Company Overview

IndiQube Spaces Limited (formerly known as Indiqube Spaces Private Limited, Innovent Spaces Private Limited) reported strong financial and operational performance for FY26 ending March 31, 2026. The company operates in the flexible workspace sector with scrip code 544454 (BSE) and INDIQUBE (NSE).

Financial Performance Highlights

FY 2025-26 Financial Results:

  • Revenue from operations: ₹1,469 crore, representing 37% year-on-year growth (FY 2024-25: ₹1,076 crore)
  • EBITDA: ₹301 crore, showing 60% year-on-year growth (FY 2024-25: ₹188 crore)
  • Profit After Tax (PAT): ₹125 crore, increasing 145% year-on-year (FY 2024-25: ₹51 crore)
  • EBITDA Margin: 21% (FY 2024-25: 18%)
  • PAT Margin: 9% (FY 2024-25: 5%)
  • EPS: ₹6.1 (FY 2024-25: ₹2.7)
  • Net Worth: ₹1,160 crore (FY 2024-25: ₹374 crore)
  • Debt to Equity Ratio: 0.08 (FY 2024-25: 0.90)

Key Financial Metrics:

  • Capital commitments: ₹489.59 million as of 31 March 2026
  • Gratuity obligation: ₹144.57 million, up from ₹86.18 million YoY
  • Net debt: ₹(953.06) million as of 31 March 2026 (₹3,379.27 million as of 31 March 2025)
  • Equity: ₹5,147.49 million as of 31 March 2026
  • Current ratio: 0.62 (0.26 in FY25) - 138% increase due to increased trade receivables and cash balances from IPO proceeds

Operational Performance

Portfolio Expansion:

  • Seats: 214,590 (FY 2024-25: 186,719)
  • Area Under Management (AUM): 9.66 million sq. ft. (FY 2024-25: 8.41 million sq. ft.)
  • Total Centers: 130 across 17 cities (FY 2024-25: 115 centers across 15 cities)
  • Customers: 848
  • Steady State Occupancy: 88%
  • Team Size: 760+ employees
  • Multi-center Clients Contribution: 44% of revenue
  • GCC Contribution: 56% of revenue

Geographic Presence:

Bengaluru: 70 centers, 6.20M sq. ft., 138K seats

Pune: 11 centers, 755K sq. ft., 17K seats

Chennai: 17 centers, 1.2M sq. ft., 27K seats

Other cities: Gurugram, Coimbatore, Kochi, Jaipur, Mumbai, Noida, Hyderabad, Kolkata, Madurai, Kozhikode, Indore, Vijayawada, Bhubaneshwar, Mohali

Capital Structure and Corporate Actions

IPO Completion:

  • IPO Date: July 23-25, 2025
  • Listing Date: July 30, 2025
  • Fresh Issue: 2,74,32,636 equity shares aggregating ₹650 crore
  • Offer for Sale: 21,09,704 equity shares aggregating ₹50 crore
  • Lead Managers: ICICI Securities Limited and JM Financial Limited
  • Total proceeds: ₹6,044.59 million (net of ₹455.41 million issue expenses)
  • Utilization as of 31 March 2026:
  • New centers: ₹892.29 million (of ₹4,626.49 million allocated)
  • Debt repayment: ₹913.40 million (fully utilized)
  • General corporate purposes: ₹500.69 million (of ₹504.70 million allocated)

ESOP Plan:

  • 'Indiqube-Employee Stock Option Plan 2022' with aggregate pool of 40,61,200 options
  • Options outstanding: 1,112,394 as of 31 March 2026
  • Exercisable options: 69,490 as of 31 March 2026

Regulatory and Compliance Matters

Annual General Meeting:

  • 12th AGM: August 12, 2026 at 10:00 AM IST via VC/OAVM
  • Ordinary Business: Adoption of audited financial statements and reappointment of Mr. Anshuman Das
  • Special Business: Appointment of Ms. Varsha V Shenoy as Secretarial Auditor for 5 years

Credit Rating and Compliance:

  • Credit Rating: CRISIL A+ / Stable (reaffirmed in November 2025)
  • Implemented accounting software with audit trail feature as required by MCA rules
  • No material related party transactions during the financial year
  • No CSR spending required for the year

Additional Financial Disclosures

Employee Benefits:

  • Recognized incremental expense of ₹45.05 million due to implementation of India's new labour codes
  • Gratuity expense recognized in P&L: ₹54.19 million (₹17.67 million in FY25)
  • Provident fund expense: ₹18.59 million for FY26

Segment Reporting:

  • Single business segment: leasing of managed commercial workspaces
  • All operations located in India with no revenue or non-current assets outside India
  • No customer contributes more than 10% of total revenues

Forward Outlook

The company's strategic roadmap focuses on improving operational efficiency, expanding beyond core workspace offerings, scaling technology-led operating capabilities, expanding sustainability services, deepening enterprise relationships, and expanding across high-growth commercial markets.