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Indiqube Spaces Limited
(INDIQUBE)
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Rating:48Neutral
Price Target:
₹163.00
▼(-20.66% Downside)
Action:Reiterated
Date:05/22/26
The score is held back primarily by weak profitability and elevated balance-sheet leverage despite strong revenue growth and improving operating/free cash flow. Technical indicators are neutral, and valuation remains challenged due to losses (negative P/E).
Positive Factors
Operating Cash Generation
Consistently rising operating cash flow and improving free cash flow provide a durable internal funding source that helps service interest, fund capex and support growth without immediate equity raises. This cash conversion reduces short-term liquidity stress despite accounting losses.
Negative Factors
High and Rising Leverage
A rapidly increasing debt load with a thin equity cushion materially elevates refinancing, interest-rate and solvency risk. Over a 2-6 month horizon, elevated leverage constrains strategic flexibility, raises funding costs and increases vulnerability to cash-flow shocks or project delays.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating Cash Generation
Consistently rising operating cash flow and improving free cash flow provide a durable internal funding source that helps service interest, fund capex and support growth without immediate equity raises. This cash conversion reduces short-term liquidity stress despite accounting losses.
Read all positive factors
Indiqube Spaces Limited (INDIQUBE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹35.37B
Dividend YieldN/A
Average Volume (3M)4.77K
Price to Earnings (P/E)―
Beta (1Y)1.28
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees692
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-1.48
Shares Outstanding211,997,630
10 Day Avg. Volume1,759
30 Day Avg. Volume4,766
Financial Highlights & Ratios
PEG Ratio1.24
Price to Book (P/B)5.29
Price to Sales (P/S)1.78
P/FCF Ratio5.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.08
Revenue Forecast (FY)₹18.46B
Indiqube Spaces Limited Business Overview & Revenue Model
Company Description
IndiQube Spaces Limited is an Indian company dedicated to providing comprehensive workplace solutions and supporting services. The core of their business involves leasing a network of shared office spaces, which are available as either fully furni...
How the Company Makes Money
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Indiqube Spaces Limited Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
28
Negative
Cash Flow
67
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.50B | 15.28B | 10.59B | 8.31B | 5.80B | 3.44B |
| Gross Profit | 3.24B | -3.07B | 9.39B | 7.42B | 5.16B | 3.16B |
| EBITDA | 2.24B | 5.10B | 6.55B | 2.61B | 2.57B | 1.40B |
| Net Income | -298.67M | -1.06B | -1.40B | -3.42B | -1.98B | -1.88B |
Balance Sheet | ||||||
| Total Assets | 60.19B | 65.11B | 46.85B | 36.68B | 29.69B | 22.84B |
| Cash, Cash Equivalents and Short-Term Investments | 5.10B | 3.85B | 59.44M | 3.71M | 104.42M | 3.23M |
| Total Debt | 47.70B | 52.07B | 40.88B | 30.49B | 29.26B | 21.60B |
| Total Liabilities | 54.69B | 59.97B | 46.88B | 35.37B | 32.77B | 24.22B |
| Stockholders Equity | 5.50B | 5.15B | -31.11M | 1.31B | -3.08B | -1.39B |
Cash Flow | ||||||
| Free Cash Flow | 2.50B | 4.71B | 3.54B | 3.52B | 1.52B | 1.55B |
| Operating Cash Flow | 4.29B | 8.98B | 6.12B | 5.42B | 3.24B | 2.02B |
| Investing Cash Flow | -6.16B | -7.47B | -2.59B | -1.93B | -1.74B | -466.89M |
| Financing Cash Flow | 2.29B | -1.46B | -3.37B | -3.65B | -1.49B | -1.76B |
Indiqube Spaces Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | ₹199.70B | 33.58 | ― | 0.13% | 21.92% | 28.78% | |
56 Neutral | ₹320.19B | 45.98 | ― | 0.00% | 23.71% | 31.17% | |
55 Neutral | ₹592.87B | 32.05 | ― | ― | 21.54% | 24.63% | |
49 Neutral | ₹423.97B | 119.89 | ― | 5.36% | 12.23% | -79.16% | |
49 Neutral | ₹40.76B | -359.23 | ― | ― | -35.50% | -49.05% | |
48 Neutral | ₹35.37B | -31.16 | ― | ― | ― | ― |
* Real Estate Sector Average
IN:INDIQUBE
Indiqube Spaces Limited
170.45
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-21.94%
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IN:HEMIPROP
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Indiqube Spaces Limited Corporate Events
Indiqube Spaces Confirms Full Demat Compliance Under SEBI Regulations
Apr 9, 2026
Indiqube Spaces Limited has notified stock exchanges that its registrar and share transfer agent, MUFG Intime India Private Limited, has issued a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations...
IndiQube clinches ₹54 crore, 1,140-seat GCC workspace deal in Pune
Mar 19, 2026
IndiQube Spaces Limited has signed a major workspace leasing agreement with a leading Global Capability Center client in Pune, securing 1,140 seats at its IndiQube Orchid facility across multiple floors. The deal is valued at around ₹54 cror...
Indiqube Spaces Schedules Investor and Analyst Meetings in Mumbai
Mar 2, 2026
Indiqube Spaces Limited has notified stock exchanges that its officials will meet investors and analysts in Mumbai on March 9, 2026, in a one-on-one and group meeting format organized by Investec. The company emphasized that the interactions will ...
Indiqube Schedules Investor and Analyst Meetings in Mumbai on March 10
Mar 2, 2026
Indiqube Spaces Limited has announced that its officials will meet analysts and institutional investors in Mumbai on 10 March 2026 for a series of one-on-one and group meetings. The interactions will be based solely on publicly available informati...
Indiqube Spaces Schedules Analyst and Investor Meetings in Mumbai
Mar 2, 2026
Indiqube Spaces Limited has notified stock exchanges that its officials will meet investors and analysts in Mumbai on 11 March 2026, in a series of one-on-one and group meetings organized by Share India. The company emphasized that discussions wil...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.