Indiqube Spaces Q2 FY27 Results: Standalone Net Loss ₹15.87 Crore on Total Income of ₹492 Crore
- Earnings
- Commercial workspace leasing
Reviewed byRachit TripathiBlacklitt Research
Indiqube Spaces (NSE: INDIQUBE) reported standalone total income of ₹492.16 crore for the quarter ended 30 Sep 2026 and a net loss of ₹15.87 crore, it said in a filing on 03 Nov 2026. The company reports no consolidated figures in this filing.
Key highlights
Standalone
The company on its own, without its subsidiaries
- Total income: ₹492.16 crore, up 34.3% YoY and 9.7% QoQ
- Net profit and EPS: Net loss of ₹15.87 crore; basic EPS of -₹0.28
- Finance costs: ₹129.13 crore, 26.2% of total income
- Depreciation: ₹194.95 crore, up 24.8% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 492.16 | 366.59 | +34.3% | 448.81 | +9.7% | |
| Revenue from operations | 471.90 | 350.14 | +34.8% | 422.69 | +11.6% |
| Other income | 20.26 | 16.45 | +23.1% | 26.13 | -22.5% |
| -15.87 | -29.87 | +46.9% | -23.88 | +33.6% | |
| Profit before tax | -17.37 | -38.69 | +55.1% | -30.51 | +43.1% |
| Finance costs | 129.13 | 106.79 | +20.9% | 127.22 | +1.5% |
| Depreciation | 194.95 | 156.23 | +24.8% | 187.89 | +3.8% |
| Tax expense | -1.50 | -8.82 | +83.0% | -6.63 | +77.4% |
| Net profit margin | -3.22% | -8.15% | +4.92 pp | -5.32% | +2.10 pp |
| EPS, basic (₹) | -0.28 | -1.48 | +81.1% | -1.13 | +75.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Revenue from operations rose 34.8% to ₹471.90 crore, faster than other income, which rose 23.1% to ₹20.26 crore.
Costs below the operating line are large relative to income. Finance costs of ₹129.13 crore equal 26.2% of total income, and depreciation rose 24.8% year on year to ₹194.95 crore. Tax was a credit of ₹1.50 crore against ₹8.82 crore a year earlier, so the loss before tax of ₹17.37 crore narrowed to a similar extent as the net loss.
Other income fell 22.5% from the previous quarter to ₹20.26 crore and made up 4.1% of total income. The filing's notes do not give a reason for the change in finance costs or depreciation.
The company primarily operates in one reportable segment, leasing managed commercial workspaces of equipped premises. The unaudited results were reviewed by the statutory auditors, Walker Chandiok & Co LLP, who issued a limited review report with an unmodified opinion.
The IPO completed in the quarter ended 30 Sep 2025 raised proceeds, of which ₹2,774.55 million (₹277.46 crore) remained unutilised at 30 Sep 2026 while ₹3,270.04 million (₹327.00 crore) had been utilised. The board sought shareholder approval for changing the objects of utilisation on 20 May 2026, and the special resolution passed on 24 Jun 2026.
Inference
The filing records that the board approved the results on 03 Nov 2026 and that the auditors reviewed them, and it reports unutilised IPO proceeds of ₹277.46 crore at 30 Sep 2026 under revised objects. The reason for the change in objects is not stated, and the filing does not say whether or when the unutilised proceeds will be deployed.
Filed with BSE on . Reference: Original filing (PDF)
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