Results · Real Estate & PropTech

IndiQube posts Q1 revenue of Rs 428 crore

By Startup Enthusiast · 18 August 2026

What they do

IndiQube provides managed office and coworking spaces across India

It reported Q1FY27 revenue of Rs 428 crore, up 37% year-on-year, with a PAT margin of 8%

Global capability centres contributed 53% of revenue; the company expects 30% revenue growth this year

IndiQube reported its Q1FY27 financial results a day before co-founder Meghna Agarwal's interview.
Revenue for the quarter was Rs 428 crore (IGAAP-equivalent), a 37% increase year-on-year.
Profit after tax stood at Rs 35 crore, with a margin of 8% (up from 6% a year ago).
On an Ind AS basis, the company reported a loss of Rs 24 crore, narrower than the Rs 37 crore loss a year earlier.
Ebitda margin was 20%, flat sequentially but down from 21% a year earlier.
Value-added services revenue more than doubled to Rs 72 crore, now 17% of operating revenue (from 11%).
Occupancy improved slightly to 86% from 85%, while rent-paying area remained at 7.84 million sq ft.
The company has headroom of 3.87 million sq ft, with 2.77 million sq ft signed but not yet operational.

Agarwal said the GCC narrative is overplayed and an operator must stay flexible across asset formats and micro-markets.
Global capability centres contributed 53% of Q1 revenue and roughly half of occupied area.
The company expects the market to settle its valuation (REIT vs hospitality) in a few more quarters.
Renewals after an average 35-month lock-in stand at 90%.
The stock trades at Rs 182.35, 23% below its July 2025 issue price of Rs 237.

IndiQube provides managed office and coworking spaces across India, with a platform for facility bookings, HR management, and employee engagement.
Products include IndiQube Grow (flexible workspaces), DesignQube (design & build), IndiQare (a-la-carte services), IndiQube Eco (sustainability), and MiQube (tech suite).
Target customers are enterprises, startups, global capability centres, and solopreneurs.

Agarwal ruled out an external fundraise; signed capacity will be funded through internal accruals.
The company guided for 30% revenue growth this year, Ebitda margin of 19-21%, EBIT margin of 11-13%, and PAT margin of 8-10%.
Value-added services share is expected to increase 2-4 percentage points, while core leasing will stay 75-80% of revenue.