Indiqube Spaces Ltd

Deal details

• IndiQube leases nearly 1,300 seats at Bengaluru Outer Ring Road campus.
• Deal value approximately ₹68 crore.
• Client expanding from Koramangala to a premium tech park on ORR.
• The client is a global audio series platform expanding in Bengaluru.
• Strengthens IndiQube's enterprise portfolio with unicorn-focused occupancy.

Operational/Strategic implications

• Expansion reinforces IndiQube's role as a long-term workspace partner for high-growth tech firms.

Meeting Details

• Date: August 13, 2026.
• Type/Mode: Group earnings conference call, virtual.
• Organiser: JM Financial Services hosted the call.
• Time: Afternoon session.

Participants

• Chairman and CEO
• Executive Director & COO
• Chief Financial Officer
• Head of Investor Relations
• AVP Marketing

Purpose

• Discuss Q1 FY27 results (quarter ended June 30, 2026).
• Interactive Q&A with investors and analysts.

Additional Notes

• Transcript of Q1 FY27 earnings call available on company website.
• Presentation uploaded to stock exchanges and company website.
• Conference call was recorded.

AGM Details

• AGM held on 12 August 2026 via VC/OAVM at 10:00 IST.

Key Resolutions

• Resolution 1 (Ordinary): Adopt audited financial statements for the year ended March 31, 2026.
• Resolution 2 (Ordinary): Reappoint Anshuman Das as Director, retiring by rotation.
• Resolution 3 (Ordinary): Appoint Varsha V Shenoy as Secretarial Auditor for five years.

Voting Results

• Resolution 1: Passed by ordinary majority.
• Resolution 2: Passed with majority in favour; minor opposition.
• Resolution 3: Passed; near-unanimous in favour.

Governance Changes

• Governance changes: Anshuman Das reappointed as Director; Varsha V Shenoy appointed Secretarial Auditor for five years.

Meeting Details

• Date: August 13, 2026; Time: not disclosed.
• Type: group earnings conference call; Mode: audio recording.
• Event/organiser: Indiqube Spaces Limited earnings call.

Participants

• Company Secretary and Compliance Officer is the signatory.

Purpose

• Purpose: discuss quarterly results for the quarter ended June 30, 2026.

Additional Notes

• Audio recording of the earnings call available on the company website.

Issue Overview

• Type of issue: IPO; securities: Equity Shares.
• Deviation in utilization from the offer document, approved by shareholders.
• Main objectives: capex for new centers, debt repayment, and general corporate purposes.
• Shareholder-approved reallocation of proceeds among objects; deviation range 25-35%.

Utilisation of Proceeds

• Utilisation largely as disclosed, with deviations approved by shareholders.
• Shareholders approved reallocation from the first object to other objects.
• Object 1: funding capital expenditure towards new centers – partially utilized; delayed.
• Object 2: debt repayment – fully utilized.
• Object 3: general corporate purposes – largely utilized; small balance unutilised.
• Objects 4–7: no utilization in the quarter.
• Unutilised proceeds parked in fixed deposits and monitoring accounts.

Governance and Compliance

• Shareholder approval obtained for deviations and reallocation; statutory approvals not noted.
• No material events reported that could affect viability.
• Board approval for allocations not explicitly documented in MAR.

General Corporate Purpose

• GCP allocation: no utilization in the quarter; unutilised balance persists.
• Board approval for GCP allocation not explicitly stated in MAR.

Financial highlights

• Revenue ₹428 Cr, up 37% YoY.
• EBITDA ₹87 Cr, up 34% YoY; margin 20%.
• EBIT ₹55 Cr, up 59% YoY; margin 13%.
• PAT ₹35 Cr, up 91% YoY; margin 8%.
• VAS revenue ₹72 Cr; VAS contribution 17% of operating revenue.
• Ind AS vs IGAAP: EBITDA margin 61% and net loss ₹24 Cr under Ind AS.

Operational highlights

• Area Under Management 10.61 Mn sq ft, up 1.91 Mn YoY.
• Seat capacity 236k, up 43k YoY.
• Center additions: 17 new centers YoY.
• Portfolio: 137 properties across 17 cities pan-India.
• Occupancy steady-state 90%; overall occupancy 86%.

Other material details

• CRISIL rating reaffirmed: A+ (Stable).
• Earnings conference call: Aug 13, 2026 at 2:00 PM IST.
• Investor materials available on IndiQube website.

Business overview

• Integrated managed spaces platform for India's office markets.
• Pan-India footprint: 137 centers across 17 Tier I/II cities.
• Segments: recurring rents, DesignQube finance leases, and value-added services.
• Strategic focus: scale profitability and capital efficiency while expanding micromarkets.
• MiQube digital stack powers tenant apps and connected facilities.
• Green-certified assets expanding; 4.4 million sq ft green certified.
• Hub-and-spoke talent catchments to extend market reach.

Operational highlights

• Q1 FY27 revenue ₹428 crore, up 37% YoY.
• EBITDA ₹87 crore; 20% margin; up 34%.
• EBIT ₹55 crore; 13% margin; up 59%.
• PAT ₹35 crore; 8% margin; up 91%.
• Steady-state occupancy 90%; overall occupancy 86%.
• VAS revenue ₹72 crore; 17% of operating revenue.
• Centers 137; 17 cities (Tier I/II).
• Noida Expressway supply: 3.9 lakh sq ft.
• Bengaluru D&B design project: 39k sq ft.
• Bangalore workspace deal: ₹52 crore.
• MiQube app downloads: 148k; FY26 transactions: 1.5m.

Financial performance

• Revenue from operations 428 Cr; Recurring 395 Cr; One-time 33 Cr.
• Adjusted Cash EBIT 75 Cr; cash EBIT 68 Cr; margin 18%.
• EBITDA 87 Cr; margin 20%; PBT 43 Cr; PAT 35 Cr.
• IBIT margin 13%; PAT margin 8%.
• Ind AS 116 impact: ROU depreciation 148 Cr; lease interest 116 Cr.
• Net debt turned negative; debt-to-equity 0.05.

Capital structure & liquidity

• Net debt moved to negative; strong net cash position.
• Debt-to-equity improved to 0.05; liquidity position strengthened.
• No new debt issuance disclosed in this quarter.

Strategic priorities & outlook

• Sustain scale, profitability, and capital efficiency.
• Accelerate pan-India expansion; ramp Noida Expressway supply.
• Grow MiQube platform and value-added services.
• Target micromarkets with hub-and-spoke model; expand green-certified assets.
• Asset mix: 55% full buildings; 23% renovated properties.
• Occupancy headroom ~3.87 million sq ft.

Risks & mitigation

• Lease liabilities inflating reported leverage under Ind AS 116; exclude from D/E.

Governance & leadership

• Founders Anuj Sonpal (CEO) and Rishi Das remain at the helm.
• Meghna Agarwal is Co-founder; CFO Pawan Jain continues in role.
• Company Secretary & Compliance Officer: Bhasker Dubey.

Financial performance

• Revenue from operations: 4,226.85; total income: 4,488.14 for quarter ended 30 Jun 2026.
• YoY revenue from operations rose about 37% to 4,226.85.
• Total expenses: 4,793.24; loss before tax: (305.10).
• Net loss after tax: (238.82) for the quarter ended 30 Jun 2026.
• EPS basic/diluted: (−1.13) for the quarter.
• Auditors' review: Limited Review Report with unmodified opinion.
• Single reportable segment: leasing of managed commercial spaces; no segments.

AGM Details

• Date, time and mode: 12 Aug 2026, 10:00–10:53 IST, via VC/OAVM.
• Remote e-voting ran 8–11 Aug 2026; voting available during the AGM.
• Meeting chaired by Rishi Das; key management present; two directors could not attend.

Resolutions put to vote

• Ordinary Resolution: adopt audited financial statements for the year ended March 31, 2026.
• Ordinary Resolution: re-appointment of Anshuman Das by rotation.
• Ordinary Resolution: appoint Varsha V Shenoy as Secretarial Auditor for five years.

Voting status

• Voting results to be declared within two working days after the AGM.