# Indiqube Spaces share price today (Indiqube Spaces Ltd, NSE: INDIQUBE)

> Indiqube Spaces share price today: ₹179.15 at the NSE close on 3 November 2026, down 16.0% in a year. Indiqube Spaces (NSE: INDIQUBE) is worth ₹3,797 crore and has closed between ₹133.55 and ₹229.99 over the past 52 weeks. > Indiqube Spaces Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. INDIQUBE · Miscellaneous · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/indiqube-spaces-ltd

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## Key numbers

- Price: ₹179.15 (−16.0% in a year)
- Revenue (Jun 2026): ₹423 Cr (+36.9% on a year ago)
- Profit (Jun 2026): −₹24.0 Cr
- Operating margin: 61.0% (flat on a year ago)

Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. ## What is the Indiqube Spaces share price today? Indiqube Spaces Ltd's share price was ₹179.15 at the close on 3 November 2026. It has been rising for 8 weeks. That is 2.2% below 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 47% of the way up from that low. 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 −18% 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. ## What changed at Indiqube Spaces this quarter? 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. ## What are Indiqube Spaces' latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹423 crore | ₹309 crore | +36.9% |
| Profit | loss of ₹24.0 crore | loss of ₹37.0 crore | n/a |
| Earnings per share | ₹−1.13 | ₹−2.01 | n/a |
| Operating margin | 61.0% | 61.0% | 0.0 points |

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.)

## What is the Indiqube Spaces share price history? Indiqube Spaces closed at ₹179.15 on 3 November 2026, down 16.0% from ₹213.30 a year earlier (31 October 2025). Its highest weekly close since August 2025 was ₹237.92 on 19 September 2025. ### Indiqube Spaces share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹155.09 | +15.5% |
| 1 month ago · 1 Oct 2026 | ₹197.49 | −9.3% |
| 6 months ago · 30 Apr 2026 | ₹175.61 | +2.0% |
| 1 year ago · 31 Oct 2025 | ₹213.30 | −16.0% |
| Earliest weekly close in our records · 1 Aug 2025 | ₹217.72 | −17.7% |
| Highest weekly close since August 2025 · 19 Sep 2025 | ₹237.92 | −24.7% |
| Lowest weekly close since August 2025, also the 52-week low · 27 Mar 2026 | ₹133.55 | +34.1% |
| 52-week high (weekly close) · 26 Nov 2025 | ₹229.99 | −22.1% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (71 weekly closes from 1 August 2025 to 3 November 2026.)

## What is the latest news on Indiqube Spaces? 3 Nov 2026: Indiqube Spaces closed at ₹179.15, up 15.5% on the week and down 9.3% 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.)

## What dividend does Indiqube Spaces pay? 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 4 November 2026.)

## What did Indiqube Spaces management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/58667/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 13 August 2026.)

## What is the future of Indiqube Spaces? What is changing in the business? 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. A bigger order book too early to call

IndiQube signs office space and fills it with paying clients (seats). Revenue grew 39%, 46%, 35% and 37% over the same quarter a year earlier in the last four quarters (350 vs 252, 390 vs 268, 401 vs 297, 423 vs 309 crore). Management says signed space of about 3.3-3.9 million sq ft is waiting to be turned into rent-paying space and guides 25-30% revenue growth for FY27. Why it may last: The business depends on companies (especially global capability centres) wanting flexible office space; this has not been tested through an office-demand downturn, and the last two quarters showed no growth in rent-paying area. A return to 1-1.25 lakh sq ft of new rent-paying area per month would decide it. What could be flattering it: A headline pipeline of signed space that is converting slower than promised, with revenue kept up by one-time design-and-build work rather than more paying seats. Next check: 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. Quarter by quarter, 4 quarters

July to September 2025

Revenue 350 crore vs 252 a year earlier (+39%). 9.14 million sq ft under management, 5.8 million rent-paying, plus a new 1.4 lakh sq ft signing with a large asset manager. ✓ fact

From our notes of the call for July to September 2025: Signed 1.4 lakh sq ft with world's largest asset manager in Bangalore. October to December 2025

Revenue 390 crore vs 268 (+46%), the fastest of the four quarters. Rent-yielding area rose to 6.3 million sq ft after adding 1.5 million sq ft in the quarter. ✓ fact

From our notes of the call for October to December 2025: Portfolio scale: 9.55 million sq ft signed (212,000 seats), 6.3 million sq ft rent-yielding. January to March 2026

Revenue 401 crore vs 297 (+35%) but only +3% on the previous quarter. Rent-paying area ended March 2026 at 6.23 million sq ft, below the 6.3 million of December and far below the 7.6-7.67 million management promised in November. ✓ fact

From our notes of the call for January to March 2026: Today, we are at 7.8 million for rentable area and the rent-paying area is 6.23 million, which is almost 81%. April to June 2026

Revenue 423 crore vs 309 (+37%), +5% on the previous quarter. Management says rent-paying area was flat on the previous quarter and that additions come in the second half; occupancy 86%. ✓ fact

From our notes of the call for April to June 2026: Rent-paying-area additions are annual rather than quarter-linear; second-half additions and building ramp timing left the current quarter sequentially flat. A bigger market to serve too early to call

Management says flexible offices are taking a growing share of India's office demand (21% of absorption in 2025's first nine months, 23% later), driven by global capability centres (40% then 44% of absorption) and spreading to non-IT firms. IndiQube's revenue growth of 35-46% is faster than the flex market's stated growth of about 20 million sq ft a year on a 100 million sq ft base (about 20%). Why it may last: Office absorption rises and falls with hiring by capability centres and IT firms; management itself moved to 'cautiously optimistic' and flagged uneven supply in the latest call. What could be flattering it: A presentation market-size story that the company is not actually capturing, or one that depends on a hot office cycle. Next check: Management's next quoted flex share of absorption stays at or above 23% and IndiQube's revenue growth stays above 25% over the year before. Quarter by quarter, 4 quarters

July to September 2025

Flex operators took 21% of office absorption; stock expected to grow from 100 to 140 million sq ft in two years. Revenue +39% over the year before. ✓ fact

From our notes of the call for July to September 2025: Flex operators now capturing meaningful share: 21% of total office absorption in 9-month period. October to December 2025

Management says 80% of India's capability-centre absorption is in South India, where 80% of its portfolio sits. Revenue +46%. ✓ fact

From our notes of the call for October to December 2025: 80% of India's GCC absorption concentrated in South India. January to March 2026

Flex share of absorption up to 23% and capability centres to 44%. Revenue +35%. ✓ fact

From our notes of the call for January to March 2026: GCC segment driving 44% of absorption with flex operators capturing 23%, indicating structural shift beyond pure IT/ITES. April to June 2026

Sector tone moved to 'cautiously optimistic' with uneven local supply; no new market-size figure. Revenue +37%. ✓ fact

From our notes of the call for April to June 2026: GCC expansion, steady commercial-real-estate adoption, and micro-market selection support demand despite uneven local supply conditions. 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.)

## What could change the Indiqube Spaces story? What are the risks? 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.)

## What to watch in Indiqube Spaces' next results? 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. | What to check | Why |
| --- | --- |
| 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. | A bigger order book |
| Management's next quoted flex share of absorption stays at or above 23% and IndiQube's revenue growth stays above 25% over the year before. | A bigger market to serve |
| First-half capital spending and cash-flow disclosure - check whether audited figures clarify deployment and conversion after provisional quarterly data was withheld. | From the call |
| New-center handovers and ramp economics - check rent-paying-area growth and consolidated margin stability as signed supply becomes operational. | From the call |
| VAS recurring mix - check whether DesignQube, IndiQare and Eco sustain contribution beyond one-time project revenue. | From the call |
| Solar capacity commissioning and capital deployment - check execution against the FY27 buildout and customer green-transition demand. | From the call |

## Which stock lists is Indiqube Spaces on? Indiqube Spaces is on one of our India lists: Multibagger study list. [Multibagger study list Study stage: early](https://www.sectoralpha.in/multibagger-stocks-india)

## Is Indiqube Spaces profitable? 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. 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. ## How much revenue does Indiqube Spaces make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Indiqube Spaces keep? 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. 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. ## Is Indiqube Spaces' profit turning into cash? 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. 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. ## Where does Indiqube Spaces' cash go? 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. 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. ## What is Indiqube Spaces' P/E ratio, and how does it compare with its own history? 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 2.6× its FY26 revenue of ₹1,451 Cr. The P/E comes back here once profit turns positive. ## Is the Indiqube Spaces business getting better or worse? 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. 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. ## What is the Indiqube Spaces story, and has it been checked? 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. 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. 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. ## Did Indiqube Spaces management deliver what it promised? 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. ## How much does Indiqube Spaces earn on its capital? 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). 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. ## Does Indiqube Spaces have too much debt? 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. 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. ## What is the Indiqube Spaces shareholding pattern? 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. 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%. ## How far is Indiqube Spaces from balance-sheet trouble? 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. ## How does Indiqube Spaces rank in its industry? 47.7 out of 100, rank 36 of 40 in Miscellaneous, with 46% of the evidence available. It is provisional, so it is ranked below companies with full evidence. Indiqube Spaces Ltd scores 47.7 out of 100 against the 40 companies it is compared with in Miscellaneous, ranking 36. Some evidence is missing, so the score is pulled toward the middle on purpose. The four parts add up to the total exactly: 18.2 + 9.7 + 10 + 9.8 = 47.7. 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. ## Which companies is Indiqube Spaces compared with? Indiqube Spaces ranks 36 of 40 Miscellaneous companies on the 4-Factor Sector Score, with 47.7 out of 100. 1. [Global Education Ltd](https://www.sectoralpha.in/stocks/global-education-ltd) GLOBAL · breaking out · Most evidence points up · 89% evidence 71.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.1/35 · Revenue 28.2% · Profit 3.3% · Operating margin change 0.3 points · 88% evidence Capital efficiency 21.3/25 · ROCE 29.2% · Operating margin 41% · 100% evidence Valuation 14.4/20 · P/E 28.1× · PEG 0.67 · 65% evidence Relative strength 19.9/20 · Lead over its industry 45% · Lead over NIFTY 500 44.6% · 1 year 103.5% · 100% evidence · 9 of 12 weeks ahead Exact sum: 16.1 + 21.3 + 14.4 + 19.9 = 71.7 · What this means: Relative strength against the index is 44.6%, and revenue and profit growth are weak. 2. [Sagility Ltd](https://www.sectoralpha.in/stocks/sagility-ltd) SAGILITY · losing its lead · Most evidence points up · 78% evidence 66.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.6/35 · Revenue 28.5% · Profit 28.4% · Operating margin change 0 points · 100% evidence Capital efficiency 17.4/25 · ROCE 13.4% · Operating margin 25% · 100% evidence Valuation 15.6/20 · P/E 18.6× · PEG 0.37 · 65% evidence Relative strength 9.6/20 · Lead over its industry n/a · Lead over NIFTY 500 -1.3% · 1 year -19.9% · 25% evidence · 9 of 12 weeks ahead Exact sum: 23.6 + 17.4 + 15.6 + 9.6 = 66.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Gulshan Polyols Ltd](https://www.sectoralpha.in/stocks/gulshan-polyols-ltd) GULPOLY · quiet · Evidence leans up · 96% evidence 64.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.2/35 · Revenue 9.4% · Profit 100% · Operating margin change 7 points · 88% evidence Capital efficiency 19.4/25 · ROCE 18.6% · Operating margin 13% · 100% evidence Valuation 14.6/20 · P/E 6× · PEG 1.48 · 100% evidence Relative strength 4.4/20 · Lead over its industry -10.5% · Lead over NIFTY 500 -10.4% · 1 year -5.9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 26.2 + 19.4 + 14.6 + 4.4 = 64.6 · What this means: Earnings are strong; relative strength in its sector is -10.5% and the one-year return is -5.9%. 4. [Shree Vasu Logistics Ltd](https://www.sectoralpha.in/stocks/shree-vasu-logistics-ltd) SVLL · leader · Evidence leans up · 64% evidence 62.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.4/35 · Revenue 47.4% · Profit 100% · Operating margin change 0.8 points · 88% evidence Capital efficiency 18.6/25 · ROCE 20.5% · Operating margin 25.8% · 100% evidence Valuation 8.9/20 · P/E 119× · PEG n/a · 15% evidence Relative strength 11.8/20 · Lead over its industry n/a · Lead over NIFTY 500 14% · 1 year -0.9% · 25% evidence · 12 of 12 weeks ahead Exact sum: 23.4 + 18.6 + 8.9 + 11.8 = 62.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [R K Swamy Ltd](https://www.sectoralpha.in/stocks/r-k-swamy-ltd) RKSWAMY · Evidence leans up · 69% evidence 62.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/43.75 · Revenue 14.3% · Profit 17.3% · Operating margin change 2.6 points · 88% evidence Capital efficiency 19.5/31.25 · ROCE 12.3% · Operating margin 10.4% · 100% evidence Valuation 17.0/25 · P/E 19.5× · PEG 0.77 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 26 + 19.5 + 17 = 62.5 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 6. [Aeroflex Enterprises Ltd](https://www.sectoralpha.in/stocks/aeroflex-enterprises-ltd) AEROENTER · turning · Evidence leans up · 71% evidence 61.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.2/35 · Revenue 27.5% · Profit 100% · Operating margin change -5 points · 83% evidence Capital efficiency 13.6/25 · ROCE 12.6% · Operating margin 9% · 76% evidence Valuation 11.4/20 · P/E 9.3× · PEG n/a · 15% evidence Relative strength 17.4/20 · Lead over its industry 28.1% · Lead over NIFTY 500 27.6% · 1 year 43.7% · 100% evidence · 7 of 12 weeks ahead Exact sum: 19.2 + 13.6 + 11.4 + 17.4 = 61.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Blue Water Logistics Ltd](https://www.sectoralpha.in/stocks/blue-water-logistics-ltd) BLUEWATER · Evidence leans up · 64% evidence 60.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.4/35 · Revenue 163.3% · Profit 169.2% · Operating margin change -2 points · 88% evidence Capital efficiency 17.1/25 · ROCE 31.4% · Operating margin 11% · 100% evidence Valuation 10.8/20 · P/E 15.4× · PEG n/a · 15% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 83.1% · 1 year n/a · 25% evidence Exact sum: 20.4 + 17.1 + 10.8 + 12.5 = 60.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Anlon Technology Solutions Ltd](https://www.sectoralpha.in/stocks/anlon-technology-solutions-ltd) ANLON · breaking out · Too little evidence to rank firmly · 54% evidence 58.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 100% · Profit 100% · Operating margin change 1 points · 28% evidence Capital efficiency 18.6/25 · ROCE 27.1% · Operating margin 20% · 75% evidence Valuation 7.0/20 · P/E 36× · PEG 1.51 · 100% evidence Relative strength 12.2/20 · Lead over its industry n/a · Lead over NIFTY 500 31.2% · 1 year n/a · 25% evidence · 5 of 5 weeks ahead Exact sum: 21 + 18.6 + 7 + 12.2 = 58.8 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 9. [Eveready Industries India Ltd](https://www.sectoralpha.in/stocks/eveready-industries-india-ltd) EVEREADY · basing · Evidence leans up · 66% evidence 56.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue 9.8% · Profit 100% · Operating margin change -1 points · 74% evidence Capital efficiency 15.6/25 · ROCE 17.2% · Operating margin 12% · 100% evidence Valuation 11.6/20 · P/E 12.9× · PEG n/a · 50% evidence Relative strength 10.0/20 · Lead over its industry n/a · Lead over NIFTY 500 -0.8% · 1 year -18% · 25% evidence · 3 of 12 weeks ahead Exact sum: 19.4 + 15.6 + 11.6 + 10 = 56.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Prozone Realty Ltd](https://www.sectoralpha.in/stocks/prozone-realty-ltd) PROZONER · breaking out · Evidence leans up · 68% evidence 55.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue -9.9% · Profit 100% · Operating margin change 8.2 points · 83% evidence Capital efficiency 7.5/25 · ROCE 6% · Operating margin -35.6% · 76% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 17.0/20 · Lead over its industry 4.5% · Lead over NIFTY 500 5.1% · 1 year -26.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 21.4 + 7.5 + 10 + 17 = 55.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [TruAlt Bioenergy Ltd](https://www.sectoralpha.in/stocks/trualt-bioenergy-ltd) TRUALT · quiet · Evidence leans up · 68% evidence 53.4 out of 100 Growth Capital Valuation Relative
12. [Jindal Photo Ltd](https://www.sectoralpha.in/stocks/jindal-photo-ltd) JINDALPHOT · turning · Evidence leans up · 76% evidence 53.0 out of 100 Growth Capital Valuation Relative
13. [Aegis Vopak Terminals Ltd](https://www.sectoralpha.in/stocks/aegis-vopak-terminals-ltd) AEGISVOPAK · quiet · Evidence leans up · 60% evidence 52.2 out of 100 Growth Capital Valuation Relative
14. [Jai Corp Ltd](https://www.sectoralpha.in/stocks/jai-corp-ltd) JAICORPLTD · basing · Too little evidence to rank firmly · 56% evidence 51.2 out of 100 Growth Capital Valuation Relative
15. [GMR Airports Ltd](https://www.sectoralpha.in/stocks/gmr-airports-ltd) GMRAIRPORT · quiet · Evidence leans down · 83% evidence 49.1 out of 100 Growth Capital Valuation Relative
16. [Parin Enterprises Ltd](https://www.sectoralpha.in/stocks/parin-enterprises-ltd) PARIN · losing its lead · Evidence leans down · 63% evidence 48.3 out of 100 Growth Capital Valuation Relative
17. [Anzen India Energy Yield Plus Trust](https://www.sectoralpha.in/stocks/anzen-india-energy-yield-plus-trust) ANZEN · losing its lead · Too little evidence to rank firmly · 52% evidence 47.5 out of 100 Growth Capital Valuation Relative
18. [TCC Concept Ltd](https://www.sectoralpha.in/stocks/tcc-concept-ltd) TCC · quiet · Evidence leans down · 71% evidence 47.1 out of 100 Growth Capital Valuation Relative
19. [Shipping Corporation of India Land & Assets Ltd](https://www.sectoralpha.in/stocks/shipping-corporation-of-india-land-assets-ltd) SCILAL · basing · Evidence leans down · 90% evidence 45.5 out of 100 Growth Capital Valuation Relative
20. [Aqylon Nexus Ltd](https://www.sectoralpha.in/stocks/aqylon-nexus-ltd) AQYLON · basing · Evidence leans down · 71% evidence 43.5 out of 100 Growth Capital Valuation Relative
21. [Inox Green Energy Services Ltd](https://www.sectoralpha.in/stocks/inox-green-energy-services-ltd) INOXGREEN · quiet · Evidence leans down · 71% evidence 41.1 out of 100 Growth Capital Valuation Relative
22. [Delta Corp Ltd](https://www.sectoralpha.in/stocks/delta-corp-ltd) DELTACORP · breaking out · Evidence leans down · 67% evidence 41.1 out of 100 Growth Capital Valuation Relative
23. [GKW Ltd](https://www.sectoralpha.in/stocks/gkw-ltd) GKWLIMITED · turning · Evidence leans down · 61% evidence 38.5 out of 100 Growth Capital Valuation Relative
24. [Kaveri Seed Company Ltd](https://www.sectoralpha.in/stocks/kaveri-seed-company-ltd) KSCL · basing · Evidence leans down · 76% evidence 37.3 out of 100 Growth Capital Valuation Relative
25. [IIRM Holdings India Ltd](https://www.sectoralpha.in/stocks/iirm-holdings-india-ltd) IIRM · quiet · Evidence leans down · 64% evidence 36.8 out of 100 Growth Capital Valuation Relative
26. [Unitech Ltd](https://www.sectoralpha.in/stocks/unitech-ltd) UNITECH · basing · Evidence leans down · 68% evidence 35.6 out of 100 Growth Capital Valuation Relative
27. [Stanley Lifestyles Ltd](https://www.sectoralpha.in/stocks/stanley-lifestyles-ltd) STANLEY · quiet · Most evidence points down · 64% evidence 34.3 out of 100 Growth Capital Valuation Relative
28. [Embassy Developments Ltd](https://www.sectoralpha.in/stocks/embassy-developments-ltd) EMBDL · quiet · Most evidence points down · 61% evidence 27.2 out of 100 Growth Capital Valuation Relative
29. [RattanIndia Enterprises Ltd](https://www.sectoralpha.in/stocks/rattanindia-enterprises-ltd) RTNINDIA · basing · Most evidence points down · 61% evidence 24.8 out of 100 Growth Capital Valuation Relative
30. Exhicon Events Media Solutions Ltd losing its lead · Too little evidence to rank firmly · 42% evidence 58.0 out of 100 Growth Capital Valuation Relative
31. [Central Mine Planning & Design Institute Ltd](https://www.sectoralpha.in/stocks/central-mine-planning-design-institute-ltd) CMPDI · quiet · Too little evidence to rank firmly · 38% evidence 57.3 out of 100 Growth Capital Valuation Relative
32. [Take Ltd](https://www.sectoralpha.in/stocks/take-solutions-ltd) TAKE · Too little evidence to rank firmly · 38% evidence 55.8 out of 100 Growth Capital Valuation Relative
33. [Fabtech Cleanrooms Ltd](https://www.sectoralpha.in/stocks/fabtech-cleanrooms-ltd) breaking out · Too little evidence to rank firmly · 41% evidence 54.8 out of 100 Growth Capital Valuation Relative
34. [Devson Catalyst Ltd](https://www.sectoralpha.in/stocks/devson-catalyst-ltd) Too little evidence to rank firmly · 15% evidence 52.9 out of 100 Growth Capital Valuation Relative
35. [Qualitek Labs Ltd](https://www.sectoralpha.in/stocks/qualitek-labs-ltd) breaking out · Too little evidence to rank firmly · 31% evidence 49.9 out of 100 Growth Capital Valuation Relative
36. Indiqube Spaces Ltd this page INDIQUBE · turning · Too little evidence to rank firmly · 46% evidence 47.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.2/35 · Revenue 38.9% · Profit 30.4% · Operating margin change 0 points · 62% evidence Capital efficiency 9.7/25 · ROCE 6.4% · Operating margin 61% · 76% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 9.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -1.1% · 1 year -20.3% · 25% evidence · 10 of 12 weeks ahead Exact sum: 18.2 + 9.7 + 10 + 9.8 = 47.7 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 37. [Maagh Advertising & Marketing Services Ltd](https://www.sectoralpha.in/stocks/maagh-advertising-marketing-services-ltd) Too little evidence to rank firmly · 21% evidence 47.5 out of 100 Growth Capital Valuation Relative
38. [Lords Mark Industries Limited](https://www.sectoralpha.in/stocks/lords-mark-industries-limited) quiet · Too little evidence to rank firmly · 43% evidence 45.7 out of 100 Growth Capital Valuation Relative
39. [Tandhan Industries Ltd](https://www.sectoralpha.in/stocks/tandhan-industries-ltd) turning · Too little evidence to rank firmly · 37% evidence 42.4 out of 100 Growth Capital Valuation Relative
40. [Shree Rama Newsprint Ltd](https://www.sectoralpha.in/stocks/shree-rama-newsprint-ltd) RAMANEWS · Too little evidence to rank firmly · 48% evidence 32.5 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/sectors/miscellaneous), all 40 compared on one page. ## Which companies are close to Indiqube Spaces in size? Indiqube Spaces is the 7th largest of 40 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

1. [Central Mine Planning & Design Institute Ltd](https://www.sectoralpha.in/stocks/central-mine-planning-design-institute-ltd) ₹12,742 crore
2. [Embassy Developments Ltd](https://www.sectoralpha.in/stocks/embassy-developments-ltd) ₹6,996 crore
3. [Inox Green Energy Services Ltd](https://www.sectoralpha.in/stocks/inox-green-energy-services-ltd) ₹4,272 crore
4. Indiqube Spaces Ltd ₹3,603 crore
5. [Kaveri Seed Company Ltd](https://www.sectoralpha.in/stocks/kaveri-seed-company-ltd) ₹3,390 crore
6. [RattanIndia Enterprises Ltd](https://www.sectoralpha.in/stocks/rattanindia-enterprises-ltd) ₹3,261 crore
7. [Anzen India Energy Yield Plus Trust](https://www.sectoralpha.in/stocks/anzen-india-energy-yield-plus-trust) ₹3,171 crore

[All 40 Miscellaneous companies, largest first](https://www.sectoralpha.in/sectors/miscellaneous#all-companies)

### Companies close in size in other industries

1. [Mahindra Holidays & Resorts India Ltd](https://www.sectoralpha.in/stocks/mahindra-holidays-resorts-india-ltd) ₹3,607 crore · Resorts
2. [Kwality Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/kwality-pharmaceuticals-ltd) ₹3,606 crore · Pharma - Formulators
3. Indiqube Spaces Ltd ₹3,603 crore
4. [Shanthi Gears Ltd](https://www.sectoralpha.in/stocks/shanthi-gears-ltd) ₹3,599 crore · Auto Ancillaries - Gears
5. [Kalyani Steels Ltd](https://www.sectoralpha.in/stocks/kalyani-steels-ltd) ₹3,592 crore · Steel Products

## What else do people ask about Indiqube Spaces? ### What is Indiqube Spaces's share price today? Indiqube Spaces Ltd's share price is ₹179.15, −16.0% over the past year. The whole company is worth ₹3,797 Cr on the market. In the last 52 weeks it traded between ₹134 to ₹230; today it is 47% of the way up from the low, 2.2% below its 200-day average (as of 3 November 2026). ### What were Indiqube Spaces's latest quarterly results? Indiqube Spaces Ltd reported revenue of ₹423 Cr and a net loss of ₹24.0 Cr for the Jun 2026 quarter. Earnings per share were −₹1.13. The operating margin was 61.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Indiqube Spaces's market cap? Indiqube Spaces Ltd's market capitalisation is ₹3,797 Cr at a share price of ₹179.15. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Indiqube Spaces performing? Indiqube Spaces Ltd's share price has been rising for 8 weeks. Over the past 13 weeks it has done better than the NIFTY 500, for 2 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will Indiqube Spaces's share price go up? This page does not forecast Indiqube Spaces Ltd's share price. What it shows instead: the share price is ₹179.15, and it has been rising for 8 weeks. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Who owns Indiqube Spaces? Promoters own 60.1% of Indiqube Spaces Ltd, foreign institutions 1.9%, domestic institutions 13.9% and the public 24.1% (latest quarter). No group of owners changed its stake by a full point over the last two years (as of 3 November 2026). ### Where is Indiqube Spaces in its business cycle? Indiqube Spaces Ltd's FY26 operating margin was 61.0%, against a 7-year range of 10.0% to 61.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 61.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Indiqube Spaces story? Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Indiqube Spaces a stock worth studying right now? What the numbers show: Indiqube Spaces Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Indiqube Spaces share price forecast for 2026? What management itself guided: Annual area additions close to 2 million square feet. 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. What would change the story: 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. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india

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