IndiQube’s profit jumps to Rs 28 crore in Q2 FY26; co-founder says, 'Had some big wins this quarter'

IndiQube Spaces Limited, a listed tech-enabled workspace solutions provider, announced its financial results for the quarter and half year ended September 30, 2025 (Q2 FY26), achieving its highest-ever half-yearly revenue.

The company’s total income for H1 FY26 stood at Rs 691 crore under Ind AS, with Rs 659 crore in revenue from operations, compared with Rs 673 crore total income and Rs 668 crore in revenue from operations under IGAAP-equivalent reporting.

For the September quarter, IndiQube recorded total income of Rs 367 crore under Ind AS and Rs 360 crore under IGAAP equivalent.

Revenue from operations in Q2 FY26 was Rs 354 crore under IGAAP equivalent. On profitability, the company reported a Q2 profit after tax of Rs 28 crore under IGAAP-equivalent reporting, compared with an Ind AS loss of Rs 30 crore for the quarter.

For the half year, Ind AS profit after tax stood at a loss of Rs 67 crore, reflecting the lease accounting adjustments under Ind AS 116. Notably, operating cash flows improved to Rs 151 crore in H1 FY26.

EBITDA performance remained strong, with a Q2 EBITDA margin of 21% under IGAAP-equivalent reporting and an Ind AS-reported EBITDA margin of 59% (Rs 208 crore) for the same quarter (Q2 FY26).

IndiQube noted that the variance between Ind AS and IGAAP-equivalent results arises mainly from non-cash accounting adjustments under Ind AS 116, including depreciation on right-of-use (ROU) assets and interest on lease liabilities. These adjustments, the company said, are purely accounting in nature and do not affect its underlying business strength or cash position.

In H1 FY26, total expenses were Rs 779 crore under Ind AS, compared with Rs 611 crore under IGAAP-equivalent accounting.

Operationally, IndiQube expanded its national footprint during the first half. Its area under management increased by nearly 1.3 million sq. ft. year-on-year to 9.14 million sq. ft., while seat capacity rose by 30,000 to 2.03 lakh.

The company added 22 new centres over the past year and entered three new cities, including Indore, Kolkata, and Mohali, taking its total presence to 125 properties across 16 cities. Portfolio occupancy remained at 87%.

Among major client wins during the September quarter were a 1.4 lakh sq. ft. workspace lease in Bengaluru for the world’s largest asset manager and a 68,000 sq. ft. design-and-build project in Hyderabad for one of India’s largest automakers.

“We had some big wins this quarter, including a 1.4 lakh sq. ft. signup in workspace leasing in Bangalore to the world’s largest asset manager and a 68,000 sq. ft. Design & Build project in Hyderabad for one of India’s largest automakers. Deals like these reinforce IndiQube as a preferred workspace partner for large enterprises. We are also excited to be closing H1 FY26 with a healthy occupancy of 87% at a portfolio level. This coupled with a PAN India presence in 16 cities & addition of Indore this quarter, sets us up firmly for an exciting H2,” said Meghna Agarwal, Co-founder, IndiQube.