Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Equity Bottom-Up

Mindspace Business Parks REIT / Equity Bottom-Up

<ul>
<li>Record Q1 FY27: DPU hit INR6.67 (+15.2% YOY), NOI grew 27.8% to INR7,880M, extending seven straight quarters of double-digit DPU growth. Like-for-like NOI rose a clean 16.2%.</li>
<li>Occupancy fell to 88.4% due to acquisitions, while like-for-like committed occupancy remains 95.8%. Chennai lease-up and Madhapur’s INR80-130 rental reversion underpin growth.</li>
<li>Chennai's aggressive full lease-up target for FY27, Madhapur renewal repricing, and the proposed SPV tax cut (28.6% from 35%) offers DPU upside.</li>
</ul>


Record Q1 FY27: DPU hit INR6.67 (+15.2% YOY), NOI grew 27.8% to INR7,880M, extending seven straight quarters of double-digit DPU growth. Like-for-like NOI rose a clean 16.2%.
Occupancy fell to 88.4% due to acquisitions, while like-for-like committed occupancy remains 95.8%. Chennai lease-up and Madhapur’s INR80-130 rental reversion underpin growth.
Chennai's aggressive full lease-up target for FY27, Madhapur renewal repricing, and the proposed SPV tax cut (28.6% from 35%) offers DPU upside.


Mindspace Business Parks REIT: Record Q1, Chennai Lease-Up and Tax Upside Support Growth