| Revenue FY26 | ₹1,469 CrRecord High |
|---|---|
| EBITDA Margin | 21%vs 18% FY25 |
| Market Cap | ₹3,478 CrSmall Cap |
| Net Profit | ₹125 Cr145% YoY Growth |
Key highlights
- Annual revenue reached a record ₹1,469 crore, marking a 37% year-on-year increase
- EBITDA crossed the ₹300 crore milestone with margins expanding to 21% from 18%
- Net Profit After Tax (PAT) surged 145% to ₹125 crore for the fiscal year
- Portfolio expanded by 1.6 million square feet with the launch of 15 new centers
- Value Added Services (VAS) contribution rose to 15% of total revenue from 12% in FY25
- Operationalized a 4MW solar plant in Latur as part of a 100% green power initiative
Financial Performance and Profitability
IndiQube Spaces reported a landmark performance for FY26, exceeding its own growth guidance. Total revenue reached ₹1,469 crore, representing a 37% year-on-year increase, which surpassed the management's upper target of 30%. Operating efficiency improved significantly, as EBITDA margins expanded by 300 basis points to reach 21%.
This margin growth propelled the company to cross the ₹300 crore EBITDA threshold. On the bottom line, Net Profit After Tax jumped 145% to ₹125 crore. The company also strengthened its cash position, generating ₹304 crore from operating activities, reflecting a 147% increase over the previous year.
Management attributed these gains to higher-yielding premium spaces and disciplined operational execution.
Management Outlook and Growth Targets
Looking toward FY27, management has guided for revenue growth between 25% and 30%. The expansion strategy focuses on adding approximately 1.5 million to 2 million square feet of rent-paying area annually, targeting 33,000 to 44,000 new seats. Sustainability is a primary focus, with planned investments of ₹125 crore to ₹150 crore in solar energy to transition the portfolio to 100% green power.
Management expressed high confidence in the Global Capability Centre (GCC) segment, which currently drives a significant portion of demand. They noted that the depreciating rupee and high-quality talent pool make Indian managed offices increasingly attractive to multinational corporations adopting hub-and-spoke models.
Business Overview and Operational Highlights
IndiQube launched 15 new centers in FY26, adding 1.6 million square feet of rent-paying space. The company is seeing a strategic shift where GCCs and large Indian enterprises account for 45% and 58% of rent-paying areas, respectively. Value Added Services (VAS) has become a critical growth lever, contributing 15% to total revenue through IT products and design-build services.
The company's tech-enabled approach was validated by 1.4 million transactions on its MiQube platform. Additionally, expansion into Tier-2 cities like Coimbatore is yielding positive results, driven by specialized healthcare and IT roles. Management remains focused on high-quality micro-markets with demand-supply equilibrium and metro proximity to sustain rental yields.
What to Watch
- Progression of the 9.66 million square feet 'Area Under Management' into active rent-paying status over the next 24 months
- Stabilization of occupancy rates in mature centers toward the targeted 85% to 90% range
- Impact of planned solar farm operationalization on long-term operating costs and sustainability targets
- Resilience of office space demand among ITES tenants in the face of potential AI-led role disruptions
- Implementation of 5% to 6% built-in annual rental escalations across existing long-term lease contracts
Management Quote
For IndiQube growth is just not about adding more space. It is about building a platform that brings a stronger with scale, more valuable to clients over time, and more resilient across changing market environments.
“FY 26 has been a landmark year for IndiQube. We delivered record performance across key financial metrics, supported by strong revenue growth, continued margin expansion, and a significant strengthening of profitability.”
“Value added services continues to be an important growth lever for us. Their contribution to overall revenue increased to 15% compared to 12% last year. This reinforces our belief that VAS is a key part of the workspace value chain.”
| Share price | ₹164.06 |
|---|---|
| Market capitalisation | ₹3,478.03 Cr |
| Revenue (annual) | ₹1,450.81 Cr |
| Net profit (annual) | -₹106.34 Cr |
| Revenue (latest quarter) | ₹401.45 Cr+2.95% vs previous quarter |
| Net profit (latest quarter) | -₹22.65 Cr-32.72% vs previous quarter |
| P/E (TTM) | -32.71×Sector 33.05× |
| Promoter holding | 60.1%+0.06% QoQ |
| FII holding | 2.18%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Indiqube Spaces Ltd announcing audited financial results for the quarter and year ended March 31, 2026. Market figures from a third-party data provider.
