Slide 1: Exchange filing cover letter for results presentation
May 20, 2026 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: Subject: Disclosure under Regulat
Slide 2: Investor Presentation FY26 & Q4
Investor Presentation FY26 & Q4 May 2026
Slide 3: We Unlock The Workplace Potential in Every Layer
We Unlock The Workplace Potential in Every Layer! GROW ONE Plug & Play Workspaces Workplace Management Services MANAGED | PRIVATE | ENTERPRISE FACILITY MANAGEMENT | F&B | TRANSPORT & more VISION To revolutionize how real estate is consumed by offering flexible, tech enabled & integrated workspace so
Slide 4: Reflections from Leadership
Reflections from Leadership FY26 has been a record year for us, with total income of ₹1,491 crore, ₹125 crore in PAT, operating cashflows of ₹304 crore and EBITDA margins remaining healthy at 21%. In a year shaped by both geopolitical volatility and uncertainty around the impact of AI, this performa
Slide 5: Table of Contents
Table of Contents 1. Financial Highlights 1.1 Annual 1.2 Quarterly 1.3 Consolidated 2. Operational Highlights 3. Annexures 4. Questions for Investors 5. Glossary 4 ©2026 INDIQUBE SPACES LIMITED
Slide 6: Financial Highlights: Annual
Financial Highlights Annual 5 ©2026 INDIQUBE SPACES LIMITED
Slide 7: Highest Annual Revenue, Strong Growth in Profitability
Highest Annual Revenue, Strong Growth in Profitability FY26 Revenue EBITDA EBIT PAT ₹1,469 Crores ₹301 Crores ₹183 Crores ₹125 Crores ▲ 37% | ₹1,076 Cr in FY25 ▲ 60% | ₹188 Cr in FY25 ▲ 100% | ₹92 Cr in FY25 ▲ 145% | ₹51 Cr in FY25 EBITDA Margin EBIT Margin PAT Margin 21% 12% 9% ▲ Vs 18% in FY25 ▲ V
Slide 8: Robust Improvement in Cashflows, Improving RoE
Robust Improvement in Cashflows, Improving RoE Cash Flow From Operations RoE Current (Income) Tax Expense ₹ Cr ₹ Cr 16% 21.7 304 147% 123 8.4 14% 7.7 FY25 FY26 FY25 FY26 FY24 Audited FY25 Audited FY26 Audited 7 | IGAAP Equivalent | Income tax treatment and computation principles remain uniform acros
Slide 9: Key Financial Indicators
Key Financial Indicators Net Worth (₹ Cr) Net Debt (₹ Cr) Earnings Per Share PARTICULARS FY25 Q3 FY25 FY26 Q3 FY26 Gross Debt 344 290 1200 1160 7 6.1 Bank Balances 0 313 Other than Cash & Cash Equivalent 1000 6 Cash & Cash Equivalents 6 72 Net Debt (A)* 338 (95) 800 5 Net Worth (B) 374 1160 600 4 De
Slide 10: Reconciliation of IGAAP Equivalent & Ind AS
Reconciliation of IGAAP Equivalent & Ind AS ₹ Cr FY26 FY25 PARTICULARS IGAAP IGAAP Ind AS Ind AS Adj. Ind AS Ind AS Adj. Eq. Eq. Revenue from operations 1451 (18) 1469 1059 (17) 1076 Other income 77 55 22 44 40 3 Total Income 1528 37 1491 1103 23 1079 Purchases of traded goods 96 0 96 52 0 52 Employ
Slide 11: Reconciliation of IGAAP Equivalent & Ind AS
Reconciliation of IGAAP Equivalent & Ind AS ₹ Cr FY26 FY25 IGAAP PARTICULARS IGAAP IGAAPEq. Ind AS Ind AS Adj. Ind AS Ind AS Adj. Eq. Eq. Revenue from operations 1451 (18) 1469 1059 (17) 1076 Other income 77 55 22 44 40 3 Total Income (A) 1528 37 1491 1103 23 1079 Purchases of traded goods (B) 96 0
Slide 12: Financial Highlights: Quarterly
Financial Highlights Quarterly 11 ©2026 INDIQUBE SPACES LIMITED
Slide 13: Best Quarterly Revenue of ₹407 Cr, PAT Grows to ₹30 Cr
Best Quarterly Revenue of ₹407 Cr, PAT Grows to ₹30 Cr Q4 FY26 Revenue EBITDA EBIT PAT ₹407 Crores ₹80 Crores ₹47 Crores ₹30 Crores ▲ 36% | ₹300 Cr in Q4 FY25 ▲ 17% | ₹69 Cr in Q4 FY25 ▲ 13% | ₹42 Cr in Q4 FY25 ▲ 12% | ₹26 Cr in Q4 FY25 EBITDA Margin Key Highlights in Q4* PAT Margin 1,140 seats offi
Slide 14: Reconciliation of IGAAP Equivalent & Ind AS
Reconciliation of IGAAP Equivalent & Ind AS ₹ Cr Q4 FY26 Q3 FY26 Q4 FY25 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 401 (5) 407 390 (5) 395 297 (3) 300 Other income 24 16 8 21 14 8 10 9 1 Total Income 426 11 415 411 8 40
Slide 15: Reconciliation of IGAAP Equivalent & Ind AS
Reconciliation of IGAAP Equivalent & Ind AS ₹ Cr Q4 FY26 Q3 FY26 Q4 FY25 IGAAP PARTICULARS IGAAP IGAAP IGAAP Ind AS Ind AS Adj. Ind AS Ind AS Adj. Ind AS Ind AS Adj. Eq. Eq. Eq. Eq. Revenue from operations 401 (5) 407 390 (5) 395 297 (3) 300 Other income 24 16 8 21 14 8 10 9 1 Total Income (A) 426 1
Slide 16: Financial Highlights: Consolidated
Financial Highlights Consolidated 15 15 ©2026 INDIQUBE SPACES LIMITED
Slide 17: Profit & Loss Statement
Profit & Loss Statement ₹ Cr PARTICULARS Q4 FY26 Q3 FY26 Q4 FY25 FY26 FY25 Revenue 407 395 300 1,469 1,076 Recurring Revenue 372 371 290 1,385 1,042 One Time Revenue 35 25 10 85 34 Expenses 327 313 232 1,168 888 Purchase of Traded Goods 26 33 17 96 52 Employee Benefit Expense 24 24 23 93 76 Other ex
Slide 18: Cash EBIT & Adjusted Cash EBIT
Cash EBIT & Adjusted Cash EBIT ₹ Cr PARTICULARS Q4 FY26 Q3 FY26 Q4 FY25 FY26 FY25 Revenue from operations 401 390 297 1,451 1,059 Less : Purchases of traded goods 26 33 17 96 52 Less : Employee benefits expense 24 24 23 93 76 Less : Other expenses 103 96 87 381 315 Expenses 153 153 127 569 443 Less
Slide 19: Operational Highlights: Consolidated
Operational Highlights Consolidated 18 18 ©2026 INDIQUBE SPACES LIMITED
Slide 20: Pan-India Growth with Strong Steady State Occupancy
Pan-India Growth with Strong Steady State Occupancy Mar’26 Area Under Management Centers Cities Seats 9.66 Mn Sq.ft. 130 17 215 K ▲ 15% | 8.4 Mn Sq.ft. in Mar’25 ▲ 13% | 115 Centers in Mar’25 8 Tier I & 9 Tier II Cities ▲ 15% | 186 K Seats in Mar’25 Steady State Occupancy Key Highlights Added a capa
Slide 21: Growth Runway with 3.3 Mn Sq.Ft. in Occupancy Headroom
Growth Runway with 3.3 Mn Sq.Ft. in Occupancy Headroom Area Stack | Operational Supply & Future Capacity Mn Sq.ft. 1.82 9.66 1.51 3.3 Mn Sq.ft. 6.33 Occupied Area Operational Area LOI Signed Area Under Management RYA RPA AUM Mar’26 20 | Occupied Area (RYA) : Rent Yielding Area currently leased to cl
Slide 22: Expanding Footprint with Healthy Steady State Occupancy
Expanding Footprint with Healthy Steady State Occupancy AUM Operational Area (RPA) Occupied Area (RYA) Steady State Occupancy % 90% 9.55 9.66 88% 8.40 87% 7.48 7.84 6.26 6.29 6.33 5.33 15% 25% 19% Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 YoY Growth • Our steady state occupancy improved to 88%
Slide 23: Asset Liability Management
Asset Liability Management Operational Breakeven 6M 55%–60% Occupancy In one cycle of ~3 years, client lock in, Center reaches operational breakeven at 55–60% occupancy landlord lock in, and capex payback are aligned, enabling full recovery of interior and renovation fit out capex, thereby Steady St
Slide 24: Acquiring Supply, The India Way!
Acquiring Supply, The India Way! Full Buildings Renovated Properties Tech Parks 56% 26% 18% Metro Proximity Supply acquisition strategy that evolves with micromarket 78% No of Centers < 3 KM from operational & planned Talent Catchments metro stations Hub & Spoke approach to expand reach and efficien
Slide 25: Fostering Workspaces For Large Size, Long Stay Enterprises
Fostering Workspaces For Large Size, Long Stay Enterprises Clients Direct Sourcing Churn Multi Center Clients 848 62% (0.11) 44% 42% GCCs 38% via IPCs Monthly Average Revenue Contribution 0-50 Others Client Lease Duration Seats Logistics & 51-100 IT / ITeS Seats Healthcare 9% in Months 4% Ecom & 7%
Slide 26: Scaling Horizons Across India's Growth Corridors
Scaling Horizons Across India’s Growth Corridors Tier I Tier II Bangalore Coimbatore 70 Centers | 6.20M Sq. ft | 138K Seats 4 Centers | 376K Sq. ft | 8K Seats Kochi Chennai 5 Centers | 193K Sq. ft | 4K Seats 17 Centers | 1.20M Sq. ft | 27K Seats Madurai Pune 1 Center | 37K Sq. ft | 0.8K Seats 11 Cen
Slide 27: Digital Workplaces Powered by MiQube Tech Stack
Digital Workplaces Powered by MiQube Tech Stack MiQube Transactions Volume 119K+ in Mn MiQube App Downloads 1.4 1.0 1.4 Mn+ Transactions ▲ 36% 4.0 Stars on Play Store FY25 FY26 26 | ©2026 INDIQUBE SPACES LIMITED
Slide 28: Annexures
Annexures 27 ©2026 INDIQUBE SPACES LIMITED
Slide 29: Key Operating KPIs & VAS Trends
Key Operating KPIs & VAS Trends PARTICULARS FY26 FY25 AUM in SBA (Mn Sq.ft.) VAS Recurring VAS One Time VAS Total 9.66 8.40 Number of Cities by AUM 17 15 ₹ Cr Number of Centers by AUM 130 115 Number of Clients 848 769 218 Active stock (Mn Sq.ft.) 8.30 6.92 Number of seats (under active stock) 1,84,4
Slide 30: Key Financial Indicators
Key Financial Indicators ₹ Cr PARTICULARS Q4 FY26 Q3 FY26 Q4 FY25 FY26 FY25 Total income 426 412 307 1,528 1,104 Revenue from operations 401 390 297 1,451 1,059 Loss before tax (24) (23) (43) (135) (157) Loss before tax margin (6%) (6%) (14%) (9%) (15%) Loss after tax (23) (17) (29) (103) (140) Loss
Slide 31: Profit & Loss Statement Annual Overview
Profit & Loss Statement Annual Overview ₹ Cr PARTICULARS FY 26 FY 25 FY 24 Revenue 1,469 1,076 846 Recurring Revenue 1,385 1,042 813 One Time Revenue 85 34 33 Expenses 1,168 888 691 Purchase of Traded Goods 96 52 39 Employee Benefit Expense 93 76 64 Other expenses 980 760 588 EBITDA 301 188 156 EBIT
Slide 32: Key Questions for Investors
Key Questions for Investors 31 ©2026 INDIQUBE SPACES LIMITED
Slide 33: Key Questions Addressed for Investors
Key Questions Addressed for Investors Q. How to perceive Lease Liability in our business? A lease liability represents the present value of future payments a company is obligated to make for the right to use of asset, such as a building, under a lease agreement. Under Ind AS 116, these liabilities a
Slide 34: 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 (refer to slide 13 in this presentation), reflecting the underlying strength and pro
Slide 35: Glossary
Glossary 34 ©2026 INDIQUBE SPACES LIMITED
Slide 36: Glossary (1/6)
Glossary (1/6) Term Description AUM Total Area Under Management, comprising both Operational & LOI Signed Area. Operational Area (RPA) Also referred to as Rent Paying Area, represents the area available for client occupancy where we are currently paying rent to the landlord LOI Signed Future supply
Slide 37: Glossary (2/6)
Glossary (2/6) 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 38: Glossary (3/6)
Glossary (3/6) 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 39: Glossary (4/6)
Glossary (4/6) 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 40: Glossary (5/6)
Glossary (5/6) 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 41: Glossary (6/6)
Glossary (6/6) Term Description ROU ROU asset represents the present value of the premises, that the company has the right to occupy and use, based on the lease agreement Depreciation on ROU Depreciation on ROU Asset is the expense recorded to spread the cost of a Right-of-Use asset, representing th
Slide 42: 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 43: Thank You
Thank You Mr. Pawan Jain Mr. Anuj Sonpal CFO Founder & CEO CIN : L45400KA2015PLC133523 Tel: +91-22-4903 9500 cs.compliance@indiqube.com indi@valoremadvisors.com https://indiqube.com/ http://valoremadvisors.com/indiqube