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    Indiqube Spaces Q1 FY27 earnings call

    INDIQUBE
    Services·13 Aug 2026
    Management Summary

    Indiqube Spaces Limited reported a strong Q1 FY27, achieving its highest ever quarterly revenue of ₹428 crores, a 37% YoY increase. Profitability metrics also saw significant growth, with PAT up 91% to ₹35 crores and EBIT margin improving to 13%. The company continued its healthy expansion, adding 1.91 million square feet to its AUM and launching 17 new centers, while also increasing its Value Added Services contribution to 17% of revenue.

    Highlights

    5

    • Highest ever quarterly revenue of ₹428 crores, representing 37% growth year-on-year, demonstrating strong performance.

    • Profit After Tax (PAT) increased by 91% to ₹35 crores, with PAT margin expanding to 8% from 6% in Q1 FY26.

    • EBIT margin improved to 13% in Q1 FY27 from 11% in Q1 FY26, indicating strengthening profitability with scale.

    • Added 1.91 million square feet to AUM and launched 17 new centers, maintaining a healthy pace of portfolio expansion.

    • VAS contribution grew from 12% to 17% of total revenue, with expectations for further increase.

    Key financials

    Single quarter

    07 metrics
    1. 01Revenue₹428 Cr+37%YoY
    2. 02EBITDA₹87 Cr+34%YoY
    3. 03EBIT₹55 Cr+59%YoY
    4. 04PAT₹35 Cr+91%YoY
    5. 05EBITDA Margin20%

    Segment breakdown

    Client Contribution
    53% GCCs Revenue Share41% Multi-center Clients Revenue Share23% Startups & Unicorns Revenue Share28% Indian Enterprises Revenue Share
    List

    Capital allocation

    2
    medium confidence
    CategoryHeadline
    Capex

    Capex disclosed

    debt for solar purpose

    Debt

    Debt disclosed

    Cost 18.0%

    Guidance & targets

    16
    CategoryTargetPriority
    Capacity
    Area Under Management (AUM) addition
    2 million square feet
    		High
    Capacity
    Solar capacity addition
    25-30 MW
    		High
    Occupancy
    Corporate level occupancy
    80-85%
    		High
    Occupancy
    Mature centers occupancy
    85-90%
    		High
    Occupancy
    Overall occupancy
    82-86%
    		High
    Occupancy
    Steady state center occupancy
    86-90%
    		High
    Margin
    EBITDA margin
    19-21%
    		High
    Margin
    EBIT margin
    11-13%
    		High
    Margin
    PAT margin
    8-10%
    		High
    Revenue
    VAS contribution to revenue
    2-4% increase from 17%
    		Medium
    Capex
    Solar capex
    ₹100-120 crores
    		High
    Operational Efficiency
    New centers operational break-even
    5-6 months
    		High
    Operational Efficiency
    New centers 90% occupancy
    9-12 months
    		High
    Operational Timeline
    Supply delivery timeline
    12-18 months
    		High
    Geographic Mix
    Bangalore share of total area
    coming down
    		Medium
    Client Mix
    GCC contribution to revenue
    54-55%
    		Medium

    What to watch in Q2 FY27

    5

    Annual Area Under Management (AUM) addition

    next quarter / annually
    Current1.91 million sq ft added in Q1 FY27
    Target2 million sq ft annually

    Why it matters

    To verify if the company is on track to meet its stated annual AUM addition guidance, crucial for growth.

    We have consistently said that we intend to add close to 2 million square feet every year and we remain committed to that growth trajectory.

    0

    Q&A highlights

    8

    “But if you see in the rent paying area, our expansion is on annual basis rather than on the quarter-on-quarter because the timing of the new center addition can actually vary significantly from one quarter to another. And in H2 FY26, we've added approximately 1.14 million square feet. So therefore, the sequential movement in this rent paying area in this quarter you are seeing the relatively flat. But the growing forward in the current year and all, you would see the additions in the rent paying area increasing and reaching close to 2 million square feet.”

    Clarified that annual area addition guidance remains on track despite flat Q1, due to quarterly variability and significant additions in H2 FY26, addressing concerns about slowdown or competition.

    asked by Shamit Ashar

    2 min read6 chapters

    Detailed Narrative

    01

    Strong Financial Performance in Q1 FY27

    Indiqube Spaces Limited delivered its highest ever quarterly revenue of ₹428 crores in Q1 FY27, marking a robust 37% year-on-year growth. This strong top-line performance was accompanied by significant improvements in profitability. EBITDA increased by 34% to ₹87 crores, while EBIT grew by 59% to ₹55 crores. Profit After Tax (PAT) saw an impressive 91% surge, reaching ₹35 crores, with PAT margin expanding to 8% from 6% in the prior year.

    02

    Healthy Operational Expansion and Customer Base

    The company continued its healthy pace of operational expansion, adding 1.91 million square feet to its Area Under Management (AUM) and launching 17 new centers during the quarter. This expansion is guided by a 'follow the talent' strategy, focusing on high-density workspace clusters in talent-rich micro-markets. As of June 2026, Indiqube catered to 855 clients, comprising a diverse mix of Global Capability Centers (GCCs), Indian conglomerates, unicorns, and high-growth startups.

    03

    Growing Contribution from Value Added Services (VAS)

    Value Added Services (VAS) are becoming an increasingly important component of Indiqube's revenue mix, with its contribution growing from 12% to approximately 17% of total revenue. The company expects this contribution to increase further by 2-4% over time⏳. This growth is driven by offerings like DesignQube (rebranded Bespoke), IndiCare (rebranded IndiQube One), and Eco, which enable participation in workspace design, operations, and sustainable commercial spaces.

    04

    Commitment to Sustainability and Green Power

    Sustainability remains a key pillar of Indiqube's strategy. The company currently has 30 megawatts of solar capacity operational, sourced from solar farms in Karnataka and Maharashtra, and rooftop installations. For the current year, Indiqube plans to add another 25-30 megawatts of solar capacity, requiring a capital expenditure of ₹100-120 crores. These solar investments are expected to yield a healthy IRR of 18-22%.

    05

    Occupancy and Margin Stability

    Indiqube maintains strong occupancy levels, with corporate-level occupancy targeted at 80-85% and mature centers at 85-90% on an annual basis. Despite growth, the company expects to maintain its profitability margins, with EBITDA margin in the range of 19-21%, EBIT margin at 11-13%, and PAT margin at 8-10%. New centers typically achieve operational break-even within 5-6 months and reach 90% occupancy within 9-12 months, ensuring no significant pressure on overall profitability.

    06

    Strategic Geographic Diversification

    While Bangalore remains a dominant market, its share of the total area is gradually coming down as Indiqube expands into other cities. The company has added a large center in Noida and plans to add larger supplies in Hyderabad and Mumbai, which are expected to contribute an increasing share to the portfolio. The strategy involves micro-market focused expansion, adapting to local real estate conditions and customer profiles, ensuring consistent unit economics across Tier-1 and Tier-2 cities.

    This is an AI-generated summary of a publicly available earnings call transcript.