Indiqube Spaces Limited · NSE:INDIQUBE
Indiqube Spaces — Q3 FY26 Earnings Presentation
43 slides from Indiqube Spaces's earnings presentation, Feb 10, 2026
Slide 1: Intimation of Investor Presentation to Stock Exchanges
Date: 10th February 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: Disclosure under Reg
Slide 2: Investor Presentation Q3 & YTD FY26
Investor Presentation Q3 & YTD FY26 February 2026
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 IndiQube delivered a strong performance during the period, with revenues of ₹1,063 Cr in 9M FY26 driven by a record quarterly revenue of ₹395 Cr in Q3 FY26. The business continues to demonstrate high earnings visibility, supported by annuity led revenue mix, with recurrin
Slide 5: Table of Contents
01 Quarterly Financial Highlights 02 Financial Highlights (9 Months) Table of Contents 03 04 Financial Highlights (Consolidated) Operational Highlights 05 Annexures 06 Key Questions for Investors 07 Glossary 4
Slide 6: Financial Highlights: Quarterly
FINANCIAL HIGHLIGHTS Quarterly 5
Slide 7: Best Quarterly Revenue, PAT Grows to ₹40 Cr, Margins Widen
Best Quarterly Revenue, PAT Grows to ₹40 Cr, Margins Widen Q3 FY26 ₹395 Crores ₹82 Crores ₹54 Crores ₹40 Crores Revenue EBITDA EBIT PAT 45% 82% 128% 214% Vs ₹273 Cr in Q3 FY25 Vs ₹45 Cr in Q3 FY25 Vs ₹24 Cr in Q3 FY25 Vs ₹13 Cr in Q3 FY25 EBITDA Margin Key Highlights in Q3 * PAT Margin • Expansion i
Slide 8: Key Financial Indicators
Key Financial Indicators ROCE RoE Annualized Annualized 23% 22% 22% 19% 15% 15% Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 ROCE : Annualized EBIT / (Net Worth + Net Debt) ROE : Annualized PAT / Average Net Worth IGAAP Equivalent
Slide 9: Key Financial Indicators
Key Financial Indicators ₹ Crores Net Worth (₹ Cr) Net Debt (₹ Cr) Earnings Per Share PARTICULARS Q3 FY25 Q3 FY26 1200 7 Gross Debt 280 283 1130 6.1 Bank Balances 0 371 Other than Cash & Cash Equivalent 1000 6 Cash & Cash Equivalents 1 82 800 Net Debt (A)* 279 (171) 5 600 Net Worth (B) 350 1130 4 De
Slide 10: Reconciliation of IGAAP Equivalent & Ind AS
Reconciliation of IGAAP Equivalent & Ind AS ₹ Crores Q3 FY26 Q2 FY26 Q3 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 390 (5) 395 350 (4) 354 268 (5) 273 Other income 21 14 8 16 11 6 13 12 1 Total Income 411 8 403 367
Slide 11: Reconciliation of EBIT: IGAAP Eq. & Ind AS
Reconciliation of EBIT : IGAAP Eq. & Ind AS ₹ Crores Q3 FY26 Q2 FY26 Q3 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 390 (5) 395 350 (4) 354 268 (5) 273 Other income 21 14 8 16 11 6 13 12 1 Total Income (A) 411 8 403
Slide 12: Financial Highlights: 9 Months
FINANCIAL HIGHLIGHTS 9 Months 11
Slide 13: Highest 9-Months Revenue, Strong Growth in Profitability
Highest 9-Months Revenue, Strong Growth in Profitability 9M FY26 ₹1063 Crores ₹222 Crores ₹137 Crores ₹95 Crores Revenue EBITDA EBIT PAT 37% 84% 169% 284% Vs ₹776 Cr in 9M FY25 Vs ₹120 Cr in 9M FY25 Vs ₹51 Cr in 9M FY25 Vs ₹25 Cr in 9M FY25 EBITDA Margin EBIT Margin PAT Margin 21% 13% 9% Vs 16% in 9
Slide 14: Key Financial Indicators
Key Financial Indicators ROCE RoE Income / Current Tax Expense Annualized Annualized ₹ Cr 19% 17% 13 11% 10% 8 8 9M FY25 9M FY26 9M FY25 9M FY26 FY24 Audited FY25 Audited 9M FY26 Reported ROCE : Annualized EBIT / (Net Worth + Net Debt) ROE : Annualized PAT / Average Net Worth Income tax treatment an
Slide 15: Reconciliation of IGAAP Equivalent & Ind AS
Reconciliation of IGAAP Equivalent & Ind AS ₹ Crores 9M FY26 9M 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 1049 (13) 1063 762 (13) 776 1059 (17) 1076 Other income 53 39 13 34 31 3 45 41 3 Total Income 1102 26 1
Slide 16: Financial Highlights: Consolidated
FINANCIAL HIGHLIGHTS Consolidated 15
Slide 17: Profit & Loss Statement
Profit & Loss Statement ₹ Crores PARTICULARS Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 FY25 Revenue 395 354 273 1,063 776 1,076 Recurring Revenue 371 336 263 1013 751 1,042 One Time Revenue 25 18 10 50 24 34 Expenses 313 280 228 841 655 888 Purchase of Traded Goods 33 26 11 70 35 52 Employee Benefit E
Slide 18: Cash EBIT & Adjusted Cash EBIT
Cash EBIT & Adjusted Cash EBIT ₹ Crores PARTICULARS Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 FY25 Revenue from operations 390 350 268 1,049 762 1,059 Less : Purchases of traded goods 33 26 11 70 35 52 Less : Employee benefits expense 24 25 17 68 52 76 Less : Other expenses 96 91 82 278 228 315 Expens
Slide 19: Operational Highlights
OPERATIONAL HIGHLIGHTS Section 3 18
Slide 20: Pan-India Growth with High Occupancy
Pan-India Growth with High Occupancy Q3 FY26 9.55 Mn Sq.ft. 129 17 AUM Centers Cities 19% 19% Bhubaneshwar Vs Q3 FY25, Added 1.5 Mn Sq.ft Vs Q3 FY25, 21 New Centers Added Vs Q3 FY25, Added Kolkata, Indore & Bhubaneshwar Occupancy 212K+ Seats CRISIL ‘A+’ * 84% 19% Outlook Vs Q3 FY25, Added ~33K Seats
Slide 21: 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 . 90% 9.55 89% 9.14 8.06 87% 7.48 86% 6.70 6.11 6.29 84% 5.80 4.97 81% 19% 23% 27% Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 • Our steady state occ
Slide 22: Asset Liability Management
Asset Liability Management In one cycle of ~3 years, we fully recover our Operational 50%-60% Occupancy 6 Months interior and renovation fit out capex, with client Breakeven and landlord lock in periods aligned, eliminating asset liability mismatch across the portfolio. 85%-90% Occupancy Steady Stat
Slide 23: 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 24: Fostering Workspaces For Everyone
Fostering Workspaces For Everyone Q3 FY26 830 40% (0.60)% Clients GCCs Churn 61% Sourced Directly 60% Indian MNCs & Startups Monthly Average 0-100 Seats, Client Lock-In Client Lease 11% Months 46 42 36 36 33 31 29 Occupancy 22 101 - 300 Split Seats, 25% 300+ Seats, 64% Portfolio 300+ Seats 100-300 S
Slide 25: Scaling Horizons Across India's Growth Corridors
Scaling Horizons Across India’s Growth Corridors
Slide 26: Digital Workplaces Powered by MiQube Tech Stack
Digital Workplaces Powered by MiQube Tech Stack MiQube Transactions Volume In 000’s 995 753 32% 9M FY25 9M FY26 107K+ 4.3 Enabling enterprises to configure hot desks seamlessly while employees view real time MiQube App Downloads Space Management availability & book desks instantly. Stars on Play Sto
Slide 27: Annexures
Annexures Section 5 26
Slide 28: Key Operating KPIs & VAS Trends
Key Operating KPIs & VAS Trends PARTICULARS 9M FY26 9M FY25 AUM in SBA (Mn Sq.ft.) VAS Recurring VAS One Time VAS Total 9.55 8.06 Number of Cities by AUM 17 14 ₹ Crores Number of Centers by AUM 129 108 Number of Clients 830 757 140 Active stock (Mn Sq.ft.) 7.78 6.59 Number of seats (under active sto
Slide 29: Key Financial Indicators
Key Financial Indicators ₹ Crores PARTICULARS Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 FY25 Total income 412 367 281 1103 796 1,104 Revenue from operations 390 350 268 1049 762 1,059 Loss before tax (23) (39) (31) (111) (113) (157) Loss before tax margin (6%) (11%) (11%) (11%) (15%) (15%) Loss after
Slide 30: Profit & Loss Statement Annual Overview
Profit & Loss Statement Annual Overview ₹ Crores PARTICULARS FY 25 FY 24 FY 23 Revenue 1,076 846 592 Recurring Revenue 1,042 813 562 One Time Revenue 34 33 30 Expenses 888 691 508 Purchase of Traded Goods 52 39 29 Employee Benefit Expense 76 64 43 Other expenses 760 588 436 EBITDA 188 156 84 EBITDA
Slide 31: Key Questions for Investors
Key Questions for Investors Section 6 30
Slide 32: 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 33: Key Questions Addressed for Investors
Key Questions Addressed for Investors Q. What is the difference between AUM, Active Stock, RPA & RYA ? Area Under Management (AUM) refers to the sum of Rent Paying Area (Rentable Area) and the Signed Area where rent is yet to start as the property is under construction, approvals, or Build-to-suit s
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: Key Questions Addressed for Investors
Key Questions Addressed for Investors Q. What is the difference between Cash EBIT and EBITDA ? First, it is important to refer to “Adjusted Cash EBIT” (as presented on Slide 17 of the investor deck), rather than Cash EBIT. Under Ind AS, Design & Build revenues are not recognized as operating income;
Slide 36: Glossary
Glossary Section 7 35
Slide 37: 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 38: 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 39: 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 40: 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 41: Glossary (5/5)
Glossary (5/5) 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. 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