Indiqube Spaces Ltd (INDIQUBE)
🎯 Key Takeaways
- Indiqube Spaces Ltd is transitioning from a pre-profit growth phase to a scalable, profitable operating model, marked by record revenue and PAT growth in Q1 FY27. Management is executing a capital-light expansion strategy with strong occupancy and VAS monetization, supported by strategic capital allocation to high-return sustainability projects.
- Revenue grew 5.3% QoQ to ₹423 in Q1FY27.
- ⚠️ 1) High debt levels (₹4,770 crores) pose financial risk if growth slows or cash flows weaken. 2) Profitability is still emerging; earlier quarters sho
📖 The Story
Indiqube Spaces Ltd is transitioning from a pre-profit growth phase to a scalable, profitable operating model, marked by record revenue and PAT growth in Q1 FY27. Management is executing a capital-light expansion strategy with strong occupancy and VAS monetization, supported by strategic capital allocation to high-return sustainability projects.
📰 What's Happening
In Q1 FY27, Indiqube reported record revenue of ₹428 crores (+37% YoY) and PAT of ₹35 crores (+91% YoY), driven by expansion to 137 centers across 17 cities and growth in value-added services (VAS) contributing 17% of revenue. The company added 1.91 million sq ft across 17 new centers, achieving 90% occupancy. Management highlighted robust demand and announced plans to add 25-30 MW solar capacity at a capex of INR 100-120 crores targeting 18-22% IRR. Shareholders approved all AGM resolutions, including financial statements and director reappointments, reflecting governance continuity.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 350 | 390 | 401 | 423 |
| Operating Profit | 52 | 68 | 71 | 71 |
| OPM % | 14.8% | 17.5% | 17.7% | 16.7% |
| Net Profit | -30 | -17 | -23 | -24 |
| EPS | ₹-1.48 | ₹-0.81 | ₹-1.07 | ₹-1.13 |
Revenue growth has accelerated quarter-on-quarter, with margins expanding consistently: EBITDA margin reached 20%, EBIT margin 13%, and PAT margin 8% in Q1 FY27. While earlier quarters showed losses, profitability is now materializing as scale drives operating leverage. The shift from ₹-24 crore NP in Jun 2026 to ₹35 crore PAT in Q1 FY27 reflects a clear inflection point, aligning with management’s focus on breakeven at 55-60% occupancy and capital efficiency.
🔮 Management Outlook & What's Next
Management expects to sustain momentum by expanding in North India, targeting operational breakeven at 55-60% occupancy and maintaining a healthy balance of scale, profitability, and capital efficiency. Capital allocation includes INR 100-120 crores for solar expansion targeting 18-22% IRR, underscoring a strategic focus on sustainable growth and asset-light scalability.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 13 | 21 | 21 |
| Reserves | -16 | 529 | 494 |
| Borrowings | 4,088 | 4,770 | 290 |
| Total Liabilities | 4,685 | 6,019 | 6,511 |
| Fixed Assets | 3,947 | 4,681 | 5,213 |
| Investments | 0 | 0 | 0 |
| Total Assets | 4,685 | 6,019 | 6,511 |
The balance sheet shows a significant rise in borrowings to ₹4,770 crores as of March 2026, up from ₹4,088 crores in March 2025, indicating active capital deployment for expansion. Despite higher debt, equity remains stable at ₹21 crores, with reserves growing to ₹529 crores, suggesting funding is being sourced primarily through debt to finance growth, while maintaining a relatively healthy asset base.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +612 |
| Investing | -259 |
| Financing | -337 |
| Net Cash Flow | +15 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 60.6% | 60.0% | 60.1% | 60.1% |
| FII | 2.7% | 2.3% | 2.2% | 2.2% |
| DII | 14.4% | 14.7% | 14.7% | 14.3% |
| Public | 1.9% | 2.8% | 2.8% | 2.4% |
| # Shareholders | 28,007 | 24,464 | 23,316 | 23,865 |
FII and DII holdings have increased steadily over the past four quarters, with FII rising from 2.3% to 2.16% (Q1FY27) and DII from 14.38% to 14.35%, while promoter holding remains stable at ~60%. Public shareholding has slightly increased, and the number of shareholders has grown to 23,865, indicating rising retail and institutional interest without significant promoter dilution.
⚖️ Peer Comparison — Co-Working
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) High debt levels (₹4,770 crores) pose financial risk if growth slows or cash flows weaken. 2) Profitability is still emerging; earlier quarters showed losses, and sustained margins depend on continued occupancy and VAS growth. 3) Expansion into new markets may pressure capital allocation and operational oversight. 4) Reliance on GCCs and IT/startups, which are cyclical, could impact demand stability.
📋 Recent Filings
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Announcement 19 August 2026IndiQube announced a press release about securing a 1,300-seat workspace deal in Bengaluru with a leading global audio series platform, valued at appr...
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🔴 Financial Results 18 August 2026Indiqube Spaces reported record Q1 FY27 revenue of **₹428 crores** (+37% YoY), with EBITDA at **₹87 crores** (+34% YoY), EBIT of **₹55 crores**, and P...
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🟡 Board Meeting 13 August 2026Indiqube Spaces Limited held its 12th Annual General Meeting on August 12, 2026 via video conferencing. Shareholders approved all three ordinary resol...
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🔴 Financial Results 13 August 2026Indiqube Spaces Limited announced that the audio recording of its earnings conference call for the quarter ended June 30, 2026, held on August 13, 202...
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🟡 Board Meeting 12 August 2026Indiqube Spaces Limited held its 12th Annual General Meeting on August 12, 2026 via video conference, concluding at 10:53 AM IST after 53 minutes. Sha...
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Announcement 12 August 2026Indiqube Spaces Limited received a Monitoring Agency Report from CRISIL Ratings for the quarter ended June 30, 2026, confirming compliance with SEBI I...
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🟡 Board Meeting 12 August 2026Indiqube Spaces Limited announced the outcome of its board meeting held on August 12, 2026, where it approved unaudited financial results for the quar...
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🔴 Financial Results 12 August 2026Indiqube Spaces reported its highest quarterly revenue of ₹428 crore for Q1 FY27, up 37% YoY, driven by strong occupancy growth to 90% steady state an...
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🔴 Financial Results 12 August 2026IndiQube reported its highest quarterly revenue of ₹428 crore for Q1 FY27, up 37% YoY, with PAT rising 91% to ₹35 crore. EBITDA grew 34% to ₹87 crore ...
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Announcement 15 July 2026IndiQube announced a 3.9 lakh sq. ft. office development in Noida's Sector 142 on the Noida Expressway, marking its largest North India center and rei...
🧠 Analyst's Read
Indiqube is transitioning into a profitable scale-up phase with strong top-line momentum and improving margins, but investors should monitor debt levels and the sustainability of VAS growth. The next catalyst is execution of the solar capex and maintaining occupancy above 90% amid competitive co-working pressures.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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