Indiqube Spaces logo

Indiqube Spaces

INDIQUBE NSE

Key Fundamentals

MicrocapDiversified ServicesCommercial Services
Market Cap
₹4,253 Cr
Volatility
High Risk
P/E Ratio
-46.2
EBITDA
₹958 Cr
Return on Equity
-20.66%
Debt to Equity
10.11
Book Value
₹24.28
52W High
₹243.8
52W Low
₹131.15

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

2
  • Stock is trading at 8.36 times its book value
  • Company has low interest coverage ratio.

Growth Rate

Revenue Growth
38.5% higher than 3Y
Net Income Growth
-23.85% lower than 3Y
Cash Flow Change
50.48% lower than 3Y
ROE
-100%
ROCE
27.13% higher than 3Y
EBITDA Margin (Avg.)
4.78% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk high

Indiqube Spaces Ltd is a fast-growing managed workspace provider with FY25 revenue of ₹1,059 Cr (up 37% TTM) and a portfolio of 8.40 million sq ft across 115 properties in 15 cities. However, the company remains loss-making on a reported EPS basis (PE of -34), trades at 7.02x book value, and carries a low interest coverage ratio with ₹448 Cr in finance costs in FY25 against operating profit of ₹617 Cr.

Bull Case 8
  • Revenue grew 37% TTM to ₹1,059 Cr in FY25, with a 5-year sales CAGR of 38%, indicating strong and consistent topline momentum
  • Q3 FY26 PAT surged 214% YoY to ₹40 Cr, showing improving profitability trajectory and operating leverage kicking in
  • Portfolio expanded from 4.94 million sq ft (74 centers) to 8.40 million sq ft (115 properties) across 15 cities as of March 2025, demonstrating rapid scale-up
  • Occupancy levels remain healthy at approximately 87% as stated by management, supporting revenue visibility
  • Operating profit margin stood at 58.2% in FY25 (₹881 Cr operating profit on ₹1,451 Cr sales in FY26), reflecting asset-light managed office model benefits
  • Seating capacity grew to 186,719 seats as of March 2025 and further to 2.03 lakh by Q2 FY26, providing growth runway
  • Enterprise demand for managed workspace remains a structural tailwind in India with hybrid work adoption accelerating
  • Q1 FY26 profit jumped 303% YoY to ₹18.5 Cr on revenue of ₹313 Cr, confirming sustained quarterly improvement
Bear Case 8
  • Stock trades at 7.02x price-to-book value, which is expensive for a company with negative ROE of -42% last year
  • Negative PE of -34 indicates the company is still loss-making on a trailing reported EPS basis despite revenue growth
  • Finance costs of ₹448 Cr in FY25 against operating profit of ₹617 Cr imply a thin interest coverage ratio of approximately 1.4x, leaving little margin for error
  • Depreciation and amortisation of ₹4,871 Mn (₹487 Cr) in FY25 is very high relative to revenue, compressing net margins significantly
  • Zero dividend yield with no near-term prospect of payouts given ongoing losses and high reinvestment needs
  • Current ratio of just 0.14 as of FY25 signals extremely tight short-term liquidity and dependence on continuous refinancing
  • ROE was -42% last year, meaning shareholder capital is being eroded rather than generating returns
  • Rapid expansion to 15 cities increases execution risk; any slowdown in enterprise demand could leave newly added capacity underutilized

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Positives 1
  • IPO proceeds variation approved 99%+ Jun 25

    Shareholders approved variation in IPO proceeds utilisation and executive remuneration revisions via postal ballot with over 99% approval, signaling strong investor alignment with management decisions.

Neutral 3
  • AGM scheduled for Aug 12 Jul 4

    Indiqube Spaces will hold its 12th AGM via video conferencing on August 12, 2026, at 10:00 AM IST, complying with SEBI and MCA regulations.

  • Multiple analyst/investor meets hosted Jun 19

    Company scheduled analyst and institutional investor meetings on June 22 (organized by Nirmal Bang) and June 24 in Mumbai, indicating active engagement with the investment community.

  • No promoter share encumbrance in FY26 Jun 17

    Promoters confirmed zero encumbrance on shares throughout FY26 under SEBI Takeover Code disclosure requirements, reflecting clean promoter holding structure.

TL;DR: Indiqube Spaces shows no material headwinds in recent news flow. The company secured near-unanimous shareholder backing for IPO proceeds reallocation and is actively engaging institutional investors through multiple meets. Promoter holdings remain unencumbered. The trend is stable with management focused on investor outreach and governance compliance, though no operational or growth catalysts have emerged in this period.

Quarterly Results

Particulars Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
242
252
268
297
309
350
390
401
423
Expenses
98
107
110
127
121
142
153
153
164
Operating Profit
144
145
158
170
188
208
237
248
258
OPM %
59%
57%
59%
57%
61%
59%
61%
62%
61%
Other Income
9
12
13
10
15
16
21
24
26
Interest
74
79
86
91
110
107
112
119
127
Depreciation
118
122
117
130
143
156
169
177
188
PBT
-39
-44
-33
-41
-50
-39
-23
-24
-31
Tax %
7%
20%
-58%
-24%
-26%
-23%
-26%
-5%
-22%
Net Profit
-42
-53
-14
-31
-37
-30
-17
-23
-24
EPS in Rs
—
—
—
—
-2.01
-1.42
-0.81
-1.07
-1.13
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
240
294
344
580
831
1,059
1,451
1,564
Expenses
216
252
214
343
604
443
569
613
Operating Profit
24
42
130
237
226
617
881
952
OPM %
10%
14%
38%
41%
27%
58%
61%
61%
Other Income
0
1
11
22
37
44
77
88
Interest
18
22
143
188
256
330
448
466
Depreciation
25
37
221
298
392
487
645
690
PBT
-19
-16
-224
-228
-385
-157
-136
-116
Tax %
-16%
0%
-16%
-13%
-11%
-11%
-22%
—
Net Profit
-16
-16
-188
-198
-342
-140
-106
-93
EPS in Rs
—
—
—
—
—
—
-5.02
-4.43
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
47
39
202
324
542
612
920
Investing
-105
-53
-47
-174
-193
-259
-737
Financing
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
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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58 extracted metrics + investor summaries across FY20–FY26.

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Shareholding Pattern

FIIs2.16%Promot.60.11%Public2.44%DIIs14.35%Others20.94%As ofJun 2026

Documents

Frequently Asked Questions about Indiqube Spaces

What does Indiqube Spaces Ltd do?
Incorporated in 2015, IndiQube Spaces Ltd provides workplace solutions to its clients.[1]
Where is Indiqube Spaces Ltd (INDIQUBE) listed?
Indiqube Spaces Ltd trades as INDIQUBE on the NSE and under code 544454 on the BSE.
Which sector does Indiqube Spaces Ltd belong to?
Indiqube Spaces Ltd is classified under the Commercial Services sector, in the Diversified Services industry.
What is the market capitalisation of Indiqube Spaces Ltd?
Indiqube Spaces Ltd has a market capitalisation of ₹4,253 Cr, which places it in the Small Cap band.
What is the PE ratio of Indiqube Spaces Ltd?
Indiqube Spaces Ltd trades at a PE ratio of -46.20, against a book value of ₹24.28 per share.
What is the 52-week high and low of Indiqube Spaces Ltd?
Over the last 52 weeks Indiqube Spaces Ltd has traded between ₹131.15 and ₹243.8.
What is the Return on Equity (ROE) of Indiqube Spaces Ltd?
Indiqube Spaces Ltd reported a return on equity of -20.66%. Its debt-to-equity ratio is 10.11.

Company Information

Incorporated in 2015, IndiQube Spaces Ltd provides workplace solutions to its clients.[1]

Website indiqube.com
Listed 2025-07-30
Face Value ₹ 1
Issued Size 21,19,65,153

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