IndiQube Spaces Limited, one of India’s leading tech-enabled workspace solutions provider, has announced its financial results for Q3 and nine months ended Dec 31, 2025.

Commenting on the results, Rishi Das, Co-founder & CEO, IndiQube, said, “IndiQube delivered a strong performance, with record quarterly revenue of ₹395 Cr in Q3 FY26 growing at 45% YoY. With healthy revenue of ₹1,063 Cr in 9-Months of FY26, the business continues to demonstrate high earnings visibility, supported by annuity led revenue mix, with recurring revenues contributing 94%. Profitability continued to strengthen, with PAT for 9-Months FY26 increasing to ₹95 Crores, reflecting our consistent focus on building a profitable and resilient business. With a healthy EBITDA margin of 21% in Q3 FY26, we see continued stability in our margins and look forward to a strong closure for the financial year in Q4.”

Meghna Agarwal, Co-founder, IndiQube, added, “Q3 FY26 marked significant momentum across our growth & capability expansion. Compared to Q3 FY25, we have expanded by 1.5 Mn sq.ft, added 33K seats, launched 21 new centers, and entered 3 new cities. Our entry into Bhubaneswar strengthens IndiQube’s footprint to 17 cities, reinforcing our position as a PAN India workspace platform.

Our Bespoke Design & Build offering continues to gain strong traction, with ~66,000 sq. ft. signed across two projects in Guwahati and Chennai. This momentum reaffirms our ability to scale value added services beyond our core leasing footprint and address a wider spectrum of enterprise requirements. We also leased ~38,000 sq. ft. of workspace in Bangalore to one of India’s oldest law firms. Transactions like these reinforce IndiQube as a preferred workspace solutions partner for large enterprises.”

Key Financial Highlights:

• Revenue (AUM):

o Q3 revenue of ₹395 Cr, growing at 45% YoY

o 9-Months revenue at ₹1063 Cr, with YoY growth of 37%

• Profit After Tax:

o Q3 PAT of ₹40 Cr, growing at 214% YoY

o 9-Months PAT at ₹95 Cr, with YoY growth of 284%

• ROCE: Grows to 23% in Q3 FY26 compared to 15% in Q3 FY25.

• Debt to Equity Ratio: Improves to 0.15 in Q3 FY26 compared to 0.80 in Q3 FY25

Key Operational Highlights:

• Area Under Management (AUM): Increased by nearly 1.5 Mn sq. ft. YoY, to 9.55 Mn

sq. ft.

• Seat Capacity: Increased by nearly 33 K seats to 212 K Seats

• City Expansion: Entered 3 new cities – Bhubaneshwar, Indore & Kolkata

• Center Additions: Added 21 new centers YoY

• Current Portfolio: 129 properties across 17 cities pan-India

• Occupancy: Healthy 84% portfolio occupancy

• Credit Rating: CRISIL ‘A+’ (Stable) rating, reaffirming financial strength

While the company reported strong operating performance with a current tax expense of ₹13 Cr in 9-Months FY26, a notional loss was recognised under Ind AS reporting, which is primarily due to Ind AS accounting adjustments. Under Ind AS, IndiQube reported an EBITDA margin of 61% (₹237 Cr) and a net loss of ₹17 Cr.

The variance between Ind AS and IGAAP-equivalent reporting arises mainly from non-cash accounting impacts, primarily on account of Ind AS 116, such as;

• Depreciation on Right-of-Use (ROU) assets, and

• Interest on lease liabilities.

These adjustments are purely accounting in nature and do not affect the company’s underlying operating strength. IndiQube’s core business, continues to demonstrate robust profitability and cash generation.