IndiQube Spaces Achieves Record Half-Yearly Revenue, Boosts Operational Footprint

IndiQube Spaces Limited has reported its financial results for the half year and quarter ended September 30, 2025 (H1 FY26 and Q2 FY26). The company achieved its highest-ever half-yearly revenue, reaching Rs 691 crore under Indian Accounting Standards (Ind AS). Revenue from operations for H1 FY26 stood at Rs 659 crore.

For the September quarter (Q2 FY26), total income was Rs 367 crore (Ind AS), with revenue from operations at Rs 354 crore. The company reported a profit after tax (PAT) of Rs 28 crore for Q2 FY26 under IGAAP-equivalent reporting, contrasting with an Ind AS loss of Rs 30 crore for the same period. The half-yearly Ind AS PAT was a loss of Rs 67 crore, attributed mainly to lease accounting adjustments under Ind AS 116.

EBITDA performance was robust, with a Q2 EBITDA margin of 21% (IGAAP-equivalent) and Rs 208 crore (59% margin) under Ind AS. Operating cash flows improved significantly to Rs 151 crore in H1 FY26.

Operationally, IndiQube expanded its national presence, adding nearly 1.3 million sq. ft. to its managed area, now totaling 9.14 million sq. ft. Seat capacity increased by 30,000 to 2.03 lakh. The company inaugurated 22 new centres, entering three new cities: Indore, Kolkata, and Mohali, bringing its total footprint to 125 properties across 16 cities. Portfolio occupancy remained strong at 87%.

Key client wins in Q2 FY26 included a 1.4 lakh sq. ft. workspace lease in Bengaluru for a major asset manager and a 68,000 sq. ft. design-and-build project in Hyderabad for a leading automaker.

**Impact**: These strong financial results, particularly the record revenue and operational expansion, coupled with significant client acquisitions, indicate robust business performance. This is likely to be viewed positively by investors, potentially boosting confidence and market valuation. The expansion into new cities and addition of large clients signal growth potential. Impact Rating: 7/10

**Explanation of Difficult Terms**: * **Ind AS**: Indian Accounting Standards, which are based on International Financial Reporting Standards (IFRS) and mandate specific ways of reporting financial information, often including more complex accounting treatments for leases, revenue recognition, etc. * **IGAAP**: Indian Generally Accepted Accounting Principles, a set of accounting rules and standards followed in India, often considered simpler than Ind AS. * **EBITDA**: Earnings Before Interest, Taxes, Depreciation, and Amortization. It's a measure of a company's operating performance before accounting for financing costs, taxes, and non-cash expenses like depreciation. * **ROU assets**: Right-of-Use assets. Under Ind AS 116, lessees recognize an asset representing their right to use a leased item for the lease term. * **Lease Liabilities**: Under Ind AS 116, lessees recognize a liability for their obligation to make lease payments. These are non-cash accounting entries that affect profit but not cash flow directly.