Indiqube Spaces Limited · NSE:INDIQUBE
Indiqube Spaces — Q1 FY26 Earnings Presentation
37 slides from Indiqube Spaces's earnings presentation, Aug 12, 2025
Slide 1: Regulation 30 disclosure letter to exchanges
Date: 12th August 2025 To, BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544454 NSE Scrip Symbol: INDIQUBE Subject: Disclosure under Regul
Slide 2: Investor Presentation Q1 FY26
Investor Presentation Q1 FY26
Slide 3: Transforming Workplace Experiences
Transforming Workplace Experiences GROW ONE Plug & Play Workspaces Workplace Management Services Vision To revolutionize how real estate is consumed by offering flexible, tech enabled & integrated workspace solutions BESPOKE that empower businesses, enhance employee wellbeing MIQUBE and adapt to the
Slide 4: Reflections from Leadership
Reflections from Leadership On 30th July 2025, IndiQube was listed on the Indian stock exchanges, marking a landmark moment in our ten-year journey. This is not the culmination, but the beginning of an exciting new phase as we remain focused on creating long-term value for our shareholders. Our grow
Slide 5: Contents
01 India Flex Opportunity Table of 02 Q1 Financial Highlights Contents 03 Q1 Operational Highlights 04 Key Questions for Investors 05 Glossary 06 Annexures 4
Slide 6: India Flex Opportunity
INDIA FLEX OPPORTUNITY Section 1 5
Slide 7: With Multiple Drivers, India's CRE is Poised for Growth
With Multiple Drivers, India’s CRE is Poised for Growth India Office Stock in Tier-1 Cities Tier 1 Office Stock Split 1,072 26% 940 17% 16% 591 6.7% 11% 10% 10% 341 CAGR 5% 3% 2% 44 Pre 2003 2011 2018 2025F 2027F Bengaluru Mumbai Hyderabad Gurugram Chennai Pune Noida Kolkata Delhi GCC Units in India
Slide 8: Bangalore Leads, As India's Flex Spaces Go Mainstream
Bangalore Leads, As India’s Flex Spaces Go Mainstream Flexible Workspace Stock Companies with over 10% of their office space being flexible Demand drivers for Flex 140 - 144 59% Start-ups, SMEs and large 102 - 106 42% corporations are increasingly evaluating flexible workspace 62 - 64 solutions 30 -
Slide 9: Q1 Financial Highlights
Q1 FINANCIAL HIGHLIGHTS Section 2 8
Slide 10: Highest Quarterly Revenue with Margin Gains
Highest Quarterly Revenue with Margin Gains ₹313 Crores ₹65 Crores ₹18.5 Crores Revenue EBITDA PAT 27% 98% 303% ₹ ₹ ₹ ROE EBITDA Margin PAT Margin Vs 8% in Q1 FY25 Vs 13% in Q1 FY25 Vs 2% in Q1 FY25 9 IGAAP Equivalent
Slide 11: Sustained Growth Momentum Over Last Quarters
Sustained Growth Momentum Over Last Quarters Revenue EBITDA PAT EBITDA Margin % PAT Margin % ROE % ₹ 301 313 27% 246 21% 19% 18% 27% 13% 98% 303% 8% 65 6% 53 4% 33 13.1 18.5 2% 4.6 Q1 FY25 Q4 FY25 Q1 FY26 Q1 FY25 Q4 FY25 Q1 FY26 10 IGAAP Equivalent
Slide 12: Key Financial Indicators
Key Financial Indicators ₹ PARTICULARS Q1 FY25 Q4 FY25 Q1 FY26 Net Worth (₹ Cr) Net Debt (₹ Cr) Earnings Per Share Revenue 246 301 313 240 288 307 600 5 Recurring Revenue One Time Revenue 6 13 7 Expenses 214 248 248 500 11 17 10 4.1 4 Purchase of Traded Goods Employee Benefit Expense 17 23 20 395 40
Slide 13: Summary of Financial Results
Summary of Financial Results ₹ Q1 FY25 Q4 FY25 Q1 FY26 PARTICULARS IGAAP IGAAP IGAAP Ind AS Ind AS Adj. Ind AS Ind AS Adj. Ind AS Ind AS Adj. Eq. Eq. Eq. Revenue from operations 242 (4) 246 297 (4) 301 309 (4) 313 Other income 9 9 0 10 9 0 15 15 0 Total Income 251 5 246 307 5 301 324 11 313 Purchase
Slide 14: Cash EBIT & Adjusted Cash EBIT
Cash EBIT & Adjusted Cash EBIT ₹ PARTICULARS Q1 FY25 Q4 FY25 Q1 FY26 Adjusted Cash EBIT ₹ Revenue from operations 242 297 309 52 Less : Purchases of traded goods 11 17 10 Less : Employee benefits expense 17 23 20 38 Less : Other expenses 70 87 91 85% Expenses 98 127 121 28 Less : Payment of lease li
Slide 15: Q1 Operational Highlights
Q1 OPERATIONAL HIGHLIGHTS Section 3 14
Slide 16: Pan-India Growth with High Occupancy
Pan-India Growth with High Occupancy 8.70 Mn Sq.ft. 120 15 AUM Centers Cities 12% 17% 2 Cities Occupancy 193K+ Seats CRISIL ‘A+’ 12% Outlook Stable Vs 81% in Q1 FY25 1 Seat = 45 Sq.ft. 15
Slide 17: Expanding Footprint with Improving Overall Occupancy
Expanding Footprint with Improving Overall Occupancy AUM Rentable Area (RPA) Occupied Area (RYA) Overall Occupancy Steady State Occupancy 91% 8.40 8.7 7.76 87% 87% 6.26 6.50 85% 85% 5.53 5.33 5.54 4.47 81% 12% 18% 24% Q1 FY25 Q4 FY25 Q1 FY26 Q1 FY25 Q4 FY25 Q1 FY26 • Our occupied area grew by 24% Yo
Slide 18: Building Office Supply, The India Way!
Building Office Supply, The India Way! Source : CBRE Report Grade B Ageing (> 10 Years) Green Certified Occupier Preference 132 Mn Sq.ft 52% 56% 79% 15% of the commercial office stock of the completed office stock of the total office stock is green-certified Occupiers rate public transportation acro
Slide 19: Fostering Workspaces For Everyone
Fostering Workspaces For Everyone 789 40% (0.16)% Clients GCCs Churn 60% Sourced Directly 60% Indian Companies Monthly Average 0-100 Seats, Client Lock-In Client Lease 12% 46 42 37 37 34 31 30 Occupancy 23 100 - 300 Split Seats, 24% 300+ Seats, 64% Portfolio 300+ Seats 100-300 Seats 0-100 Seats 18 Q
Slide 20: Scaling Horizons Across India's Growth Corridors
Scaling Horizons Across India’s Growth Corridors 19 Q1 FY26
Slide 21: Digital Workplaces Powered by a Unified Platform
Digital Workplaces Powered by a Unified Platform MiQube Transactions Volume 301 23% 83K+ 246 259 MiQube App Downloads Q1 FY25 Q4 FY25 Q1 FY26 4.3 Stars on Play Store Cashless Paperless Real Time 20
Slide 22: Fostering a Green Workspace Ecosystem
Fostering a Green Workspace Ecosystem 20 MW Solar Farm Launch Rooftop Solar ISO Certified In 22 Centers with 3.6 Mn Units of Environmental Management System annual power generation capacity 14001 : 2015 Green Certifications IGBC Across 29 Centers Founding Member Generated over 9.8 lakh units of gree
Slide 23: Key Questions for Investors
Key Questions for Investors Section 4 22
Slide 24: Key Questions Addressed for Investors
Key Questions Addressed for Investors Q. Why IndiQube Tracks Both EBITDA (IGAAP Equivalent) and Adjusted Cash EBIT (Ind AS) At IndiQube, we analyze both EBITDA and Cash EBIT together to gain a holistic view of the business’s financial health and sustainability. • EBITDA (Earnings Before Interest, Ta
Slide 25: Key Questions Addressed for Investors
Key Questions Addressed for Investors Q. Is the Company profitable, with reported losses arising solely from Ind AS accounting adjustments? Yes, Company is PAT positive and have been consistently paying income taxes, reflecting the underlying strength and profitability of our operations. The account
Slide 26: Glossary
Glossary Section 5 25
Slide 27: Glossary (1/5)
Glossary (1/5) Term Description IndiQube Grow ‘IndiQube Grow’, which serves as our solution for providing plug and play workspaces that incorporate interiors, technology, facility management and VAS. IndiQube Grow represents a holistic workplace solution, encompassing the essential elements required
Slide 28: Glossary (2/5)
Glossary (2/5) Term Description Revenue Revenue from operations plus income on finance lease EBITDA EBITDA is calculated as profit / loss after tax plus tax expense, finance cost, depreciation and amortization expense for the period EBITDA margin (%) EBITDA margin is calculated as EBITDA divided by
Slide 29: Glossary (3/5)
Glossary (3/5) Term Description Net Worth Net worth represents total equity plus reserve and surplus, excluding share application money pending allotment Net Debt Net debt is calculated as total borrowings minus cash and cash equivalents and bank balances (other than cash and cash equivalents) for t
Slide 30: Glossary (4/5)
Glossary (4/5) Term Description Revenue from operations Revenue from operations means revenue from rental income, finance lease, electricity charges, maintenance charges, sale of goods and other ancillary services for the period EBITDA (Operational) EBITDA (Operational) is calculated as EBITDA less
Slide 31: Glossary (5/5)
Glossary (5/5) Term Description Income on Finance lease Under our BESPOKE model, we handle the design and build of client offices. These arrangements are accounted for as financial leases. As per IND AS, the income from such agreements is classified under Other Income. Since it arises from our core
Slide 32: Annexures
Annexures Section 6 31
Slide 33: Key Operating KPIs & VAS Trends
Key Operating KPIs & VAS Trends PARTICULARS Q1 FY25 Q4 FY25 Q1 FY26 AUM in SBA (Mn Sq.ft.) VAS Recurring VAS One Time VAS Total 7.76 8.40 8.70 Number of Cities by AUM 13 15 15 ₹ 46 Number of Centers by AUM 103 115 120 Number of Clients 737 769 789 Active stock (Mn Sq.ft.) 6.12 6.92 7.39 Number of se
Slide 34: Key Financial Indicators
Key Financial Indicators ₹ PARTICULARS Q1 FY25 Q4 FY25 Q1 FY26 Total income 251 307 324 Revenue from operations 242 297 309 Loss before tax -39 -41 -50 Loss before tax margin -16% -13% -15% Loss after tax -42 -31 -37 Loss after tax margin -17% -10% -11% EBITDA 153 180 203 EBITDA (Operational) 144 17
Slide 35: Key Financial Indicators
Key Financial Indicators ₹ PARTICULARS FY 23 FY 24 FY 25 Revenue 592 846 1,076 Recurring Revenue 562 813 1,042 One Time Revenue 30 33 34 Expenses 508 691 888 Purchase of Traded Goods 29 39 52 Employee Benefit Expense 43 64 76 Other expenses 436 588 760 EBITDA 84 156 188 EBITDA Margin % 14% 18% 18% L
Slide 36: Disclaimer
Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the da
Slide 37: Thank You
Thank You Mr. Pranav AK CS & Compliance Officer CIN : U45400KA2015PLC133523 cs.compliance@indiqube.com https://indiqube.com/ Mr. Anuj Sonpal Founder & CEO Tel: +91-22-4903 9500 indi@valoremadvisors.com http://valoremadvisors.com/indiqube