Indiqube Spaces Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Indiqube Spaces Ltd trades at ₹174, in a downtrend and 34 weeks into that stage. That is −3.4% against its own 200-day average. It sits at 39% of a 52-week range of ₹134 to ₹238. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a downtrend — week 34 of stage 4, confirmed. At ₹174 it trades −3.4% versus its 200-day average and sits at 39% of its 52-week range (₹134–₹238).

Against the market, two honest reads. Cumulative: over the last 1.0 years the stock moved −20% while the NIFTY 500 moved +4% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

P/E does not price Indiqube Spaces Ltd — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. On sales the market values Indiqube Spaces Ltd at 2.5× its FY26 revenue of ₹1,451 Cr.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Indiqube Spaces Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

49.3/100 — rank 33 of 36 in Miscellaneous · 46% evidence confidence · provisional, ranked below fully-evidenced peers

Indiqube Spaces Ltd scores 49.3 out of 100 against the 36 companies it is compared with in Miscellaneous, ranking 33. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 20.9 + 9.6 + 10 + 8.8 = 49.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Indiqube Spaces Ltd reported ₹401 Cr of revenue in the Mar 26 quarter, +35.0% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 35.0% a year. The last full year, FY26, came in at ₹1,451 Cr. The last four reported quarters add to ₹1,450 Cr.

FY26 revenue came in at ₹1,451 Cr (+37.0% on the year), capping 6 years at 35.0% compound. The latest quarter (Mar 26) printed ₹401 Cr, +35.0% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +36.8% growth against the decade's 35.0% — the current year is running faster than its own long-run rate.

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

Indiqube Spaces Ltd's operating margin is 62.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 10.0% to 61.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 62.0%, +5.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 10.0%–61.0%, and FY26's 61.0% is the top of that band — a record year.

Why the margin moved: operating margin went +4.5 pp year on year while gross margin went −0.8 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Indiqube Spaces Ltd posted a net loss of ₹23.0 Cr in the Mar 26 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 ₹31.0 Cr. 8 of the last 8 reported quarters were loss-making.

Mar 26 profit was ₹−23.0 Cr, null year on year. On the full year, FY26 printed ₹−106 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Indiqube Spaces Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹920 Cr of operating cash against ₹−106 Cr of profit. After ₹1,885 Cr of capital spending, ₹−965 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹920 Cr against reported profit of ₹−106 Cr, leaving free cash of ₹−965 Cr after ₹1,885 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 2.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Indiqube Spaces Ltd's cash conversion cycle runs −273 days in FY26, down from 26 days in FY21. Capital spending ran ₹4,263 Cr over the last 3 years. At FY26 sales of ₹1,451 Cr each day of that cycle holds about ₹4.0 Cr, so roughly ₹−1,085 Cr sits inside the business at any moment.

FY26: debtors at 28 days, inventory at 3 days — roughly 0.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −273 days, tighter than FY21's 26.

The full loop: cash goes out to suppliers and production on day 0; stock waits 3 days to sell; customers pay about 28 days after that; and suppliers themselves are paid at 304 days — netting out to the −273-day cycle.

In money terms: at FY26 sales of ₹1,451 Cr, each day of the cycle holds about ₹4.0 Cr — so the −273-day loop keeps roughly ₹−1,085 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,263 Cr over the last 3 fiscal years against ₹1,524 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹96.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Indiqube Spaces Ltd earns a ROCE of 6% in FY26. That is up from a trough of −7% in FY22. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −7.3% net margin on 0.22× asset turns.

FY26 ROCE is 6%, recovered from a FY22 trough of −7% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): −7.3% net margin × 0.22× asset turns × 12.64× balance-sheet leverage ≈ −20.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.0% on reported income across 8 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Indiqube Spaces Ltd carries ₹5,207 Cr of borrowings against ₹515 Cr of equity in FY26, a debt-to-equity of 10.11. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹154 Cr to ₹5,207 Cr. Capital spending ran ₹4,263 Cr across the last 3 of those years.

FY26: borrowings of ₹5,207 Cr against equity of ₹515 Cr — a debt-to-equity of 10.11. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹154 Cr to ₹5,207 Cr while capital spending ran ₹4,263 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.0% on reported income across 8 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Indiqube Spaces Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Indiqube Spaces Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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