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Indiqube Spaces Q2 FY27 results: net loss narrows to ₹5.87 crore, revenue down 28.4%
Indiqube Spaces Limited reported standalone revenue of ₹471.90 crore in Q2 FY27, up 11.6% from Q1 FY27 but down 28.4% from a year earlier. EBITDA was ₹296.44 crore, with a margin of 62.8%, while the company reported a net loss of ₹5.87 crore and basic EPS of ₹0.28. The results were announced on 3 November 2026.
Key points
- Standalone revenue was ₹471.90 crore in Q2 FY27, up ₹49.21 crore or 11.6% from Q1 FY27 and down ₹187.53 crore or 28.4% from Q2 FY26.
- EBITDA was ₹296.44 crore, up ₹37.97 crore or 14.7% from the previous quarter, with margin rising 1.6 percentage points to 62.8%.
- The company reported a net loss of ₹5.87 crore in Q2 FY27, against a net loss of ₹23.88 crore in Q1 FY27 and a net loss of ₹66.62 crore in Q2 FY26.
- Basic EPS was ₹0.28 for the quarter, against ₹1.13 in Q1 FY27 and ₹3.46 in Q2 FY26.
- Total assets rose to ₹7,081.89 crore from ₹6,511.40 crore as of 31 March 2026, while cash and cash equivalents were ₹109.50 crore against ₹72.26 crore.
How did Indiqube Spaces perform in Q2 FY27?
Indiqube Spaces reported standalone revenue of ₹471.90 crore for Q2 FY27, the July–September 2026 quarter, against ₹422.69 crore in Q1 FY27 and ₹659.43 crore in Q2 FY26. Total income was ₹492.16 crore, up from ₹448.81 crore in the previous quarter and down from ₹690.72 crore a year earlier. No consolidated figures were given for this quarter in the filings provided.
EBITDA was ₹296.44 crore in Q2 FY27, up ₹37.97 crore or 14.7% from Q1 FY27 and down ₹99.56 crore or 25.1% from Q2 FY26. The EBITDA margin was 62.8%, against 61.2% in the previous quarter and 60.1% a year earlier. The company reported a net loss of ₹5.87 crore, against a net loss of ₹23.88 crore in Q1 FY27 and a net loss of ₹66.62 crore in Q2 FY26, with basic EPS of ₹0.28 against ₹1.13 and ₹3.46 respectively.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 471.90 | 422.69 | 659.43 | −28.4% | +11.6% |
| Other income | 20.26 | 26.13 | 31.29 | −35.3% | −22.5% |
| Total expenses | 499.53 | 479.32 | 779.37 | −35.9% | +4.2% |
| EBITDA | 296.44 | 258.47 | 396 | −25.1% | +14.7% |
| EBITDA margin | 62.8% | 61.2% | 60.1% | +2.7 pp | +1.6 pp |
| Profit before tax | −7.37 | −30.51 | −88.65 | ||
| Tax | −1.50 | −6.63 | −22.03 | ||
| Net profit | −5.87 | −23.88 | −66.62 | ||
| EPS (₹) | −0.28 | −1.13 | −3.46 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indiqube Spaces' costs and profit?
Total expenses were ₹499.53 crore in Q2 FY27, down ₹279.84 crore or 35.9% from Q2 FY26 but up ₹20.21 crore or 4.2% from Q1 FY27. Employee cost was ₹24.49 crore, down ₹20.38 crore or 45.4% from a year earlier and up ₹0.85 crore or 3.6% from the previous quarter. Other expenses were ₹121.97 crore, down ₹60.50 crore or 33.2% year on year and up ₹8.82 crore or 7.8% sequentially.
Finance costs were ₹129.13 crore, down ₹87.59 crore or 40.4% from Q2 FY26 and up ₹1.91 crore or 1.5% from Q1 FY27. Depreciation was ₹194.95 crore, down ₹104.26 crore or 34.8% year on year and up ₹7.06 crore or 3.8% from the previous quarter. Other income was ₹20.26 crore, down ₹11.03 crore or 35.3% from a year earlier and down ₹5.87 crore or 22.5% sequentially. There was no exceptional item.
Loss before tax narrowed to ₹7.37 crore from ₹88.65 crore in Q2 FY26 and ₹30.51 crore in Q1 FY27. Tax expense was ₹1.50 crore, against ₹22.03 crore a year earlier and ₹6.63 crore in the previous quarter. The net loss therefore narrowed to ₹5.87 crore from ₹66.62 crore a year earlier and ₹23.88 crore in the previous quarter, and the net loss margin improved to 1.2% from 10.1% and 5.7%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 24.49 | 44.87 | −20.38 | −45.4% |
| Finance costs | 129.13 | 216.72 | −87.59 | −40.4% |
| Depreciation | 194.95 | 299.21 | −104.26 | −34.8% |
| Other expenses | 121.97 | 182.47 | −60.50 | −33.2% |
| Total expenses | 499.53 | 779.37 | −279.84 | −35.9% |
| Other income | 20.26 | 31.29 | −11.03 | −35.3% |
| Tax | −1.50 | −22.03 | +20.53 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹7,081.89 crore as of 30 September 2026, against ₹6,511.40 crore as of 31 March 2026. Total equity was ₹487.44 crore, down from ₹514.75 crore at the previous balance sheet date. Borrowings were ₹288.46 crore against ₹290.03 crore, while cash and cash equivalents were ₹109.50 crore against ₹72.26 crore.
Inventories stood at ₹1.06 crore as of 30 September 2026, against ₹0.69 crore as of 31 March 2026. Trade receivables were ₹124.49 crore against ₹112.56 crore, and trade payables were ₹76.58 crore against ₹79.52 crore. In H1 FY27, operating cash flow was ₹513.38 crore, against ₹429.4 crore in H1 FY26, with investing cash flow of ₹70.16 crore against ₹616.39 crore and financing cash flow of ₹362.86 crore against ₹228.59 crore.
Capital expenditure in H1 FY27 was ₹202.77 crore, against ₹179.43 crore in H1 FY26. For the first half of FY27, revenue was ₹894.59 crore, total income was ₹940.98 crore, loss before tax was ₹37.88 crore and the net loss was ₹29.75 crore, with EPS of ₹1.40. Figures for H1 FY26 and the year-on-year changes were not provided in the facts.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 7,082 | 6,511 |
| Total equity | 487.44 | 514.75 |
| Borrowings | 288.46 | 290.03 |
| Cash and equivalents | 109.50 | 72.26 |
| Inventories | 1.06 | 0.69 |
| Trade receivables | 124.49 | 112.56 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 513.38 | 429.40 |
| Cash from investing | −70.16 | −616.39 |
| Cash from financing | −362.86 | 228.59 |
| Capital expenditure | 202.77 | 179.43 |
Source: Company's results filing (XBRL).
How has Indiqube Spaces done over the last 6 quarters?
Revenue across the last six quarters moved from ₹309.29 crore in Q1 FY26 to a peak of ₹659.43 crore in Q2 FY26, then to ₹389.94 crore in Q3 FY26, ₹401.45 crore in Q4 FY26 and ₹422.69 crore in Q1 FY27 before reaching ₹471.90 crore in Q2 FY27. The net loss was at its widest in Q2 FY26 at ₹66.62 crore and narrowed to ₹5.87 crore in the latest quarter.
The EBITDA margin ranged from 60.1% in Q2 FY26 to 61.8% in Q4 FY26 and 62.8% in Q2 FY27, the highest in the six-quarter series. The latest quarter therefore extends the recovery in both revenue and margin from the lows recorded in Q3 FY26, when revenue was ₹389.94 crore and the net loss was ₹17.07 crore. No streak data was provided for this company.
What else did the company announce?
The board met on 3 November 2026 and approved the unaudited financial results for the quarter and half year ended 30 September 2026, along with the Limited Review Report of the statutory auditors, which carried an unmodified opinion. The board meeting commenced at 05:27 PM and concluded at 05:41 PM. The results were filed with BSE and NSE on 3 November 2026.
The company had earlier intimated on 29 October 2026 that the board would meet on 3 November 2026 to consider the results, and that the trading window for designated persons would remain closed until 48 hours after the announcement. A same-day filing also enclosed the investor presentation for the results. The filings provided include no dividend declaration, fund raise or appointment announcement.
What did Indiqube Spaces' management say?
Management also indicated EBIT margin of 12–14%, steady-state occupancy of 85–90% and value-added services contribution expected to increase by at least 2–4% annually from approximately 17%, with quarterly mix fluctuating. The company plans about ₹100 crore of annual solar capex over FY27 and FY28, with solar capacity set to rise from about 30MW to about 60MW.
Management identified risks including the 6–12 months new centres take to mature, which creates near-term pre-operating cost and occupancy volatility. The Sai Edge co-ownership model is a three-year pilot with transaction economics still formative, and branch-management pricing and profitability remain too early to predict. Chairman and CEO Rishi Das said: “Depending upon how this pilot goes, we can consider as a part of our strategy to do similar kinds of things, maybe in other locations.” Co-founder and CEO Meghna Agarwal said: “Our ambition is not simply to build more workspaces. It is to build India's most trusted, integrated, and profitable enterprise workspace platform.”
How did Indiqube Spaces shares react?
The results were announced after market hours. The stock was up 1.6% five minutes after the filing appeared, and was up 0.2% at both 15 and 30 minutes. On the reaction day, the stock rose 4.1% from its pre-results close of ₹179.80 to ₹184.85, against a 1.6% median move for the industry's other stocks, a 2.5 percentage point excess return. By the next day's close, the stock was up 0.2% from its pre-results close, against a 2.2% industry median.
Earlier results-day moves were mixed. The stock fell 2.8% on 7 July 2026, fell 7.3% on 20 May 2026, rose 2.3% on 10 February 2026, rose 6.5% on 8 November 2025 and rose 1.6% on 12 August 2025. No five-day or one-month reaction figures were provided.
| After the filing | Stock | Diversified Commercial Services median |
|---|---|---|
| 5 minutes | +1.6% | |
| 15 minutes | +0.2% | |
| 30 minutes | +0.2% | |
| Reaction day | +4.1% | +1.6% |
| Next day | +0.2% | +2.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 July 2026 | −2.8% |
| 20 May 2026 | −7.3% |
| 10 February 2026 | +2.3% |
| 8 November 2025 | +6.5% |
| 12 August 2025 | +1.6% |
Source: MarketPing price-reaction measurement.
How did other Diversified Commercial Services companies do?
Among the 29 Diversified Commercial Services companies compared for this quarter, the median revenue growth was 16.5%. Of the peers whose revenue growth was measured against Indiqube Spaces, 24 grew faster than the company and 5 grew slower. The peer comparison was as of 6 November 2026.
Of the 40 peers for which profit was compared, 24 reported an increase in profit. Indiqube Spaces reported a net loss of ₹5.87 crore for Q2 FY27.
| Indiqube Spaces revenue growth (YoY) | −28.4% |
|---|---|
| Median of 29 other Diversified Commercial Services companies | +16.5% |
| Companies with slower revenue growth than Indiqube Spaces | 5 of 29 |
| Companies with faster revenue growth than Indiqube Spaces | 24 of 29 |
| Companies whose net profit rose | 24 of 40 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Indiqube Spaces' revenue in Q2 FY27?
Revenue from operations was ₹471.90 crore, down 28.4% from ₹659.43 crore in Q2 FY26 (standalone).
Did Indiqube Spaces make a profit in Q2 FY27?
No. It reported a net loss of ₹5.87 crore, against a net loss of ₹66.62 crore in Q2 FY26.
What was Indiqube Spaces' EPS in Q2 FY27?
Basic loss per share was ₹0.28, against a loss of ₹3.46 in Q2 FY26.
How did Indiqube Spaces shares react to the Q2 FY27 results?
On the reaction day the stock moved +4.1% from the previous close; the median Diversified Commercial Services stock moved +1.6%.
When did Indiqube Spaces announce its Q2 FY27 results?
On 3 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting On November 03, 2026 (BSE, 29 October 2026) · PDF
- Outcome of Board Meeting (NSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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