INDIQUBE - Indiqube Spaces
📢 Recent Corporate Announcements
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 The company has clarified that discussions will be based strictly on publicly available information, ensuring no unpublished price sensitive information (UPSI) is disclosed.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 The company has explicitly stated that discussions will be based on publicly available information and no unpublished price sensitive information will be shared.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- Company confirms that no unpublished price sensitive information (UPSI) will be discussed.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.
IndiQube Spaces reported a robust Q3 FY26 with revenue growing 45% YoY to ₹395 crores and PAT doubling to ₹40 crores. The company's 9-month PAT saw a massive 284% jump to ₹95 crores, driven by strong demand from Global Capability Centers (GCCs) in South India, which accounts for 80% of their portfolio. Operational efficiency improved significantly with ROCE rising to 23% and portfolio occupancy reaching 84%. Management maintains a positive outlook with a 3.26 million sq. ft. pipeline to support a targeted 30% annual topline growth.
- Quarterly revenue hit a record ₹395 crores, marking a 45% YoY increase.
- 9-month PAT reached ₹95 crores, representing a 284% growth compared to the previous year.
- Return on Capital Employed (ROCE) improved significantly to 23% from 15% in Q3 FY25.
- Total signed portfolio stands at 9.55 million sq. ft., with a 3.26 million sq. ft. pipeline for the next 18-24 months.
- Value-Added Services (VAS) contribution to total revenue increased to 13%.
Indiqube Spaces Limited has officially released the audio recording of its earnings conference call held on February 11, 2026. The call addressed the company's unaudited financial performance for the quarter ended December 31, 2025. This disclosure is part of the mandatory regulatory requirements under SEBI (LODR) Regulations, 2015. Investors can access the full discussion via the provided link to understand management's perspective on the recent quarter.
- Earnings conference call for Q3 FY2026 concluded at 02:55 p.m. IST on February 11, 2026
- Discussion focused on unaudited financial results for the quarter ended December 31, 2025
- Audio recording link provided: ccreservations.com/recordings/data/10040080.mp3
- Compliance disclosure made under Regulation 30 of SEBI Listing Obligations
Indiqube Spaces Limited reported a strong Q3 FY26 with revenue growing 45% YoY to ₹395 Cr, supported by a 94% recurring revenue mix. On an IGAAP-equivalent basis, the company achieved a PAT of ₹40 Cr for the quarter and ₹95 Cr for the first nine months of FY26, representing a 284% YoY growth. The company significantly strengthened its balance sheet, reducing its Debt-to-Equity ratio to 0.15 from 0.80 and improving ROCE to 23%. Operational expansion remains aggressive with the addition of 1.5 million sq. ft. and entry into three new cities, bringing the total footprint to 9.55 million sq. ft.
- Quarterly revenue grew 45% YoY to ₹395 Cr, with 9M FY26 revenue reaching ₹1,063 Cr.
- IGAAP-equivalent PAT for Q3 FY26 surged 214% YoY to ₹40 Cr, while 9M PAT reached ₹95 Cr.
- Debt-to-Equity ratio improved significantly to 0.15 in Q3 FY26 from 0.80 in Q3 FY25.
- Area Under Management (AUM) increased to 9.55 Mn sq. ft. with a healthy portfolio occupancy of 84%.
- Return on Capital Employed (ROCE) expanded to 23% in Q3 FY26 compared to 15% in the previous year.
IndiQube reported a stellar performance for Q3 FY26, with revenue growing 45% YoY to ₹395 Cr and PAT jumping 214% to ₹40 Cr. The company's 9M FY26 revenue crossed the ₹1,000 Cr mark, reaching ₹1,063 Cr, driven by high recurring revenue (94%) and expansion into 17 cities. Operational efficiency improved with steady-state occupancy at 90% and a significant reduction in net debt, resulting in a cash surplus of ₹171 Cr.
- Q3 FY26 Revenue grew 45% YoY to ₹395 Cr, with EBITDA margins expanding to 21% from 17%
- 9M FY26 PAT increased by 284% YoY to ₹95 Cr, reflecting strong operational leverage
- Total Area Under Management (AUM) reached 9.55 Mn sq. ft. across 129 centers in 17 cities
- Net Debt improved from ₹279 Cr in Q3 FY25 to a cash surplus of ₹171 Cr in Q3 FY26
- Steady-state occupancy for centers older than 12 months remains robust at 90%
Indiqube Spaces Limited has officially approved its unaudited financial results for the quarter and nine-month period ended December 31, 2025. The Board of Directors met on February 10, 2026, to finalize these statements, which were accompanied by a Limited Review Report from statutory auditors. Notably, the auditors issued an unmodified opinion, suggesting no significant accounting concerns were identified. This announcement serves as a key regulatory filing for the company following its listing on the BSE and NSE.
- Board approved unaudited financial results for the quarter and nine months ended December 31, 2025.
- Statutory auditors issued a Limited Review Report with an unmodified opinion.
- The board meeting was conducted between 03:15 PM and 05:30 PM on February 10, 2026.
- Compliance maintained under Regulation 33 and 30 of SEBI (LODR) Regulations, 2015.
Indiqube Spaces Limited has scheduled a group meeting with institutional investors and analysts on February 12, 2026, in Mumbai. The meeting is organized by Axis Capital and is set to commence at 9:00 A.M. IST. The company has clarified that the discussions will be limited to publicly available information, and no unpublished price sensitive information (UPSI) will be shared. This interaction is part of the company's routine investor relations activities to engage with the financial community.
- Group meeting with investors and analysts scheduled for February 12, 2026
- Event organized by Axis Capital to be held in Mumbai starting at 9:00 A.M. IST
- Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Company confirms no unpublished price sensitive information (UPSI) will be discussed
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.