IndiQube Spaces Limited – Investor Presentation Summary

Key Operational Highlights

  • Steady state occupancy strengthened to 90% in Q1 FY27, up from 87% in Q1 FY26.
  • Overall occupancy improved to 86%, underscoring healthy customer demand and improved utilization.
  • Value Added Services (VAS) revenue reached ₹72 crore, with contribution to operating revenue increasing from 11% to 17%.
  • Operating across 17 cities in India with a significant pan-India footprint.
  • Signed a 39,000 sq. ft. Design & Build project in Bengaluru for a leading Canadian visual effects, animation & creative solutions company.
  • Signed a ₹52 crore workspace deal with a leading consulting and management services company in Bangalore.
  • 82% of centers are located within < 3 KM from operational & planned metro stations.
  • 4.4 million sq. ft. of space is Green certified, with 0.96 million sq. ft. (7 centers) under certification.

Key drivers of operational performance: Growing physical network, improving occupancy, richer services mix through Value Added Services, and strategic location advantages.

Segment-wise Performance

  • Enterprise clients contribute 41% of revenue.
  • Brokerage contributes 2.03% to operations revenue.

Explanation of significant changes in segment performance: Growth driven by strong demand from large enterprises and expanding service offerings through VAS.

Financial Highlights

  • Revenue: ₹428 crore (IGAAP Equivalent)
  • EBITDA: ₹87 crore (IGAAP Equivalent)
  • PAT: ₹35 crore (IGAAP Equivalent)
  • EPS: Not Specified
  • Margins: EBITDA Margin 20%, EBIT Margin 13%, PAT Margin 8%
  • YoY/QoQ comparison: Revenue grew 37% YoY (₹313 crore in Q1 FY26) and 5% QoQ (₹407 crore in Q4 FY26). PAT grew 91% YoY (₹18.5 crore in Q1 FY26) and 17% QoQ (₹30 crore in Q4 FY26).
  • Drivers of financial performance: Operating leverage from scaling platform, improved occupancy, and growth in Value Added Services.
  • Comparison to market estimates: Not Specified
  • Key Risks: Not explicitly disclosed in presentation

Geographical Revenue Split

  • Domestic vs Export/Regional Revenue: Not Specified
  • Regional Breakdown: The company has centers in Bangalore (76 centers, 6.68M sq. ft., 148K seats), Chennai (16 centers, 1.17M sq. ft., 26K seats), Pune (11 centers, 755K sq. ft., 17K seats), Gurugram (4 centers, 139K sq. ft., 3K seats), Hyderabad (5 centers, 411K sq. ft., 9K seats), Mumbai (5 centers, 183K sq. ft., 4K seats), Noida (2 centers, 420K sq. ft., 9K seats), Kolkata (2 centers, 60K sq. ft., 1K seats), Coimbatore (5 centers, 457K sq. ft., 10K seats), Kochi (4 centers, 140K sq. ft., 3K seats), Madurai (1 center, 37K sq. ft., 1K seats), Visakhapatnam (1 center, 20K sq. ft., 0.5K seats), Jaipur (1 center, 21K sq. ft., 0.5K seats), Kozhikode (1 center, 20K sq. ft., 0.4K seats), Mohali (1 center, 17K sq. ft., 0.4K seats), Indore (1 center, 26K sq. ft., 0.6K seats), Bhubaneswar (1 center, 45K sq. ft., 1K seats).

Balance Sheet Snapshot

  • Net Debt/Equity: Not Specified
  • Reserves: Not Specified
  • Current Assets/Liabilities: Not Specified
  • Working Capital/Leverage Metrics: Not Specified
  • Financial Health Insights: The company emphasizes maintaining healthy balance of scale, profitability & capital efficiency.

Capex & Cash Flow Health

  • Capital Expenditure: Fit out cost (interior + renovation) averages ₹1,650 per sq. ft. at portfolio level
  • Free Cash Flow: Not Specified
  • Operating Cash Flow: Not Specified
  • Net Debt Movement: Not Specified
  • Investment Rationale: Focus on capacity expansion through strategic supply acquisition across different micro markets.

Strategic & R&D Initiatives

  • Investments in Innovation: MiQube tech platform with 148K+ lifetime app downloads and 1.5Mn+ transactions in FY26; DesignQube for custom workspace solutions; IndiQare for facility management services; Eco for green transformation solutions.
  • Expected impact on growth: VAS revenue expected to remain recurring feature of revenue mix given ongoing project pipeline.
  • Strategic Rationale: Expanding into high-growth markets through hub & spoke approach, capturing demand across micro markets, and enhancing service offerings through technology integration.

Industry Trends & Business Environment

  • Macro/Industry Trends: Growing demand for managed workspace solutions, particularly from enterprise clients and GCC (Global Capability Center) centric micro markets.
  • Impact on Company: Strong customer demand driving occupancy improvements and revenue growth across portfolio.

Management Commentary & Growth Outlook

  • Strategic Outlook: "We remain focused on maintaining a healthy balance of scale, profitability & capital efficiency" - Rishi Das, Cofounder & CEO. "We remain optimistic about sustaining this momentum" - Meghna Agarwal, Cofounder.
  • FY Guidance: Not Specified
  • Market Share Targets: Not Specified
  • Risks and Opportunities: Not Specified

Additional Sections: The presentation includes detailed explanations of Ind AS 116 accounting impacts, reconciliation between Ind AS and IGAAP-equivalent results, and glossary terms clarifying key business metrics and accounting treatments.