IndiQube Q1: Loss Narrows 12% YoY To INR 36.8 Cr

Recently listed IndiQube reported a 12% decline in its net loss to INR 36.8 Cr in Q1 FY26 from INR 42 Cr in the year-ago quarter. However, loss rose 18% from INR 31.3 Cr in Q4 FY25.

The managed workplace provider’s operating revenue rose 28% to INR 309.3 Cr during the quarter under review from INR 242.2 Cr in Q1 FY25. Sequentially, revenue grew 4% from INR 296.9 Cr.

Including other income of INR 14.8 Cr, IndiQube’s total income rose 29% to INR 324.1 Cr from INR 251.3 Cr a year ago. Meanwhile, total expenses zoomed 29% YoY to INR 374 Cr. 

However, IndiQube said it was profitable in Q1 as per IGAAP (Indian Generally Accepted Accounting Principles) accounting standards, with a net profit of INR 18.5 Cr. It said its EBITDA grew over 97% YoY to INR 65 Cr in the June quarter as per IGAAP. 

For context, non-SME listed companies are required to report their financials as per Ind AS, or the Indian Accounting Standards.

IndiQube said that the accounting loss reported under Ind AS arose primarily due to the application of Ind AS 116 (Leases), which requires the recognition of non-cash expenses such as depreciation on right-of-use assets and interest on lease liabilities. 

“These adjustments are accounting in nature, do not affect our cash flows, and are specific to the lease accounting methodology prescribed under the standard. Our financial position, cash generation, and ability to meet obligations remain robust. Our CRISIL A+ rating reflects IGAAP profitability,” the company said.

In Q1, the managed workplace provider added nearly 10 Lakh sq. ft. of area under management and 17 new centres to its kitty, taking its total to 120 properties. Further, its seat count increased to 1.93 Lakh with the addition of 21,000 seats in the quarter. 

With expansion in Kolkata and Mumbai in the quarter, IndiQube now commands a pan-India presence in 15 cities. At the end of June, IndiQube had 789 companies as clients, 40% of which were GCCs. 

IndiQube became the third coworking space provider on July 30 to list on the bourses, after Smartworks and Awfis. Besides trailing its competitors to the bourses, the company is also behind in terms of financial performance.

While Smartworks leads the pack with an operating revenue of INR 379.2 Cr in Q1 FY26, Awfis is the lone profitable company in the space with a PAT of INR 10 Cr in the June quarter. 

Shares of IndiQube made an underwhelming public market debut last month, listing at a 8% discount at INR 218.7 on the BSE. After touching an all-time low of INR 195.3 on August 7, the company’s shares rose in the run up to its first financial disclosure post-listing. 

The stock ended today’s trading session 2.68% higher at INR 218.05 on the BSE.