Indiqube Spaces Q1 FY27 Results (NSE: INDIQUBE)
Signal: Loss widened
The read
The operating trajectory is strengthening: revenue reached ₹423 crore, up 37% YoY, steady-state occupancy reached 90% and VAS contribution rose to 17% from 11%; however, ₹188 crore of depreciation and ₹127 crore of finance costs still converted strong EBITDA into a reported ₹24 crore consolidated loss.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹422.69 Cr | 36.7% | N/A |
| EBIT | ₹96.71 Cr | 61.3% | |
| Net profit | ₹-23.88 Cr | 35.0% | |
| EPS | ₹-238.83 | -11782.1% | |
| EBIT margin | 61% |
P&L walk
Consolidated Ind AS revenue rose 37% YoY to ₹423 crore and reported EBITDA was ₹258 crore at a 61% margin, but depreciation of ₹188 crore and finance costs of ₹127 crore resulted in a ₹24 crore PAT loss versus a ₹37 crore loss in Q1FY26.
Segments
No segment results table is provided in the filing text; the material basis divergence is between standalone EBITDA of ₹284.6 crore at a 67.3% margin and consolidated Ind AS EBITDA of ₹258 crore at a 61% margin.
Key positives
- Revenue reached a record ₹423 crore in Q1FY27, growing 37% YoY, while area under management increased by 1.91 Mn sq. ft. YoY to 10.61 Mn sq. ft.
- Steady-state occupancy reached 90% and overall occupancy was 86%, indicating improving utilization across the portfolio.
- VAS revenue reached ₹72 crore and its contribution to operating revenue increased to 17% from 11%, improving the service mix.
- Standalone EBITDA rose 40.2% YoY to ₹284.6 crore and EBIT rose 61.3% to ₹96.71 crore, showing stronger operating profitability before Ind AS lease charges.
- The platform added 17 centers YoY, reached 236 K seats and operated 137 properties across 17 cities.
Key concerns
- Reported consolidated Ind AS PAT remained negative at ₹24 crore despite ₹258 crore of EBITDA, as depreciation of ₹188 crore and finance costs of ₹127 crore absorbed operating profit.
- Lease-related accounting charges were substantial: ₹148 crore of ROU-asset depreciation and ₹116 crore of lease-liability interest in Q1FY27.
- The large divergence between consolidated Ind AS EBITDA of ₹258 crore and the IGAAP-equivalent EBITDA of ₹87 crore makes cash conversion and recurring economic profitability dependent on a clear reconciliation.
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