Key Financial Performance

Q2 FY27 Performance (IGAAP Equivalent)

  • Revenue: ₹475 crore, up 34% YoY
  • EBITDA: ₹105 crore with 22% margin, up 40% YoY
  • EBIT: ₹68 crore with 14% margin, up 42% YoY
  • PAT: ₹57 crore with 12% margin, up 63% YoY

H1 FY27 Performance (IGAAP Equivalent)

  • Revenue: ₹904 crore, up 35% YoY
  • EBITDA: ₹191 crore with 21% margin, up 37% YoY
  • EBIT: ₹122 crore with 14% margin, up 48% YoY
  • PAT: ₹92 crore with 10% margin, up 66% YoY

Ind AS vs IGAAP Reconciliation

The company reported significant differences between Ind AS and IGAAP-equivalent reporting due to Ind AS 116 accounting adjustments:

Q2 FY27 Ind AS Results

  • Revenue from operations: ₹472 crore
  • Other income: ₹20 crore
  • Total Income: ₹492 crore
  • Total Expenses: ₹175 crore
  • EBITDA: ₹297 crore (63% margin)
  • Net Loss: ₹6 crore (-1% margin)

Key Ind AS Adjustments for Q2 FY27

  • Revenue adjustment: (₹4) crore
  • Other income adjustment: ₹14 crore
  • Total expenses adjustment: (₹196) crore
  • EBITDA adjustment: ₹192 crore
  • Depreciation and amortization adjustment: ₹152 crore
  • Finance costs adjustment: ₹123 crore
  • Tax expense adjustment: (₹7) crore
  • PAT adjustment: (₹64) crore

These adjustments are primarily non-cash accounting impacts from:

  • Depreciation on Right-of-Use (ROU) assets
  • Interest on lease liabilities

Operational Highlights for H1 FY27

  • Area Under Management: 10.86 Mn sq. ft. (increased by 1.72 Mn sq. ft. YoY)
  • Seat Capacity: 241 K seats (increased by 38 K seats YoY)
  • Center Additions: 13 new centers added YoY
  • Current Portfolio: 138 properties across 17 cities pan-India
  • Occupancy: 91% steady state center occupancy
  • Client Base: 884 clients
  • Revenue Mix: GCCs contribute 54% of revenue, multicenter clients contribute 41%
  • Value Added Services: Revenue grew 74% to ₹154 crore in H1 FY27, contributing 17% of operating revenue

Credit Rating

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

Management Commentary

Rishi Das, Cofounder & CEO: "Q2 FY27 has been another strong quarter for IndiQube, with our highest ever quarterly revenue of ₹475 crore, growing 34% year on year. Growth continues to translate into stronger profitability, with EBITDA growing 40% to ₹105 crore and PAT growing 63% to ₹57 crore. EBITDA margin improved to 22%, and PAT margin expanded to 12%, reflecting the operating leverage inherent in our platform as we scale."

Meghna Agarwal, Co-founder: "Our performance this quarter reflects the increasing depth and resilience of the IndiQube platform. We now manage 10.86 Mn sq. ft. across 138 centers and 17 cities, with 241 K seats and a steady state occupancy of 91%. The quality of this demand is equally encouraging with GCCs contributing 54% of revenue and multicenter clients 41%."

Additional Information

  • Conference Call: Scheduled for November 04, 2026, at 02:00 P.M. IST
  • Access Details: Dial-in numbers +91 22 6280 1304 / +91 22 7115 8205 or online registration
  • Financial Statements: Available in Investor Relations section at https://indiqube.com/investor/
  • Investor Contact: Mr. Anuj Sonpal, Valorem Advisors, Tel: +91-22-4903-9500
  • Company CIN: L45400KA2015PLC133523