Operates co-working and managed office workspace centres, primarily in Delhi NCR and Bengaluru, and is actively expanding with new leases signed across Noida, Gurugram and Delhi. As of FY26 the company ran 25 centres spanning about 7.39 lakh sq ft under management, with roughly 3.06 lakh sq ft operational at around 85% occupancy. FY26 revenue from operations stood at ₹35.4785 crore (up 23.6% YoY) with total income of ₹36.19 crore, EBITDA of ₹9.17 crore (up 38.1% YoY) and PAT of ₹2.14 crore. The revenue mix is shifting from co-working toward managed offices — in the revised FY26 disclosure managed offices contributed 61.24% and co-working 36.78%, and management has said managed office is growing 30-40% annually versus co-working at roughly 10%. Operating costs are dominated by materials and fit-out at 52.1% of revenue, plus employee costs (10.0%) and other operating expenses (14.1%), while capex of ₹27.04 crore (76.2% of revenue) reflects heavy investment in new centres. The company is targeting more than 10 lakh sq ft operational by FY27 year-end, expansion into Pune and Hyderabad, and a 70% managed / 30% co-working mix within 3-4 years. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Managed offices (61%), Co-working (37%). Asset-building flex-workspace operator running co-working and managed offices; in a capex-heavy expansion phase with revenue shifting toward managed offices.
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 29 | 35 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 7.53 | 5.30 |
| ROE % · ROCE % | — · 6.8 | — · 5.9 |
| Debt / equity (x) | — | — |
| Cash from operations | (7) | 4 |
| Capex | (9) | (27) |
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 14 | 17 | 19 |
| Profit before tax | 2 | 2 | 1 |
| Net profit | — | — | — |
| EPS (₹) | 4.18 | 2.89 | 2.41 |
| 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 | — | 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · AGM notice and FY26 annual report access sent to shareholders without registered emails | compliance | minimal | — | — |
| 4 Sept 2026 · 7th AGM newspaper advertisement notice filed with BSE | compliance | minimal | — | — |
| 3 Sept 2026 · Nukleus Office Solutions FY26 Annual Report filed; AGM on Sep 25 | compliance | medium | — | — |
| 3 Sept 2026 · AGM notice on Sep 25 2026; ESOP plan and director re-appointment on agenda | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Newspaper ad published for 7th AGM notice | compliance | minimal | — | — |
| 29 Aug 2026 · Board approves ESOP Scheme 2026 with 201,600 stock options | capital market events | medium | — | — |
| 24 Aug 2026 · Board to consider ESOP Scheme 2026 on Aug 29 | capital market events | low | — | — |
| 24 Aug 2026 · Trading window closed for ESOP Scheme-I 2026 board meeting on Aug 29 | compliance | minimal | — | — |
| 8 Aug 2026 · Analysts/Institutional Investors meeting on 13 August 2026 | board shareholder meetings | low | — | — |
| 24 Jul 2026 · Analyst and investor meeting held; no UPSI shared | investor communications | low | — | — |
| 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 |
| INDIQUBE SPACES LIMITED | 4,272 | — | 8.30 | — | (20.7) | (2.5) | — | 67.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.6 | 14.3 | 56 of 89 | 38% |
| ROCE | 4.4 | 3.2 | 47 of 105 | 56% |
| Market cap | 83 | 56 | 44 of 104 | 58% |
| 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.
