IndiQube Trims Q1 Loss By 35% YoY To ₹24 Cr, Revenue Jumps 37%

IndiQube Space, a coworking space provider, managed to reduce its net loss in Q1 FY27 by 35% compared to the same period last year, bringing it down to ₹23.9 Cr from ₹36.8 Cr. Sequentially, the loss rose 5% to ₹22.7 Cr. Operating revenue increased 37% year-over-year and 5% quarter-over-quarter to ₹422.6 Cr, with total income reaching ₹479.3 Cr including other income of ₹26.1 Cr.

Total expenses for the quarter were also ₹479.3 Cr. The company registered a tax gain of ₹6.6 Cr, resulting in a loss before tax of ₹30.5 Cr on an IGAAP-equivalent basis. IndiQube's quarterly profit surged 91% year-over-year to ₹19 Cr, while revenue grew by 37% to ₹428 Cr. The management attributed the Q1 loss to an estimated current tax expense of ₹8.14 Cr due to accounting adjustments.

Steady state occupancy strengthened to 90%, and overall occupancy improved to 86%, indicating strong customer demand and better utilization of the portfolio. VAS revenue reached ₹72 Cr, contributing 17% to operating revenue, up from 11% last year. IndiQube expanded to 137 centers as of June 2026, up 14% from 120 centers last year, with a presence in 17 cities.

Seat count increased to 2.36 Lakh, up 22% from 1.93 Lakh seats in Q1 FY26. The company's acceleration in North India, including a new 3.9 Lakh sq ft office supply on Noida Expressway, led to a 49% share of GCC's total occupied area, followed by Indian enterprises at 28%, unicorns at 12%, and startups at the remaining 12%. IndiQube's shares ended the trading session 2.2% lower at ₹180.95 on the BSE.