Key Financial Performance (IGAAP Equivalent)

  • Revenue: ₹428 crore, representing 37% year-over-year growth from Q1 FY26 revenue of ₹313 crore.
  • EBITDA: ₹87 crore, with 34% YoY growth from Q1 FY26. EBITDA margin maintained at 20%.
  • EBIT: ₹55 crore, with 59% YoY growth from Q1 FY26. EBIT margin improved to 13%.
  • Profit After Tax (PAT): ₹35 crore, with 91% YoY growth from Q1 FY26 PAT of ₹19 crore. PAT margin improved to 8%.
  • Current tax expense: ₹8.14 crore for Q1 FY27.

Operational Highlights

  • Area Under Management: 10.61 million square feet, increased by 1.91 million sq. ft. year-over-year.
  • Seat Capacity: 236,000 seats, increased by 43,000 seats year-over-year.
  • Center Additions: Added 17 new centers year-over-year.
  • Current Portfolio: 137 properties across 17 cities pan-India.
  • Occupancy: Healthy 90% steady state center occupancy; overall occupancy improved to 86%.
  • Value Added Services (VAS) Revenue: ₹72 crore, contributing 17% to operating revenue (up from 11% in prior period).

Accounting Treatment Explanation

The company reports under both Ind AS and IGAAP-equivalent frameworks with significant variances:

  • Ind AS Reporting: Shows net loss of ₹24 crore for Q1 FY27, primarily due to non-cash accounting adjustments under Ind AS 116.
  • Key Adjustments: Depreciation on Right-of-Use (ROU) assets (₹148 crore) and interest on lease liabilities (₹116 crore) are added under Ind AS but excluded from IGAAP-equivalent.
  • IGAAP-equivalent: Removes these non-cash adjustments to reflect underlying operating performance, showing PAT of ₹35 crore.
  • The company emphasizes these are purely accounting differences that do not affect underlying operating strength or cash generation.

Credit Rating

CRISIL 'A+' (Stable) rating reaffirmed, indicating strong financial strength.

Management Commentary

Rishi Das, Cofounder & CEO: Highlighted strong start to FY27 with highest ever quarterly revenue and improved profitability across all metrics. Noted operating leverage benefits as business scales.

Meghna Agarwal, Co-founder: Emphasized platform efficiency with improved occupancy and rapid scaling of Value Added Services. Expressed confidence in sustaining operating momentum.

Additional Information

  • Detailed financial statements and segment results available in Investor Relations section of company website: https://indiqube.com/investor/
  • Earnings conference call scheduled for Thursday, August 13, 2026, at 2:00 PM IST.
  • Call access: Universal dial-ins 91 22 6280 1366 | +91 22 7115 8267 or online registration: https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=3615381&linkSecurityString=1f3915bcb4
  • Analyst presentation will be submitted to stock exchanges and hosted on company website.

Company Description

IndiQube is described as one of India's leading integrated managed spaces platforms, combining real estate, technology, operations, sustainability and employee experience. Services include managed workspaces, agile design and build solutions, and commercial space operations for GCCs, Indian conglomerates, unicorns and high growth startups.