IndiQube, a leading coworking space provider in India, posted a 49% jump in Q4 FY26 operating revenue to ₹401.5 crore, while narrowing its net loss by 28% compared to the same quarter last year. Despite a sequential loss increase, the company’s annual results reflect steady growth and profitability improvements under IGAAP accounting.
- Q4 revenue increased 49% YoY to ₹401.5 Cr
- Net loss narrowed 28% YoY but rose 32% QoQ
- Expanded footprint to 17 cities with 130 properties
What happened
IndiQube reported a 49% year-on-year increase in operating revenue for Q4 FY26, reaching ₹401.5 crore, compared to ₹269.9 crore in the same quarter last year. Despite a sequential rise in net loss to ₹22.6 crore from ₹17.1 crore in Q3, the year-on-year net loss narrowed by 28% from ₹31.3 crore. Total income, including other income, stood at ₹425.7 crore while total expenses were ₹449.6 crore during the quarter.
For the full fiscal year FY26, IndiQube’s revenue grew 37% to ₹1,450.8 crore, while net loss declined nearly 24% to ₹106.3 crore. On an IGAAP-equivalent basis, Q4 revenue was ₹407 crore, a 36% increase YoY, with EBITDA rising 17% to ₹80 crore. PAT also improved 12% year-over-year. The company attributed Ind AS accounting losses largely to non-cash depreciation and lease-related costs under Ind AS 116.
Why it matters
IndiQube’s strong top-line growth reflects an expanding demand for flexible workspace solutions in India, further evidenced by the company entering two new cities and adding 15 new centres in FY26. It now operates 130 properties across 17 cities with nearly 9.66 million square feet under management and maintains a healthy occupancy rate of 88% for mature centres.
The improvement in EBITDA and PAT margins alongside a growing contribution from value-added services — including food and beverage, facility management, and transport — which now account for 15% of operational revenue, signifies enhanced operational scalability. These factors position IndiQube well to capitalize on the ongoing shift toward hybrid and flexible office arrangements for corporate clients.
What to watch next
Investors and market watchers will look for continued margin expansion and net profitability improvements as IndiQube rolls out additional centres and signs more enterprise contracts. The company has recently secured major deals, including a 1,140-seat office lease in Pune and a large workspace agreement with a Japanese ecommerce firm in Bengaluru.
The management’s focus will likely remain on optimizing occupancy and expanding value-added service offerings to deepen client engagement and improve revenue per seat. Monitoring developments in Ind AS accounting impacts and quarterly earnings volatility as the company scales will also be critical for assessing its financial trajectory.