Highlights
IndiQube Shows Significant Growth in Q1 FY26
IndiQube, a leading managed workspace solutions provider, has announced its quarterly results for the first time following its listing on the NSE on July 30, 2025. The company achieved a growth rate of 27% while effectively managing its losses in the first quarter of the fiscal year 2026 (Q1 FY26).
Financial Performance Highlights
The company’s revenue from operations surged to Rs 309 crore in Q1 FY26, up from Rs 242 crore in the same quarter a year earlier. This data is derived from a financial statement published on the National Stock Exchange (NSE). IndiQube reported its total income at Rs 324 crore in Q1 FY26, marking a substantial rise from Rs 251 crore in Q1 FY25, largely due to an additional Rs 15 crore earned from other income during the quarter.
Expense Breakdown
On the cost front, employee benefits climbed by 18% to Rs 20 crore in Q1 FY26. The finance cost, constituting 29% of total expenses, rose by 49% to Rs 110 crore in Q1 FY26, compared to Rs 74 crore in Q1 FY25. Additionally, depreciation and amortization expenses increased to Rs 143 crore.
Total Expenses Surge
IndiQube’s overall expenses for the quarter escalated by 29%, reaching Rs 374 crore, up from Rs 290 crore in Q1 FY25. Ultimately, the firm reported a 12% decline in losses, amounting to Rs 37 crore in Q1 FY26, compared to Rs 42 crore in Q1 FY25. Notably, despite the heavy finance and depreciation burdens accounting for nearly 68% of total expenses, IndiQube achieved a positive EBITDA of Rs 203 crore in Q1 FY26. On a unit basis, the company’s operational spending was Rs 1.21 for every rupee earned in revenue.
Accounting Standards and IPO Details
IndiQube’s financial figures are reported in accordance with Indian Accounting Standards, whereas under IGAAP, the revenue and profit were reported as Rs 313 crore and Rs 19 crore respectively for Q1 FY26.
The IPO for IndiQube Spaces, valued at Rs 700 crore, included a fresh issue of Rs 650 crore and an offer for sale of Rs 50 crore. This IPO was open from July 23–25, 2025, within a price band of Rs 225–Rs 237 per share. The company secured Rs 374 crore from anchor investors at the upper price band prior to the issue, which was oversubscribed by 12.41 times overall. Although the grey market premium suggested potential listing gains of 4–10%, the shares opened lower on July 30, 2025, listing at Rs 216 on the NSE and Rs 218.70 on the BSE, reflecting discounts of 8.9% and 7.7% to the issue price respectively.
As of 13:26 PM, IndiQube’s share price is trading at Rs 219.81, translating to a total market capitalization of Rs 4,634 crore, which is approximately $528 million.
