ISIndiqube Spaces544454Quarterly results

Record Q2 FY27 revenue ₹475 Cr, up 34% YoY; PAT ₹57 Cr, up 63%; H1 PAT ₹92 Cr, up 66%

IndiQube's press release on results for the quarter and half year ended September 30, 2026.

By ScoutQuest · Tue 3 Nov 2026, 7:23 PM IST · 2 min read

Q2 FY27 Revenue

₹475 Cr, up 34% YoY

Q2 FY27 EBITDA

₹105 Cr, up 40%, margin 22%

Q2 FY27 PAT

₹57 Cr, up 63%, margin 12%

The headline numbers

• The press release covers the quarter and half year ended September 30, 2026, and carries CEO Rishi Das calling Q2 FY27 the company's "highest ever quarterly revenue".
• Q2 FY27 revenue: ₹475 Cr, up 34% year on year.
• Q2 FY27 EBITDA: ₹105 Cr, up 40%, with EBITDA margin at 22%.
• Q2 FY27 PAT: ₹57 Cr, up 63%, with PAT margin at 12%.
• H1 FY27 revenue: ₹904 Cr, up 35%; EBITDA ₹191 Cr, up 37%, margin 21%; PAT ₹92 Cr, up 66%, margin 10%.

Business scale and mix

• Co-founder Meghna Agarwal states the platform manages 10.86 Mn sq. ft. across 138 centers and 17 cities, with 241 K seats and a steady state occupancy of 91%.
• Area under management rose by 1.72 Mn sq. ft. YoY, seat capacity by 38 K seats, and 13 new centers were added YoY.
• The company serves 884 clients; GCCs contribute 54% of revenue and multicentre clients 41%.
• Value Added Services revenue grew 74% to ₹154 crore in H1 FY27 and now contributes 17% of operating revenue.

Two ways the quarter is presented

• On the IGAAP-equivalent basis the company highlights, Q2 FY27 revenue from operations is ₹475 Cr, EBITDA ₹105 Cr (22%) and PAT ₹57 Cr (12%).
• Under Ind AS, the same quarter shows revenue from operations of ₹472, total income of ₹492, total expenses of ₹175, EBITDA of ₹297 (63%), depreciation and amortisation of ₹195, finance costs of ₹129, PBT of (7), tax expense of (2) and PAT of (6), i.e. a net loss of ₹6 Cr.
• The company says this variance arises mainly from non-cash accounting impacts under Ind AS 116, namely depreciation on Right-of-Use assets and interest on lease liabilities, and that these do not affect underlying operating strength.
• An estimated current tax expense of ₹5 Cr was reported in Q2 FY27.
• Both presentations are laid out side by side in the release, so readers can see how the same quarter reads under each basis.

What else the release carries

• CRISIL 'A+' (Stable) rating, described as reaffirming financial strength.
• An earnings conference call is scheduled for Wednesday, November 04, 2026, at 02:00 P.M. IST, with dial-in numbers +91 22 6280 1304 and +91 22 7115 8205.
• Results for the quarter under Ind AS, along with segment results, are placed in the Investor Relations section of the company's website.

What a retail reader can take away

• The release shows double-digit growth in revenue and profit on the basis the company leads with, plus operating metrics on area, seats, occupancy and client mix.
• It also carries a net loss on the Ind AS basis and the company's own explanation that this is driven by non-cash lease accounting rather than operations.
• The two figures sit side by side in the same release, so the basis being quoted matters when comparing them.

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