IndiQube Q1 Revenue Hits ₹428 Crore as Loss Narrows

IndiQube Spaces reported record quarterly revenue of ₹428 crore in the first quarter of FY27, up 37 per cent from a year earlier, while its net loss narrowed to about ₹24 crore, according to its latest results reported on Wednesday.

The revenue figure marks the company’s highest quarterly level so far. The results show strong growth in its managed workspace business even as IndiQube remains loss-making under Ind AS accounting.

For investors, the important point is that revenue growth is continuing at a strong pace, but the company has not yet converted that operating scale into consistent bottom-line profitability. That makes the latest quarter a mixed result rather than a straightforward turnaround.

IndiQube operates managed workspaces for companies and professionals, with revenue coming from workspace leasing and value-added services. The company has been expanding its footprint across Indian cities as demand for flexible and managed office space grows.

The latest performance builds on the growth recorded in FY26. IndiQube reported revenue from operations of ₹1,469 crore for FY26, up 36.55 per cent from ₹1,076 crore in FY25, according to its annual report. The company also said its EBITDA increased to ₹301 crore from ₹188 crore during the same period.

The company’s operating model also explains why its reported accounting loss can look very different from its operating performance. IndiQube’s financial disclosures show substantial depreciation on right-of-use assets and interest associated with lease liabilities under Ind AS accounting.

In its FY26 investor presentation, IndiQube showed that depreciation on right-of-use assets and related Ind AS adjustments materially affected reported earnings. The company separately presented an IGAAP-equivalent view to distinguish these accounting effects from its operating performance.

That accounting distinction was also visible in the company’s first quarterly results as a listed business. In Q1 FY26, IndiQube reported ₹313 crore of IGAAP-equivalent revenue and ₹65 crore of EBITDA, while its Ind AS accounts showed a ₹37 crore net loss.

The latest quarter therefore needs to be viewed against a longer growth trend. IndiQube has continued to expand its managed workspace portfolio while increasing revenue, but the cost structure associated with leases, depreciation and financing remains an important factor for profitability.

The company’s FY27 strategy also focuses on adding rent-paying area while maintaining occupancy. Earlier management guidance indicated plans to add around 1.5 million to 2 million square feet of rent-paying area annually, equivalent to roughly 33,000 to 44,000 additional seats, while targeting portfolio occupancy of about 80 per cent to 85 per cent.

The broader flexible-office market is also expanding in India as companies increasingly use managed and flexible workspaces. IndiQube is competing with other listed operators including WeWork India, Smartworks and Awfis Space Solutions, making occupancy, pricing and the ability to generate profits from additional capacity important measures for investors.

The latest result gives IndiQube a stronger revenue base going into the rest of FY27. The next focus will be whether the company can maintain its 30 per cent-plus growth trajectory while reducing the gap between operating performance and reported net profit.