IndiQube Q2 Net Loss Narrows About 80% to Rs 5.9 Crore
The managed workspace provider's revenue from operations rose about 35% to Rs 471.9 crore in the September quarter.
Key Takeaways
- Consolidated net loss narrowed about 80% to about Rs 5.9 crore from Rs 29.9 crore a year earlier.
- Revenue from operations rose about 35% to Rs 471.9 crore from Rs 350.1 crore.
- On an IGAAP-equivalent basis, profit after tax rose 63% to Rs 57 crore.
- IndiQube manages 138 centres in 17 cities and serves 884 clients.
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IndiQube Spaces, the Bengaluru-based managed workspace provider, cut its consolidated net loss by about 80% to about Rs 5.9 crore in the September quarter of FY27. A year earlier, the loss was Rs 29.9 crore.
Revenue from operations rose about 35% to Rs 471.9 crore from Rs 350.1 crore. The company announced the results on 3 November 2026 and called its IGAAP-equivalent revenue of Rs 475 crore its highest ever quarterly revenue.
IndiQube Q2 FY27 at a glance
| Detail | Value |
|---|---|
| Quarter | July to September 2026 (Q2 FY27) |
| Consolidated net loss | About Rs 5.9 crore (Rs 29.9 crore a year ago) |
| Revenue from operations | Rs 471.9 crore (Rs 350.1 crore a year ago, up about 35%) |
| Revenue from operations, first half of FY27 | About Rs 895 crore |
| Ind AS EBITDA | About Rs 297 crore, a margin of 63% |
| IGAAP-equivalent revenue | Rs 475 crore, up 34% |
| IGAAP-equivalent profit after tax | Rs 57 crore, up 63% |
| Centres | 138 across 17 cities |
| Clients | 884 |
Why IndiQube shows a loss under Ind AS but a profit on an IGAAP-equivalent basis
IndiQube reports two sets of numbers. Under Ind AS, the accounting standard it files under, the company recorded a net loss. On an IGAAP-equivalent basis, which leaves out the effect of Ind AS 116 lease accounting, it reported a profit after tax of Rs 57 crore, up from Rs 35 crore a year earlier.
The company said the gap comes mainly from two non-cash items: depreciation on right-of-use assets, about Rs 152 crore in the quarter, and interest on lease liabilities, about Rs 123 crore. On the IGAAP-equivalent basis, EBITDA was Rs 105 crore, up 40%, a margin of 22%.
How IndiQube's centres, clients and services business grew
IndiQube runs managed office spaces for global capability centres, large Indian groups, unicorns and startups. It now manages 10.86 million sq ft across 138 centres in 17 cities, with about 241,000 seats.
It serves 884 clients. Global capability centres contribute 54% of revenue and clients with more than one centre contribute 41%. Value added services such as design and build work grew 74% to Rs 154 crore in the first half and make up 17% of operating revenue. Occupancy at its steady-state centres was 91%, while overall occupancy was 86%, against 87% a year earlier.
IndiQube's results, a year apart
| Period | What was reported |
|---|---|
| Q2 FY26 (July to September 2025) | Revenue from operations of Rs 350.1 crore and a net loss of Rs 29.9 crore |
| Q2 FY27 (July to September 2026) | Revenue from operations of Rs 471.9 crore and a net loss of about Rs 5.9 crore |
| H1 FY27 (April to September 2026) | Revenue from operations of about Rs 895 crore, up about 36%; IGAAP-equivalent profit after tax of Rs 92 crore, up 66% |
Where IndiQube stands after the September quarter
IndiQube's Ind AS net loss has narrowed from Rs 29.9 crore to about Rs 5.9 crore in a year, while revenue from operations has grown from Rs 350.1 crore to Rs 471.9 crore. The company holds a CRISIL A+ (Stable) rating. Its 138 centres serve 884 clients, with about 241,000 seats across 17 cities.
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