Workspace solutions provider IndiQube’s profit jumps 214% in Q3 FY26, revenue rises 45% to Rs 395 crore

IndiQube Spaces Limited, a listed tech-enabled workspace solution provider, announced its financial results for the third quarter and nine months ended December 31, 2025.

In Q3 FY26, IndiQube reported revenue of Rs 395 crore, a 45% jump compared to the same quarter last year. For the nine months of FY26, revenue stood at Rs 1,063 crore, showing a year-on-year growth of 37%. Total income for the quarter stood at Rs 403 crore.

The Bengaluru-based company continued to benefit from high earnings visibility, with recurring revenues contributing 94% of the total revenue mix.

Profit after tax showed significant improvement during the period. Q3 FY26 PAT was Rs 40 crore, growing 214% year-on-year. For the nine months of FY26, PAT increased to Rs 95 crore, registering a year-on-year growth of 284%. Return on Capital Employed (ROCE) improved to 23% in Q3 FY26 compared to 15% in Q3 FY25. The debt-to-equity ratio also improved sharply to 0.15 from 0.80 in the same period last year.

“Our Bespoke Design & Build offering continues to gain strong traction, with ~66,000 sq. ft. signed across two projects in Guwahati and Chennai. This momentum reaffirms our ability to scale value added services beyond our core leasing footprint and address a wider spectrum of enterprise requirements,” said Meghna Agarwal, Co-founder of IndiQube.

“We also leased ~38,000 sq. ft. of workspace in Bangalore to one of India’s oldest law firms. Transactions like these reinforce IndiQube as a preferred workspace solutions partner for large enterprises,” Agarwal added.

On the operational front, IndiQube increased its area under management by nearly 1.5 million square feet year-on-year to 9.55 million square feet. Seat capacity rose by around 33,000 seats to 212,000 seats. The company entered three new cities, Bhubaneswar, Indore, and Kolkata, and added 21 new centres during the year.

As of December 31, 2025, IndiQube had a portfolio of 129 properties across 17 cities with a healthy occupancy level of 84%.

While the company reported strong operating performance, it recorded a notional loss under Ind AS reporting due to accounting adjustments. During the nine months of FY26, IndiQube had a current tax expense of Rs 13 crore, but under Ind AS it reported an EBITDA margin of 61% amounting to Rs 237 crore and a net loss of Rs 17 crore.

This difference arose mainly from non-cash accounting impacts under Ind AS 116, including depreciation on right-of-use assets and interest on lease liabilities.

The company clarified that these adjustments are purely accounting in nature and do not impact its underlying operating strength.