Indiqube Spaces Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,663 Cr
- ROE
- -42.16%
- Price to sales
- 2.35
- Debt to equity
- 10.12
- 52W high / low
- ₹230 / ₹134
- Sales growth (5Y)
- 37.57%
- EBITDA margin
- 60.84%
- Net profit margin
- -7.33%
- Promoter holding
- 60.12%
- Sales (last year)
- ₹1,564 Cr
Guidance scorecard · Q1 FY27 call
What Indiqube Spaces Ltd's management guided
and where it ranks in Commercial Services & Supplies
Commercial Services & Supplies
RevenueQ1 FY27 call
10–20%- Indiqube targets annual addition of ~2 million sq ft managed workspace area, maintaining steady growth in operational footprint.
- Revenue growth driven both by expanding managed workspace footprint and increasing value-added services (VAS) contributions (DesignQube, IndiCare, Eco).
- VAS revenue expected to grow structurally by 2%-4% over coming years, currently at about 17% of total revenue.
- GCC (Global Capability Centers) segment, contributing around 50% revenue, is expected to grow to 54%-55%, maintaining a stable customer mix.
- Geographic expansion focused on Bangalore, Hyderabad, Mumbai, NCR, and Chennai with an emphasis on high-growth micro-markets.
- Occupancy steady-state expected between 86%-90% in mature centers, supporting consistent revenue per seat.
2 more points from Indiqube Spaces Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Indiqube Spaces Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Indiqube plans to add another 25 to 30 megawatts of solar capacity this year, requiring capital expenditure of approximately INR 100-120 crores.
- Focus on expanding value-added services (VAS) such as DesignQube, IndiCare, and Eco, prioritizing growth and scale over margin expansion in the next 1-2 years.
- Annual area addition target remains close to 2 million square feet, consistent with prior guidance.
- Capex includes interior design and build projects, solar investments, and vendor payments, which are recurring in nature.
- Detailed figures to be disclosed after H1 audit and review.
2 more points from Indiqube Spaces Ltd's call on capex
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FundraisingQ1 FY27 call
See what Indiqube Spaces Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Indiqube has a headroom of about 3.9 million square feet (approx. 97,000 seats) already signed and in the pipeline.
- Approximately 2 million square feet of rent-paying area is added annually, with major additions signed last half (~1.14 million sq. ft. added in H2 FY26).
- New supplies will be delivered within 12 to 18 months, mainly in key micro-markets like Bangalore's Outer Ring Road corridor.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Commercial Services & Supplies
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Commercial Services & Supplies companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹2,470 Cr | 162.7 | |
| 2 | 40%+ | Up 2%+ | ₹41 Cr | 6.6 | |
| 3 | 40%+ | Flat | ₹556 Cr | 40.0 | |
| 4 | 40%+ | Flat | ₹102 Cr | 10.4 | |
| 5 | 20–40% | Up 2%+ | ₹3,473 Cr | 40.9 | |
| 6 | 20–40% | Up 0–2% | ₹872 Cr | 13.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Commercial Services & Supplies rankingFinancials of Indiqube Spaces Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Indiqube Spaces Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 242 | 252 | 268 | 297 | 309 | 350 | 390 | 401 |
| Expenses + | 98 | 107 | 110 | 127 | 121 | 142 | 153 | 153 |
| Operating Profit | 144 | 145 | 158 | 170 | 188 | 208 | 237 | 248 |
| OPM % | 59% | 57% | 59% | 57% | 61% | 59% | 61% | 62% |
| Other Income + | 9 | 12 | 13 | 10 | 15 | 16 | 21 | 24 |
| Interest | 74 | 79 | 86 | 91 | 110 | 107 | 112 | 119 |
| Depreciation | 118 | 122 | 117 | 130 | 143 | 156 | 169 | 177 |
| Profit before tax | -39 | -44 | -33 | -41 | -50 | -39 | -23 | -24 |
| Tax % | 7% | 20% | -58% | -24% | -26% | -23% | -26% | -5% |
| Net Profit + | -42 | -53 | -14 | -31 | -37 | -30 | -17 | -23 |
| EPS in Rs | -2.01 | -1.42 | -0.81 | -1.07 |
Financials of Indiqube Spaces Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 240 | 294 | 344 | 580 | 831 | 1,059 | 1,451 |
| Expenses + | 216 | 252 | 214 | 343 | 604 | 443 | 569 |
| Operating Profit | 24 | 42 | 130 | 237 | 226 | 617 | 881 |
| OPM % | 10% | 14% | 38% | 41% | 27% | 58% | 61% |
| Other Income + | 0 | 1 | 11 | 22 | 37 | 44 | 77 |
| Interest | 18 | 22 | 143 | 188 | 256 | 330 | 448 |
| Depreciation | 25 | 37 | 221 | 298 | 392 | 487 | 645 |
| Profit before tax | -19 | -16 | -224 | -228 | -385 | -157 | -136 |
| Tax % | -16% | 0% | -16% | -13% | -11% | -11% | -22% |
| Net Profit + | -16 | -16 | -188 | -198 | -342 | -140 | -106 |
| EPS in Rs | -5.02 | ||||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Indiqube Spaces Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.16 | 0.16 | 0.16 | 0.18 | 0.18 | 13 | 21 |
| Reserves | 65 | 49 | -139 | -308 | 129 | -23 | 494 |
| Borrowings + | 121 | 154 | 2,160 | 2,926 | 3,050 | 4,095 | 5,207 |
| Other Liabilities + | 264 | 245 | 262 | 352 | 489 | 600 | 790 |
| Total Liabilities | 450 | 448 | 2,284 | 2,969 | 3,668 | 4,685 | 6,511 |
| Fixed Assets + | 248 | 238 | 2,006 | 2,546 | 3,085 | 3,955 | 5,213 |
| CWIP | 0 | 0 | 26 | 24 | 79 | 114 | 96 |
| Investments | 2 | 2 | 2 | 1 | 1 | 0 | 0 |
| Other Assets + | 200 | 208 | 250 | 398 | 503 | 616 | 1,202 |
| Total Assets | 450 | 448 | 2,284 | 2,969 | 3,668 | 4,685 | 6,511 |
Financials of Indiqube Spaces Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 47 | 39 | 202 | 324 | 542 | 612 | 920 |
| Cash from Investing Activity + | -105 | -53 | -47 | -174 | -193 | -259 | -737 |
| Cash from Financing Activity + | 34 | 14 | -176 | -149 | -365 | -337 | -178 |
| Net Cash Flow | -24 | -1 | -21 | 1 | -15 | 15 | 6 |
| Free Cash Flow | -56 | -15 | 155 | 152 | 353 | 355 | 494 |
| CFO/OP | 250% | 93% | 160% | 141% | 231% | 101% | 108% |
Financials of Indiqube Spaces Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 18 | 26 | 27 | 21 | 26 | 27 | 28 |
| Inventory Days | 3 | ||||||
| Days Payable | 304 | ||||||
| Cash Conversion Cycle | 18 | 26 | 27 | 21 | 26 | 27 | -273 |
| Working Capital Days | -176 | -167 | -307 | -207 | -200 | -208 | -193 |
| ROCE % | 4% | -7% | -2% | -4% | 5% | 6% |
Guidance history
How Indiqube Spaces Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
24 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −18.7% | 38% |
| Last 6 months | −1.6% | 51% |
| Last 3 months | +1.3% | 66% |
The price is 27.4% below its all-time high of ₹237.92 (19 Sept 2025). Stocks more than 20% below their peak have their score halved, so 49 became 24.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indiqube Spaces Ltd: 0.4 × 38 + 0.4 × 51 + 0.2 × 66 = 49, halved to 24 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Indiqube Spaces Ltd's management said in earlier quarters
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