Indiqube Spaces Ltd(INDIQUBE)

NSE: INDIQUBEBSE: 544454

₹ 155-4.11%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,286 crWebsite: www.indiqube.comUpdated: 24 Oct 2026

About

IndiQube Spaces Ltd is a Bengaluru-based managed workspace operator that leases, fits out and manages flexible office centers for enterprises across India. As of Q1 FY27 it managed 10.61 mn sq.ft. across 137 centers in 17 cities, generating ₹428 Cr in quarterly revenue. Global Capability Centers (GCCs) account for 53% of revenue, positioning IndiQube as a preferred partner for multinational enterprises setting up India operations.^[1][2]

Business segments

Value-Added Services (VAS): ₹72 Cr revenue in Q1 FY27, representing 17% of operating revenue, up from 11% in Q1 FY26, covering design & build (DesignQube), facility care (IndiCare), sustainability (Eco), F&B, mobility and IT services.^[1]

Portfolio and operations

Area Under Management (AUM) reached 10.61 mn sq.ft. across 137 centers in 17 cities in Q1 FY27, up 22% YoY from 8.7 mn sq.ft. and 120 centers in Q1 FY26.^[1]
Rent-paying area stood at 7.84 mn sq.ft. in Q1 FY27; rent-yielding (occupied) area at 6.74 mn sq.ft. in the same period.^[1]
Total seat capacity reached 236K in Q1 FY27, up 22% from 193K seats in Q1 FY26.^[1]
Institutional supply (listed REITs and large funds) grew from ~12% to ~20% of the overall portfolio, attracting higher-paying GCC tenants.^[1]
30 MW of solar capacity is operational as of Q1 FY27, comprising the 20 MW Yadgir (Karnataka) open-access farm, 4 MW Latur (Maharashtra) plant, 2.7 MW Virudhunagar (Tamil Nadu) farm, and rooftop installations.^[1][3]

Key operating numbers

Overall portfolio occupancy: 86% in Q1 FY27 vs 85% in Q1 FY26; steady-state center occupancy (centers >12 months old): 90% in Q1 FY27 vs 87% in Q1 FY26.^[1]
Revenue-to-rent ratio: 2.21x in Q1 FY27.^[1]
Average monthly revenue per occupied seat: ₹192 in FY26.^[3]
VAS share of operating revenue rose from 11% in Q1 FY26 to 17% in Q1 FY27.^[1]
Monthly net churn rate: -0.60% for 9M FY26 vs +0.69% for 9M FY25, indicating net expansion among existing clients.^[4]
Total capex in FY26: ₹414 Cr at ₹1,650 per sq.ft. fit-out cost.^[3]

Customers and distribution

GCCs contributed 53% of Q1 FY27 revenue; clients with more than one center accounted for 41% of revenue; top-5 clients only 12% of revenue.^[1]
Total client count: 855 in Q1 FY27; renewal rate for multi-center clients: 90%; overall client retention exceeds 95%.^[1][4]
Nearly 90% of occupants come from clients who have taken more than 100 seats, indicating a predominantly large-enterprise customer base.^[1]
Notable Q2 FY26 signings included a 1.4 lakh sq.ft. workspace for the world's largest asset manager in Bangalore and a 68,000 sq.ft. design-and-build project in Hyderabad for one of India's largest automakers.^[5]

Pipeline and expansion

LOI-signed pipeline not yet rent-paying stood at 3.87 mn sq.ft. (~97,000 seats) in Q1 FY27, providing 12 - 18 months of forward revenue visibility.^[1]
Annual area addition target of ~2 mn sq.ft. (44,000 seats); management reaffirmed this trajectory as of Q1 FY27.^[1]
Signed a 3.9 lakh sq.ft. center on Noida Expressway - the largest in the NCR portfolio - expected to go live in Q2 - Q3 FY28.^[1]
Larger supply additions planned for Hyderabad and Mumbai in FY27; management expects faster growth in NCR, West and Hyderabad than in Bangalore.^[1]
City count expansion: approximately 2 new cities per year; cities added in H1 FY26 included Kolkata, Mohali and Indore.^[3][5]

Solar and sustainability capex

Plan to add a further 25 - 30 MW of solar capacity in FY27, requiring ₹100 - 120 Cr capex, targeting 100% green power supply across the portfolio long-term.^[1]
Solar investments generated ₹22 - 23 Cr in annual power-cost savings as of FY26; solar projects carry IRRs of 18 - 22%.^[1][3]

Recent developments

FY26 full-year revenue reached ₹1,469 Cr (+37% YoY), with EBITDA margin expanding to 21% from 18% and operating cash flows rising 147% to ₹304 Cr.^[3]
Company moved from net debt of ₹338 Cr in FY25 to a net cash position of ₹95 Cr in FY26 following IPO proceeds deployment; debt-to-equity fell from 0.90x to 0.08x.^[3]
Q1 FY27 revenue of ₹428 Cr (+37% YoY) was the highest-ever quarterly revenue; EBIT margin improved to 13% from 11% in Q1 FY26.^[1]

Market Cap

₹3,286 Cr

High / Low

₹235 / 131

Stock P/E

-40.5

Price / Book

7.4

Book Value

₹24

EPS

₹-5.0

No. of Shares

21.2 Cr

ROCE

5.6%

ROE

-20.7%

OPM

20.5%

Debt / Equity

0.56

Sales

₹1,451 Cr

Net Profit

₹-106 Cr

Promoter holding

60.1%

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