INDIQUBE SPACES LIMITED INDIQUBE NSE

Real Estate · Real Estate Services · India

https://www.indiqube.com

IndiQube Spaces Limited provides workplace solutions and value-added services in India. It engages in the business of leasing of network of shared workspaces of fully or partly equipped premises. The company also provides customized design and build solutions; facility management, asset maintenance, plantation to catering, and transportation services for the employees; MiQube platform to manage, operate, and optimize office spaces; and IndiQube Cornerstone, a property and asset management solution. It serves global capability centers, corporates, and unicorns, as well as information technology/information technology enabled services, manufacturing, automotive, engineering, aviation, banking, financial services and insurance, consulting, e-commerce, educational technology, logistics, pharmaceuticals, and healthcare industries. The company was founded in 1999 and is based in Bengaluru, India.

Market & Price

Market Cap

₹3,378.82 Cr

Current Price

₹159.38

High / Low (52W)

₹237.92 / ₹133.55

Beta

Valuation

Stock P/E

Industry PE

20.49

Forward P/E

40.87

PEG Ratio

Book Value

₹27.27

Price to Book

5.84

P/S

2.33

EV/EBITDA

8.55

Dividend Yield

Profitability & Returns

ROCE

5.67%

ROE

-41.57%

ROA

3.49%

Profit Margin

-7.33%

Op Margin

23.74%

EPS (Latest Qtr)

₹-1.07

EPS (TTM)

₹-5.28

Balance Sheet & Liquidity

Debt/Equity

10.12

Quick Ratio

0.50

Current Ratio

0.62

Debt

₹5,207.09 Cr

Total Assets

₹6,511.40 Cr

Current Assets

₹620.35 Cr

Working Capital

₹-382.12 Cr

Ownership

Promoter Holding

84.06%

Chg in Prom Hold

FII / Inst Holding

9.70%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹8,195.84 Cr

Total Revenue (TTM)

₹1,450.81 Cr

EBITDA

₹958.04 Cr

Free Cash Flow

₹240.92 Cr

Operating Cash Flow

₹920.39 Cr

Shares Outstanding

₹21.20 Cr

Gross Margin

93.41%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

35.77%

Profit 5Y

15.44%

Revenue (YoY)

35.20%

Earnings (YoY)

PROS

Compounding revenue at 35.8% over 5 years.
Profit CAGR of 15.4% over 5 years.
Generates positive free cash flow.

CONS

Trading 33.0% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Real Estate).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	INDIQUBE INDIQUBE SPACES LIMITED NSE	159.38	-	₹3,378.82 Cr	-	5.67%	-41.57%	35.77%	15.44%
2	DLF DLF Limited NSE	590.60	33.11	₹1.46 L Cr	1.02%	6.35%	10.03%	12.98%	29.44%
3	LODHA Lodha Developers Limited NSE	938.10	27.40	₹93,708.23 Cr	0.45%	18.07%	15.71%	21.34%	91.69%
4	PHOENIXLTD The Phoenix Mills Limited NIFTY_MIDNSE	1,771.20	50.50	₹63,345.28 Cr	0.14%	11.84%	11.06%	19.36%	-2.86%
5	OBEROIRLTY Oberoi Realty Limited NIFTY_MIDNSE	1,707.10	24.75	₹62,070.53 Cr	0.47%	16.74%	14.91%	12.92%	9.60%
6	PRESTIGE Prestige Estates Projects Limited NIFTY_MIDNSE	1,369.20	49.27	₹58,975.58 Cr	0.13%	12.91%	8.00%	15.58%	8.28%
7	GODREJPROP Godrej Properties Limited NIFTY_MIDNSE	1,762.70	28.74	₹53,093.89 Cr	0.57%	12.01%	9.97%	33.30%	47.94%
8	SOBHA Sobha Limited NIFTY_SMALLNSE	1,418.00	106.38	₹15,166.05 Cr	0.42%	5.80%	4.17%	16.27%	-18.23%
9	ABREL Aditya Birla Real Estate Limited NIFTY_SMALLNSE	1,243.80	-	₹13,753.67 Cr	0.16%	-5.19%	-8.91%	-52.60%	-45.99%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	252.19 Cr	267.89 Cr	296.94 Cr	350.14 Cr	389.94 Cr	401.45 Cr
Cost of Revenue	12.96 Cr	10.96 Cr	16.93 Cr	26.04 Cr	33.43 Cr	26.10 Cr
Gross Profit	239.23 Cr	256.93 Cr	280.01 Cr	324.10 Cr	356.50 Cr	375.35 Cr
Operating Expenses	216.12 Cr	216.04 Cr	240.43 Cr	272.45 Cr	288.43 Cr	304.31 Cr
Operating Income	23.11 Cr	40.89 Cr	39.58 Cr	51.65 Cr	68.08 Cr	71.04 Cr
EBITDA	156.61 Cr	170.34 Cr	180.15 Cr	224.34 Cr	258.42 Cr	272.33 Cr
Interest Expense	78.77 Cr	86.27 Cr	91.14 Cr	106.79 Cr	112.33 Cr	119.20 Cr
Pretax Income	-43.83 Cr	-32.79 Cr	-41.38 Cr	-38.69 Cr	-23.10 Cr	-23.89 Cr
Tax Provision	8.69 Cr	-19.07 Cr	-10.05 Cr	-8.82 Cr	-6.03 Cr	-1.24 Cr
Net Income	-52.52 Cr	-13.72 Cr	-31.33 Cr	-29.87 Cr	-17.07 Cr	-22.65 Cr
Diluted EPS	-2.50	-0.65	-1.49	-1.48	-0.81	-1.07

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	579.74 Cr	830.57 Cr	1,059.29 Cr	1,450.81 Cr
Cost of Revenue	-	63.52 Cr	88.62 Cr	51.95 Cr	95.62 Cr
Gross Profit	-	516.22 Cr	741.96 Cr	1,007.33 Cr	1,355.19 Cr
Operating Expenses	-	465.43 Cr	632.66 Cr	877.93 Cr	1,119.29 Cr
Operating Income	-	50.79 Cr	109.30 Cr	129.40 Cr	235.91 Cr
EBITDA	-	257.19 Cr	261.00 Cr	660.19 Cr	958.06 Cr
Interest Expense	-	186.97 Cr	253.57 Cr	330.35 Cr	448.26 Cr
Pretax Income	-	-227.93 Cr	-384.82 Cr	-157.30 Cr	-135.65 Cr
Tax Provision	-	-29.82 Cr	-43.31 Cr	-17.69 Cr	-29.30 Cr
Net Income	-	-198.11 Cr	-341.51 Cr	-139.62 Cr	-106.34 Cr
Diluted EPS	-	-9.43	-16.26	-6.65	-5.28

Compounded Sales Growth

5 Years:	35.77%
1 Year:	35.20%

Compounded Profit Growth

5 Years:	15.44%
1 Year:	-

Stock Price Performance

1 Year:	-26.88%
6 Months:	-29.16%
3 Months:	-10.03%
1 Month:	-8.36%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	2,969.32 Cr	3,667.91 Cr	4,685.12 Cr	6,511.40 Cr
Current Assets	-	109.99 Cr	167.25 Cr	210.09 Cr	620.35 Cr
Cash & Equivalents	-	10.44 Cr	37.10 L	5.94 Cr	72.26 Cr
Inventory	-	-	-	-	69.20 L
Receivables	-	33.21 Cr	59.29 Cr	78.75 Cr	112.56 Cr
Total Liabilities	-	3,277.42 Cr	3,537.28 Cr	4,688.23 Cr	5,996.65 Cr
Current Liabilities	-	428.05 Cr	621.22 Cr	807.62 Cr	1,002.47 Cr
Long Term Debt	-	573.95 Cr	100.14 Cr	222.47 Cr	169.32 Cr
Total Debt	-	2,925.81 Cr	3,048.61 Cr	4,087.78 Cr	5,207.09 Cr
Total Equity	-	-308.10 Cr	130.63 Cr	-3.11 Cr	514.75 Cr
Shares Outstanding	-	21.00 Cr	21.00 Cr	21.00 Cr	21.20 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	323.89 Cr	542.18 Cr	611.65 Cr	920.38 Cr
Investing Cash Flow	-	-173.68 Cr	-192.69 Cr	-258.96 Cr	-736.75 Cr
Financing Cash Flow	-	-149.28 Cr	-364.78 Cr	-337.49 Cr	-178.12 Cr
Capital Expenditure	-	-171.95 Cr	-189.81 Cr	-257.61 Cr	-426.87 Cr
Free Cash Flow	-	151.94 Cr	352.37 Cr	354.04 Cr	493.51 Cr
Net Change in Cash	-	92.70 L	-15.30 Cr	15.21 Cr	5.52 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	89.0%	89.3%	95.1%	93.4%
Operating Margin %	-	8.8%	13.2%	12.2%	16.3%
Net Margin %	-	-34.2%	-41.1%	-13.2%	-7.3%
ROE %	-	64.3%	-261.4%	4,487.8%	-20.7%
ROCE %	-	2.0%	3.6%	3.3%	4.3%

Shareholding Pattern

Insiders

84.06%

Institutions

9.70%

Public Float

60.89%

Analyst View

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INDIQUBE · Real Estate