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IndiQube Spaces Ltd Posts Record Growth with Losses in Q1 FY26

Swarnadwip Nath Published Aug 13, 2025, 12:00 AM Updated Sep 16, 2026, 03:44 AM

IndiQube Spaces Ltd, one of India’s rapidly expanding managed workspace solution providers, has announced its standalone financial results for the June 2025 quarter (Q1 FY26). The company reported robust revenue growth alongside continued losses, reflecting both strong operational expansion...

A Milestone Quarter: Big Revenue Leap, Persistent Losses

IndiQube’s June quarter revenue from operations reached ₹3.09 billion, marking a substantial 27% year-on-year increase. However, this impressive topline growth was accompanied by a standalone loss after tax of ₹367.6 million for Q1 FY26, as per filings and market disclosures on August 12, 2025.

Key Highlights from the Q1 FY26 Results

Revenue from operations rose to ₹3.09 billion versus ₹2.42 billion in Q1 FY25, signaling ongoing demand for workspace solutions and strong market positioning.
The quarterly loss after tax narrowed compared to prior periods, coming in at ₹367.6 million versus ₹420.4 million a year ago, driven by disciplined cost controls and operating leverage.
Recurring revenue contributed 98% of total income, indicating business model stability and strong retention rates among clients.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) nearly doubled year-on-year to ₹650 million, reflecting operating efficiency and revenue scale.
Operational Expansion & Strategic Developments
IndiQube’s managed workspace footprint expanded by nearly 1 million sq. ft. year-on-year, now totaling 8.7 million sq. ft. across 120 properties in 15 cities.
Seat capacity grew by 21,000, bringing the total to 193,000 seats and confirming rising demand for flexible office solutions.
The company added 17 new centers and debuted in two new cities—Kolkata and Mohali—further widening its pan-India presence.
Occupancy stood at a healthy 85% for the quarter, underlining continued traction with enterprise and small business customers.
A major sustainability initiative was launched, with the commissioning of the first phase of a 20 MW solar power farm generating nearly 9.8 lakh units of green energy in June alone. This helped reduce the monthly energy bill by ₹6.8 million and supports IndiQube’s decarbonisation targets.

Financial Performance Under Accounting Standards

Under Ind AS (Indian Accounting Standards), the quarter reported a net loss of ₹370 million—a figure impacted by high depreciation on leasehold assets and interest expenses on lease liabilities (Ind AS 116).

Reported Ind AS EBITDA stood at ₹1.88 billion, a year-on-year growth of 61% owing to expanded operations, even as interest and depreciation weighed on bottom-line profitability.

Other Financial Metrics

Employee benefits expense and finance costs continued to rise, consistent with business expansion and the cost structure of managed workspace solutions.

Earnings per share (EPS) stood at -₹7.65 for Q1 FY26, underscoring current losses but with improved performance versus the previous year.

No equity dividend was declared for the quarter, aligning with the company’s focus on reinvestment and growth.

Leadership Commentary

Management attributes the strong momentum to robust execution, operational scalability, and strategic investments in sustainability. The co-founders highlighted the company’s commitment to “building a future-ready, resilient and profitable enterprise” as it consolidates its leadership position in India’s managed workspace segment.

Source: Reuters (Trading Views), The Economic Times

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