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Revenue
₹395 Cr
verification pending
Revenue YoY
45%
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indiqube delivered a strong Q3 FY26 with revenue of ₹395 crore (+45% YoY) and PAT of ₹40 crore (more than doubled YoY). Growth was driven by 27% increase in occupied seats, occupancy improvement to 84%, and higher value-added services (VAS) contribution at 13% of revenue. Management guided for 30% annual topline growth supported by a signed pipeline of 3.26M sq ft, with corporate occupancy maintained at 80-85%. EBITDA margin is expected to remain in the 20-21% range as focus stays on scaling. Key risk: temporary occupancy volatility from large rent-paying area additions could mask underlying trends.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects ~30% revenue growth supported by a signed pipeline of 3.26M sq ft becoming operational over 18-24 months.
- Occupancy guidance maintained: corporate level 80-85%, mature centers (12+ months) 85-90%.
- Management expects EBITDA margin to remain in the 20-21% range as focus is on scaling rather than margin expansion.
- Value-added services contribution expected to increase to 15% of total revenue in FY27, with net margins of ~15%.
Risks flagged
- Quarterly occupancy may dip due to timing of new rent-paying area additions, as seen in Q3 (84% from 81% QoQ).
- Over 50% of India's commercial real estate absorption is in South India; any regional slowdown could impact Indiqube disproportionately.
- One-time VAS revenue (e.g., design & build) is lumpy and can cause fluctuations in total VAS contribution, as seen with a large client interior project.
Key quotes
- We view our dominance in South India not as a concentration risk but as a strategic positioning that reinforces our leadership and our status as a preferred workspace partner for the global capability centers.
- Our philosophy of follow the talent wherever talent is going we are going there.
- The market opportunity is extremely large and at this stage our focus is on capturing demand and scaling the platform rather than optimizing on this incremental margin.
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