Solar, retrofits, and a record year: Inside IndiQube's green bet
IndiQube closed FY26 with Rs 1,469 crore in revenue and a 145% jump in profit. But Co-founder & CEO Rishi Das says the more durable story is the one playing out on the rooftops, in the older buildings being reclaimed, and in the way sustainability is reshaping what enterprises want from a workspace
A 20-megawatt solar plant in Karnataka has spent the past financial year powering most of IndiQube's Bengaluru centres. A second is now live in Maharashtra, while a third will be operational in Tamil Nadu in the next quarter.
For a flexible workspace company, this is an unusual capital allocation. Flex operators compete on rent per seat, fit-out quality, and how fast they fill a new centre. They do not, as a rule, build power infrastructure.
Rishi Das, Co-founder and CEO of IndiQube, thinks that is changing.
"A lot of customers have ESG mandates now, and they want their entire facilities to run on green power. That is coming very handy for us," he says. "Data centre players are coming to us asking if they can locate their centres in our buildings, and one big attraction we provide is that most of our Karnataka buildings are on green power."
His bet: As Indian flex matures from a real-estate play into an enterprise services play, sustainability is the wedge that opens doors to bigger clients, higher-value verticals, and assets other operators would walk past.
IndiQube's just-announced FY26 results, its first full year as a listed entity, suggest the bet is paying off.
A record year
For the year ended March 31, 2026, IndiQube reported revenue of Rs 1,469 crore on an IGAAP-equivalent basis, up 37% YoY. PAT came in at Rs 125 crore, a 145% jump. Cash flow from operations grew 147% to Rs 304 crore. EBITDA margins held at 21%; RoE moved to 16% from 14%.
The last quarter was the best in the company's history, with revenue of Rs 407 crore (up 36% YoY) and PAT of Rs 30 crore. Post-IPO, debt-to-equity dropped from 0.90 to 0.08, putting IndiQube in a net cash position of Rs 95 crore. In fact, CRISIL has reaffirmed its A+/Stable rating.
The company now operates 9.66 million sq ft across 130 centres in 17 cities, having added 28,000 seats in FY26. Steady-state occupancy sits at 88%.
Sustainability investments are expensive and slow to monetise. IndiQube now has the balance sheet to keep making them.
Sustainability as a commercial wedge
Beyond the solar build-out, 3.3 million sq ft of IndiQube's portfolio is green-certified or under certification, spread across 37 centres. That is over a third of total AUM, with more in the pipeline.
The infrastructure lets IndiQube offer something most flex operators cannot: a real, traceable green-power story across a client's pan-India footprint. The Q4 wins reflect this: a Rs 54 crore, 1,140-seat deal with a GCC in Pune; a Rs 52 crore deal with a Japanese ecommerce major in Bengaluru; a Rs 75 crore engagement with a healthcare technology GCC for 48,000 sq ft.
The diversification of GCC nationalities is helping too. "We are seeing a lot more European, Japanese, Korean GCCs now, across logistics, mining, manufacturing, transportation, and deep tech," Das says. The shift broadens the kind of demand IndiQube is seeing, and these clients tend to arrive with ESG procurement criteria already built in.
It is also opening doors to entirely new categories of tenants. EV charging operators want locations with green power. And the same logic is reshaping the kind of buildings IndiQube takes on in the first place.
Retrofits over new towers
On Bengaluru's MG Road stands a building constructed in 1975. For most of the past decade, the CBD had lost its sheen to the Outer Ring Road tech parks. IndiQube took the asset on, retrofitted it from the ground up, added over 300 car parks where the 1975 design had none, upgraded it to green-building status, and rebranded it IndiQube Symphony. It then signed one of the world's largest asset management firms for roughly 150,000 sq ft of the 300,000-plus sq ft campus.
"Getting a marquee global enterprise to commit to a 50-year-old asset was a very different ball game," Das says. "The price point, the quality, the standards they were looking for were substantially different. And we delivered in time."
The broader pattern, he argues, is that India's urban CBDs are getting reclaimed. "Twenty years back, when we came to Bengaluru, everybody wanted to go to MG Road. Ten years back, nobody. Now I'm seeing it being reclaimed."
This is IndiQube's Cornerstone vertical: green renovation of ageing properties. Demolishing obsolete buildings is carbon-intensive and slow. Retrofitting them, by upgrading MEP, adding parking, solar-powered, and certifying them green, is the more sustainable answer, and one Das is betting will increasingly be the more commercially viable one.
The five-year frame
Value-Added Services moved from 12% of operating revenue in FY25 to 15% in FY26 (Rs 218 crore, up from Rs 135 crore). Das expects 20% within a year or two. VAS at IndiQube is increasingly including green-energy procurement and ESG-aligned facility operations, services that compound on top of the green real estate.
Asked where he wants IndiQube to be in five years, Das frames it through a workspace-as-IT-services analogy. "If you have a 10 million sq ft footprint across India, IndiQube should be your preferred partner to manage all of it, some inside our buildings, some beyond. And we want to be a torchbearer on sustainability. Whatever it takes to make our workspaces consume less power, less water, and be safer, we will leave no stone unturned."
The FY26 numbers show an operator scaling profitably while simultaneously investing in solar infrastructure, retrofitting decades-old buildings, and certifying a meaningful share of its portfolio green. In most listed companies, those are competing priorities. At IndiQube, in FY26, they were the same priority. That may be what the year is eventually remembered for.