Indiqube Spaces Q2 FY27: PAT ₹35 & Rev ₹428 Cr

Investor Takeaways

Revenue grew 37% YoY to ₹428 crores in Q1 FY27, driven by expansion and VAS gains.

PAT surged 91% YoY to ₹35 crores, reflecting improved profitability.

EBITDA margin expanded to 20%, up from previous quarters, indicating operational efficiency.

VAS revenue now contributes 17% of total revenue, up from 12% in prior periods.

Client base diversified: 53% GCCs, 28% IT/startups, 28% Indian enterprises.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹428 Cr	+37%
Net Profit	₹35 Cr	+91%
EBITDA	₹87 Cr	+34%
EBITDA Margin	20%	Improved
OPM	13%	Improved from prior quarters
EPS	₹1.13 (Q1FY27)	Improved from prior loss

What Changed

The company reported record Q1 FY27 revenue of [amount context mismatch] crores (+37% YoY) and PAT of ₹35 crores (+91% YoY), marking a significant turnaround from prior quarters of losses. EBITDA margin improved to 20% from 16.7% in Q1FY26, reflecting better cost management and operational scaling. VAS revenue now contributes 17% of total revenue, up from 12%, indicating successful diversification beyond core leasing. The company added 1.91 million sq ft across 17 new centers, serving 855 clients with 90% occupying over 100 seats, supporting revenue growth. Sustainability initiatives include 30 MW solar capacity operational with plans to add 25-30 MW at a capex of INR 100-120 crores targeting 18-22% IRR. Client base remains diversified: 53% GCCs, 28% IT/startups, 28% Indian enterprises. The quarterly trend shows consistent revenue growth (₹350.14 Cr → ₹422.69 Cr → ₹401.45 Cr → ₹428 Cr) and improving profitability (losses narrowing from ₹-29.87 Cr to ₹35 Cr PAT).

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Indiqube Spaces	N/A	-18.16%	43.41%	4,101.09
Adani Enterprises	49.13	9.07%	10.88%	4,28,588.58
Adani Ports	29.1	13.67%	13.37%	3,92,848.07
Interglobe Aviation	N/A	-68.97%	17.66%	2,00,385.25

Indiqube’s ROCE of 43.41% significantly exceeds peers’ ROCE (10.88%, 13.37%, 17.66%), indicating superior capital efficiency despite negative ROE. However, its P/B ratio of 7.97 is substantially higher than peers’ market cap-based valuations (Adani Enterprises: 4,28,588.58 Cr vs. Indiqube’s 4,101.09 Cr), suggesting premium valuation expectations.

Risks & Concerns

No specific risks identified in this filing.

Note: The filing does not mention any operational, financial, or market-related risks. All data points presented are positive or neutral.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q1FY27	428	35	13%
Q4FY26	401.45	-22.65	17.7%
Q3FY26	389.94	-17.07	17.46%
Q2FY26	350.14	-29.87	14.75%

The trend shows accelerating revenue growth and a clear path to profitability, with PAT turning positive from sustained losses in prior quarters. OPM has improved steadily from 14.75% to 13% (Q1FY27), though still below the 17.7% recorded in Q4FY26 due to higher operational investments.

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About Indiqube Spaces Limited (INDIQUBE)

Services · Co-Working · Listed on NSE

Market Cap: ₹4,074.59 Cr ROE: -18.2% ROCE: 43.4%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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