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Indiqube Spaces Ltd (INDIQUBE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544454 NSE: INDIQUBE Business Support | Small Cap | Indiqube Spaces Share Price

₹151 -8.30 (-5.21%)

As on 10-Jun'26 16:01

Indiqube Spaces Ltd (INDIQUBE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544454 NSE: INDIQUBE Business Support | Small Cap | Indiqube Spaces Share Price

₹151 -8.30 (-5.21%)

As on 10-Jun'26 16:01

Key Metrics
Valuation Multiples
Market Cap
₹3,377 Cr.
Current Price
₹151
52-Week Low / High
₹131 / 244
TTM EPS
₹-5
TTM Sales
₹1,451 Cr.
Book Value per Share
₹24.3
P/E Ratio
0.00
Industry PE
23
Price to Book (P/B)
6.56
Lower than its 5-year historical median
Price to Sales (P/S)
2.33
Lower than its 5-year historical median
EV/EBITDA
3.43
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
-342.19%
Underperforms industry median
Return on Capital Employed (ROCE)
54.46%
Outperforms industry median
Return on Assets (ROA)
-3.44%
Operating Profit Margin
58.2%
Net Profit Margin
-13.18%
Gross Profit Margin
31.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
27.54%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
172.4%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
60.10%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹494 Cr.
Equity
₹21.2 Cr.
Face Value
₹1
All Time Low / High
₹130.80 / 243.80

Indiqube Spaces stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Indiqube Spaces Ltd a good quality company?
Indiqube Spaces Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Indiqube Spaces Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Indiqube Spaces Ltd vs industry peers?
Indiqube Spaces Ltd revenue CAGR is 45.47%, compared to the industry median CAGR of 15.11%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Indiqube Spaces Ltd?
Promoters hold 60.10% of the Indiqube Spaces Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Indiqube Spaces Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indiqube Spaces Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -35.9%-14.8%-42.3%54.5%-
Value Creation
Index
NANA-4.0NA-

Growth Parameters

Sales 3445808311,0591,451
Sales YoY Gr.-68.5%43.3%27.5%-
Adj EPS -11.2-9.2-11.8-10.7-5
YoY Gr.-NANANA-
BVPS (₹) -20.4-248.8-2.524.3
Adj Net
Profit
-130-120-153-140-106
Cash Flow from Ops. 202324542612-
Debt/CF from Ops. 1.81.90.30.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NANA45.5%27.5%
Adj EPS NANANANA
BVPSNANANA-128.6%
Share Price - - - -

Key Financial Parameters

Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
94.153.8172.7-219.1-46.1
Op. Profit
Mgn %
61.860.259.658.260.8
Net Profit
Mgn %
-37.9-20.7-18.5-13.2-7.3
Debt to
Equity
-1.5-21.4-13.40.3
Working Cap
Days
017916315280
Cash Conv.
Cycle
0-2-11-35

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Sales3445808311,059
Operating Expenses + 215343604443
Manufacturing Costs4373106131
Material Costs11293952
Employee Cost 30446476
Other Costs 131197395184
Operating Profit 129237226617
Operating Profit Margin (%) 37.6%40.8%27.3%58.2%
Other Income + 11223744
Exceptional Items 0000
Interest 143188256330
Depreciation 221298392487
Profit Before Tax -224-228-385-157
Tax -36-30-43-18
Profit After Tax -188-198-342-140
PAT Margin (%) -54.7%-34.2%-41.1%-13.2%
Adjusted EPS (₹)-16.2-15.3-26.3-10.7
Dividend Payout Ratio (%)0%0%0%0%

Valuation of Indiqube Spaces - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + -238-312115-26
Share Capital 00120
Reserves -238-312114-46
Debt +348602133296
Long Term Debt329574100222
Short Term Debt19283373
Minority Interest0000
Trade Payables24274454
Others Liabilities 2,1312,6033,2754,234
Total Liabilities 2,2652,9213,5674,559

Fixed Assets

Net Fixed Assets +2,0062,5463,0873,953
Gross Block2,3102,8633,8155,201
Accumulated Depreciation3043177281,248
CWIP 262479114
Investments 2110
Inventories0000
Trade Receivables25335979
Cash Equivalents 01006
Others Assets 205306340407
Total Assets 2,2652,9213,5674,559

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 202324542612
PBT -224-228-385-157
Adjustment 442588899784
Changes in Working Capital -11-278-1
Tax Paid -5-920-13
Cash Flow From Investing Activity + -47-174-193-259
Capex -47-172-189-257
Net Investments 0-2-4-3
Others -0011
Cash Flow From Financing Activity + -176-149-365-337
Net Proceeds from Shares 02500
Net Proceeds from Borrowing 233735139
Interest Paid -28-11-18-24
Dividend Paid 0000
Others -172-200-382-452
Net Cash Flow -211-1515

Financial Ratio

PARTICULARSMar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)N/AN/A0N/A
ROCE (%)N/AN/A-42.26N/A
Asset Turnover Ratio0.150.220.260.26
PAT to CFO Conversion(x)N/AN/AN/AN/A
Working Capital Days
Receivable Days26.5018.4020.3023.80
Inventory Days0000
Payable Days801.40320.40334.20346.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Indiqube Spaces Ltd FAQs

The current trading price of Indiqube Spaces on 10-Jun-2026 16:01 is ₹151.0.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 09-Jun-2026 the market cap of Indiqube Spaces stood at ₹3,377.1 Cr

The latest P/E ratio of Indiqube Spaces as of 09-Jun-2026 is 0.00.

The latest P/B ratio of Indiqube Spaces as of 09-Jun-2026 is 6.56.

The 52-week high of Indiqube Spaces is ₹243.8 and the 52-week low is ₹130.8.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indiqube Spaces is ₹1,451 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Indiqube Spaces Ltd is a good quality company.

The key valuation ratios of Indiqube Spaces Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Indiqube Spaces Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Indiqube Spaces Ltd

Indiqube Spaces Limited was incorporated as Innovent Spaces Private Limited, a private limited company under the Companies Act, 2013 on January 14, 2015, and was granted the certificate of incorporation by the Registrar of Companies, Kanpur. The registered office of the company was shifted from the state of Uttar Pradesh to the state of Karnataka pursuant to a special resolution passed by its Shareholders on October 16, 2018. The alteration with respect to the place of the registered office was confirmed by the order of the Regional Director, Bengaluru on November 21, 2019 and a fresh certificate of incorporation was issued by the RoC on March 19, 2020. Subsequently, the name of the company was changed to ‘Indiqube Spaces Private Limited’ and a fresh certificate of incorporation dated November 8, 2024 was issued by the RoC. Pursuant to the conversion of the company into a public limited company and a special resolution passed by its Shareholders at the EGM on November 16, 2024, the name of the company was changed to ‘Indiqube Spaces Limited’, and the RoC issued a fresh certificate of incorporation on December 17, 2024.

The company is a managed workplace solutions company offering comprehensive, sustainable, and technology-driven workplace solutions dedicated to transforming the traditional office experience. Led by an experienced management, with entrepreneurial track record since 1999, its diverse solutions range from providing large corporate offices (hubs, i.e., the main office of its clients wherein key functions, leadership teams, and primary operations are based, and is typically located in a central or strategic area) to small branch offices (spokes, i.e., smaller, decentralized office spaces of its clients spread across different cities or regions) for enterprises and transforming the workplace experience of their employees by combining interiors, amenities and a host of value-added services which are incremental to the workspace leasing provided by the company and comprise amenities, green initiatives, designed interiors, B2B and B2C solutions ranging from facility management, sale of goods, asset maintenance and plantation to catering, and transportation services for the employees of its clients and technology applications, through contracts with clients occupying the space within its centers or third-party clients (VAS). 

It complements its solutions through backward and forward integration capabilities. While backward integration focuses on asset renovation, upgradation and customized build-to-suit models, forward integration enables it to provide business-to-business (B2B) and business-to-customer (B2C) VAS to clients and their employees. These, coupled with its core offering of plug and play offices, enable it to serve the workspace value chain comprehensively.

Business area of the company

The company is primarily engaged in the business of leasing of network of shared work spaces of fully or partly equipped premises and other related activities.

Awards, accreditations and recognitions

  • 2019: Listed among 50 start-ups to lookout for by Entrepreneur India.
  • 2020: Recognized as one of ‘FT High-Growth Companies Asia-Pacific 2020’ by Financial Times and Statista
  • 2021: Awarded the ‘Real Estate Start-up of the Year’ award at the 11th Annual Entrepreneur Awards 2021 by Entrepreneur Media.
  • 2021: Recognized as one of ‘India’s Growth Champions 2021’ by Economic Times and Statista.
  • 2022: Recognized as one of ‘India’s Growth Champions 2022’ by the Economic Times and Statista.
  • 2022: Received a certificate of appreciation for organizing a voluntary blood donation camp by Lions Blood Centre.
  • 2022: Recognized as one of ‘FT High-Growth Companies Asia-Pacific 2022’ by Financial Times and Statista.
  • 2022: Recognized as one of ‘India’s Growth Champions 2022’ by the Economic Times and Statista.
  • 2022: Recognized as a ‘Future Ready Organization’ for 2022-23 by the Economic Times.
  • 2022: Recognized amongst ‘5 Tech Startups trying to transform the world’ by Mid Day.
  • 2022: Received the ‘Green Champion Award’ for corporate leading the green building movement in India - commercial by IGBC
  • 2023: Awarded the ‘Real Estate Start-up of the Year’ award at the 13th Annual Entrepreneur Awards 2023 by Entrepreneur Media.
  • 2023: Awarded the ‘Safe Workplace Platinum Award’ for flexible workspace sector by Apex India Foundation.
  • 2023: Recognized as one of ‘FT High-Growth Companies Asia-Pacific 2023’ by Financial Times and Statista.
  • 2023: Recognized as one of ‘India’s Growth Champions 2023’ by the Economic Times and Statista.
  • 2023: Recognized as a ‘Future Ready Organization’ for 2023-24 by the Economic Times.
  • 2023: Recognized in the list of select 200 companies on Forbes India Magazine.
  • 2024: Awarded the ‘Sustainable Initiative of the Year, 2024 – Go Green’ award at the 4th Edition of Sustainability Summit and Awards, 2024.
  • 2024: Awarded the ‘Recognition Award’ for outstanding demonstration in excellence in energy management/ waste/ water/ pollution management.
  • 2024: Awarded the ‘Best Water Conservative and Efficiency Initiative’ by the Confederation of Indian Industry at the 4th Edition of CII-SR Industrial Water & Waste Management Competition, 2024.
  • 2025: Recognized as one of ‘High-Growth Companies Asia-Pacific 2025’ by Financial Times and Statista.
  • 2025: Awarded the ‘Best Net Zero initiative of the Year’ award at the 2nd edition of the Net Zero Summit & Awards 2025 by UBS Forums Private Limited.

History and milestones

  • 2021: Commenced operations in all metro cities by signing lease deeds for 50 properties to facilitate business operations.
  • 2021: Expansion of business to Gurugram.
  • 2022: Secured Series B CCPS investments from WestBridge on April 4, 2022.
  • 2022: Expansion of business in tier-2 cities like Coimbatore, Jaipur and Madurai.
  • 2023: Expansion of business in tier-2 cities like Kochiand Vijayawada.
  • 2023: The company got CRISIL A rating for outstanding Debt instrument/ facility of the company.
  • 2024: Expansion of business in tier-2 cities like Kozhikode.
  • 2024: The company got CRISIL A+ rating for outstanding Debt instrument/ facility of the company.
  • 2024: Crossed 100+ properties amounting to 7.76 million square feet in AUM in over 13 cities with more than 700+ clients
  • 2024: Expansion of business to Mohali.
  • 2025: Expansion of business to the eastern region of India with a new center to Kolkata.
  • 2025: The company surpassed Rs 10,000 million in total income in Fiscal 2025.

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