Indiqube Spaces Limited · NSE:INDIQUBE

Indiqube Spaces — H1 FY27 Earnings Presentation

42 slides from Indiqube Spaces's earnings presentation, Nov 3, 2026

  1. Slide 1: Regulation 30 disclosure cover letter

    November 03, 2026 To, BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400051 BSE Scrip Code: 544454 NSE Scrip Symbol: INDIQUBE SUBJECT: DISCLOSURE UNDER REGULATION

  2. Slide 2: Investor Presentation H1 & Q2 FY27

    INVESTOR PRESENTATION H1 & Q2 FY27 ©2026 INDIQUBE SPACES LIMITED

  3. Slide 3: Indiqube's Growth Journey

    INDIQUBE’S GROWTH JOURNEY 2013 2015 2018 2021 2022 2025 2026 Sublets existing $15 Mn - Strategic Started our foray $30 Mn – Funding July 30, 2025 space to clients of investments by into Tier II cities with led by Promoters & Sep 30, 2026 Listed on NSE & BSE Group company Coimbatore WestBridge Capita

  4. Slide 4: Elevating Experiences Across India's Commercial Spaces

    DRIVEN BY VISION. DEFINED BY EXPERIENCE. OUR VISION: Creating Workspaces for Everyone GROW Customized Interiors, Consistent Experience OUR MISSION: DESIGNQUBE Elevating Experiences Across India’s Commercial Spaces Making Commercial Spaces Operate Better INDIQARE Fostering Sustainable Spaces for the

  5. Slide 5: India's Integrated Managed Spaces Platform

    WE ARE INDIA’S INTEGRATED MANAGED SPACES PLATFORM! Grow DesignQube Plug & Play Workspaces Your Interiors, Crafted by Us Workspace Interiors Services Design Build Retrofit Within IndiQube properties Beyond IndiQube Properties IndiQare Eco Managed Services for Commercial Spaces Green Transformation So

  6. Slide 6: Reflections from Leadership

    REFLECTIONS FROM LEADERSHIP Q2 FY27 has been another strong quarter for Our performance this quarter reflects the IndiQube, with our highest ever quarterly increasing depth and resilience of the IndiQube revenue of ₹475 crore, growing 34% year on platform. We now manage 10.86 million sq. ft. year. a

  7. Slide 7: Financial Highlights Q2 FY27

    FINANCIAL H I G H L I G H T S Q2 FY27 6 ©2026 INDIQUBE SPACES LIMITED

  8. Slide 8: Best Quarterly Revenue, PAT Grows by 63%

    BEST QUARTERLY REVENUE, PAT GROWS BY 63%, STEADY MARGIN IMPROVEMENT Q2 FY27 Revenue EBITDA EBIT PAT ₹475 Crores ₹105 Crores ₹68 Crores ₹57 Crores ▲ 34% | ₹354 Cr in Q2 FY26 ▲ 40% | ₹75 Cr in Q2 FY26 ▲ 42% | ₹48 Cr in Q2 FY26 ▲ 63% | ₹35 Cr in Q2 FY26 EBITDA Margin EBIT Margin PAT Margin 22% 14% 12%

  9. Slide 9: Strong Operating Leverage Drives Growth in Adjusted Cash EBIT

    STRONG OPERATING LEVERAGE DRIVES GROWTH IN ADJUSTED CASH EBIT ₹ Cr PARTICULARS Q2 FY27 Q1 FY27 Q2 FY26 Adjusted Cash EBIT ₹ Cr Revenue from operations* 472 423 350 103 Less : Purchases of traded goods** 28 27 26 Less : Employee benefits expense** 24 24 25 75 Less : Other expenses** 122 113 91 62 Exp

  10. Slide 10: Ind-AS vs IGAAP Reconciliation

    IND-AS VS IGAAP RECONCILIATION ₹ Cr Q2 FY27 Q1 FY27 Q2 FY26 PARTICULARS Ind AS Ind AS Adj. IGAAP Eq. Ind AS Ind AS Adj. IGAAP Eq. Ind AS Ind AS Adj. IGAAP Eq. Revenue from operations 472 (4) 475 423 (6) 428 350 (4) 354 Other income 20 14 6 26 18 8 16 11 6 Total Income 492* 11 481 449 13 436 367 7 36

  11. Slide 11: Financial Highlights H1 FY27

    FINANCIAL H I G H L I G H T S H1 FY27 10 ©2026 INDIQUBE SPACES LIMITED

  12. Slide 12: Highest Half-Yearly Revenue, Strong Profitability Growth

    HIGHEST HALF-YEARLY REVENUE, STRONG GROWTH IN PROFITABILITY H1 FY27 Revenue EBITDA EBIT PAT ₹904 Crores ₹191 Crores ₹122 Crores ₹92 Crores ▲ 35% | ₹668 Cr in H1 FY26 ▲ 37% | ₹139 Cr in H1 FY26 ▲ 48% | ₹82 Cr in H1 FY26 ▲ 66% | ₹55 Cr in H1 FY26 EBITDA Margin EBIT Margin PAT Margin 21% 14% 10% Vs 21%

  13. Slide 13: Consistently Paying Income Taxes with Strengthening Profitability

    CONSISTENTLY PAYING INCOME TAXES WITH STRENGTHENING PROFITABILITY Income / Current Tax Expense* ROE** ROE*** ₹ Cr Excluding Cash & Bank Balance 22 13 24% 16% 8 FY25 Audited FY26 Audited H1 FY27 Reported Vs 24% in H1 FY26 Vs 16% in H1 FY26 Refer slide 32 for detailed explanation 12 | IGAAP Equivalent

  14. Slide 14: Enhancing Capital Allocation Through Cost of Capital Optimization

    ENHANCING CAPITAL ALLOCATION THROUGH COST OF CAPITAL OPTIMIZATION Capex & Free Cashflow Debt-Equity Ratio ₹ Cr ₹ Cr PARTICULARS H1 FY27 PARTICULARS H1 FY27 H1 FY26 Cash Generated from Operations* 509 Gross Debt # 288 278 Less: Payment of Lease Liabilities (Including Interest)** 387 Bank Balances ##

  15. Slide 15: Ind-AS vs IGAAP Reconciliation

    IND-AS VS IGAAP RECONCILIATION ₹ Cr H1 FY27 H1 FY26 PARTICULARS Ind AS Ind AS Adj. IGAAP Eq. Ind AS Ind AS Adj. IGAAP Eq. Revenue from operations 895 (9) 904 659 (8) 668 Other income 46 33 14 31 26 6 Total Income 941* 23 917 691 17 673 Purchase of Traded Goods 56 0 56 36 0 36 Employee Benefit Expens

  16. Slide 16: Cash EBIT & Adjusted Cash EBIT

    CASH EBIT & ADJUSTED CASH EBIT ₹ Cr PARTICULARS H1 FY27 H1 FY26 FY26 Adjusted Cash EBIT ₹ Cr Revenue from operations* 895 659 1,451 Less : Purchases of traded goods** 57 37 96 178 Less : Employee benefits expense** 48 45 93 Less : Other expenses** 235 182 381 114 Expenses 339 263 569 Less : Payment

  17. Slide 17: Operational Highlights

    OPERATIONAL H I G H L I G H T S 16 ©2026 INDIQUBE SPACES LIMITED

  18. Slide 18: Pan-India Growth with High Occupancy

    PAN-INDIA GROWTH WITH HIGH OCCUPANCY Q2 FY27 Area Under Management Centers Cities No of Seats 10.86 Mn Sq.ft. 138 17 241K ▲ 19% | 9.14 Mn Sq.ft. in Q2 FY26 ▲ 10% | 125 Centers in Q2 FY26 8 Tier I & 9 Tier II Cities ▲ 19% | 203 K+ Seats in Q2 FY26 Steady State Occupancy Key Highlights Overall Occupan

  19. Slide 19: Next Leg of Growth: 3.8 Mn Sq.ft. Headroom

    NEXT LEG OF GROWTH: 3.8 MN SQ.FT. HEADROOM ACROSS 85,000 SEATS Operational Supply, Future Capacity & Growth Headroom Mn Sq.Ft 2.67 10.86 8.19 3.81 Headroom for Growth 85 K Seats Rent Yielding Area 7.05 157 K Seats Rent Paying Area LOI Signed Area Under Management 182 K 59 K 241 K Operational Seats F

  20. Slide 20: Expanding Footprint with Improving Steady-State Occupancy

    EXPANDING FOOTPRINT WITH IMPROVING STEADYSTATE OCCUPANCY Area Under Management Rent Paying Area Rent Yielding Area Steady State Occupancy Mn Sq.ft. 10.61 10.86 91% 9.14 8.19 7.84 6.74 7.05 6.70 90% 5.80 19% 89% 22% 22% Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 YoY Growth Our Rent Yielding area

  21. Slide 21: Acquiring Supply, the India Way

    ACQUIRING SUPPLY, THE INDIA WAY! Full Buildings Renovated Properties Tech Parks 55% 23% 20% Metro Proximity Supply acquisition strategy that evolves with micromarket 80% No of Centers < 3 KM from operational & planned Talent Catchments metro stations Hub & Spoke approach to expand reach and efficien

  22. Slide 22: Fostering Workspaces for Large Size, Long Stay Enterprises

    FOSTERING WORKSPACES FOR LARGE SIZE, LONG STAY ENTERPRISES H1 FY27 Clients Brand Led Acquisition GCC Share Multi Center Clients 884 63% 54% 41% PAN India 2.29% | Brokerage to Ops Revenue Revenue Contribution Revenue Contribution Startups Client Lease Duration 0-50 Seats 51-100 in Months Seats 11% GC

  23. Slide 23: Asset-Liability Managed in a ~3-Year Cycle

    ASSET-LIABILITY MANAGED IN A ~3-YEAR CYCLE Operational Breakeven In one cycle of ~3 years, client lock in, 6M landlord lock in, and capex payback are 55%–60% Occupancy aligned, enabling full recovery of interior Center reaches operational breakeven at 55–60% occupancy and renovation fit out capex, t

  24. Slide 24: Scaling Horizons Across India's Growth Corridors

    SCALING HORIZONS ACROSS INDIA’S GROWTH CORRIDORS Tier I Tier II Bangalore Coimbatore 76 Centers | 6.71M Sq. ft | 149K Seats 5 Centers | 457K Sq. ft | 10K Seats Kochi Chennai 4 Centers | 140K Sq. ft | 3K Seats 17 Centers | 1.38M Sq. ft | 30K Seats Madurai Pune 1 Center | 37K Sq. ft | 1K Seats 11 Cent

  25. Slide 25: Digital Workplaces Powered by MiQube Tech Stack

    DIGITAL WORKPLACES POWERED BY MIQUBE TECH STACK MiQube Transactions Volume 180K+ in 000’s Lifetime App Downloads 988 1.5 Mn+ Transactions in FY26 637 ▲ 55% 3.8 Stars on Play Store H1 FY26 H1 FY27 24 ©2026 INDIQUBE SPACES LIMITED

  26. Slide 26: Growing Contribution of Value-Added Services

    GROWING CONTRIBUTION OF VALUE-ADDED SERVICES Value Added Services ₹ Cr 154 88 ▲ 74% H1 FY26 H1 FY27 13% 17% VAS % Ops Revenue H1 FY26 H1 FY27 25 ©2026 INDIQUBE SPACES LIMITED

  27. Slide 27: Annexures

    ANNEXURES 26 ©2026 INDIQUBE SPACES LIMITED

  28. Slide 28: Balance Sheet

    BALANCE SHEET ₹ Cr H1 FY27 FY 26 H1 FY27 FY 26 PARTICULARS PARTICULARS (Reported) (Audited) (Reported) (Audited) ASSETS EQUITY AND LIABILITIES Non-current assets Equity Equity share capital 21 21 Property, plant and equipment 1,018 933 Other equity 466 494 Capital work-in-progress 116 96 Total equit

  29. Slide 29: Profit & Loss Statement

    PROFIT & LOSS STATEMENT ₹ Cr PARTICULARS Q2 FY27 (Reported) Q1 FY27 (Reported) Q2 FY26 (Reported) H1 FY27 (Reported) H1 FY26 (Reported) FY26 (Audited) Income Revenue from operations 472 423 350 895 659 1451 Other income 20 26 16 46 31 77 Total income 492 449 367 941 691 1528 Expenses Purchases of tr

  30. Slide 30: Cashflow Statement (1/2)

    CASHFLOW STATEMENT (1/2) ₹ Cr H1 FY27 H1 FY 26 PARTICULARS (Reported) (Reported) Cash flow from operating activities Loss before tax (38) (89) Adjustments for: Depreciation and amortisation expense 383 299 Allowance for expected credit losses 1 0 Property, plant and equipment written off 5 1 Finance

  31. Slide 31: Cashflow Statement (2/2)

    CASHFLOW STATEMENT (2/2) ₹ Cr H1 FY27 H1 FY 26 PARTICULARS (Reported) (Reported) Cash flow from investing activities Purchase of property, plant and equipment, capital work-in-progress, intangible assets under development and capital advances (203) (179) Initial direct cost on leases capitalized und

  32. Slide 32: Questions for Investors

    QUESTIONS FOR I N V E S T O R S 31 ©2026 INDIQUBE SPACES LIMITED

  33. Slide 33: Key Questions Addressed for Investors

    KEY QUESTIONS ADDRESSED FOR INVESTORS Q. Is the Company profitable ? Yes, the Company is PAT positive and has consistently paid income tax. The accounting loss reported under Ind AS is largely due to Ind AS 116, which records noncash depreciation on Right of Use assets and interest on lease liabilit

  34. Slide 34: Key Questions Addressed for Investors

    KEY QUESTIONS ADDRESSED FOR INVESTORS Q. How to perceive Lease Liability in our business? A lease liability is the accounting value of future rent payable on leased properties. Under Ind AS 116, this amount is shown on the balance sheet even though it is not a traditional loan or borrowing. IndiQube

  35. Slide 35: Glossary

    GLOSSARY 34 ©2026 INDIQUBE SPACES LIMITED

  36. Slide 36: Glossary (1/5)

    GLOSSARY (1/5) Term Description Area Under Management Also referred to as Total Area, comprises both Rent Paying Area & LOI Signed Rent Paying Area Also referred to as Operational Area, represents the area available for client occupancy where we are currently paying rent to the landlord LOI Signed F

  37. Slide 37: Glossary (2/5)

    GLOSSARY (2/5) Term Description IndiQube Grow ‘IndiQube Grow’, which serves as our solution for providing plug and play workspaces that incorporate interiors, technology, facility management and VAS. IndiQube Grow represents a holistic workplace solution, encompassing the essential elements required

  38. Slide 38: Glossary (3/5)

    GLOSSARY (3/5) Term Description Revenue Revenue from operations plus income on finance lease EBITDA EBITDA is calculated as profit / loss after tax plus tax expense, finance cost, depreciation and amortization expense for the period Net Worth Net worth represents total equity plus reserve and surplu

  39. Slide 39: Glossary (4/5)

    GLOSSARY (4/5) Term Description Revenue from operations Revenue from operations means revenue from rental income, finance lease, electricity charges, maintenance charges, sale of goods and other ancillary services for the period Lease Liability Lease Liability is the financial obligation to make lea

  40. Slide 40: Glossary (5/5)

    GLOSSARY (5/5) Term Description ROU ROU asset represents the present value of the premises, that the company has the right to occupy and use, based on the lease agreement Depreciation on ROU Depreciation on ROU Asset is the expense recorded to spread the cost of a Right-of-Use asset, representing th

  41. Slide 41: Disclaimer

    DISCLAIMER No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the da

  42. Slide 42: Thank You

    Thank You Mr. Pawan Jain Mr. Anuj Sonpal CFO Founder & CEO CIN : L45400KA2015PLC133523 Tel: +91-22-4903 9500 [email protected] [email protected] https://indiqube.com/ http://valoremadvisors.com/indiqube

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