IndiQube Spaces Ltd Q2FY26 – ₹354 Cr in Sales, ₹28 Cr PAT, and 87% Occupancy: India’s Coworking Unicorn Learns to Pay Its Rent

1. At a Glance

If offices could talk, IndiQube would probably brag about how many seats it fills while conveniently ignoring its debt pile. As ofQ2FY26, IndiQube Spaces Ltd reported₹354 crore in revenue,₹28 crore profit, and87% occupancy across 9.14 million sq. ft.of managed space. That’s quite the empire for a company born in 2015 — one that started by subleasing space and now rents out “ecosystems for productivity” (also known as chairs and Wi-Fi).

With amarket cap of ₹4,281 crore,stock price ₹204, andbook value ₹26.2, the company trades at aprice-to-book of 7.78x, which means investors are paying nearly eight times for every rupee of actual assets — the kind of premium usually reserved for brands that sell hope instead of balance sheets.

Debt stands at a wholesome₹4,770 crore, making thedebt-to-equity ratio 8.67, whileROE is a catastrophic -234%. Yet, the company’sEV/EBITDA at 13xshows the market believes in its future (or at least its marketing deck).

TL;DR: IndiQube has mastered the art of looking profitable at the EBITDA level and “innovative” at the PAT level.

2. Introduction – The New Age Real Estate Meets SaaS FOMO

When you can’t sell real estate, just rename it “workspace-as-a-service” — that’s IndiQube’s founding philosophy.

Born in 2015 out of Bengaluru’s start-up caffeine haze,IndiQube Spaces Ltd (IQSL)has reimagined traditional offices by offering “managed workspaces” — a fancy phrase for leasing out office buildings, sprucing them up with plants, and sprinkling buzzwords like “AI”, “sustainability”, and “MiQube tech platform”.

But here’s the kicker: IndiQube didn’t just rent spaces. It built amini-ecosystem of office solutions— interiors, catering, facility management, tech-enabled door locks, even plantations (because oxygen is now a value-added service).

The company’s success formula?

1. Take a building that looks like a rejected mall.
2. Paint it, put in ergonomic chairs, and add an app.
3. Call it a “smart workspace experience”.

It’s a story of timing — in a post-pandemic India where hybrid work made everyone question cubicles, IndiQube became the bridge between chaos and corporate consistency. But while itsrevenue has grown 4.4x in 3 years, its balance sheet looks like it went through a real estate bender.

Still, who cares about numbers when your decks say “disrupting workspace ecosystems”?

3. Business Model – WTF Do They Even Do?

IndiQube isn’t your typical landlord. It’s themanager of dreams, desks, and debt.

Here’s the breakdown —

a) Workspace Leasing:They lease full buildings (the “Hubs”) or smaller satellite offices (the “Spokes”) in high-demand micro-markets. These are leased from landlords and then sub-leased to corporates — the old “rent and re-rent” game, but with coffee machines and branding.

b) Workspace Enhancement:Interiors, amenities, and sustainable features — think of this as the “Instagram filter” for old offices.

c) Value-Added Services (VAS):Facility management, catering, transport, plantations, and tech tools. Basically, if your office light bulb fails, IndiQube sends an app notification.

d) Backward Integration:They refurbish and upgrade old buildings (IndiQube Cornerstone), turning dusty properties into revenue machines.

e) Forward Integration:The “MiQube” platform — IoT-driven office