Indiqube Spaces share price today

Indiqube Spaces Ltd's share price was ₹185.90 at the close on 4 November 2026. It has been rising for 8 weeks. That is 1.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹134 and ₹230, and at that close it sat 54% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Indiqube Spaces Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row.

Over the last 1 year the share price moved −15% while the NIFTY 500 moved −3%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: foreign funds (FIIs) cut their stake for 4 quarters in a row, revenue up on a year earlier for 5 quarters in a row (every quarter we can compare) and promoters raised their stake for 3 quarters in a row.

1. Foreign funds (FIIs) cut their stake for 4 quarters in a row

   From 2.7% to 1.9% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 5 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹423 crore, +36.9% on a year earlier.

   Why: Revenue rose because demand from large business customers held up, including customers who rent in more than one center.

   Next results: check whether newly opened centers start paying rent and whether the company's profit margin stays steady.

   From the earnings call on 13 Aug 2026.

3. Promoters raised their stake for 3 quarters in a row

   From 60% to 60.1% of the company by the September 2026 quarter.

For April to June 2026 (the quarter ended 30 June 2026), Indiqube Spaces reported revenue of ₹423 crore, up 36.9% from ₹309 crore a year earlier, and a loss of ₹24.0 crore.

Indiqube Spaces results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Indiqube Spaces' management discussed these results on a call held on 13 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Indiqube Spaces closed at ₹185.90 on 4 November 2026, down 8.8% from ₹203.86 a year earlier (7 November 2025). Its highest weekly close since August 2025 was ₹237.92 on 19 September 2025.

Indiqube Spaces share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

71 weekly closes from 1 August 2025 to 4 November 2026.

4 Nov 2026: Indiqube Spaces closed at ₹185.90, up 9.4% on the week and down 5.9% on the month. Our read, 10 Oct 2026: Workspace demand and revenue are expanding, but a shareholder-profitability turn remains unproven because reported losses persist and management's profit presentation is unreconciled.

Earlier

• 13 Aug 2026: Indiqube Spaces held its results call for April to June 2026. Management guided: Annual area additions close to 2 million square feet.
• Results for April to June 2026: Revenue up 36.9% on a year earlier.

Our read of the business

April to June 2026: Revenue expands, but reported losses persist and capital-recovery expectations need clarification.

Our read after the April to June 2026 results, written 10 October 2026.

Indiqube Spaces has paid no dividend on the NSE since its first NSE close in our records (1 August 2025), the start of the period we checked.

No. Indiqube Spaces Ltd paid out 0% of its profit as dividends in each of its last 7 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 13 August 2026, Indiqube Spaces' management guided: Annual area additions close to 2 million square feet.

“If you look at it, the operational breakeven is only 6 months, and the full capex recovery is at 38-40 months.”Meghna Agarwal, COO, on the call for April to June 2026

What management guided

• Signed supply operationalization cited at 12-16 months and 12-18 months; Noida large center expected July to September 2027 or October to December 2027.
• Corporate occupancy cited at 80-85% initially and 82-85% later; mature centers in the high-eighties.
• Operating margin 19-21%, EBIT margin 11-13%, profit margin 8-10%.
• VAS contribution to increase approximately 2% to 4% from current levels, with VAS margin around 15% for the next 1-2 years.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 13 August 2026.

The changes showing up in Indiqube Spaces' own numbers are a bigger order book and a bigger market to serve. It is too early to say whether they last.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026.

An audited bridge and sustained positive reported profit supported by lease-adjusted free cash flow would resolve the present caution. Conversely, a like-for-like bridge showing that occupied-area growth and customer expansion still fail to improve reported earnings and lease-adjusted free cash flow would break the thesis that additional scale can create shareholder value.

Each change stops working if

• Signed workspace supply conversion: New buildings open without paying demand or handovers slip enough to defer the expected revenue contribution.
• Existing-client expansion and retention: Multi-center customers stop expanding or renew only at terms that reduce contribution after operating costs.
• Services around workspace customers: Project revenue fades without recurring services growth or additional customer retention.
• Contractual escalation and mature-center utilization: Landlord and service-cost increases absorb customer escalation or mature-center occupancy rolls over.

The main risks

• Unreconciled profitability presentation: Management's positive profit presentation does not reconcile to reported losses. ⚠ estimate
• Debt-funded expansion and uncertain cash expenditure: The financing burden is visible, but lease-adjusted cash funding needs reconciliation. ⚠ estimate
• Delivery and guidance credibility: Earlier operating-area and capital spending expectations did not match management's subsequent delivery disclosures. ⚠ estimate
• Services revenue volatility and margin dilution: A rising services mix can increase revenue without increasing consolidated margins. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026.

When Indiqube Spaces reports July to September 2026, these are the 6 checks that show whether the story is still on course. First: Rent-paying area rises above 6.3 million sq ft in the half-year disclosure while revenue grows at least 25% over Sep 2025's 350 crore without relying on more than about 40 crore of one-time design-and-build revenue.

Indiqube Spaces is on one of our India lists: Multibagger study list.

Indiqube Spaces Ltd posted a net loss of ₹24.0 Cr in the Jun 2026 quarter. The full FY26 year was a loss of ₹106 Cr. That loss is 5.7% of the quarter's revenue. The same quarter a year earlier lost ₹37.0 Cr. 9 of the last 9 reported quarters were loss-making.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

FY26-Q4. Annual revenue growth exceeds the earlier goal, while operating-area and expenditure disclosures miss prior expectations.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Indiqube Spaces Ltd reported ₹423 Cr of revenue in the Jun 2026 quarter, +36.9% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 6 years it has grown 35.0% a year on average. The last full year, FY26, came in at ₹1,451 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Management identifies a signed pipeline and a conversion horizon, so the demand opportunity has a physical delivery mechanism. The remaining benefit depends on handovers and paying occupancy rather than the size of signed commitments alone. Customer demand must cover fit-out, rent, financing and capital recovery before volume becomes shareholder profit. Competitors' capacity response is not quantified in the bundle.

The last four reported quarters add to ₹1,564 Cr.

FY26 revenue was ₹1,451 Cr, +37.0% on the year before.

Recent pace: the last four quarters grew +39.1% on average, against 35.0% a year over the longer run, so this year is growing faster than its own long-run rate.

FY26-Q4. Annual revenue growth exceeds the earlier goal, while operating-area and expenditure disclosures miss prior expectations.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Indiqube Spaces Ltd's operating margin was 61.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 7 years it has been between 10.0% and 61.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

In the latest quarter it moved +0.0 percentage points on the same quarter a year ago.

Why the margin moved: operating margin changed +0.3 percentage points on the year while gross margin changed −3.2 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

FY26-Q4. Annual revenue growth exceeds the earlier goal, while operating-area and expenditure disclosures miss prior expectations.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Indiqube Spaces Ltd's cash-flow history is too short to judge how much of its profit turns into cash. In FY26 it brought in ₹920 Cr of operating cash against −₹106 Cr of profit. After ₹1,885 Cr of spending on assets, free cash was −₹965 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

What to look at next: the bigger use of cash is spending on new assets, at 2.8× depreciation over three years. The next section checks what that spending is building.

Indiqube Spaces Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −273 days in FY26, down from 26 days in FY21. It spent ₹4,263 Cr on assets over the last 3 years. Customers take 28 days to pay, and stock sits for 3 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. Management links part of growth to existing clients and reports multi-center renewals. This gives a nameable source of occupied demand, but renewal rates and expanded space do not establish the price retained after concessions or service costs. The next test is whether these customers take paying space at economics that improve reported earnings.

At FY26 sales of ₹1,451 Cr, each day of that cycle ties up about ₹4.0 Cr, so roughly −₹1,085 Cr is tied up in the business at any time.

FY26: customers took 28 days to pay and stock sat for 3 days, about 0.1 months of sales sitting as stock, for a full cycle of −273 days, shorter than FY21's 26.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 3 days. Customers pay about 28 days after that. Suppliers are paid at 304 days. Together that makes the −273-day cycle.

Spending on assets: ₹4,263 Cr over the last 3 years, against ₹1,524 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹96.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Indiqube Spaces Ltd has no P/E right now, because its earnings are negative. The revenue and margin sections are where a turn would show first. Measured against sales instead, the market values Indiqube Spaces Ltd at 2.7× its FY26 revenue of ₹1,451 Cr. The P/E comes back here once profit turns positive.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Indiqube Spaces Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 5 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Indiqube Spaces Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION.

NOT YET CHECKED

Our read, 10 October 2026. Workspace demand and revenue are expanding, but a shareholder-profitability turn remains unproven because reported losses persist and management's profit presentation is unreconciled.

From the numbers. The deterministic operating assessment places the business in mid-expansion; the price curve separately records stage 2.

From the price. Price stage 2, week 8, below its 200-day line, relative strength falling.

From the research. Workspace demand and revenue are expanding, but a shareholder-profitability turn remains unproven because reported losses persist and management's profit presentation is unreconciled.

Where they disagree. The deterministic operating assessment places the business in mid-expansion; the price curve separately records stage 2. The current matrix label is taken from this week's supplied pe pb cycle snapshot; pe cycle current is null. Margins are above the supplied normalized level, so the evidence does not support a trough-margin recovery argument.

What is proven. Workspace demand and revenue are expanding, but a shareholder-profitability turn remains unproven because reported losses persist and management's profit presentation is unreconciled.

What is not proven yet. An audited bridge and sustained positive reported PAT supported by lease-adjusted free cash flow would resolve the present caution. Conversely, a like-for-like bridge showing that occupied-area growth and customer expansion still fail to improve reported earnings and lease-adjusted free cash flow would break the thesis that additional scale can create shareholder value.

What would change our mind. An audited bridge and sustained positive reported PAT supported by lease-adjusted free cash flow would resolve the present caution. Conversely, a like-for-like bridge showing that occupied-area growth and customer expansion still fail to improve reported earnings and lease-adjusted free cash flow would break the thesis that additional scale can create shareholder value.

The test written in advance. Unreconciled profitability presentation. Measured by: Unreconciled profitability presentation by the next result.

The test written in advance. Debt-funded expansion and uncertain cash expenditure. Measured by: Debt-funded expansion and uncertain cash expenditure by the next result.

What the company does. Signed workspace supply, existing-client expansion and adjacent services provide identifiable demand mechanisms. Financing and depreciation absorb the operating profit, while management presents a different profitability picture that the bundle cannot reconcile.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: High operating margin and revenue growth appear to demonstrate profitability. The research reads it further: Interest and depreciation exceed operating profit, so the operating contribution does not yet clear the reported earnings hurdle.

What the surface reading misses. The surface reading is: Positive PAT YoY improvement may appear to indicate positive earnings. The research reads it further: The absolute loss narrowed, but the business remained loss-making; the percentage convention cannot establish profitability.

Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Indiqube Spaces Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Solar Expansion and Capex Guidance Reduced · 13 August 2026. In February 2026 and May 2026, management guided to approximately 30-35 megawatts of solar additions for the coming year, with May 2026 quantifying solar capex at INR 125 crores to INR 150 crores. In August 2026, management reduced the capacity plan to 25-30 megawatts and the capex requirement to INR 100-120 crores without explaining the change in project scope, demand, or funding assumptions.

Navi Mumbai Strategy Reversed · 13 August 2026. In February 2026, management explicitly said it was not very interested in Navi Mumbai because of high vacancy levels. In August 2026, management used Navi Mumbai as an example of a technology-park-centric location where larger products could be pursued, without explaining what changed in the vacancy or demand assessment.

Rent-Paying Area Goal Miss · 21 May 2026. In the Nov 2025 call, management projected that the rent-paying area of the company would exit the financial year in March 2026 at approximately 7.6 to 7.67 million square feet. However, in the May 2026 call, the actual rent-paying area achieved by the end of March 2026 was reported at only 6.23 million square feet, resulting in a substantial miss compared to their previous guidance.

Conflicting Solar Plant Location · 21 May 2026. Management provided inconsistent information regarding the location of their primary 20-megawatt open access solar farm. In the Nov 2025 and Feb 2026 calls, they stated that this solar farm was located in Yadgir, Karnataka, whereas in the May 2026 call, they claimed the same 20-megawatt solar farm is located in Jagsi, Karnataka.

Every quote above is taken word for word from the company’s own earnings calls.

Indiqube Spaces Ltd earned a ROCE of 6% in FY26. That is up from a low of −7% in FY22. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a −7.3% net margin and 0.22× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a −7.3% net margin × 0.22× asset turnover × 12.64× leverage (assets divided by equity) ≈ −20.3% on equity. The margin does its share; borrowing is a big part of it.

The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 6.0% on reported income across 9 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Indiqube Spaces Ltd had ₹5,207 Cr of borrowings against ₹515 Cr of equity in FY26, so its debt is 10.11× its equity. Its operating profit is 2 times its interest bill. Over 5 years borrowings went from ₹154 Cr to ₹5,207 Cr. Over the last 3 of those years it spent ₹4,263 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Part of the spending on assets is being paid for with borrowed money.

The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 6.0% on reported income across 9 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

No group of Indiqube Spaces Ltd's owners changed its stake by a full percentage point over the last 5 quarters. Promoters moved −0.5 points over the same period, to 60.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Foreign institutions: −0.8 points over 4 quarters, to 1.9%; Promoters: −0.5 points over 4 quarters, to 60.1%; Domestic institutions: −0.5 points over 4 quarters, to 13.9%.

For Indiqube Spaces Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

47.9 out of 100, rank 37 of 42 in Miscellaneous, with 46% of the evidence available. It is provisional, so it is ranked below companies with full evidence.

Indiqube Spaces Ltd scores 47.9 out of 100 against the 42 companies it is compared with in Miscellaneous, ranking 37. Some evidence is missing, so the score is pulled toward the middle on purpose.

The four parts add up to the total exactly: 18.3 + 9.8 + 10 + 9.8 = 47.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Indiqube Spaces ranks 37 of 42 Miscellaneous companies on the 4-Factor Sector Score, with 47.9 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Miscellaneous, all 42 compared on one page.

Indiqube Spaces is the 7th largest of 42 Miscellaneous companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Central Mine Planning & Design Institute, Embassy Developments and Inox Green Energy Services. Just below it: Kaveri Seed Company, RattanIndia Enterprises and Anzen India Energy Yield Plus Trust.

Miscellaneous companies close in size

4. Central Mine Planning & Design Institute Ltd ₹12,742 crore
5. Embassy Developments Ltd ₹6,996 crore
6. Inox Green Energy Services Ltd ₹4,272 crore
7. Indiqube Spaces Ltd ₹3,603 crore
8. Kaveri Seed Company Ltd ₹3,390 crore
9. RattanIndia Enterprises Ltd ₹3,261 crore
10. Anzen India Energy Yield Plus Trust ₹3,171 crore

All 42 Miscellaneous companies, largest first

Companies close in size in other industries

966. Mahindra Holidays & Resorts India Ltd ₹3,607 crore · Resorts
967. Kwality Pharmaceuticals Ltd ₹3,606 crore · Pharma - Formulators
968. Indiqube Spaces Ltd ₹3,603 crore
969. Shanthi Gears Ltd ₹3,599 crore · Auto Ancillaries - Gears
970. Kalyani Steels Ltd ₹3,592 crore · Steel Products

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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