For the nine months ended December 2025, IndiQube reported revenues of ₹1,063 crore, up 37% year-on-year, while PAT was at ₹95 crore, reflecting a 284% increase. The company’s return on capital employed (ROCE) improved to 23% in the third quarter of FY26, compared to 15% a year earlier. IndiQube also strengthened its balance sheet, with its debt-to-equity ratio improving to 0.15 from 0.80 last year.IndiQube delivered a strong performance, posting a record quarterly revenue of ₹395 Cr in Q3 FY26, growing 45% YoY. With a healthy revenue of ₹1,063 Cr in the nine months of FY26, the company continues to exhibit high earnings visibility, supported by an annuity-based revenue mix, with recurring revenue contributing 94%.
“Profitability continued to improve, with 9-month FY26 PAT 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 fiscal close in Q4,” said Rishi Das, co-founder and CEO of IndiQube.
Operationally, the company continued to grow its national footprint. IndiQube added almost 1.5 million square meters of managed area (AUM) in the past year, bringing its total portfolio to 9.55 million square meters. Seating capacity grew by approximately 33,000 seats, reaching more than 212,000 seats.
During this period, IndiQube entered three new cities – Bhubaneswar, Indore and Kolkata – and expanded its presence to 17 cities. The company added 21 new centers, bringing its total portfolio to 129 properties, while maintaining portfolio occupancy at 84%, compared to 81% in the third quarter of FY25. launched new centers and entered 3 new cities. Bhubaneswar strengthens IndiQube’s footprint in 17 cities, strengthening our position on the Indian workspace platform,” said Meghna Agarwal, co-founder of IndiQube.
“Our Bespoke Design & Build offering continues to gain strong traction, with 60,000 sq ft signed for two projects in Guwahati and Chennai. This momentum reaffirms our ability to scale value-added services beyond our core leasing footprint and address a broader spectrum of business requirements,” she said.
The company leased 38,000 square feet of workspace in Bangalore to one of India’s oldest law firms. The company’s credit profile remains strong with CRISIL reaffirming its ‘A+’ rating with a stable outlook.
IndiQube said that while it recorded a current tax expense of ₹13 crore during the nine-month period, a notional loss was recognized under Ind AS accounting standards, largely due to adjustments in lease accounting. As per Ind AS reporting, the company posted an EBITDA margin of 61% and a net loss of ₹17 crore. The variation is primarily due to non-cash accounting impacts, including depreciation on right-of-use assets and interest on lease liabilities, the company said.
IndiQube provides managed workspace solutions for startups, global capacity centers and enterprises, and continues to focus on scaling design-driven and technology-integrated workspaces across India.
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