IndiQube reported a 43% year-on-year drop in net loss to ₹29.9 crore in Q2 FY26, with revenue jumping 39% to ₹350 crore. The company added 21 new centres, crossed 9.1 million sq. ft. in AUM, and announced plans to enter the solar energy business, reinforcing its sustainable growth strategy.
Revenue Rises, Losses Shrink
Managed workspace operator IndiQube significantly narrowed its Q2 FY26 loss to ₹29.9 crore — a 43% year-on-year improvement from ₹52.5 crore in the same quarter last year. On a sequential basis, losses decreased by 19% to ₹36.8 crore. The company’s operating revenue climbed 39% YoY and 13% QoQ, reaching ₹350.1 crore, while total income stood at ₹366.6 crore, including other income of ₹16.5 crore.
Meanwhile, total expenditure rose 32% to ₹405.3 crore, offset by a tax credit of ₹8.8 crore during the quarter, compared to a tax outgo of ₹8.7 crore in the previous year.
Operational Strength and Expansion
Cofounder and CEO Rishi Das highlighted the company’s strong operating performance, noting an EBITDA of ₹75 crore with a margin of 21%, resulting in a net profit of ₹28 crore under IGAAP. “The variance between Ind AS and IGAAP arises mainly from non-cash accounting impacts, particularly depreciation on right-of-use assets and interest on lease liabilities,” the company clarified.
Operationally, IndiQube’s assets under management grew 17% YoY to 9.1 million sq. ft., adding nearly 30,000 new seats. The quarter saw 21 new centres opened across India, taking the total to 125, with an impressive 87% occupancy rate and 801 client companies, of which 40% were global capability centres (GCCs).
Strategic Wins and New Markets
Cofounder Meghna Agarwal underscored IndiQube’s growing reputation among enterprise clients:
“We had some big wins this quarter, including a 1.4 lakh sq. ft. leasing deal in Bengaluru with the world’s largest asset manager and a 68,000 sq. ft. design-and-build project in Hyderabad for one of India’s largest automakers.”
The company also expanded its footprint to Indore and Mohali, marking its presence across 16 Indian cities. These moves position IndiQube firmly among India’s top managed workspace providers, with a continued focus on growth in Tier-2 cities.
Pivot to Sustainable Growth
In line with long-term sustainability goals, IndiQube’s board has approved entry into the solar energy business, enabling it to generate and sell solar power through rooftop photovoltaic systems and hybrid solar solutions for residential, commercial, and industrial use. The diversification aligns with its commitment to reduce operational costs and promote cleaner energy adoption in the workspace ecosystem.
With strong revenue growth, operational expansion, and a strategic pivot toward sustainability, IndiQube’s Q2 results reflect a company evolving beyond managed offices — toward a diversified, future-ready business model within India’s rapidly transforming commercial real estate landscape.
