Indiqube Spaces LimitedReal EstateINDIQUBE
Q1 FY27 concall · earnings callIndiqube Spaces Limited
Indiqube started FY27 with record quarterly revenue, strong profit growth, and continues its expansion guided by a 'follow the talent' strategy while scaling its value-added services.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹428 Cr | 37% | |
| EBITDA | ₹87 Cr | 34% | |
| EBIT | ₹55 Cr | 59% | |
| PAT | ₹35 Cr | 91% | |
| EBITDA Margin | 20% | — | |
| EBIT Margin | 13% | — | |
| PAT Margin | 8% | — | |
| Area Under Management (Added) | 1.91 million square feet | — |
TL;DR
- Q1 revenue hit a record INR 428 Cr, up 37% YoY.
- PAT surged 91% to INR 35 Cr with margin expansion.
- Added 1.91 million sq ft to area under management and launched 17 new centers.
- Value-added services (VAS) revenue contribution is now ~17%, expected to grow further.
- Solar capacity expanded to 30 MW, with plans to add 25-30 MW this year at a capex of INR 100-120 Cr.
- Occupancy for mature centers is 90%, corporate-level occupancy is 86%.
Said on the call
“The next phase for us is about compounding what we have built.”
From the Q&A
| Topic | What management said |
|---|---|
| Annual Area Addition Guidance | Management reiterated the target to add close to 2 million sq ft of rent-paying area annually, explaining that Q1's flat sequential addition is due to timing of building ramp-ups and that a signed pipeline of 3.9 million sq ft provides coverage. |
| VAS Revenue and Growth | One-time VAS revenue of INR 39 Cr was recognized from DesignQube, IndiCare, and Eco services. Management expects VAS contribution to increase by 2% to 4% from the current 17%, with a focus on scaling over margin expansion in the near term, targeting ~15% margins for VAS. |
| Solar Investment | Plans to add 25-30 MW of solar capacity in the current year with a capex of INR 100-120 Cr, generating IRRs of 18-22%. |
| Client and Revenue Mix | Revenue breakdown: 53% from GCCs, 23% from startups/unicorns, and 28% from Indian enterprises (which includes IT services companies). |
| New Center Break-even Timeline | New centers reach operational break-even (52-57% occupancy) in 5-6 months and steady-state (~90% occupancy) within 9-12 months, not 36 months which is the capex recovery period. |
| Occupancy and Margin Ranges | Guided ranges: corporate occupancy 80-85%, mature center occupancy 85-90%; EBITDA margin 19-21%, EBIT margin 11-13%, PAT margin 8-10%. |
| Expansion Strategy and Markets | Strategy is 'follow the talent' and micro-market focused. Bullish on Noida, with plans to sign larger spaces in Hyderabad and Mumbai in FY27. Tier-2 city economics are similar to metros, with cheaper real estate and seat pricing. |
| Supply Source and Pricing | ~20% of supply is institutional (e.g., REITs), up from 12% a few years ago. Institutional supply commands higher rents but also attracts GCCs willing to pay more, keeping margins consistent. |
Guidance
- Add close to 2 million square feet of rent-paying area annually.
- VAS revenue contribution expected to increase by 2% to 4% from the current ~17%.
- Add 25-30 megawatts of solar capacity in the current year with a capex of INR 100-120 Cr.
- Maintain corporate occupancy in the range of 80-85% and mature center occupancy at 85-90%.
- Target EBITDA margin range of 19-21%, EBIT margin 11-13%, and PAT margin 8-10%.
- Plan to sign larger spaces in Hyderabad and Mumbai in the current financial year.
Source
Summary written from the transcript filed by Indiqube Spaces Limited for the call held on 13 Aug 2026; published 22 Aug 2026, 09:54 IST.
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