IndiQube Spaces Limited, a technology-driven workspace solutions provider, has announced its first set of financial results since becoming a publicly listed company on July 30, 2025. For the quarter ended June 30, 2025 (Q1 FY26), the Bengaluru-based firm delivered its highest-ever IGAAP-equivalent quarterly revenue of ₹313 crore, marking a 27% year-on-year increase.
“We posted our highest-ever IGAAP-equivalent quarterly revenue of ₹313 crore, reflecting a 27% year-on-year increase,” said Rishi Das, co-founder and CEO of IndiQube. “With 98% of this revenue being recurring, we are building on a strong, stable foundation for the future. Our EBITDA nearly doubled to ₹65 crore from ₹33 crore a year earlier, while net profit rose 303% to ₹18.5 crore from ₹4.6 crore, showcasing disciplined execution and a scalable business model.”
Tech-Enabled Operations and Sustainability Initiatives
Co-founder Meghna Agarwal emphasized the central role of technology in IndiQube’s offerings. “Our in-house MiQube app, now with over 83,000 downloads, reflects how our users value a seamless, tech-integrated workplace,” she said. The company also advanced its green initiatives, commissioning the first phase of a 20 MW group solar farm in June. This installation generated more than 9.8 lakh units of renewable energy, resulting in monthly savings of ₹68 lakh in energy costs. IndiQube now operates over 29 green-certified centers.
Operational Expansion
Over the past year, IndiQube expanded its managed workspace portfolio by nearly one million square feet, growing from 7.76 million sq. ft. to 8.7 million sq. ft. Seat capacity increased by approximately 21,000, taking the total to 193,000 seats. The company also entered two new markets—Kolkata and Mohali—and opened 17 new centers, bringing its footprint to 120 properties across 15 cities in India. As of the quarter’s end, portfolio occupancy stood at 85%, and IndiQube maintained its CRISIL ‘A+’ (Stable) credit rating.
Accounting Perspective
While the company’s IGAAP-equivalent results reflected strong operational performance, its Ind AS reporting showed a net loss due to accounting adjustments. Under Ind AS, IndiQube recorded an EBITDA of ₹188 crore with a 61% margin, but reported a net loss of ₹37 crore for the quarter.
With a growing footprint, a technology-driven model, and strong recurring revenues, IndiQube is positioning itself as a leading player in India’s flexible workspace sector, combining operational growth with sustainability-led initiatives.
