NSE: INDIQUBE · BSE: 544454
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Workspace rentals and serviced offices, Value-added services (15%). Asset-heavy flex workspace operator; leased real estate with significant fitout depreciation; growing platform/services layer
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 1,451 |
| EBITDA (ex other income) | 881 |
| margin % | 60.7 |
| Owners' profit | (106) |
| EPS, as reported (₹) | (5.28) |
| ROE % · ROCE % | (20.7) · 5.7 |
| Debt / equity (x) | 0.56 |
| Cash from operations | 920 |
| Capex | (414) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 309 | 659 | 390 | 401 | 423 |
| Profit before tax | (50) | (89) | (23) | (24) | (31) |
| Net profit | (37) | (67) | (17) | (23) | (24) |
| EPS (₹) | (2.01) | (3.46) | (0.81) | (1.07) | (1.13) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 16,876 | 27.7 | 11.34 | 16.2 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,745 | 100.3 | 29.23 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,045 | 16.9 | 2.35 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,678 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,302 | 190.2 | 9.99 | 4.5 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,869 | 19.2 | 4.17 | 14.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,360 | 34.9 | 2.54 | 25.9 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED ◆ | 3,549 | — | 6.89 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 6.9 | 1.3 | 82 of 95 | 14% |
| ROCE | (2.5) | 3.4 | 86 of 103 | 17% |
| ROE | (20.7) | 2.9 | 108 of 113 | 5% |
| Debt / Equity | 0.6 | 0.1 | 73 of 91 | 20% |
| EBITDA margin | 67.3 | 25.4 | 22 of 92 | 77% |
| Revenue growth | 36.7 | 16.2 | 33 of 91 | 64% |
| Profit growth | 35.0 | 5.2 | 48 of 110 | 57% |
| Market cap | 3549 | 47 | 8 of 108 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Postal ballot notice published for independent director appointment | compliance | minimal | — | — |
| 22 Oct 2026 · Independent director appointment put to postal ballot | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Indiqube to invest up to Rs 35 cr in SaiEdge Realty for 49% stake | strategic transactions | high | — | — |
| 19 Oct 2026 · Indiqube board changes: new independent director and ₹35cr investment | management changes | medium | — | — |
| 19 Oct 2026 · Board approves director change, ₹35 cr investment in SaiEdge Realty | management changes | high | — | — |
| 14 Oct 2026 · Independent Director Muralikrishnan resigns citing health reasons | management changes | medium | — | — |
| 10 Oct 2026 · Reg 74(5) certificate for Q2 FY27 filing | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 until Q2 results announcement | compliance | minimal | — | — |
| 23 Sept 2026 · Indiqube Spaces to meet analysts and investors on September 28 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Corrigendum to Intimation of Schedule of Analyst/Institutional Investor Meetings | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.