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Indiqube Spaces reported its highest-ever quarterly revenue of INR 428 crore in the first quarter of FY27, up 37 per cent year-on-year, while its net loss under Ind AS narrowed 35 per cent to INR 23.88 crore, from a loss of around INR 37 crore in the corresponding quarter last year. EBITDA rose 34 per cent to INR 87 crore, with margins holding steady at 20 per cent. The managed workspace operator's area under management grew 22 per cent year-on-year to 10.61 million square feet across 137 centres in 17 cities, with steady-state occupancy improving to 90 per cent.
Indiqube Spaces, the managed workspace operator, reported its highest-ever quarterly revenue of INR 428 crore for the first quarter of FY27, marking 37 per cent year-on-year growth, even as the company's net loss under Ind AS accounting norms narrowed 35 per cent to INR 23.88 crore, from a loss of approximately INR 37 crore in the same quarter last year, according to the company's investor presentation.
The reported Ind AS loss stems largely from non-cash accounting charges under Ind AS 116, which requires companies to record depreciation on right-of-use assets and interest on lease liabilities linked to long-term property leases. On an IGAAP-equivalent basis, which excludes these non-cash lease-related adjustments, the company reported a profit after tax of INR 35 crore for the quarter, up 91 per cent from INR 19 crore in the corresponding period last year, with a PAT margin of 8 per cent, compared with 6 per cent a year earlier.
EBITDA for the quarter rose 34 per cent year-on-year to INR 87 crore on an IGAAP-equivalent basis, with EBITDA margins holding steady at 20 per cent. EBIT grew 59 per cent to INR 55 crore, with EBIT margins improving to 13 per cent from 11 per cent a year earlier. Co-founder and CEO Rishi Das described the quarter as a strong start to the year, noting that profitability had strengthened across every key metric even as the company continued to scale.
On the operational front, steady-state occupancy, referring to centres more than 12 months old, strengthened to 90 per cent during the quarter, up from 87 per cent in the year-ago period, while overall portfolio occupancy improved to 86 per cent from 85 per cent. Co-founder Meghna Agarwal said the results reflected the increasing depth and efficiency of the company's platform, pointing to healthy customer demand and improved utilisation across its network of centres.
The company's area under management grew 22 per cent year-on-year to 10.61 million square feet, spread across 137 centres in 17 cities, comprising eight Tier I and nine Tier II markets. Total seat capacity rose 22 per cent to 236,000 seats. During the quarter, the company signed a 3.9 lakh square foot office supply deal on the Noida Expressway as part of an accelerated push into North India, alongside a 39,000 square foot design-and-build project in Bengaluru for a Canadian visual effects and animation company, and a INR 52 crore workspace deal with a consulting and management services firm, also in Bengaluru.
Value-added services continued to scale as a share of the company's overall business, with VAS revenue rising to INR 72 crore during the quarter, up from INR 39 crore a year earlier, taking its contribution to operating revenue to 17 per cent, from 11 per cent in the same period last year.
Global capability centres remained the largest contributor to Indiqube's occupied area, accounting for 49 per cent of the company's occupied space and 53 per cent of revenue contribution, with Indian enterprises, unicorns and startups making up the balance. The company's net worth stood at INR 1,194 crore as of the quarter's end, with net debt turning negative at INR 66 crore, aided by a reduction in the company's debt-to-equity ratio to 0.05, from 0.95 in the year-ago period.
The presentation did not specify the company's outlook for revenue or profitability for the remainder of FY27, nor did it provide a city-wise or client-wise break-up of the incremental area added to its portfolio during the quarter.
Source- Indiqube
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