Indiqube Spaces Limited · NSE:INDIQUBE
Indiqube Spaces — H1 FY26 Earnings Presentation
39 slides from Indiqube Spaces's earnings presentation, Nov 8, 2025
Slide 1: Exchange intimation letter for investor presentation
Date: 08th November 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 Reg
Slide 2: Investor Presentation H1 & Q2 FY26
Investor Presentation H1 & Q2 FY26 November 2025
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 Our growth momentum continues to strengthen as we posted our highest-ever half yearly revenue of ₹668 Crores in H1 FY26. With 96% of this revenue being recurring, and operating cashflows improving to ₹151 Crores we have a strong foundation for future growth. Also, our PAT
Slide 5: Contents
01 Financial Highlights Table of 02 Operational Highlights Contents 03 Annexures 04 Key Questions for Investors 05 Glossary 4
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS Section 1 5
Slide 7: Highest Half-yearly Revenue, Strong Growth in Profitability
Highest Half-yearly Revenue, Strong Growth in Profitability H1 FY26 ₹668 Crores ₹139 Crores ₹82 Crores ₹47 Crores Revenue EBITDA EBIT PAT 33% 85% 204% 283% Vs ₹503 Cr in H1 FY25 Vs ₹75 Cr in H1 FY25 Vs ₹27 Cr in H1 FY25 Vs ₹12 Cr in H1 FY25 EBITDA Margin EBIT Margin PAT Margin 21% 12% 7% Vs 15% in H
Slide 8: Robust Improvement in Cashflows, Improving RoE
Robust Improvement in Cashflows, Improving RoE Cash Flow From Operations RoE* Income / Current Tax Expense ₹ Cr ₹ Cr 151 13% 8.4 7.7 6.9 64 138% 4% H1 FY25 H1 FY26 H1 FY25 H1 FY26 FY24 Audited FY25 Audited H1 FY26 Reported 7 * Additional cash infusion owing to IPO proceeds Income tax treatment and c
Slide 9: Best Quarterly Revenue, PAT Grows to 3X+, Margins Improve
Best Quarterly Revenue, PAT Grows to 3X+, Margins Improve Q2 FY26 ₹354 Crores ₹75 Crores ₹28 Crores Revenue EBITDA PAT 38% 74% 260% Vs ₹256 Cr in Q2 FY25 Vs ₹43 Cr in Q2 FY25 Vs ₹8 Cr in Q2 FY25 EBITDA Margin Key Signups in Q2* PAT Margin • ~1.4 lakh sq . ft. workspace leased to the world’s largest
Slide 10: Key Financial Indicators
Key Financial Indicators ₹ Crores PARTICULARS Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 FY25 Revenue 354 313 256 668 503 1,076 Recurring Revenue 336 307 248 643 488 1,042 One Time Revenue 18 7 8 25 14 34 Expenses 280 248 213 528 427 888 Purchase of Traded Goods 26 10 13 36 24 52 Employee Benefit Expen
Slide 11: Key Financial Indicators
Key Financial Indicators ₹ Crores Net Worth (₹ Cr) Net Debt (₹ Cr) Earnings Per Share 1090 1100 5 4.9 900 4.1 4 700 3 500 395 377 343 300 238 2 1.3 100 1 -100 As at 30 Sep'24 As at 30 Jun'25 As at 30 Sep'25 -300 -213 0 10 IGAAP Equivalent
Slide 12: Summary of Financial Results (1/2)
Summary of Financial Results (1/2) ₹ Crores H1 FY26 H1 FY25 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 659 (8) 668 494 (8) 503 1059 (17) 1076 Other income 31 26 6 21 19 2 45 41 3 Total Income 691 17 673 515 11 504 1
Slide 13: Summary of Financial Results (2/2)
Summary of Financial Results (2/2) ₹ Crores Q2 FY26 Q1 FY26 Q2 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 350 (4) 354 309 (4) 313 252 (4) 256 Other income 16 11 6 15 15 0 12 10 1 Total Income 367 7 360 324 11 313 26
Slide 14: Cash EBIT & Adjusted Cash EBIT
Cash EBIT & Adjusted Cash EBIT ₹ Crores PARTICULARS Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 FY25 Revenue from operations 350 309 252 659 494 1,059 Less : Purchases of traded goods 26 10 13 36 24 52 Less : Employee benefits expense 25 20 18 45 35 76 Less : Other expenses 91 91 76 182 146 315 Expenses
Slide 15: Operational Highlights
OPERATIONAL HIGHLIGHTS Section 2 14
Slide 16: Pan-India Growth with High Occupancy
Pan-India Growth with High Occupancy Q2 FY26 9.14 Mn Sq.ft. 125 16 AUM Centers Cities 17% 21% Indore Vs Q2 FY25, Added 1.3 Mn Sq.ft Vs Q2 FY25, 22 New Centers Added Vs Q2 FY25, Added Kolkata, Mohali & Indore Occupancy 203K+ Seats CRISIL ‘A+’ 87% * 17% Outlook Stable Vs Q2 FY25, Added ~30K Seats Vs 8
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 Mn Sq.ft . 9.14 89% 8.70 7.79 87% 87% 6.50 6.70 85% 85% 5.75 5.54 5.80 4.66 81% 17% 16% 24% Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 • Our occupied area gr
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 H1 FY26 801 40% 0.02% Clients GCCs Churn 59% Sourced Directly 60% Indian MNCs & Startups Monthly Average 0-100 Seats, Client Lock-In Client Lease 11% Months 47 43 39 35 36 30 30 Occupancy 101 - 300 23 Split Seats, 24% 300+ Seats, 65% Portfolio 300+ Seats 100-300 Sea
Slide 20: Scaling Horizons Across India's Growth Corridors
Scaling Horizons Across India’s Growth Corridors * * In LOI Stage
Slide 21: Digital Workplaces Powered by MiQube Platform
Digital Workplaces Powered by MiQube Platform 87K + MiQube Transactions Volume In 000’s 637 MiQube App Downloads 512 4.4 Stars on Play Store 24% H1 FY25 H1 FY26 Cashless Paperless Real Time Introduced AI routing for Launched real time crowd Vouchers Management Features Launched transport management
Slide 22: Annexures
Annexures Section 3 21
Slide 23: Key Operating KPIs & VAS Trends
Key Operating KPIs & VAS Trends PARTICULARS H1 FY26 H1 FY25 AUM in SBA (Mn Sq.ft.) VAS Recurring VAS One Time VAS Total 9.14 7.79 Number of Cities by AUM 16 13 ₹ Crores Number of Centers by AUM 125 103 Number of Clients 801 746 88 Active stock (Mn Sq.ft.) 7.62 6.16 Number of seats (under active stoc
Slide 24: Key Financial Indicators
Key Financial Indicators ₹ Crores PARTICULARS Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 FY25 Total income 367 324 264 691 515 1,104 Revenue from operations 350 309 252 659 494 1,059 Loss before tax (39) (50) (44) (89) (83) (157) Loss before tax margin (11%) (15%) (17%) (13%) (17%) (15%) Loss after tax
Slide 25: Key Financial Indicators
Key Financial Indicators ₹ Crores PARTICULARS H1 FY 26 H1 FY25 FY 25 FY 24 FY 23 Revenue 668 503 1,076 846 592 Recurring Revenue 643 488 1,042 813 562 One Time Revenue 25 14 34 33 30 Expenses 528 427 888 691 508 Purchase of Traded Goods 36 24 52 39 29 Employee Benefit Expense 45 35 76 64 43 Other ex
Slide 26: Balance Sheet
Balance Sheet ₹ Crores Particulars H1 FY 26 FY 25 Particulars H1 FY26 FY 25 Non-current asset Equity and liabilities Equity share capital 21 13 Property Plant and Equipment 744 648 Instruments entirely equity in nature 0 7 Capital work-in-progress 118 114 Other equity 529 (23) Right-of-use assets 3,
Slide 27: Cashflow Statement (1/2)
Cashflow Statement (1/2) ₹ Cr Particulars H1 FY26 H1 FY25 Cash flow from operating activities Loss before tax (89) (83) Adjustments for: Depreciation and amortisation expense 299 240 Allowance for expected credit losses 0 0 Property, plant and equipment written off 1 2 Provision for doubtful advance
Slide 28: Cashflow Statement (2/2)
Cashflow Statement (2/2) ₹ Cr Particulars H1 FY26 H1 FY25 Cash flow from investing activities Purchase of property, plant and equipment, capital work-in-progress, intangible assets under development (179) (114) and capital advances Initial direct cost on leases capitalized under right-of-use assets
Slide 29: Key Questions for Investors
Key Questions for Investors Section 4 28
Slide 30: 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 31: 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 8 in this presentation), reflecting the underlying strength and prof
Slide 32: Glossary
Glossary Section 5 31
Slide 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: Thank You
Thank You Mr. Pranav AK CS & Compliance Officer CIN : L45400KA2015PLC133523 cs.compliance@indiqube.com https://indiqube.com/ Mr. Anuj Sonpal Founder & CEO Tel: +91-22-4903 9500 indi@valoremadvisors.com http://valoremadvisors.com/indiqube