IndiQube Spaces posted its highest-ever quarterly revenue of ₹428 crore in Q1FY27. PAT surged 91% to ₹35 crore, while EBITDA rose 34% to ₹87 crore. The managed workspace provider also expanded its portfolio to 10.61 million sq ft and 236,000 seats, supported by stronger occupancy and VAS growth.
Managed workspace provider IndiQube Spaces has reported a strong first quarter for FY27, with revenue reaching a record ₹428 crore, up 37% year-on-year.
The performance reflects continued growth across its managed office platform, supported by higher occupancy, expanding workspace capacity and increasing revenue from value-added services (VAS).
Profitability improved at an even faster pace. EBITDA increased 34% to ₹87 crore, while EBIT rose 59% to ₹55 crore. Profit after tax (PAT) jumped 91% to ₹35 crore.
EBITDA margin stood at 20%, while EBIT and PAT margins improved to 13% and 8%, respectively. The figures point to growing operating leverage as IndiQube scales its network.
Workspace Footprint Continues to Expand
IndiQube also continued to add capacity during the quarter. Its area under management increased by 1.91 million sq ft year-on-year to 10.61 million sq ft.
Seat capacity expanded by 43,000 seats to reach 236,000 seats, giving the company a larger platform to serve enterprise occupiers and other businesses seeking managed office solutions.
Rishi Das, Co-founder and CEO of IndiQube, said, “EBITDA increased 34% to Rs 87 crore, EBIT grew 59% to Rs 55 crore, and PAT grew 91% to Rs 35 crore.”
He added that the company remains focused on maintaining a “healthy balance of scale, profitability & capital efficiency” as the platform expands.
Occupancy Strengthens Across the Portfolio
Higher utilisation was another important driver of the quarter’s performance. Steady-state occupancy reached 90%, while overall occupancy improved to 86%.
The stronger numbers suggest that demand for managed and flexible office space remains healthy, while IndiQube is also improving utilisation across its existing portfolio.
Meghna Agarwal, Co-founder of IndiQube, said, “Steady-state occupancy strengthened to 90% and overall occupancy improved to 86%, underscoring healthy customer demand and improved utilisation across the portfolio.”
For flexible workspace operators, occupancy remains a critical performance metric because higher utilisation can improve revenue productivity and operating margins without requiring a proportionate increase in the underlying real estate footprint.
Value-Added Services Become a Bigger Revenue Driver
IndiQube’s growth is increasingly extending beyond workspace rentals. Revenue from value-added services reached ₹72 crore during Q1FY27, with its contribution to operating revenue rising from 11% to 17%.
The increase highlights the growing importance of ancillary services in the managed workspace business. These services can diversify revenue streams while allowing operators to capture more value from existing enterprise relationships.
The latest results also point to a broader shift in India’s flexible office sector. As operators scale their portfolios, profitability, occupancy and revenue diversification are becoming as important as adding new seats.
With 10.61 million sq ft under management, 236,000 seats and improving margins, IndiQube enters the rest of FY27 with a stronger operating base. Its Q1 performance suggests that demand for managed workspaces remains robust while the business model continues to mature beyond traditional desk and office rentals.
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