**IndiQube Spaces Limited** is India’s leading tech-enabled, integrated workspace platform. Operating an asset-light business model, the company transforms Grade A and Grade B commercial properties into premium, future-ready work environments. By combining workspace design, proprietary technology, and hospitality-led operations, IndiQube provides scalable solutions for Global Capability Centers (GCCs), large enterprises, and high-growth startups. --- ### **Strategic Market Positioning & Asset-Light Model** IndiQube operates a "pay-as-you-use" model that prioritizes capital efficiency for clients and operational flexibility for the company. Its dominance is particularly pronounced in **Bengaluru**, where it holds over **20% market share** of the flex industry. * **Core Service Verticals:** * **GROW:** Immediate-occupancy, plug-and-play managed workspaces. * **BESPOKE:** Tailored office interiors and "Design & Build" projects (e.g., a recent **68,000 sq. ft.** project for a major automaker). * **Asset Transformation:** Converting underperforming real estate into Grade A experiences through smart renovation and technology integration. * **Value-Added Services:** Turnkey workplace management including food, events, and maintenance. * **The "Network Effect":** Approximately **40%** of space is occupied by clients with multiple centers, fostering high retention and lowering acquisition costs. * **Lease Arbitrage & Moats:** * **Landlord Lock-ins:** Typically **10 to 20 years**, with firm commercial terms averaging **15 years**. * **IndiQube Lock-ins:** Limited to approximately **3.5 years**, allowing the company to exit underperforming sites with only **3–6 months' notice**. --- ### **Operational Scale & Pan-India Footprint** As of **Q3 FY26 (December 2025)**, IndiQube has demonstrated aggressive growth across key Indian metros and emerging Tier-II/III cities. | Metric | Value / Status | YoY Growth | | :--- | :--- | :--- | | **Area Under Management (AUM)** | **0.96 crore sq. ft.** | **+19%** | | **Total Seat Capacity** | **212,000+ Seats** | **+19%** | | **Number of Centers** | **129 Centers** | **+19%** | | **City Footprint** | **17 Cities** | Added Kolkata, Indore, Bhubaneshwar, Mohali | | **Steady State Occupancy** | **90%** | Improved from 85% in Q1 FY26 | | **Overall Occupancy** | **87%** | Reflects rapid addition of new inventory | **Target Demographics:** * **GCC Focus:** **40%** of the portfolio is occupied by Global Capability Centers; **60%** by Indian enterprises and startups. * **Enterprise Dominance:** Clients occupying **>300 seats** account for **65%** of total occupancy. * **Geographic Concentration:** Heavy focus on Bengaluru’s **Outer Ring Road (ORR)**, recently securing a **₹75 crore** healthcare tech GCC contract and a **₹52 crore** Japanese e-commerce deal. --- ### **Proprietary Technology Ecosystem: MiQube** IndiQube utilizes an in-house developed technology stack that reduces the cost of ownership by an estimated **one-third** compared to off-the-shelf solutions. The platform facilitates **Cashless** and **Paperless** operations. * **MiQube App:** Employee-facing app (**87K+ downloads**, **4.4-star rating**) for booking food, meeting rooms, and services. * **Tenant Admin Portal:** Web interface for client admins to manage invoices, legal documents, and maintenance tickets. * **ServiQube:** Internal operations app for tracking equipment health and service schedules. * **Advanced Features:** * **AI Routing:** Optimizes employee commuting and logistics. * **Real-time Crowd Monitoring:** Manages peak-hour traffic at food courts and cafeterias. --- ### **Financial Performance & IPO Capital Deployment** IndiQube listed on the **NSE** and **BSE** on **July 30, 2025**. The company maintains a high-growth trajectory with **94% recurring revenue**. **Key Financial Metrics (9M FY26):** * **Revenue:** **₹1,063 Cr** (up **45% YoY**). * **Profit After Tax (PAT):** **₹95 Cr** (up **214% YoY**). * **EBITDA Margin:** **21%** (an improvement of **+743 bps** vs Q1 FY25). * **ROCE:** **23%** (up from 15% in Q3 FY25). * **Debt-to-Equity:** Improved to **0.15** from 0.80 YoY. **IPO & CAPEX Plan:** The company raised **₹650 Crore** via a fresh issue to fund physical expansion. * **FY 2025-26:** **₹194.4 Crore** * **FY 2026-27:** **₹186.87 Crore** * **FY 2027-28:** **₹81.38 Crore** **Ind AS 116 Reconciliation:** While Ind AS 116 adjustments (non-cash depreciation on ROU assets and interest on lease liabilities) can result in notional accounting losses, the company is **IGAAP PAT positive** and a regular income tax payer. For 9M FY26, the net notional impact on P&L was **₹209 Cr**. --- ### **Sustainability & Energy Diversification** IndiQube is integrating renewable energy to reduce operational costs and enhance ESG credentials. * **Solar EPC Services:** Expanded mandate to include rooftop solar installations for commercial and industrial applications. * **Captive Power:** Establishing a **20 MW Solar project** in Karnataka with a **₹754 million** investment, expected to be fully operational in **FY 2025-26**. * **Current Impact:** Rooftop solar is active across **19 centers**, saving approximately **1%** in total power costs. --- ### **Risk Management & Governance** The company maintains a **CRISIL 'A+' (Stable)** credit rating and employs rigorous risk mitigation strategies. * **Liquidity & Interest Risk:** Maintains a **Debt Service Reserve Account (DSRA)** covering 2 months of obligations. Borrowings are primarily at **fixed rates** or tied to **3 Months MCLR + 0.30%**. * **Credit Risk:** Managed through security deposits covering the majority of the **₹882.72 Mn** trade receivables. * **Employee Incentives:** Expanded **ESOP Pool** to **4,061,200 options** (approx. **2.18%** of capital) to retain talent. * **Capital Structure:** Streamlined for public markets by converting all outstanding preference shares into equity in **May 2025**. Promoters have signaled intent to purchase shares from the open market, indicating long-term confidence. **Banking Partners:** Primary credit facilities are held with **Axis Bank** and **State Bank of India** (**₹100 Cr** for fit-outs; **₹56 Cr** for solar projects), secured by fixed assets and escrow of rent receivables.