INDIQUBE SPACES LIMITED

Operates managed and flex office workspaces for enterprises across India, leasing buildings from landlords, fitting them out, and sub-leasing fully serviced offices and seats to clients on short- to medium-term contracts. Global Capability Centres (GCCs) contribute 56% of revenue, with the portfolio covering 130 centres across 17 cities and 9.66 million sq ft under management. Steady-state occupancy is 88% and the business added ~1.6 million sq ft across 15 new centres in FY26, with Bangalore accounting for a 29-30% market share. Revenue per occupied seat runs at an INR 192 per month base, served across 848 clients. Value-added services — workspace management software, IT, food, and admin support bundled with space — contributed 15% of revenue in FY26, up from 12%, and are guided to 17-18% in FY27. The largest cost line is depreciation at 44.5% of revenue, reflecting fitout capex on leased buildings; other operating costs of 26.3% include lease payments to landlords and energy, which the business is offsetting through solar capacity now at 26.7 MW operational (Latur 4 MW, Yadgir 20 MW, Virudhunagar 2.7 MW), with another 30-35 MW planned in FY27 at INR 125-150 cr capex. The MiQube platform recorded 1.4 million transactions. GCCs drive ~44% of all Indian office absorption and flex operators collectively hold 23% of the market.