IndiQube Q2: Loss Narrows 43% YoY To INR 30 Cr

Managed workplace provider IndiQube managed to cut its net loss for Q2 FY26 by 43% to INR 29.9 Cr from INR 52.5 Cr loss incurred in the year-ago quarter. On a sequential basis, loss declined 19% from INR 36.8 Cr.

Operating revenue surged 39% YoY and 13% QoQ to INR 350.1 Cr. Including other income of INR 16.5 Cr, IndiQube’s total income for the period stood at INR 366.6 Cr. 

Meanwhile, the company’s total expenditure rose 32% YoY to INR 405.3 Cr. 

It is pertinent to note that the company got a tax credit of INR 8.8 Cr during the quarter under review as against a tax outgo of INR 8.7 Cr in the year-ago quarter. In Q1 FY26, it got a tax credit of INR 13.2 Cr.

In a statement, IndiQube cofounder and CEO Rishi Das said the company’s net profit stood at INR 28, as per IGAAP, with an EBITDA of INR 75 Cr and EBITDA margin of 21%. 

“The variance between Ind AS and IGAAP-equivalent reporting arises mainly from non-cash accounting impacts, primarily on account of Ind AS 116, such as depreciation on right-of-use (ROU) assets and interest on lease liabilities,” the company said. 

On the operational front, IndiQube’s assets under management (AUM) increased 17% YoY to 9.1 Mn square feet, along with addition of about 30,000 seats during the September quarter. 

The company set up 21 new centres in the quarter, taking its total centre count to 125. At the end of September, IndiQube had 801 companies as clients, 40% of which were GCCs. 

The managed workplace provider expanded to two new cities in the quarter — Indore and Mohali. The company now claims to have presence in 16 cities across India, recording 87% occupancy rate for its 125 properties. 

“We had some big wins this quarter, including a 1.4 Lakh sq. ft. signup in workspace leasing in Bengaluru to 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. Deals like these reinforce IndiQube as a preferred workspace partner for large enterprises,” cofounder Meghna Agarwal said. 

Besides this, IndiQube now plans to undertake solar projects for clients/ consumers/ and third parties as part of its diversification and long-term sustainability strategy. The company’s board approved an amendment to the object clause of its memorandum of association to insert a subclause pertaining to entering the business of generating and selling solar energy via rooftop solar photovoltaic systems, solar thermal systems, solar panels and hybrid solar solutions for self-use, residential, commercial, industrial applications. 

Shares of IndiQube ended yesterday’s trading session 0.97% lower at INR 203.55 on the BSE.