Record revenues, rising profitability, and expanding cities: IndiQube delivers a breakout quarter

IndiQube Spaces, one of India's leading tech-enabled workspace solutions providers, is riding a wave of robust growth as enterprises increasingly embrace flexible work environments. The Bengaluru-based company posted its highest-ever quarterly revenue of Rs 354 crore in Q2 FY26, marking a 38% year-on-year surge, while profit after tax tripled to Rs 28 crore.

For the half year, IndiQube achieved its highest-ever revenue of Rs 668 crore with a remarkable 96% of this coming from recurring streams. Operating cash flows surged 138% year-on-year to Rs 151 crore, and EBITDA margins climbed to 21%.

Speaking to YourStory after the results, IndiQube Co-founder Meghna Agarwal described the quarter as one that balanced expansion with operational depth. “We’ve always said IndiQube is built for sustainable scale, not just fast growth,” she said. “This quarter validates that focus; consistent top-line growth, healthy occupancy, and strong cash flows, even as we add capacity across cities.”

Balancing rapid expansion with operational depth

The company’s portfolio now spans 9.14 million square feet across 125 properties in 16 cities, including new launches in Indore, Kolkata, and Mohali. Despite adding 22 new centers this quarter, IndiQube has maintained a healthy 87% portfolio occupancy, an impressive feat in a business where expansion often comes at the cost of utilization.

Meghna attributes this steady performance to what she calls a “three-fold strategy”: deeper penetration within existing micro-markets, wider presence across emerging cities, and continuous layering of B2B2C services such as transport, food and beverage, mobility, events, and concierge offerings.

“Every market has its own rhythm,” she said. “In some like Coimbatore, we’re literally at 100% occupancy with more demand than supply. Across India, most micro-markets are running on single-digit vacancy levels, and this demand-supply imbalance is going to stay robust for at least the next three to five years.”

Enterprise confidence powers the next phase of growth

One of the most notable developments in the quarter was IndiQube’s lease of 1.4 lakh square feet to the world’s largest asset manager in Bengaluru, along with a 68,000 square foot design-and-build project in Hyderabad for a leading automaker.

These wins, Meghna said, indicate a clear shift in how large enterprises view flexible workspace solutions. “Startups typically choose flex spaces for agility and capital efficiency. But for large enterprises and GCCs, the reason is different. They’re looking for scalability without the rigidity of traditional leases,” she explained.

“In the old model, they would either have to take the full space upfront or risk outgrowing it too soon. We solve that by offering flexibility to expand within the same campus, along with full-service management. That combination of flexibility, service, and location is what’s drawing global enterprises to us.”

Today, Global Capability Centers account for roughly over 40% of IndiQube’s portfolio, while the rest is spread across Indian MNCs and fast-growing startups. The company’s steady mix of tenants has helped it retain resilience even in a changing office demand landscape. As Meghna put it, “We’ve always told people that it’s a service play. Real estate will get decoupled from the service part. The idea is to create a solution that enables ease of business and employee experience.”

Technology and sustainability: twin levers for growth

Technology continues to be a core pillar of IndiQube’s evolution. Its MiQube platform, which now has over 87,000 active users, integrates a range of workplace functions from transport and cafeteria management to digital offers and real-time crowd tracking. The company has been steadily enhancing its app with AI-led features to simplify employee and tenant experiences.

Sustainability is another area where IndiQube is setting benchmarks. Over 56% of its portfolio is now green-certified, and an additional 0.68 million square feet is under certification.

Meghna added that the company is especially energized about its solar investments, calling power “the next big lever after rent”. IndiQube has already installed a 20 MW solar plant, with the potential to scale up to 70 MW. “We see a lot of potential there,” she added. “There’s so much innovation we can bring through technology in sustainability.”

Looking ahead: growth with guardrails

Looking ahead, IndiQube expects to maintain around 30% topline growth for FY26 while keeping occupancy between 80% and 85%. The company currently has 3.34 million square feet of signed space that is yet to become rent-yielding equivalent to about 75,000 seats, ensuring a strong pipeline for the next 18 to 24 months. “The focus is not on adding volume for the sake of it. We’re looking at quality growth; expanding in the right markets, ensuring consistent experience, and maintaining profitability.”

India’s commercial real estate market, she believes, is still in its early innings. “India’s total office stock is around one billion square feet, compared to 12 billion square feet in the US. If we want to be a trillion-dollar economy, that gap tells you how much headroom there still is,” she said. “Entrepreneurship is thriving, GCCs are expanding, and India’s infrastructure is catching up. As an infra partner to that ecosystem, whether it’s startups, enterprises, or new sectors, we’re just getting started.”

Building workspaces that adapt, evolve, and make work better

What stands out most in IndiQube’s story is its conviction that workspaces are a service, not a commodity. “We’ve always looked at IndiQube as a service company first,” Meghna emphasized. “Real estate is just the base layer. What we’re really doing is enabling ease of business through space, technology, and experience. That’s what excites us most; the idea that we’re building something that can adapt, evolve, and make work better for everyone.”

As IndiQube maintains its growth trajectory while improving profitability and cash flows, the company exemplifies how flexible workspace providers are evolving from being startup enablers to becoming essential infrastructure for India's digital economy.

For investors and stakeholders who've been on this journey, Agarwal's confidence is palpable: "We're super excited. With at least the next three to five years, our hands are full. There's so much to do in services, sustainability, and technology innovation."