IndiQube Trims Q1 Loss By 35% YoY To ₹24 Cr, Revenue Jumps 37%

Coworking space provider IndiQube Space managed to trim down its Q1 FY27 net loss by 35% to ₹23.9 Cr from ₹36.8 Cr in the same quarter last year

Operating revenue 37% YoY and 5% QoQ to ₹422.6 Cr in the quarter under review

Total expenses for the quarter under review stood at ₹479.3 Cr

Coworking space provider IndiQube Space managed to trim down its Q1 FY27 net loss by 35% to ₹23.9 Cr from ₹36.8 Cr in the same quarter last year. Sequentially, the loss increased 5% from ₹22.7 Cr.

Operating revenue 37% YoY and 5% QoQ to ₹422.6 Cr in the quarter under review. Including other income of ₹26.1 Cr, total income for the quarter stood at ₹479.3 Cr.

Total expenses for the quarter under review stood at ₹479.3 Cr. The company also registered a tax gain of ₹6.6 Cr. 

Excluding the tax gain, the company’s loss before tax stood at ₹30.5 Cr.

On an IGAAP-equivalent basis, the company claims its quarterly profit increased 91% YoY to ₹19 Cr, while revenue zoomed 37% to ₹428 Cr.  

EBITDA margin declined to 20% in the quarter under review from 21% in the same quarter last year, while PAT margin improved to 8% from 6% in June quarter of FY26. The management attributed the loss under IndAS to an estimated current tax expense of ₹8.14 Cr in Q1 FY27, arising from accounting adjustments. 

“Steady state occupancy strengthened to 90% and overall occupancy improved to 86%, underscoring healthy customer demand and improved utilisation across the portfolio. Value added services also continued to scale rapidly, with VAS revenue reaching ₹72 crore and its contribution to operating revenue increasing from 11% to 17%,” founder Meghna Agarwal said in the shareholders’ letter.

Operationally, IndiQube expanded to a total of 137 centers as of June 2026, up 14% from 120 centres in the same quarter last year with IndiQube’s presence also increasing to 17 cities. The seat count has also increased to 2.36 Lakh, up 22% from 1.93 Lakh seats in Q1 FY26. 

This came on the back of IndiQube accelerating presence in North India by setting up a new 3.9 Lakh sq ft office supply on Noida Expressway.

GCCs accounts for the highest share of IndiQube’s total occupied area pie, accounting for 49% of the total area. This is followed by Indian enterprises taking up 28% share, 12% acquired by unicorns and the rest of the area acquired by startups.

Shares of IndiQube ended today’s trading session 2.2%lower  at ₹180.95 apiece on the BSE.

Source: Inc42 - Startups