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
| ₹ crore · consolidated | 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) |
| ₹ 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) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,611 | 22.3 | 9.15 | 13.1 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,297 | 106.7 | 31.07 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,728 | 18.6 | 2.58 | 13.1 | 13.8 | 14.8 | 26.2 | 68.9 |
| INOX GREEN ENERGY SER LTD | 7,175 | 57.5 | 4.18 | 42.6 | 6.0 | 9.0 | — | 131.6 |
| SMARTWORKS COWORKING SP L | 6,079 | 218.0 | 11.45 | 5.1 | 2.0 | 0.3 | — | 65.8 |
| NIRLON LTD | 5,526 | 16.0 | 11.79 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Indiqube Spaces schedules analyst/investor meetings across 4 cities | investor communications | low | — | — |
| 3 Sept 2026 · Analyst and Institutional Investor Meeting Scheduled for September 8, 2026 | board shareholder meetings | low | — | — |
| 19 Aug 2026 · IndiQube wins 1,300-seat workspace deal in Bengaluru with global audio platform | business updates | high | — | — |
| 18 Aug 2026 · Indiqube Q1 FY27: Revenue INR428cr up 37%, PAT INR35cr up 91% | investor communications | medium | — | — |
| 13 Aug 2026 · Indiqube Spaces AGM 2026: All 3 resolutions passed, voting results filed | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Q1 FY27 Earnings Call Audio Recording Available on Website | investor communications | low | — | — |
| 13 Aug 2026 · Indiqube Spaces files newspaper publication of Q1FY27 results | compliance | minimal | — | — |
| 12 Aug 2026 · Indiqube Q1FY27 IPO proceeds monitoring report, 25-35% deviation noted | compliance | low | — | — |
| 12 Aug 2026 · Indiqube Spaces Q1 FY27 results: revenue up, losses widen | board shareholder meetings | low | — | — |
| 12 Aug 2026 · IndiQube Q1 FY27: Revenue at record ₹428 Cr, PAT jumps 91% YoY | compliance | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 73.8 |
| 18.1 |
| — |
| 79.4 |
| QUESS CORP LIMITED | 5,174 | 20.4 | 4.43 | 15.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INDIQUBE SPACES LIMITED ◆ | 4,272 | — | 8.30 | — | (20.7) | (2.5) | — | 67.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 8.3 | 1.5 | 81 of 92 | 12% |
| ROCE | (2.5) | 3.2 | 86 of 105 | 18% |
| ROE | (20.7) | 3.1 | 111 of 116 | 4% |
| Debt / Equity | 0.6 | 0.0 | 98 of 116 | 16% |
| 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 | 4272 | 56 | 8 of 104 | 93% |
| 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 |
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.
