Event Type and Details:

  • The document contains the submission of the transcript for the Q4 FY26 Earnings Conference Call held on May 21, 2026.
  • The event was an earnings call discussing financial results for the quarter and year ended March 31, 2026.
  • The call was moderated by Karan Khanna from Ambit Capital.

Management Participants:

  • Mr. Rishi Das – Chairman, Executive Director and Chief Executive Officer
  • Ms. Meghna Agarwal – Chief Operating Officer and Executive Director
  • Mr. Pawan Jain – Chief Financial Officer
  • Mr. Vikas Kumar Agrawal – Head (Investor Relations)
  • Mr. Vamsi Chatrathi – Assistant Vice President (Marketing)

Financial Highlights Disclosed:

  • FY26 Revenue: INR 1,469 crores (37% YoY growth)
  • FY26 EBITDA: Crossed INR 300 crores (60% YoY growth)
  • FY26 PAT: INR 125 crores (145% YoY growth)
  • EBITDA Margin: Expanded from 18% in FY25 to 21% in FY26
  • PAT Margin: Improved from 5% to 9%
  • Cash Flow from Operations: INR 304 crores (147% YoY growth)
  • Rent-paying Area: 7.84 million square feet
  • Occupancy: 81% as of March 2026 (84% average for FY26)

Operational and Strategic Updates:

  • Added 1.6 million square feet in rent-paying area and launched 15 new centers during FY26
  • Value-added services contribution increased to 15% of revenue from 12% last year
  • Solar capacity: 20 MW operational in Yadgir, Karnataka; 4 MW operational in Latur, Maharashtra; 2.7 MW soon-to-be-operational in Virudhunagar, Tamil Nadu
  • MiQube technology platform recorded 1.4 million transactions

Guidance and Outlook:

  • FY27 Revenue Growth Guidance: 25-30%
  • FY27 EBITDA Margin Guidance: 18-21%
  • Area Addition Guidance: 1.5-2.0 million square feet annually (33,000-44,000 seats)
  • Target Occupancy: 80-85% at corporate portfolio level, 85-90% at mature center level
  • Solar Capacity Addition: 30-35 MW planned for FY27 with INR 125-150 crores CAPEX
  • VAS Revenue Contribution: Expected to increase to 17-18% from current 15%

Compliance Disclosure:

  • The transcript submission is pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • The transcript is available on the company website at https://indiqube.com/investor/financials/

Additional Notes Section

  • The document includes the full transcript of the earnings conference call with detailed Q&A session covering operational metrics, market trends, and strategy.
  • Management emphasized that no unpublished price sensitive information (UPSI) was shared during the call.
  • The call included discussions on market trends including GCC absorption (44% of office space), flex operator absorption (23% of office space), and impact of AI on workspace demand.
  • Detailed financial and operational data was disclosed including CAPEX breakdown (INR 414 crores total with INR 256 crores for interiors, INR 50 crores design-and-build, INR 73 crores solar investment, INR 30 crores vendor payments).
  • The company maintained its CRISIL A+ Stable rating.