revenue growth
30 pct
FY 2027
management target
INDIQUBE SPACES LIMITED
Last · NSE₹182.67-5.29 (-2.81%)live · yahoo · 1h ago
Market cap₹38.7B212.0M sh
P/E · TTM-40.7fwd 78.7 · eps -4.49 · loss
Beta—vs S&P 500
Div yield0.00%annual · TTM
52w range
₹131.15₹232.01
Volume7.7Ksession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong execution and embedded growth are offset by limited valuation and balance-sheet evidence.
Hold: FY26 revenue grew 37% to ₹1,469 crore, EBITDA exceeded ₹300 crore, PAT rose 145% to ₹125 crore and operating cash flow reached ₹304 crore, with 88% steady-state occupancy.
The bull case is a signed 9.66 million sq. ft. portfolio and management's roughly 30% FY27 revenue-growth expectation, but the call supplied no valuation, cash-balance or leverage detail and explicitly prioritizes scale while maintaining, rather than expanding, 19%-21% EBITDA margins.
Themes
- Managed Workspaces
- India Commercial Real Estate
- Gcc Demand
- Vas Growth
- Occupancy
- Capital Discipline
Near term
The 3.3 million sq. ft. signed but not yet rent-yielding pipeline is the key execution test; management says it represents about 74,000 seats and roughly 25% built-in growth.
Track occupancy conversion against management's 80%-85% corporate and 85%-90% steady-state targets, especially as approximately 2 million sq. ft. is added annually.
VAS contribution has risen from 11% to 15% of revenue; evidence that DesignQube, IndiQare and Eco can grow without disproportionate costs would support the thesis.
Longer term
Management targets adding approximately 2-2.5 million sq. ft. of rent-paying area annually, which could compound revenue if capital recovery remains aligned with client and landlord lock-ins.
GCCs represent about 42% of space and a large share of revenue, supporting demand for Grade A/A+ space but increasing exposure to one customer segment and institutional landlords.
The platform's claimed moat is local density and a broader commercial-real-estate service offering; it remains unproven whether these services create durable pricing power beyond workspace leasing.
Red flags
Management gave no balance-sheet, debt, interest-cost, free-cash-flow-after-capex or return-on-capital detail despite emphasizing capital discipline.
The company expects to maintain current EBITDA margins while pursuing rapid expansion, so the growth plan does not yet demonstrate operating leverage.
The transcript contains inconsistent statements on GCC revenue share: one answer says more than 15%, while a repeated answer says more than 50%.
Long leases of 10-20 years create fixed-rent exposure if occupancy or customer demand disappoints, despite typical rent-free periods.
Forward outlook
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
Documents
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