Question 1

Are Indiqube Spaces latest results good or bad?

Accepted Answer

Indiqube Spaces' latest results present a mixed picture. On one hand, the company has shown significant revenue growth, with net sales increasing by 44.52% year-on-year, reaching ₹350.14 crores in Q2 FY26. This marks the highest quarterly revenue in the company's history, indicating strong demand for its co-working solutions and successful expansion efforts.However, the company continues to face challenges with profitability, reporting a net loss of ₹29.87 crores for the quarter. While this represents a 43.13% improvement year-on-year and an 18.75% reduction from the previous quarter, it still raises concerns as this marks the eighth consecutive quarter of losses. The operating margin, although strong at 59.37%, has contracted slightly from the previous quarter due to rising employee costs.Additionally, the company has a negative book value, which raises questions about its financial stability. The heavy interest burden and high depreciation costs further complicate its path to profitability. In summary, while Indiqube Spaces is experiencing robust revenue growth and improving operational efficiency, the ongoing losses and financial challenges suggest that the overall results are not entirely positive. The sustainability of its growth strategy and the timeline to profitability remain uncertain.

Question 2

How has been the historical performance of Indiqube Spaces?

Accepted Answer

Answer:The historical performance of Indiqube Spaces shows significant changes over the past two years.Breakdown:In the fiscal year ending March 2025, Indiqube Spaces reported net sales of 1,059.29 Cr, an increase from 830.57 Cr in March 2024. The total operating income also rose to 1,059.29 Cr from 830.57 Cr, while total expenditure decreased to 442.74 Cr from 604.24 Cr. This led to a substantial increase in operating profit (PBDIT), which reached 660.20 Cr compared to 263.42 Cr the previous year. However, the company still reported a loss before tax of -157.30 Cr, an improvement from -384.82 Cr in the prior year, and a profit after tax of -139.62 Cr, up from -341.51 Cr. The earnings per share improved significantly to -10.72 from -1897.28. On the balance sheet, total liabilities increased to 4,558.71 Cr from 3,567.34 Cr, while total assets also rose to 4,558.71 Cr from 3,567.34 Cr. The cash flow from operating activities improved to 611.00 Cr from 542.00 Cr, indicating better operational efficiency, although the net cash inflow was minimal at 15.00 Cr. Overall, while Indiqube Spaces has shown improvement in sales and operational metrics, it continues to face challenges with profitability and increasing liabilities.

Question 3

Should I buy, sell or hold Indiqube Spaces?

Accepted Answer

Based on the current financial situation of Indiqube Spaces, it would be advisable to consider selling your shares. The company is facing significant challenges, particularly with a high debt level reflected in a Debt-Equity Ratio of 7.78 times, indicating weak long-term fundamental strength. Additionally, while net sales have shown some growth at an annual rate of 27.50%, the operating profit has stagnated at 0% over the past five years, which raises concerns about long-term profitability.The return on capital employed (ROCE) is quite low at 2.7, and the company's valuation appears expensive with an enterprise value to capital employed ratio of 1.8. Although the stock has generated a return of 0.00% over the past year, profits have increased by 59%, which may seem positive but does not offset the underlying debt issues.While there are some positive indicators, such as the highest operating cash flow at Rs 611.65 crore and net sales at Rs 350.14 crore, these factors do not outweigh the concerns regarding debt and profitability. Therefore, it may be prudent to sell your shares in Indiqube Spaces given the current financial landscape.

Question 4

Is Indiqube Spaces overvalued or undervalued?

Accepted Answer

As of 14 November 2025, Indiqube Spaces has moved from a fair to an expensive valuation grade. The company is currently considered overvalued, with a PE ratio of -32.96, a Price to Book Value of 8.36, and an EV to EBITDA ratio of 14.40. These ratios indicate significant financial challenges, particularly the negative PE ratio and a low ROE of -25.37%, suggesting inefficiencies in generating profit relative to shareholder equity.In comparison to its peers, Indiqube Spaces stands out unfavorably. For instance, Altius Telecom is rated very attractive with a PE of 51.5, while other competitors like Embassy Office REIT and Mindspace Business have very expensive valuations with PE ratios of 130.21 and 53.94, respectively. Despite a recent one-week stock return of 7.66% compared to the Sensex's 1.62%, the overall financial metrics and peer comparisons reinforce the conclusion that Indiqube Spaces is overvalued in the current market.

Question 5

Why is Indiqube Spaces Ltd falling/rising?

Accepted Answer

As of 18-Jan, Indiqube Spaces Ltd's stock price is currently at 198.90, reflecting a slight decline of 0.1 (-0.05%). The stock has been experiencing a downward trend, having fallen for the last two days with a total return decrease of -2.26% during this period. Additionally, the stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish sentiment among investors.Despite outperforming its sector by 0.51% today, the overall performance over the past month shows a decline of -3.19%, which is worse than the Sensex's drop of -1.31%. Year-to-date, the stock has also decreased by -3.45%, compared to a -1.94% decline in the benchmark index. Investor participation appears to be waning, as evidenced by a significant drop in delivery volume, which fell by -83.1% against the 5-day average. This lack of engagement could further contribute to the stock's downward pressure. Moreover, the company faces challenges with high debt, as indicated by a Debt-Equity Ratio of 7.78 times, which suggests weak long-term fundamental strength. Although the operating cash flow and net sales have reached record highs, the company's poor long-term growth, with net sales growing at an annual rate of only 27.50% and operating profit stagnating at 0% over the last five years, raises concerns about its sustainability. In summary, the combination of declining stock performance, reduced investor participation, and significant debt levels are contributing to the current downward movement of Indiqube Spaces Ltd's stock price.

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With HIgh Debt (Debt-Equity Ratio at 7.78 times)- the company has a Weak Long Term Fundamental Strength

With ROCE of 2.7, it has a Expensive valuation with a 1.8 Enterprise value to Capital Employed

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Indiqube Spaces Ltd Falls to 52-Week Low Amidst Market Downturn

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Indiqube Spaces Ltd is Rated Sell

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Quarterly Results Snapshot (Standalone) - Sep'25 - QoQ

Half Yearly Results Snapshot (Standalone) - Sep'25

Nine Monthly Results Snapshot (Standalone) - Mar'25

Annual Results Snapshot (Standalone) - Mar'25

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