INDIQUBE
Indiqube Spaces share price & financials
- Price
- ₹166.82
- Market cap
- ₹4.0k Cr
- Sector
- Services
- Calls analysed
- 5
Indiqube Spaces Limited Q1 FY27
What went well
- 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.
What Indiqube Spaces Limited does
IndiQube Spaces Limited runs managed, tech-enabled flexible workspaces across India under five offerings: GROW (plug-and-play managed/private/enterprise office space), ONE (workplace management services such as facility management, F&B and transport), BESPOKE (office interior design, build and retrofit), CORNERSTONE (green workspace solutions including solar power and green certification) and MiQube (a proprietary workspace technology stack — employee app and space analytics). It earns primarily by taking large-format office properties on long-term lease from landlords, fitting them out, and sub-leasing office space/seats to enterprise, global capability centre (GCC) and SME clients on multi-year contracts, supplemented by value-added services (interiors, IT, F&B). Its client base spans IT/ITeS, BFSI & consulting, manufacturing & automotive, e-commerce/edtech and logistics & healthcare sectors, with a large share of clients sourced directly rather than through property consultants.
Segments
- GROW
- ONE
- BESPOKE
- CORNERSTONE
- MiQube
- Area Under Management
- 9.66 Mn sq.ft. (as of Mar'26)
- Centers (properties)
- 130 centers
- Cities present
- 17 cities (8 Tier I, 9 Tier II)
- Seat capacity
- 214,590 seats
- Enterprise clients
- 848 clients
- Largest market
- Bangalore — 70 centers, 6.20 Mn sq.ft, 138K seats
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 1 delivered 1 missed 16 open- Revenue Growth delivered said Q1 FY26 Promised: consistently delivered a 30% year-on-year revenue growth. And we expect to maintain a similar trajectory Q1 FY27: Promise related to FY26 performance and trajectory is considered concluded and achieved. A new guidance of 25-30% was set for FY27, which is tracked separately.
- Revenue per Occupied Seat Inflation went quiet said Q4 FY26 Promised: So, a combination of all these three, so you can say that maybe 5% to 10% per inflation, you can see in this INR 192 over a year, on an overall basis may happen. Q1 FY27: No specific update provided on this metric.
- EBITDA Margin revised up said Q1 FY26 Promised: maintain the similar momentum in the upcoming quarters... in the range of 21% Q1 FY27: Achieved 20% EBITDA margin. Reiterated guidance for FY27, tightening the range to 19-21% from 18-21% previously.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 36.9%, net profit up 35.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 252 | 268 | 297 | 309 | 350 +39% | 390 +46% | 401 +35% | 423 +37% |
| EBITDA | 145 | 158 | 170 | 188 | 208 +43% | 237 +50% | 248 +46% | 258 +37% |
| Net profit | -53 | -14 | -31 | -37 | -30 +43% | -17 −21% | -23 +26% | -24 +35% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −13.0% 1Y
1Y: ₹233.26 on 10 Sept 2025 → ₹202.87. High ₹237.92 (19 Sept 2025), low ₹133.55 (27 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.2%
- 13 Aug
- Q4 FY26
- −5.5%
- 21 May
- Q3 FY26
- +2.4%
- 11 Feb
- Q2 FY26
- +7.3%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 36.9% a year over 1 year, FY25 to FY26. Operating margin widened to 60.8%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1.1k Cr | ₹1.4k Cr |
| Operating profit | ₹617 Cr | ₹881 Cr |
| Operating margin | 58.3% | 60.8% |
| Interest | ₹330 Cr | ₹448 Cr |
| Depreciation | ₹487 Cr | ₹645 Cr |
| Net profit | ₹-140 Cr | ₹-107 Cr |
| Net margin | -13.2% | -7.4% |
| Cash from operations | ₹612 Cr | ₹920 Cr |
| Free cash flow | ₹355 Cr | ₹494 Cr |
| ROCE | 5.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹21 Cr | ₹21 Cr |
| Reserves | ₹49 Cr | ₹-139 Cr | ₹-308 Cr | ₹129 Cr | ₹529 Cr | ₹494 Cr |
| Borrowings | ₹154 Cr | ₹2.2k Cr | ₹2.9k Cr | ₹3.0k Cr | ₹4.8k Cr | ₹5.2k Cr |
| Other liabilities | ₹245 Cr | ₹262 Cr | ₹352 Cr | ₹489 Cr | ₹698 Cr | ₹790 Cr |
| Total liabilities | ₹448 Cr | ₹2.3k Cr | ₹3.0k Cr | ₹3.7k Cr | ₹6.0k Cr | ₹6.5k Cr |
| Fixed assets | ₹238 Cr | ₹2.0k Cr | ₹2.5k Cr | ₹3.1k Cr | ₹4.7k Cr | ₹5.2k Cr |
| Capital work in progress | ₹0 Cr | ₹26 Cr | ₹24 Cr | ₹79 Cr | ₹118 Cr | ₹96 Cr |
| Investments | ₹2 Cr | ₹2 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹208 Cr | ₹250 Cr | ₹398 Cr | ₹503 Cr | ₹1.2k Cr | ₹1.2k Cr |
| Total assets | ₹448 Cr | ₹2.3k Cr | ₹3.0k Cr | ₹3.7k Cr | ₹6.0k Cr | ₹6.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, the public added +1.04 pp while FIIs trimmed −0.51 pp. The shareholder count shrank 15% to 23,865.
- Promoters
- 60.1%
- FIIs
- 2.2%
- DIIs
- 14.3%
- Public
- 23.4%
Since Sep 2025
- Public +1.04 pp
- FIIs −0.51 pp
- Promoters −0.49 pp
How it drifted, 4 quarters
Over this window the public went from 22.4% to 23.4% — +1.0 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 60.6%, FIIs 2.7%, DIIs 14.4%, Public 22.4%.Dec '25: Promoters 60.0%, FIIs 2.3%, DIIs 14.7%, Public 23.0%.Mar '26: Promoters 60.1%, FIIs 2.2%, DIIs 14.7%, Public 23.0%.Jun '26: Promoters 60.1%, FIIs 2.2%, DIIs 14.3%, Public 23.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Smallcap Fund Mutual fund newly disclosed 1.32% held
- Motilal Oswal Large Cap Fund Mutual fund +0.12 pp 1.13% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Indiqube Spaces Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Anshuman Das | 21.81% | unchanged |
| Aravali Investment Holdings | 19.14% | unchanged |
| Meghna Agarwal | 15.89% | unchanged |
| Rishi Das | 15.85% | unchanged |
| Westbridge AIF I AIF | 4.83% | unchanged |
| Careernet Technologies Private Limited | 4.47% | unchanged |
| Hirepro Consulting Private Limited | 1.86% | unchanged |
| Invesco India ELSS Tax Saver Fund Mutual fund | 1.76% | −0.19 pp |
| Bandhan Large & Mid Cap Fund Mutual fund | 1.75% | unchanged |
| Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Small Cap Fund Mutual fund | 1.63% | −0.17 pp |
| ICICI Prudential Smallcap Fund Mutual fund | 1.32% | newly disclosed |
| Motilal Oswal Large Cap Fund Mutual fund | 1.13% | +0.12 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Indiqube Spaces Limited
Guides on how to read this kind of business and the numbers that matter.