Indiqube Spaces LimitedQ1 FY27 Results & Financial Update
Indiqube Spaces Limited: Q1 FY27 standalone results and company financials – revenue ₹422.69 Cr, PAT ₹-23.88 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Indiqube Spaces Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Indiqube Spaces Limited reported its financial and operational results for the quarter ended June 30, 2026 (Q1 FY27), highlighting sustained expansion across its physical network and value-added service lines.
According to the company's IGAAP-equivalent presentation metrics, total quarterly revenue reached ₹428 crore, representing a 37% year-on-year increase compared to ₹313 crore in Q1 FY26. Management attributed this growth to robust enterprise demand and improving capacity utilization across centers.
Profitability metrics on an IGAAP-equivalent basis strengthened notably during the quarter. EBITDA advanced 34% year-on-year to ₹87 crore with an EBITDA margin of 20%, while EBIT expanded 59% to ₹55 crore, pushing the EBIT margin to 13% from 11% in the corresponding period of the previous year.
Profit after tax (PAT) on an IGAAP-equivalent basis grew 91% year-on-year to ₹35 crore, with the PAT margin improving to 8% compared to 6% in Q1 FY26, demonstrating operating leverage as the platform scaled.
Under statutory Ind AS reporting, the company posted revenue from operations of ₹423 crore and total income of ₹449 crore, alongside a net loss after tax of ₹24 crore. Management noted that Ind AS figures reflect significant non-cash accounting charges, including ₹148 crore in Right-of-Use (ROU) asset depreciation and ₹116 crore in lease liability interest under Ind AS 116.
Operational footprint continued to widen, with total Area Under Management (AUM) expanding 22% year-on-year to 10.61 million square feet across 137 centers and 17 cities. Overall portfolio occupancy rose to 86%, while steady-state occupancy for mature centers exceeding 12 months reached 90%.
The company's balance sheet reflected a net debt position of negative ₹66 crore, driven by gross debt of ₹278 crore offset by ₹325 crore in bank balances other than cash and cash equivalents and ₹18 crore in cash and cash equivalents, resulting in a debt-to-equity ratio of 0.05.
01 · Business model
What does Indiqube Spaces do?
Indiqube Spaces Limited operates as an integrated managed spaces platform in India, providing customizable plug-and-play workspaces, interior design, facility management, and allied services under brands such as IndiQube Grow, DesignQube, IndiQare, and Eco.
The company's economic model centers on leasing commercial properties from landlords on long-term lock-ins, building out fully equipped workspaces for enterprises, and recovering capital expenditure through client lease contracts over an average portfolio cycle of approximately three years.
Indiqube serves diverse clients spanning global capability centers (GCCs), unicorns, startups, and Indian enterprises, deploying a hub-and-spoke expansion strategy across Tier I and Tier II cities.
Its proprietary technology layer, MiQube, integrates smart devices, tenant applications, and service delivery workflows to support frontline facility management and tenant engagement.
02 · Historical context
What shaped the business before this quarter
Started by subletting existing space to group company clients, eventually expanding into commercial real estate solutions based on tenant requests for amenities.
Incorporated as IndiQube Spaces Private Limited to address unmet workspace needs for enterprises.
Secured $15 million in strategic investments led by WestBridge Capital.
Started foray into Tier II cities, beginning with operations in Coimbatore.
Successfully listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on July 30, 2025.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹422.69 Cr |
| Total income | ₹448.81 Cr |
| Profit before tax | ₹-30.51 Cr |
| Profit after tax | ₹-23.88 Cr |
| EPS | ₹-1.13 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Recurring revenue (rental income, utilities, maintenance, and ancillary services) grew to ₹395 crore in Q1 FY27 from ₹307 crore in Q1 FY26. One-time revenue (primarily from DesignQube project executions) stood at ₹33 crore compared to ₹7 crore in the year-ago quarter.
VAS revenue reached ₹72 crore in Q1 FY27, increasing its contribution to operating revenue from 11% in Q1 FY26 to 17%, supported by project-based engagements across DesignQube, IndiQare, and Eco.
Growth in revenue was supported by higher occupancy levels across the portfolio, with overall occupancy improving to 86% and steady-state occupancy of mature centers reaching 90%.
What drove margins
Scaling across 137 centers generated operating leverage, helping improve IGAAP-equivalent EBIT margin to 13% (from 11% in Q1 FY26) and PAT margin to 8% (from 6% in Q1 FY26).
Statutory profitability under Ind AS continues to be impacted by non-cash lease accounting charges, with ROU asset depreciation of ₹148 crore and lease liability interest of ₹116 crore recorded in Q1 FY27.
05 · Demand, customers & order book
Where demand is coming from
Indiqube served 855 pan-India clients as of June 30, 2026.
Key Q1 FY27 transactions included signing a ₹52 crore workspace deal with a leading consulting and management services company in Bangalore, and a 39K sq. ft. Design & Build project for a Canadian visual effects, animation, and creative solutions company.
Clients operating across multiple centers accounted for 41% of total revenue contribution.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Global Capability Centers (GCCs) accounted for 49% of occupied area share and 53% of revenue contribution. Indian enterprises represented 28% of occupied area, unicorns 12%, and startups 11% as of June 30, 2026.
Average client lease duration varied by desk size, ranging from 26 months for 0-50 seats up to 47 months for 300+ seats, with a portfolio average of 43 months.
Geography and market mix
The company operated across 17 cities (8 Tier I and 9 Tier II cities) encompassing 137 centers and 235,675 seats (236 K seats) as of June 30, 2026.
Bangalore remained the largest hub with 76 centers and 6.68 million square feet (148K seats), followed by Chennai (1.17 million sq. ft., 16 centers), Pune (755K sq. ft., 11 centers), Hyderabad, Noida, Gurugram, Mumbai, and Kolkata.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total AUM reached 10.61 million square feet as of June 30, 2026, up 22% from 8.70 million square feet in Q1 FY26. This comprises 7.84 million sq. ft. of rent-paying area and 2.77 million sq. ft. of LOI-signed future supply.
Rent-yielding (occupied) area expanded to 6.74 million square feet in Q1 FY27 from 5.54 million square feet in Q1 FY26.
Projects, capex and execution
Accelerated expansion in North India added 3.9 lakh square feet of office supply along the Noida Expressway during the quarter.
Portfolio-level fit-out cost (interior and renovation) averaged ₹1,650 per square foot, with a full capex payback period of approximately 36 months aligned with client and landlord lock-in terms.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company continued to scale its ecosystem offerings, including IndiQube Grow (plug-and-play workspaces), DesignQube (custom design and build), IndiQare (managed services for commercial spaces), Eco (green transformation solutions), and MiQube (digital technology stack).
Out of total AUM, 4.4 million square feet across 35 centers are green-certified, with an additional 0.96 million square feet across 7 centers under certification.
09 · Reported developments
What changed operationally
Delivered highest-ever quarterly revenue of ₹428 crore (IGAAP equivalent), reflecting 37% year-on-year growth.
Steady-state occupancy rose to 90% and overall occupancy strengthened to 86%.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Adjusted Cash EBIT reached ₹75 crore in Q1 FY27 (representing an 18% margin on revenue from operations), compared to ₹68 crore in Q4 FY26 and ₹52 crore in Q1 FY26.
Management noted that client lock-ins (averaging ~35 months), landlord lock-ins (10-20 years with operator exit options around 38 months), and capex payback periods (~36 months) are structured to eliminate asset-liability mismatches.
Capital allocation & funding
Gross debt stood at ₹278 crore as of June 30, 2026, down from ₹377 crore in Q1 FY26. Net debt was negative ₹66 crore when accounting for bank balances other than cash and cash equivalents (£325 crore) and cash and cash equivalents (£18 crore).
The debt-to-equity ratio improved to 0.05 as of June 30, 2026, compared to 0.95 in Q1 FY26, supported by an increase in net worth to ₹1,194 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
MiQube Tech Stack Adoption
Lifetime app downloads for the MiQube platform exceeded 148K, with quarterly transaction volume growing 31% year-on-year to 462K transactions in Q1 FY27.
12 · Key Q&A
The quarter, answered directly
What does Indiqube Spaces do?
Indiqube Spaces Limited operates as an integrated managed spaces platform in India, providing customizable plug-and-play workspaces, interior design, facility management, and allied services under brands such as IndiQube Grow, DesignQube, IndiQare, and Eco.
What is the clearest takeaway from Q1 FY27?
Indiqube Spaces Limited reported its financial and operational results for the quarter ended June 30, 2026 (Q1 FY27), highlighting sustained expansion across its physical network and value-added service lines.
What drove revenue or demand?
Recurring revenue (rental income, utilities, maintenance, and ancillary services) grew to ₹395 crore in Q1 FY27 from ₹307 crore in Q1 FY26. One-time revenue (primarily from DesignQube project executions) stood at ₹33 crore compared to ₹7 crore in the year-ago quarter.
What mattered most for margins or profitability?
Scaling across 137 centers generated operating leverage, helping improve IGAAP-equivalent EBIT margin to 13% (from 11% in Q1 FY26) and PAT margin to 8% (from 6% in Q1 FY26).
What changed operationally beyond the headline numbers?
Total AUM reached 10.61 million square feet as of June 30, 2026, up 22% from 8.70 million square feet in Q1 FY26. This comprises 7.84 million sq. ft. of rent-paying area and 2.77 million sq. ft. of LOI-signed future supply.
What should the next disclosure help confirm?
Monitor the progression of overall portfolio occupancy (86% in Q1 FY27) and steady-state occupancy of mature centers (90%).
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Occupancy Trajectory: Monitor the progression of overall portfolio occupancy (86% in Q1 FY27) and steady-state occupancy of mature centers (90%).
- 02
Supply Pipeline Execution: Track the conversion of the 2.77 million square feet of LOI-signed future supply into rent-paying and rent-yielding operational space.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.