Indiqube Spaces Ltd.
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ABOUT
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company has a healthy return on capital (ROCE) of 22.3%
- Operating margins have improved to 60.7% from 44.5%
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -129.1% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -3.53x)
- Interest coverage is weak at 0.7x - earnings barely cover interest
- Working capital days have increased from -206 to -96 days
- Stock is trading at 5.7x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PFOCUS | 312.75 | 210.73 | 24356.15 | 0.00 | -457.78 | -514.43 | 12668.15 | 1196.88 | 2.74 | 23.76 |
| SAGILITY | 44.57 | 21.01 | 20864.68 | 0.34 | 216.81 | 45.94 | 1963.48 | 27.59 | 13.82 | 22.32 |
| HORIZONIND | 55.59 | 243.77 | 16026.06 | 0.00 | -116.27 | — | 2005.46 | — | 3.32 | 80.26 |
| SYNGENE | 384.20 | 70.18 | 15508.97 | 0.33 | -9.00 | -110.38 | 736.00 | -15.84 | 9.48 | 12.34 |
| INDGN | 577.00 | 34.68 | 13903.78 | 0.39 | 116.20 | -0.17 | 1063.10 | 39.73 | 18.92 | 16.39 |
| IGIL | 311.90 | 22.11 | 13479.06 | 1.60 | 1657.36 | 1209.83 | 3707.76 | 1132.17 | 77.00 | 60.35 |
| NESCO | 1091.55 | 18.46 | 7691.06 | 0.64 | 99.96 | 3.97 | 211.80 | 9.55 | 19.23 | 48.33 |
| SPARC | 196.95 | 4.03 | 6391.45 | 0.00 | -20.78 | 59.94 | 39.92 | 314.11 | 163.94 | -85.17 |
| LEAPIND | 140.95 | 99.60 | 6209.36 | 0.00 | 247.33 | — | 2034.13 | — | 9.32 | 51.19 |
| SMARTWORKS | 537.60 | 220.61 | 6149.13 | 0.00 | 131.48 | 3232.71 | 5462.48 | 1340.49 | 61.12 | 63.33 |
| JUSTDIAL | 667.45 | 15.64 | 5676.60 | 0.00 | 115.74 | 38.44 | 270.27 | 16.23 | 12.88 | 26.17 |
| INDIQUBE | 203.85 | 0.00 | 4321.57 | 0.00 | -23.88 | 35.03 | 422.69 | 36.66 | 54.58 | 61.15 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 242 | 252 | 268 | 297 | 309 | 350 | 390 | 401 | 423 | |
| 98 | 107 | 110 | 127 | 121 | 142 | 153 | 153 | 479 | |
| Operating Profit | 144 | 145 | 158 | 170 | 188 | 208 | 237 | 248 | -57 |
| OPM % | 59.46% | 57.41% | 58.89% | 57.24% | 60.82% | 59.37% | 60.85% | 61.79% | -13.40% |
| 9 | 12 | 13 | 10 | 15 | 16 | 21 | 24 | 26 | |
| Interest | 74 | 79 | 86 | 91 | 110 | 107 | 112 | 119 | 127 |
| Depreciation | 118 | 122 | 117 | 130 | 143 | 156 | 169 | 177 | 188 |
| Profit before Tax | -39 | -44 | -33 | -41 | -50 | -39 | -23 | -24 | -31 |
| Tax % | -6.97% | -19.83% | 58.16% | 24.29% | 26.44% | 22.80% | 26.10% | 5.19% | 21.72% |
| Net Profit | -42 | -53 | -14 | -31 | -37 | -30 | -17 | -23 | -24 |
| -2.30 | -2.86 | -0.75 | -1.72 | -2.01 | -1.48 | -0.81 | -1.07 | -1.13 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 344 | 580 | 831 | 1,059 | 1,451 | 1,564 | |
| 215 | 343 | 604 | 443 | 569 | 928 | |
| Operating Profit | 129 | 237 | 226 | 617 | 881 | 637 |
| OPM % | 37.63% | 40.83% | 27.25% | 58.20% | 60.75% | 40.70% |
| 11 | 22 | 37 | 44 | 77 | 88 | |
| Interest | 143 | 188 | 256 | 330 | 448 | 466 |
| Depreciation | 221 | 298 | 392 | 487 | 645 | 690 |
| Profit before Tax | -224 | -228 | -385 | -157 | -136 | -116 |
| Tax % | 15.90% | 13.08% | 11.26% | 11.24% | 21.60% | 19.55% |
| Net Profit | -188 | -198 | -342 | -140 | -106 | -93 |
| EPS | -16.13 | -15.28 | -1866.16 | -10.72 | -5.02 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 36%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -9%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -77%
- 3 Years:
- -129%
- Last Year:
- -45%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 0 | 0 | 0 | 13 | 21 | |
| -238 | -312 | 114 | -46 | 484 | |
| 2,085 | 2,872 | 2,942 | 3,942 | 5,063 | |
| Trade Payables | 24 | 27 | 44 | 54 | 80 |
| 394 | 333 | 467 | 595 | 686 | |
| Total Liabilities | 2,265 | 2,921 | 3,567 | 4,559 | 6,334 |
| 2,006 | 2,546 | 3,085 | 3,955 | 5,213 | |
| Capital Work in Progress | 22 | 21 | 74 | 114 | 96 |
| 2 | 1 | 1 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 1 | |
| 0 | 0 | 59 | 79 | 113 | |
| Cash & Bank | 0 | 10 | 0 | 6 | 385 |
| 235 | 342 | 348 | 405 | 526 | |
| Total Assets | 2,265 | 2,921 | 3,567 | 4,559 | 6,334 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 207 | 333 | 542 | 612 | 920 | |
| Cash from Investing | -47 | -174 | -193 | -259 | -737 |
| Cash from Financing | -176 | -149 | -365 | -337 | -178 |
| -21 | 1 | -15 | 15 | 6 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Indiqube Spaces Limited has informed the Exchange about Schedule of meets and Presentation
2026-09-03 - The Exchange has sought clarification from Indiqube Spaces Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-09-03 - Indiqube Spaces Limited has informed the Exchange about Schedule of meet on September 08, 2026.
2026-08-19 - Indiqube Spaces Limited has informed the Exchange regarding a press release dated August 12, 2026, titled "IndiQube Deepens Partnership With Leading Global Audio Series Platform; Secures 1,300 Seats Workspace Deal In Bengaluru".
2026-08-18 - Indiqube Spaces Limited has informed the Exchange about Transcript of Earnings call held on August 13, 2026
2026-08-13 - Indiqube Spaces Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 12, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-13 - Audio Recording of Earnings Conference Call for the quarter ended June 30, 2026
2026-08-13 - Copy of Newspaper Publication: Financial Results for the quarter ended June 30, 2026
2026-08-12 - Monitoring Agency Report for the quarter ended June 30, 2026
News
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