IndiQube Spaces Limited: Q3 FY26 Sees Record Revenue and Robust Profitability

IndiQube Spaces Limited, a leading tech-enabled workspace solutions provider in India, has announced a stellar financial performance for the third quarter and nine months ended December 31, 2025. The company reported its highest-ever quarterly revenue, demonstrating strong operational momentum and an impressive surge in profitability, reinforcing its position as a dominant player in the flexible workspace market.

For Q3 FY26, IndiQube recorded a consolidated revenue of ₹395 Crore, marking a significant 45% year-on-year growth. This robust performance contributed to a healthy nine-month revenue of ₹1,063 Crore, reflecting a 37% year-on-year increase. Profitability also saw a substantial boost, with the Profit After Tax (PAT) for Q3 FY26 more than doubling to ₹40 Crore. For the nine-month period, PAT soared to ₹95 Crore, an impressive 284% growth compared to the previous year. The company's Return on Capital Employed (ROCE) improved to 23% in Q3 FY26 from 15% in Q3 FY25, highlighting enhanced capital efficiency. Furthermore, IndiQube's balance sheet strengthened considerably, with the Debt-to-Equity Ratio improving to a low of 0.15 in Q3 FY26 from 0.80 in Q3 FY25.

The company's revenue mix is predominantly annuity-led, with recurring revenues contributing a substantial 94% of the total revenue, ensuring strong earnings visibility. The remaining 6% comes from one-time revenue streams, primarily driven by value-added services (VAS) such as design-and-build projects and asset sales. While management acknowledges some volatility in one-time VAS revenue due to the nature of large projects, the overall VAS contribution is growing, expected to reach 15% of total revenue with a similar net margin in the next financial year.

IndiQube's strategic expansion has been a key driver of its growth. The company expanded its Area Under Management (AUM) by 1.5 million square feet, added 33,000 seats, and launched 21 new centers during the quarter. This aggressive expansion led to entry into three new cities: Bhubaneswar, Indore, and Kolkata, extending IndiQube's footprint to 17 cities across India. The company's