Indiqube Posts Rs 390 Cr Revenue in Q3 FY26; Losses Rise 21%

Why It Matters

The sharp revenue growth underscores Indiqube’s expanding market presence, but widening losses highlight the cost pressures of rapid scaling. Investors will watch expense management as the firm seeks sustainable profitability.

Key Takeaways

• Revenue rose 45.5% YoY to Rs 390 crore.
• Total expenses jumped 39% to Rs 434 crore.
• Losses widened 21% YoY to Rs 17 crore.
• Finance costs up 30% driven by higher borrowing.
• Market cap stands at Rs 3,751 crore.

Pulse Analysis

The Indian flexible‑workspace sector continues to accelerate as enterprises adopt hybrid models, and Indiqube is capitalising on that tailwind. In Q3 FY26 the company posted Rs 390 crore of operating revenue, a 45.5% jump from the same quarter last year, pushing nine‑month revenue past the Rs 1‑trillion mark. This growth reflects strong demand for its managed office solutions across major metros and an expanding client base in technology and services. The top‑line surge also lifted total income to Rs 411 crore when non‑operating streams are included.

However, the revenue surge came with a proportional rise in costs. Total expenses climbed 39% to Rs 434 crore, with employee benefits up 34% and finance costs swelling 30% to Rs 112 crore, reflecting higher borrowing as the firm funds its expansion. Depreciation and amortisation also rose, adding pressure on the bottom line. Consequently, the net loss widened to Rs 17 crore, a 21% increase YoY, though it improved from Rs 30 crore in the prior quarter. Managing these expense drivers will be critical for turning growth into profitability.

From an investor standpoint, Indiqube’s market capitalisation of roughly Rs 3,751 crore signals confidence in its growth narrative, yet the widening loss margin raises caution. The company must balance aggressive top‑line expansion with disciplined cost control, possibly by optimizing its capital structure or leveraging technology to improve operating efficiency. As competition intensifies among coworking giants and niche players, Indiqube’s ability to sustain revenue momentum while narrowing losses will determine its valuation trajectory in the coming fiscal periods.