Indiqube Spaces Limited – Investor Presentation Summary

Key Operational Highlights

  • Total managed area: 10.86 million sq. ft. across 138 centers and 17 cities
  • Total seats: 241,000 seats, growing 19% YoY from 203,000+ seats in Q2 FY26
  • Steady state occupancy: 91% (vs 89% in Q2 FY26)
  • Client base: 884 clients with GCCs contributing 54% of revenue
  • Multi-center clients: 41% of revenue
  • Signed approximately 2000 seats for Design & Build projects across multiple metros
  • Signed approximately 700 seats multi-city workspace deal with a global staffing solutions company

Key drivers of operational performance: Strong demand from large enterprises for scalable, distributed workspace solutions, expansion into Tier II cities, and increasing client relationships beyond workspace.

Financial Highlights

Q2 FY27 Performance:

  • Revenue: ₹475 crore (IGAAP equivalent)
  • EBITDA: ₹105 crore
  • PAT: ₹57 crore
  • EPS: Not specified
  • EBITDA Margin: 22%
  • PAT Margin: 12%

H1 FY27 Performance:

  • Revenue: ₹904 crore (IGAAP equivalent)
  • PAT: ₹92 crore
  • PAT Margin: 10%

YoY Comparison (Q2):

  • Revenue growth: 34% (from ₹354 crore in Q2 FY26)
  • PAT growth: 63% (from ₹35 crore in Q2 FY26)
  • EBITDA growth: 40% (from ₹75 crore in Q2 FY26)

H1 YoY Comparison:

  • PAT growth: 66% (from ₹55 crore in H1 FY26)

Drivers of financial performance: Operating leverage inherent in the platform as the company scales, leading to margin expansion despite revenue growth.

Adjusted Cash EBIT:

  • Q2 FY27: ₹103 crore (22% of revenue from operations)
  • H1 FY27: ₹178 crore (20% of revenue from operations)

Balance Sheet Snapshot

  • Net Debt: ₹(15) crore
  • Gross Debt: ₹288 crore
  • Cash & Cash Equivalents: ₹110 crore
  • Bank Balances (other than cash): ₹193 crore
  • Net Worth: ₹1,254 crore
  • Debt-to-Equity Ratio: (0.01)
  • Cost of Borrowing: 8.25% (vs 9.4% in H1 FY26)

Financial Health Insights: Strong cash flow generation with cash generated from operations of ₹509 crore in H1 FY27, net debt negative position, and improving cost of borrowing.

Capex & Cash Flow Health

  • Capital Expenditure: ₹203 crore total capex in H1 FY27
  • Capex Interiors: Not specified
  • Capex Solar: ₹46 crore
  • Cash Generated from Operations: ₹509 crore
  • Payment of Lease Liabilities: ₹387 crore
  • Free Cash Flow from Operations: Not calculated in presentation

Investment Rationale: Focus on capacity expansion through interior fit-outs and solar installations, with fit-out cost of ₹1,650 per sq. ft. on average.

Strategic & R&D Initiatives

Business Verticals:

  • Grow: Plug & Play Workspaces with interiors and services
  • DesignQube: Customizable design and build solutions
  • IndiQare: Managed services for commercial spaces
  • Eco: Green transformation solutions including solar and renovation
  • MiQube: Technology platform enabling digital workplaces

Technology Platform:

  • MiQube transactions volume: 1.5 million+ in FY26
  • Lifetime app downloads: 180,000+
  • Play Store rating: 3.8 stars

Expected impact on growth: Value Added Services revenue grew 74% to ₹154 crore in H1 FY27 and now contributes 17% of operating revenue, deepening customer engagement.

Strategic Rationale: Creating an integrated managed spaces platform with services spanning across and beyond IndiQube properties, focusing on asset-liability management in ~3-year cycles.

Management Commentary & Growth Outlook

Strategic Outlook: "We remain focused on growing with financial discipline, strengthening margins and maintaining the right balance between scale, profitability and capital efficiency."

FY Guidance: Not explicitly provided

Market Share Targets: Not specified

Risks and Opportunities: The presentation addresses investor questions about Ind AS accounting treatment, lease liabilities, and profitability perception, emphasizing that the company is PAT positive and consistently paying income taxes despite Ind AS reported losses.

Additional Business Insights

Supply Acquisition Strategy:

  • 80% of centers within 3 km of operational & planned metro stations
  • 4.4 million sq. ft. green certified (35 centers), with 0.96 million sq. ft. (7 centers) under certification
  • Focus on GCC-centric micromarkets, city centers, CBDs, and talent catchments

Operational Metrics:

  • Operational breakeven: 55-60% occupancy (achieved in ~6 months)
  • Steady state: 85-90% occupancy (achieved in ~12 months)
  • Client lock-in: 35 months contractual obligation
  • Capex payback period: 36 months with ₹1,650/sq. ft. recovered
  • Revenue to rent ratio: 2.27
  • Landlord lock-in with IndiQube: ~15 years