INDIQUBE - Indiqube Spaces
📢 Recent Corporate Announcements
Indiqube Spaces Limited has secured a significant ₹52 crore managed workspace contract with a leading Japanese e-commerce firm. The deal involves approximately 35,000 sq. ft. of office space located at Bangalore's Outer Ring Road for a five-year tenure. This transaction reinforces Indiqube's strong presence in the Global Capability Center (GCC) segment, which currently accounts for over 40% of its total portfolio. As of December 2025, the company manages 9.55 million sq. ft. across 17 cities, and this high-value deal provides strong revenue visibility.
- Signed a ₹52 crore managed workspace deal with a major Japanese e-commerce giant
- Contract covers 35,000 sq. ft. at Outer Ring Road, Bangalore, for a 5-year period
- Global Capability Centers (GCCs) now represent over 40% of the company's portfolio
- Total area under management stands at 9.55 million sq. ft. across 17 cities as of Dec 2025
Indiqube Spaces Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that the company's entire shareholding is already in dematerialized form. Furthermore, no requests for rematerialization were received from any members during this period. This is a standard administrative filing required by all listed entities in India.
- Compliance certificate filed for the quarter ended March 31, 2026
- 100% of the company's shares are confirmed to be in dematerialized form
- Zero rematerialization requests were received during the three-month period
- Certificate issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited
IndiQube Spaces Limited has secured a significant leasing agreement valued at ₹75 crore over a five-year tenure. The deal involves over 48,000 sq. ft. of premium Grade A workspace in Bangalore's Outer Ring Road corridor for a leading healthcare technology Global Capability Centre (GCC). This transaction underscores the robust demand from GCCs, which now account for approximately 40% of IndiQube's total portfolio. The company currently manages over 9.55 million sq. ft. across 17 cities, positioning itself as a key player in the managed office space sector.
- Secured a ₹75 crore workspace leasing deal with a five-year tenure.
- Leased over 48,000 sq. ft. of Grade A office space in Bangalore's ORR corridor.
- Global Capability Centres (GCCs) now constitute nearly 40% of the company's total portfolio.
- IndiQube's total managed area stands at 9.55 million sq. ft. across 17 cities.
- The deal reinforces the company's strategy of focusing on high-demand talent catchments.
IndiQube Spaces Limited has signed a significant ₹75 crore workspace leasing agreement with a leading Healthcare Technology Global Capability Centre (GCC) in Bangalore. The deal involves 48,000 sq. ft. of premium Grade A workspace on the Outer Ring Road corridor for a five-year tenure. This transaction highlights the growing contribution of GCCs to IndiQube's business, now accounting for approximately 40% of its total portfolio. The company continues to expand its footprint, currently managing over 9.55 million sq. ft. across 17 cities.
- Signed a ₹75 crore workspace deal with a leading Healthcare Tech GCC over a 5-year tenure
- Leased 48,000 sq. ft. of premium Grade A workspace in Bangalore's Outer Ring Road corridor
- Global Capability Centres (GCCs) now represent nearly 40% of the company's total portfolio
- IndiQube manages a total of 9.55 million sq. ft. across 17 cities in India
Indiqube Spaces Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is in anticipation of the company's audited financial results for the quarter and full year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are officially declared. The specific date for the Board of Directors meeting to approve these results will be communicated at a later date.
- Trading window closure effective from Wednesday, April 1, 2026.
- Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
- Restriction applies to designated persons and their immediate relatives as per the Company's Code of Conduct.
- Trading window will reopen 48 hours after the announcement of the financial results.
- Board meeting date for result approval to be intimated separately in due course.
Indiqube Spaces Limited has voluntarily disclosed that members of its promoter group, Ms. Meghna Agarwal and Ms. Ashu Agarwal, acquired 1,14,751 equity shares from the open market. The acquisition took place over a one-month period between February 16, 2026, and March 16, 2026. Although the purchase represents less than 2% of the total shareholding and did not trigger mandatory SEBI disclosure requirements, the company reported it to maintain transparency. Such open market purchases by promoters are generally viewed as a sign of confidence in the company's valuation and future growth.
- Acquisition of 1,14,751 equity shares by Promoter Ms. Meghna Agarwal and Promoter Group Ms. Ashu Agarwal
- Shares were purchased from the open market between February 16, 2026, and March 16, 2026
- The total acquisition represents less than 2% of the company's total shareholding or voting rights
- Voluntary disclosure made by the company to uphold corporate governance and transparency standards
Indiqube Spaces Limited has approved the allotment of 32,481 equity shares to employees under its Employee Stock Option Plan 2022. The shares, with a face value of Re. 1 each, were issued at an exercise price of Re. 1 per share. This allotment increases the company's total issued share capital to 21,19,97,634 shares. The new shares will rank pari passu with existing shares, meaning they carry the same rights, including dividends.
- Allotment of 32,481 equity shares of face value Re. 1 each under ESOP 2022
- Exercise price for the allotment was Re. 1 per share with no premium
- Total issued share capital increased to Rs. 21,19,97,634 following the allotment
- The allotment was approved by the Nomination & Remuneration Committee on March 12, 2026
Indiqube Spaces Limited has scheduled a series of meetings with institutional investors and analysts on March 11, 2026, in Mumbai. The event is organized by Share India and will include both 1x1 and group interactions starting from 9:00 AM IST. The company has clarified that discussions will be based strictly on publicly available information, ensuring no unpublished price sensitive information (UPSI) is disclosed. This is a routine engagement under Regulation 30 of SEBI Listing Regulations.
- Investor meeting scheduled for March 11, 2026, starting at 9:00 AM IST in Mumbai.
- Organized by Share India, featuring both 1x1 and group meeting formats.
- Discussions will be limited to publicly available information with no UPSI disclosure.
- The meeting is part of regular investor relations activities under SEBI (LODR) Regulations.
Indiqube Spaces Limited has scheduled a meeting with institutional investors and analysts on March 11, 2026, in Mumbai. The event, organized by Share India, will include both 1x1 and group interactions starting from 9:00 A.M. IST. The company has explicitly stated that discussions will be based on publicly available information and no unpublished price sensitive information will be shared. This meeting is a standard part of the company's investor relations program to engage with the financial community.
- Meeting scheduled for March 11, 2026, starting at 9:00 A.M. IST in Mumbai.
- Interaction format includes both 1x1 and group meetings organized by Share India.
- Compliance disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Company confirms that no unpublished price sensitive information (UPSI) will be discussed.
Indiqube Spaces Limited has scheduled a series of meetings with institutional investors and analysts on March 11, 2026. The event is organized by Share India and will involve both 1x1 and group interactions in Mumbai starting from 9:00 A.M. IST. The company has explicitly stated that discussions will be based on publicly available information and no unpublished price sensitive information (UPSI) will be shared. This is a standard regulatory disclosure under SEBI (LODR) Regulations.
- Investor meeting scheduled for March 11, 2026, in Mumbai
- Organized by Share India involving 1x1 and group meeting formats
- Discussions restricted to publicly available information to ensure compliance
- Intimation submitted under Regulation 30 of SEBI (LODR) Regulations, 2015
Indiqube Spaces Limited has announced the resignation of Mr. Pranav Ayanath Kuttiyat from the position of Company Secretary and Compliance Officer, effective February 25, 2026. Simultaneously, Ms. Bhavna Srivastava has resigned from her role as General Manager – Workspace Planning to pursue new career opportunities. In response to these departures, the company has updated its authorized personnel for materiality disclosures, which now includes the CEO Rishi Das and CFO Pawan Jain. The company confirmed there are no other material reasons for these resignations beyond career alignment.
- Resignation of Mr. Pranav Ayanath Kuttiyat as Company Secretary and Compliance Officer effective Feb 25, 2026.
- Resignation of Ms. Bhavna Srivastava, General Manager – Workspace Planning, effective Feb 25, 2026.
- Board approved a revised list of authorized persons for materiality determination under Regulation 30.
- CEO Rishi Das and CFO Pawan Jain are now the primary contacts for stock exchange disclosures.
- Both outgoing officials cited long-term career goals as the reason for their departure.
Indiqube Spaces Limited has reported the resignation of its Company Secretary and Compliance Officer, Mr. Pranav Ayanath Kuttiyat, effective February 25, 2026. Simultaneously, Ms. Bhavna Srivastava, General Manager of Workspace Planning, has also stepped down from her senior management role to pursue new career opportunities. The company has updated its authorized signatories for materiality disclosures to include the CEO, Rishi Das, and CFO, Pawan Jain. These transitions appear to be routine career-related moves with no material concerns raised by the departing officers.
- Mr. Pranav Ayanath Kuttiyat resigned as Company Secretary and Compliance Officer effective February 25, 2026.
- Ms. Bhavna Srivastava resigned as GM – Workspace Planning (Senior Management) on the same date.
- CEO Rishi Das and CFO Pawan Jain are now the designated authorized persons for materiality determinations under Regulation 30.
- The company confirmed there are no material reasons for the resignations other than personal career goals.
Indiqube Spaces Limited has announced the resignation of Mr. Pranav Ayanath Kuttiyat, the Company Secretary and Compliance Officer, effective February 25, 2026. Simultaneously, Ms. Bhavna Srivastava, General Manager – Workspace Planning and a member of the Senior Management Personnel, has also resigned to pursue new career opportunities. In response to these departures, the company has updated its authorized personnel for materiality disclosures to include the CEO and CFO. These changes are effective from the closure of business hours on February 25, 2026.
- Mr. Pranav Ayanath Kuttiyat resigned as Company Secretary and Compliance Officer effective Feb 25, 2026.
- Ms. Bhavna Srivastava resigned from her role as General Manager – Workspace Planning on Feb 25, 2026.
- The Board has approved Rishi Das (CEO) and Pawan Jain (CFO) as authorized persons for materiality disclosures.
- Both officials cited the pursuit of new career opportunities as the reason for their departure.
- The company confirmed there are no other material reasons for these resignations.
Indiqube Spaces Limited has announced the resignation of Mr. Pranav Ayanath Kuttiyat from the position of Company Secretary and Compliance Officer, effective February 25, 2026. Simultaneously, Ms. Bhavna Srivastava has resigned from her role as General Manager – Workspace Planning, a Senior Management position. Both departures are attributed to the pursuit of new career opportunities, with no other material reasons cited. The company has updated its authorized personnel for materiality disclosures to include the Chairman/CEO and the CFO.
- Resignation of Mr. Pranav Ayanath Kuttiyat as Company Secretary and Compliance Officer effective Feb 25, 2026.
- Resignation of Ms. Bhavna Srivastava, General Manager – Workspace Planning (Senior Management), effective Feb 25, 2026.
- The Board has approved a revised list of authorized persons for materiality disclosures under Regulation 30.
- CEO Rishi Das and CFO Pawan Jaichandbhai Jain are now the primary contacts for determining information materiality.
- Both outgoing officials cited long-term career goals as the reason for their resignation.
Indiqube Spaces Limited has voluntarily informed the exchanges that members of its promoter group intend to purchase equity shares from the open market. This move is a strong signal of promoter confidence in the company's intrinsic value and future growth prospects. The acquisitions will be conducted in compliance with SEBI (SAST) and (PIT) regulations and will not trigger any mandatory open offer obligations. While the specific quantity of shares is not mentioned, the company has committed to fulfilling all post-transaction disclosure requirements.
- Promoter group members to purchase equity shares of Indiqube Spaces Limited from the open market.
- Acquisitions will be made in compliance with SEBI (SAST) Regulations, 2011 and SEBI (PIT) Regulations, 2015.
- Transactions will not trigger any open offer obligations or mandatory prior intimation requirements.
- The disclosure was made voluntarily by the company as a good-governance measure.
Financial Performance
Revenue Growth by Segment
Total revenue grew 38% YoY to INR 668 Cr in H1 FY26. Recurring revenue, primarily from rental and managed services, contributed 96% (INR 643 Cr), while One-Time Revenue from Design & Build projects grew 78.5% to INR 25 Cr.
Geographic Revenue Split
Operations are spread across 15-16 cities including Bengaluru, Hyderabad, and Tier II cities. While specific % splits per city are not disclosed, the company maintains a large dominance in Bengaluru and is expanding into Tier II markets to diversify revenue.
Profitability Margins
PAT margins improved significantly from 2% in H1 FY25 to 7% in H1 FY26 (IGAAP equivalent). Operating margins (IGAAP) improved from 14% in FY23 to 18% in FY25, driven by higher occupancy and cost optimization.
EBITDA Margin
EBITDA margin reached 21% in Q2 FY26, up from 17-18% in the previous year. This 3% improvement is attributed to a 1% reduction in salary costs as a % of revenue, 1% savings from solar power commissioning, and a 1% delta between client rental increases and landlord inflation.
Capital Expenditure
Historical capex for H1 FY26 was INR 180 Cr. Management has guided for a total capex of approximately INR 350 Cr for the full fiscal year 2026 to fund the build-out of the 3.34 million sq. ft. headroom.
Credit Rating & Borrowing
CRISIL A+/Stable rating affirmed. The company maintains a healthy financial risk profile with a comfortable DSCR; however, it reported an Ind AS accounting loss of INR 139.62 Cr in FY25 due to Ind AS 116 lease accounting adjustments.
Operational Drivers
Raw Materials
Not a manufacturing entity; key operational costs include Purchase of Traded Goods (5.4% of H1 FY26 revenue), Employee Benefits (6.7% of revenue), and Other Expenses including rent and facility management (67% of revenue).
Import Sources
Sourcing is domestic, primarily involving real estate leases from local landlords and procurement of office fit-out materials and furniture from Indian vendors.
Key Suppliers
Suppliers include various property landlords across 15 cities and vendors for 'IndiQube One' services such as catering, transportation, and facility management.
Capacity Expansion
Current area under management is 9.14 million sq. ft. across 125 centers. Rent-yielding area is 5.8 million sq. ft., with a planned expansion of 3.34 million sq. ft. (approx. 75,000 seats) to be operational within 18-24 months.
Raw Material Costs
Operating expenses (IGAAP) were INR 528 Cr in H1 FY26. Procurement strategies focus on 'Bespoke' design-and-build models where costs are often passed through or factored into long-term enterprise contracts.
Manufacturing Efficiency
Occupancy levels improved from 85% to 87% in Q2 FY26. Steady-state occupancy is maintained above 85% to ensure healthy center-level margins.
Logistics & Distribution
Distribution costs are minimal, primarily related to 'IndiQube One' B2B/B2C services like employee transportation and catering.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth will be achieved by operationalizing the 3.34 million sq. ft. headroom over 18-24 months, expanding into Tier II cities, and scaling the 'Bespoke' (Design & Build) and 'IndiQube One' (VAS) segments which offer healthy margins.
Products & Services
Managed office spaces, co-working desks, 'Bespoke' design and build offices, facility management, catering, and employee transportation.
Brand Portfolio
IndiQube, IndiQube Grow, IndiQube One, MiQube (Technology Stack).
New Products/Services
Expansion of 'IndiQube One' value-added services and 'Bespoke' design projects, which contributed to the INR 25 Cr one-time revenue in H1 FY26.
Market Expansion
Targeting increased presence in Tier II cities and deepening dominance in existing 15 cities like Bengaluru and Hyderabad.
Market Share & Ranking
One of the largest flexible workspace platforms in India with 9.14 million sq. ft. under management.
Strategic Alliances
Partnerships with landlords for 'Bespoke' models and enterprise clients like the 'world’s largest asset manager' for a 1.4 lakh sq. ft. signup in Bangalore.
External Factors
Industry Trends
The flexible workspace industry is growing as enterprises decouple real estate from services. IndiQube is positioned as a 'workspace and service solution' provider rather than just a landlord.
Competitive Landscape
Competes with traditional office space providers and other co-working players; differentiates through 'value pricing' and 'zero capex' for clients.
Competitive Moat
Moat is built on a 96% recurring revenue model, high renewal rates (80-85%), and a proprietary tech stack (MiQube) that enables consistent facility management across 125 centers.
Macro Economic Sensitivity
Sensitive to corporate hiring trends and GDP growth; however, the shift toward 'zero capex' flexible offices by enterprises acts as a hedge during economic uncertainty.
Consumer Behavior
Shift toward larger centers (average size increased from 40k-50k sq. ft. to 70k-75k sq. ft.) and demand for 'spoke' offices in Tier II cities.
Geopolitical Risks
Minimal direct impact, though global MNC client demand may fluctuate based on international economic conditions.
Regulatory & Governance
Industry Regulations
Subject to local building norms, fire safety regulations, and commercial real estate laws across 15 cities.
Environmental Compliance
Investment in 20-MW rooftop solar power plants to improve sustainability and reduce operational costs.
Taxation Policy Impact
Consistently PAT positive under IGAAP; paid income tax of INR 7.67 Cr in FY25 and INR 8.42 Cr in FY24.
Risk Analysis
Key Uncertainties
Volatility in occupancy levels and cyclicality in the real estate sector could impact the 21% EBITDA margin if occupancy falls below 75%.
Geographic Concentration Risk
High concentration in major hubs like Bengaluru, though expanding to 15+ cities to mitigate this.
Third Party Dependencies
Dependent on landlords for property supply; mitigated by long-term lease agreements and 'Bespoke' models.
Technology Obsolescence Risk
Mitigated by continuous investment in the MiQube technology stack for tenant and facility management.
Credit & Counterparty Risk
Low risk due to 85% renewal rates and focus on established MNCs and large enterprises with 2-3 year lock-ins.