
d Profit on sale of Mutual funds 258.10
e Profit on sale of Investments 0.00
f Profit on sale of Assets 0.00
g Dividend Income 0.00
h Sum of other income not included above 0.00
Details of other income not included above
Total (2) 330.40
3 Add: Proceeds from sale of real estate/ infrastructure investments, real estate/ infrastructure assets or shares of SPVs or Investment Entity adjusted for the following:
a Applicable capital gains and other taxes 0.00
b Related debts settled or due to be settled from sale proceeds 0.00
c Directly attributable transaction costs 0.00
d Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations/ Regulation 18(7) of InvIT Regulations or any other relevant provisions of the REIT/ InvIT Regulations 0.00
e Sum of other sale proceeds not included above 0.00
Details of other sale proceeds not included above
Total (3) 0.00
4 Add: Proceeds from sale of real estate/ infrastructure investments, real estate/ infrastructure assets or sale of shares of SPVs or Investment Entity not distributed pursuant to an earlier plan to reinvest as per Regulation 18(16)(d) of REIT Regulations/ Regulation 18(7) of InvIT Regulations or any other relevant provisions of the REIT/InvIT Regulations, if such proceeds are not intended to be invested subsequently 0.00
5 Less: Finance cost on Borrowings, excluding amortisation of any transaction costs as per Profit and Loss Account and any shareholder debt / loan from Trust 14,243.00
6 Less: Debt repayment (to include principal repayments as per scheduled EMI's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt / loan from Trust) 0.00
7 Less: Any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with:
a Loan agreement entered with banks/ financial institution from whom the Trust or any of its SPVs/ HoldCos have availed debt 0.00
b Terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos 0.00
c Terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos 0.00
d Agreement pursuant to which the he SPV/ HoldCo/ Trust operates or owns the real estate/ infrastructure asset, or generates revenue or cashflows from such asset 0.00
e Statutory, judicial, regulatory, or governmental stipulations 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 0.00
8 Less: any capital expenditure on existing assets owned / leased by the SPV or Holdco, to the extent not funded by debt / equity or from reserves created in the earlier years 0.00
Net Distributable Cash Flow at Trust level 37,227.60
Notes:
NDCF including surplus cash on account of liquidation of FD of 75mn is 3798n


Statement of Net Borrowings Ratio

Amount in (Lakhs)

Sr. Particulars Amount
A Borrowings [Refer Notes 1 & 2] 11,58,318.50
B Deferred Payments [Refer Notes 1 & 3] 0.00
C Cash and Cash Equivalents [Refer Notes 1 & 3] 59,714.00
D Aggregate Borrowings and Deferred Payments net of Cash and Cash Equivalents (A+B-C) 10,98,604.50
E Value of REIT/InVIT assets [Refer Notes 3 & 4] 42,91,344.20
F Net Borrowings Ratio (D/E) 0.26
Disclosure of notes on net borrowings ratio


Statement of Changes in Unitholders Equity

Amount in (Lakhs)

Particulars 3 months/ 6 months ended(dd-mm-yyyy) Year to date figures for current period ended(dd-mm-yyyy)
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Standalone Standalone
1 Balance at the beginning of the current reporting period 16,89,640.40 16,89,640.40
2 Changes in Unit Capital due to prior period errors 0.00 0.00
3 Restated balance at the beginning of the current reporting period 16,89,640.40 16,89,640.40
4 Changes in Unit Capital due to prior period errors 0.00 0.00
5 Balance at the end of the current reporting period 16,89,640.40 16,89,640.40
Disclosure of notes on changes in unit capital Textual Information(1) Textual Information(2)


Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025
Date of end of reporting period 31-12-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Standalone

B(i). Other Equity

Share application money pending allotment Equity component of compound financial instruments Reserves and Surplus Debt instruments through Other Comprehensive Income Equity Instruments through Other Comprehensive Income Effective portion of Cash Flow Hedges Revaluation Surplus Exchange differences on translating the financial statements of a foreign operation Other items of Other Comprehensive Income (specify nature) Money received against share warrants Distribution-Repayment of Capital Total
Capital Total Reserve Securities Premium Other Reserves (specify nature) Retained Earnings
1 Balance at the beginning of the current reporting period 3,241.80 (67,676.30) (64,434.50)
2 Changes in accounting policy or prior period errors 0.00 0.00 0.00
3 Restated balance at the beginning of the current reporting period 3,241.80 (67,676.30) (64,434.50)
4 Total Comprehensive Income for the current year 15,468.90 0.00 15,468.90
5 Dividends (18,641.00) (16,874.40) (35,515.40)
6 Transfer to retained earnings 0.00 0.00 0.00
7 Any other change 0.00 0.00 0.00
8 Balance at the end of the current reporting period 69.70 (84,550.70) (84,481.00)
9 Details of any other change (If figures reported in No. 7)


Amount in (Lakhs)

Particulars "Year to date figures for current period ended (dd-mm-yyyy)"
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-12-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Standalone

B(ii). Other Equity

Share application money pending allotment Equity component of compound financial instruments Reserves and Surplus Debt instruments through Other Comprehensive Income Equity Instruments through Other Comprehensive Income Effective portion of Cash Flow Hedges Revaluation Surplus Exchange differences on translating the financial statements of a foreign operation Other items of Other Comprehensive Income (specify nature) Money received against share warrants Distribution-Repayment of Capital Total
Capital Total Reserve Securities Premium Other Reserves (specify nature) Retained Earnings
1 Balance at the beginning of the current reporting period 4,611.60 (31,429.90) (26,818.30)
2 Changes in accounting policy or prior period errors 0.00 0.00 0.00
3 Restated balance at the beginning of the current reporting period 4,611.60 (31,429.90) (26,818.30)
4 Total Comprehensive Income for the current year 52,355.80 0.00 52,355.80
5 Dividends (56,897.70) (53,120.80) (1,10,018.50)
6 Transfer to retained earnings 0.00 0.00 0.00
7 Any other change 0.00 (84,550.70) 0.00
8 Balance at the end of the current reporting period 69.70 0.00 (84,481.00)
9 Details of any other change (If figures reported in No. 7)


Details of Funds raised through Debt - Consolidated basis

Amount in (Lakhs)

Sr no. Types of Borrowings Opening Outstanding Raised During the period Repaid during the period Closing Outstanding
1 Borrowings from Domestic - Banks/ Financial Institutions (including term loans) 4,21,633.30 0.00 1,40,185.60 2,81,447.70
2 Non-Convertible Debentures (NCDs) 7,02,847.80 1,90,000.00 19,551.50 8,73,296.30
3 Non-Convertible Preference Shares (NCRPs) 0.00 0.00 0.00 0.00
4 ECBs 0.00 0.00 0.00 0.00
Whether fund raised through debt consolidated other than above? No


Details of funds raised through debt consolidated basis explanatory Funds raised and paid through Commercial paper during the period have been included in Non Convertible Debentures line item in XBRL since there is no separate line item for Commercial paper in XBRL n nBorrowings from Domestic Banks Financial Institutions including term loans repaid during the period includes movement in Overdraft facilities LOC and Intercompany borrowing n


Details of Borrowing / Debt (Raised during the period)

Debt securities (NCDs) Loans / ECB Preference Capital (NCRPS)
Sr no. InvIT / HoldCo / SPVs ISIN Amount raised Coupon Rate Interest payment frequency Secured/unsecured Tenure (in months) Assets on which charge is created, if any Name of the lender Amount Assets on which charge is created, if any Tenure (in months) Name of the lender Amount Assets on which charge is created, if any Tenure (in months)
1 SPVs INE0CCU07173 70,000.00 7.15 Quarterly Secured P60M NCD Series 15 are secured by each of the following security in favour of the Debenture Trustee holding for the benefit of the NCD Holders are nFirst ranking sole and exclusive security interest, by way of an equitable mortgage created by Sundew Properties Limited, on identified units in buildings 20 and 22 of Mindspace Madhapur together with proportionate undivided interest of the units in the respective sub plots adding to a cumulative carpet area of approximately 7 Lakh sf carpet area or leasable area c 1 msf across these 2 buildings as mentioned in the trust deed situated on a notionally demarcated land admeasuring approximately 25 thousand square metres, being and situated at Mindspace Madhapur Hyderabad First ranking sole and exclusive charge by way of hypothecation over Collection Account and all amounts standing to the credit of or accrued or accruing on the Collection Account, receivables, movable assets pertaining to Mortgaged Immovable Properties as further specified in transaction documentnCorporate guarantee executed by Sundew NA 0.00 NA P0M NA 0.00 NA P0M
2 SPVs INE0CCU07181 1,20,000.00 6.96 Quarterly Secured P36M NCD Series 16 are secured by each of the following security in favour of the Debenture Trustee holding for the benefit of the NCD Holders are Sole and exclusive first ranking mortgage and charge by way or registered simple mortgage, on identified units in buildings 3 4 5 6 and entire building 8 of Mindspace Airoli West adding to a cumulative carpet area of approximately 14 Lakh carpet area across these 5 buildings as mentioned in the trust deed situated on land admeasuring approximately 2lakh square metres being and situated at Airoli Knowledge Park of Trans Thane Creek Industrial Area Navi Mumbai Municipal Corporation Taluka Thane District Thane first ranking pari passu mortgage and charge over the Land and sole and exclusive first ranking mortgage and charge over all rights of Gigaplex Estate Private Limited in respect of the Mortgaged Movable Properties as further specified in the transaction documentsnCorporate guarantee executed by Gigaplex. NA 0.00 NA P0M NA 0.00 NA P0M


Disclosures of Ratios

Amount in (Lakhs)

Whether the REITS/INVITS have any outstanding borrowings? Yes
Sr. No Particulars Ratio Remarks
1 Debt equity ratio 0.55
2 Debt service coverage ratio 2.09
3 Interest service coverage ratio 2.09
4 Asset cover available ratio 4.90
5 Total debts to total assets 0.35
6 Current ratio 1.02
7 EBITDA margin (i.e.: Earnings before interest tax depreciation and amortisation margin) 0.98 EBITDA MARGIN formula is EBITDA divided by TOTAL INCOME
8 Net profit margin percent 50.00
9 Net operating income margin 0.00 NOT APPLICABLE
10 Distribution per unit (In Rs.) 583.00
11 Net worth i.e.: Unitholders funds 16,05,159.40


Details of Capital raised during the period

Amount in (Lakhs)

Sr no. Nature of issue (Right Issue/ Preferential Issue/ Institutional Placement) Date of Board Approval Date of Unitholders Approval Date of Issue Issue Size (Number of Units) Issue Size Issue Price per Unit Date of Allotment of Securities Details of Listing of Securites



Text Block
Details Of Capital Raised During The Period Explanatory



Details of Assets acquired during the reporting period

Amount in (Lakhs)

Sr.No. Nature of the Asset Date of Meeting of Board of the Manager / IM / Unitholders Approval Type of transaction (Outright purchase / Joint Venture / Joint Development / Area Share / Others) Date on which the Asset was acquired Total consideration Name of the Parties from whom the Asset was acquired Whether it is a Related Party Transaction Valuation of the Asset Acquired Remarks
1 Office space, admeasuring ~ 8,960 sq. ft of leasable area located at 2ndnOffice Floor, Unit no. 204 in Building 4 of Commerzone Yerwada 30-04-2025 Outright Purchase 19-12-2025 940.00 KunalITServicesPrivatelimited No 940.00 NA



Text Block
Details Of Assets Acquired During The Reporting Period Explanatory



Details of Assets disposed off during the reporting period

Amount in (Lakhs)

Sr.No. Nature of the Asset Date of Meeting of Board of the Manager / IM / Unitholders Approval Type of transaction (Outright sale / Joint Venture / Joint Development / Area Share / Others) Date on which the Asset was disposed off Total consideration Name of the Parties to whom the Asset was disposed off Whether it is a Related Party Transaction Valuation of the Asset Acquired Remark Note



Text Block
Details Of Assets DisposedOff During The Reporting Period Explanatory






Details of Distributions made during each quarter of the Financial Year

A Date of start of reporting period 01-10-2025
B Date of end of reporting period 31-12-2025
B Details of Distribution made during the period, if applicable: (Yes/No) Yes
Sr. Particulars
1 Record Date 30-01-2026
2 Date of Board Meeting in which the distribution declared 27-01-2026
3 Total amount of distribution declared Total amount (in Rs. Lakhs) Total Amount Per Unit (in Rs.)
4 Out of the total amount of distribution declared, the amount in the form of interest, less taxes, if any 324.20 0.05
5 Out of the total amount of distribution declared, the amount in the form of dividend 20,228.30 3.12
6 Out of the total amount of distribution declared, including amount in the form of amortization of SPV level debt 17,245.90 2.66
7 Out of the total amount of distribution declared, the amount in form of other income 0.00 0
8 Due date of the payment of distribution 06-02-2026
9 Date by which payment of distribution is completed 06-02-2026



Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Mindspace Business Parks Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 8.20
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 Telangana State Industrial Infrastructure Corporation Limited 11.00
2 Mindspace Business Parks REIT jointly with Neel C. Raheja(held as nominee of Mindspace Business Parks REIT) 0.01
3 Mindspace Business Parks REIT jointly with Ravi Raheja(held as nominee of Mindspace Business Parks REIT) 0.00
Total Capital 8.20
2 Other Equity 26,605.10
3 Reserve & Surplus 9,945.20
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 36,558.50
B Borrowings
1 Long Term Borrowings 60,115.10
2 Current Maturities of Long Term Borrowings 2,966.40
3 Short term borrowings 13,128.20
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 403.50
7 Loans from REITs / InvITs or any other inter SPV Borrowings 80,097.00
Total Net Debt 1,56,710.20
C Total Capitalisation 1,93,268.70
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Avacado Properties and trading Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 397.50
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 Telangana State Industrial Infrastructure Corporation Limited 11.00
2 Mindspace Business Parks REIT jointly with Neel C. Raheja(held as nominee of Mindspace Business Parks REIT) 0.01
3 Mindspace Business Parks REIT jointly with Ravi Raheja(held as nominee of Mindspace Business Parks REIT) 0.00
Total Capital 397.50
2 Other Equity 0.00
3 Reserve & Surplus 2,823.10
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 3,220.60
B Borrowings
1 Long Term Borrowings 30,534.10
2 Current Maturities of Long Term Borrowings 2,722.30
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 36.70
7 Loans from REITs / InvITs or any other inter SPV Borrowings 6,086.00
Total Net Debt 39,379.10
C Total Capitalisation 42,599.70
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Horizonview Properties Private Limted
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 2,999.70
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 Telangana State Industrial Infrastructure Corporation Limited 11.00
2 Mindspace Business Parks REIT jointly with Neel C. Raheja(held as nominee of Mindspace Business Parks REIT) 0.01
3 Mindspace Business Parks REIT jointly with Ravi Raheja(held as nominee of Mindspace Business Parks REIT) 0.00
Total Capital 2,999.70
2 Other Equity 0.00
3 Reserve & Surplus (33,795.70)
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (30,796.00)
B Borrowings
1 Long Term Borrowings 16,853.80
2 Current Maturities of Long Term Borrowings 876.50
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.10
6 Interest Accrued but not due 1,914.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 1,17,689.90
Total Net Debt 1,37,334.30
C Total Capitalisation 1,06,538.30
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Intime Properties Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 120.30
(2) held by Other shareholders 14.90
Name of other shareholder % of Holiding
1 Telangana State Industrial Infrastructure Corporation Limited 11.00
2 Mindspace Business Parks REIT jointly with Neel C. Raheja(held as nominee of Mindspace Business Parks REIT) 0.01
3 Mindspace Business Parks REIT jointly with Ravi Raheja(held as nominee of Mindspace Business Parks REIT) 0.00
Total Capital 135.20
2 Other Equity 0.00
3 Reserve & Surplus 22,401.60
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 22,536.80
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 34,020.00
Total Net Debt 34,020.00
C Total Capitalisation 56,556.80
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Sundew Properties Limted
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 2,507.20
(2) held by Other shareholders 309.90
Name of other shareholder % of Holiding
1 Telangana State Industrial Infrastructure Corporation Limited 11.00
2 Mindspace Business Parks REIT jointly with Neel C. Raheja(held as nominee of Mindspace Business Parks REIT) 0.01
3 Mindspace Business Parks REIT jointly with Ravi Raheja(held as nominee of Mindspace Business Parks REIT) 0.00
Total Capital 2,817.10
2 Other Equity 3,846.10
3 Reserve & Surplus 11,517.30
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 18,180.50
B Borrowings
1 Long Term Borrowings 5,208.00
2 Current Maturities of Long Term Borrowings 749.70
3 Short term borrowings 557.90
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 5.80
7 Loans from REITs / InvITs or any other inter SPV Borrowings 72,216.00
Total Net Debt 78,737.40
C Total Capitalisation 96,917.90
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs K Raheja IT Park Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 1,780.00
(2) held by Other shareholders 220.00
Name of other shareholder % of Holiding
1 Telangana State Industrial Infrastructure Corporation Limited 11.00
2 Mindspace Business Parks REIT jointly with Neel C. Raheja(held as nominee of Mindspace Business Parks REIT) 0.01
3 Mindspace Business Parks REIT jointly with Ravi Raheja(held as nominee of Mindspace Business Parks REIT) 0.00
Total Capital 2,000.00
2 Other Equity 0.00
3 Reserve & Surplus 9,543.80
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 11,543.80
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 452.90
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 12.20
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 1,07,790.00
Total Net Debt 1,08,255.10
C Total Capitalisation 1,19,798.90
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs KRC Infrastructure and Projects Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 58.80
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 Telangana State Industrial Infrastructure Corporation Limited 11.00
2 Mindspace Business Parks REIT jointly with Neel C. Raheja(held as nominee of Mindspace Business Parks REIT) 0.01
3 Mindspace Business Parks REIT jointly with Ravi Raheja(held as nominee of Mindspace Business Parks REIT) 0.00
Total Capital 58.80
2 Other Equity 0.00
3 Reserve & Surplus 5,593.60
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 5,652.40
B Borrowings
1 Long Term Borrowings 66,214.80
2 Current Maturities of Long Term Borrowings 8,002.90
3 Short term borrowings 324.80
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 582.70
7 Loans from REITs / InvITs or any other inter SPV Borrowings 1,52,005.00
Total Net Debt 2,27,130.20
C Total Capitalisation 2,32,782.60
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Gigaplex Estate Private Limted
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 196.00
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 Telangana State Industrial Infrastructure Corporation Limited 11.00
2 Mindspace Business Parks REIT jointly with Neel C. Raheja(held as nominee of Mindspace Business Parks REIT) 0.01
3 Mindspace Business Parks REIT jointly with Ravi Raheja(held as nominee of Mindspace Business Parks REIT) 0.00
Total Capital 196.00
2 Other Equity 5,945.10
3 Reserve & Surplus 3,995.50
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 10,136.60
B Borrowings
1 Long Term Borrowings 52,063.10
2 Current Maturities of Long Term Borrowings 1,925.70
3 Short term borrowings 18,280.90
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 387.90
7 Loans from REITs / InvITs or any other inter SPV Borrowings 1,33,077.70
Total Net Debt 2,05,735.30
C Total Capitalisation 2,15,871.90
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Sustain properties and private limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 5.00
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 Telangana State Industrial Infrastructure Corporation Limited 11.00
2 Mindspace Business Parks REIT jointly with Neel C. Raheja(held as nominee of Mindspace Business Parks REIT) 0.01
3 Mindspace Business Parks REIT jointly with Ravi Raheja(held as nominee of Mindspace Business Parks REIT) 0.00
Total Capital 5.00
2 Other Equity 1,177.90
3 Reserve & Surplus (21,242.20)
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (20,059.30)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 1,268.30
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 776.20
7 Loans from REITs / InvITs or any other inter SPV Borrowings 1,39,717.60
Total Net Debt 1,41,762.10
C Total Capitalisation 1,21,702.80
Disclosure of notes for HoldCos and Directly held SPVs Notes :




(B)For SVPs held through HoldCos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos Horizonview Properties Private Limted
Name of SVPs Mack Soft Tech Private Limited
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 17,152.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 17,152.00
2 Other Equity 6,348.40
3 Reserve & Surplus (7,759.80)
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 15,740.60
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 700.00
Total Net Debt 700.00
C Total Capitalisation 16,440.60
Disclosure of notes for SVPs held through HoldCos Notes :




Details of Impact of Audit Qualification

Whether results are audited or unaudited Unaudited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Deloitte Haskins and Sells LLP Yes 31-07-2027