Indiqube Spaces Ltd: ₹1,059 Cr Revenue, ₹-140 Cr PAT – The Coworking Unicorn That Works Everything But the Profits
Written by EduInvesting Team | August 2025
1. At a Glance
Indiqube’s business model screams modern tech-enabled workspace. Its financials, however, scream “somebody stop the bleeding.” In FY25, the company clocked ₹1,059 Cr revenue, 58% EBITDA margin, and yet… wait for it… ₹140 Cr net loss. Welcome to the magical world of depreciation and interest. Also, ROE of -234%? Even your crypto portfolio in 2022 did better.
2. Introduction
Indiqube Spaces is where beautifully designed offices meet beautifully ugly financial statements. The company promises “Space-as-a-Service” — a posh phrase for “we lease office buildings, redesign them, and sublet to startups praying for Series A.”
It’s a real estate masquerading as tech model. They’ve built a strong brand, solid growth (35% CAGR in revenue), and attract high FII interest (22.88%). But there’s a teeny tiny issue: losses are piling faster than their co-working seats, and return ratios are buried somewhere beneath depreciation schedules.
3. Business Model – WTF Do They Even Do?
Indiqube operates across five verticals:
🪑 IndiQube Grow – Standard co-working.
🧱 Bespoke – Custom-built offices.
🧑💼 IndiQube One – Facilities + employee support.
🧰 Cornerstone – Enhancing properties they don’t own.
🧠 MiQube – Tech platform for workspace ops.
They lease large office spaces (Capex-heavy), revamp them (Capex-intensive), and then sublease (Revenue-laggy). Think WeWork + Embassy Office Parks’ lovechild with a huge EMIs tab.
4. Financials Overview
Source table
Metric
FY25
Revenue
₹1,059 Cr
Operating Profit
₹617 Cr
OPM %
58%
Net Profit
₹-140 Cr
ROE
-234%
ROCE
4.76%
Interest Expense
₹330 Cr
Depreciation
₹487 Cr
🧾 Commentary: On paper, the company is wildly efficient — 58% OPM is top-tier. But their debt + depreciation sandwich makes sure no profit escapes. Every rupee earned is eaten alive by interest and wear & tear.
