Indiqube Spaces
- P/E
- Not meaningful: loss-making over the last twelve months
Key Fundamentals
MicrocapCommercial ServicesServicesPrice-based figures as of · EPS basis: Standalone · TTM
- ROCE
- 6.38%
- Debt to Equity
- 10.11
- EPS (TTM)
- −₹4.43
- Book Value
- ₹24.28
- Market Cap
- —
- P/E (TTM)
- Not meaningful: loss-making over the last twelve months
- P/B
- 7.66
- ROE
- −42.20%
- Dividend Yield
- 0.00%
- EBITDA
- ₹958 Cr
- 52W High
- ₹232.01
- 52W Low
- ₹131.15
- Volume
- 0
Peer Comparison
Services › Commercial Services › Diversified Services › Diversified Commercial Services
| ₹402.00 | 28.49 | ₹17,550 Cr | 9.92 | 0.63% | 55.80% | 69.20% | ₹1,363 Cr | ₹611 Cr | |
| ₹680.50 | 111.74 | ₹9,206 Cr | 27.76 | 0.00% | 27.90% | 12.60% | ₹2,578 Cr | ₹82 Cr | |
| ₹1,040.40 | 17.60 | ₹7,372 Cr | 2.33 | 0.68% | 14.80% | 18.50% | ₹951 Cr | ₹417 Cr | |
| ₹31.28 | 16.82 | ₹7,118 Cr | 2.05 | 0.00% | 23.10% | 16.20% | ₹1,101 Cr | ₹488 Cr | |
| ₹633.50 | 15.99 | ₹5,724 Cr | 12.18 | 4.72% | 83.80% | 30.80% | ₹674 Cr | ₹357 Cr | |
| ₹116.45 | 22.39 | ₹5,030 Cr | 3.40 | 0.00% | 9.82% | 9.21% | ₹821 Cr | ₹75 Cr | |
| Indiqube Spaces (this company) | ₹185.90 | — | ₹3,933 Cr | 7.66 | 0.00% | −42.20% | 6.38% | ₹1,564 Cr | −₹94 Cr |
| Median 7 companies | ₹402.00 | 20.00 | ₹7,118 Cr | 7.66 | 0.00% | 23.10% | 16.20% | ₹1,101 Cr | ₹357 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 91/100
Category scores
- Quality
- 67
- Strong
- Returns, margins, earnings quality 22% weight
- Valuation
- 54
- Average
- Cheap vs sector & own history 24% weight
- Growth
- 75
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 12
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 49
- Average
- Trend strength, vol-adjusted 12% weight
- Ownership
- 23
- Poor
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
2- Stock is trading at 7.29 times its book value
- Company has low interest coverage ratio.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bullish | 4 | 4 | 11 |
| Oscillators | Bullish | 2 | 4 | 3 |
| Moving Averages | Strong Bullish | 2 | 0 | 8 |
Oscillators
Bullish
Overall
Strong Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 55.51
- Neutral
- MACD (12,26,9)
- −3.93
- Bullish
- SMA (50)
- 188.80
- Bearish
- SMA (200)
- 173.95
- Bullish
As of
Analyst Rating
5 of 6 analysts rate Buy, 1 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | +37.61% |
|---|---|
| 3Y | +35.75% |
| 1Y | +37.02% |
| TTM | +38.90% |
Net profit
| 5Y | Loss widened by ₹90 Cr |
|---|---|
| 3Y | Loss narrowed by ₹92 Cr |
| 1Y | Loss narrowed by ₹34 Cr |
| TTM | Loss narrowed by ₹41 Cr |
Operating cash flow
| 5Y | +88.17% |
|---|---|
| 3Y | +41.61% |
| 1Y | +50.33% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | +46.43 pp |
|---|---|
| 3Y | +19.86 pp |
| 1Y | +2.46 pp |
| TTM | +2.11 pp |
Revenue by year
| Mar 2020 | ₹240 Cr |
|---|---|
| Mar 2021 | ₹294 Cr |
| Mar 2022 | ₹344 Cr |
| Mar 2023 | ₹580 Cr |
| Mar 2024 | ₹831 Cr |
| Mar 2025 | ₹1,059 Cr |
| Mar 2026 | ₹1,451 Cr |
Net profit by year
| Mar 2020 | −₹16.00 Cr |
|---|---|
| Mar 2021 | −₹16.00 Cr |
| Mar 2022 | −₹188 Cr |
| Mar 2023 | −₹198 Cr |
| Mar 2024 | −₹342 Cr |
| Mar 2025 | −₹140 Cr |
| Mar 2026 | −₹106 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
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.
- 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
- 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
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.
- 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.
- 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.
Quarterly Results
₹ Cr| Particulars | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 242 | 252 | 268 | 297 | 309 | 350 | 390 | 401 | 423 | 472 |
| Expenses | 98 | 107 | 110 | 127 | 121 | 142 | 153 | 153 | 164 | 175 |
| Operating Profit | 144 | 145 | 158 | 170 | 188 | 208 | 237 | 248 | 258 | 296 |
| OPM % | 59% | 57% | 59% | 57% | 61% | 59% | 61% | 62% | 61% | 63% |
| Other Income | 9 | 12 | 13 | 10 | 15 | 16 | 21 | 24 | 26 | 20 |
| Interest | 74 | 79 | 86 | 91 | 110 | 107 | 112 | 119 | 127 | 129 |
| Depreciation | 118 | 122 | 117 | 130 | 143 | 156 | 169 | 177 | 188 | 195 |
| PBT | −39 | −44 | −33 | −41 | −50 | −39 | −23 | −24 | −31 | −7 |
| Tax % | 7% | 20% | −58% | −24% | −26% | −23% | −26% | −5% | −22% | −20% |
| Net Profit | −42 | −53 | −14 | −31 | −37 | −30 | −17 | −23 | −24 | −6 |
| EPS (₹) | — | — | — | — | −2.01 | −1.42 | −0.81 | −1.07 | −1.13 | — |
Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| 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 (₹) | — | — | — | — | — | — | −5.02 | −4.43 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| Particulars | 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 |
Cash Flow
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/EBITDA | 250 | 93 | 160 | 141 | 231 | 101 | 108 |
Ratios
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Indiqube Spaces insights
58 extracted metrics across FY20–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026Transcript PPT Recording
- Q3 FY26 concall · Feb 2026Transcript PPT
- Q2 FY26 concall · Nov 2025Transcript PPT Recording
- Q1 FY26 concall · Aug 2025Transcript PPT
- 20 May 2026
- 30 Mar 2026
- 7 Nov 2025
- 30 Jun 2025
- General announcements 3 Nov 2026
Frequently Asked Questions about Indiqube Spaces
What does Indiqube Spaces Ltd do?
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Company Information
Incorporated in 2015, IndiQube Spaces Ltd provides workplace solutions to its clients.
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