IndiQube Spaces Limited

Real Estate — Real Estate Services · NSE

₹179.00−₹7.05 (−3.79%)

DalalBaazaar Score

42 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, the company is currently loss-making.

In simple words: The company is currently losing money, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of IndiQube Spaces Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

IndiQube Spaces Limited engages in the business of leasing of network of shared workspaces of fully or partly equipped premises and other related activities.

IndustryReal Estate Services

SectorReal Estate

Employees764

Annual revenue₹1,451 Cr

How does it make money?

Turns over ₹1,451 Cr a year. Of every ₹100 of sales, about ₹-7 reaches shareholders as profit, with ₹65 left at the operating level before interest, tax and depreciation. Each of its 764 employees supports ₹1.90 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.90 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 5.5% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.3%

What is the outlook?

5 analysts covering the stock expect revenue to grow about 21.7% and earnings to grow about 228.9% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+21.7%

Est. earnings growth+228.9%

Analysts5

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +150% while net margin moved -79% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+150%

Margin effect-79%

DalalBaazaar Score

42/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

50/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

34/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

9.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 63.6% to 65.4% over 3 years.
Cash generation is improving
Free cash flow is up 225% over 3 years.
Return on capital is rising
ROCE has improved from -1.6% to 5.5%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

6 items require attention · 5 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 78% over 3 years, from ₹2,926 Cr to ₹5,207 Cr.
🔴High leverageFinancial
Debt/Equity of 10.12x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 0.7x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹106 Cr in the latest reported year.
🔴Receivables growing faster than salesFinancial
Receivables up 239% against revenue up 150% — sales are being booked faster than they are collected.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.62 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 63.6% to 65.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 5.5x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 239% against revenue up 150%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
5 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 27% a year✓ 35.8% CAGR
Latest reported year was 36.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 63%✓ 65.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 5.5x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 0.7x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹494 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

7 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 2 neutral · 6 weak

Market Cap

₹3,795 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

7.37x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹-4.49

Loss-making

Negative earnings per share — the business is losing money

ROE

-20.7%

Weak

Weak capital efficiency

ROCE

5.5%

Weak

Low return on total capital employed

Debt/Equity

10.12x

High

High leverage

Revenue Growth (YoY)

36.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

23.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹494 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

77.2x

Operating Margin

16.7%

Good

Healthy core-business profitability

Net Margin

-6.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.62

Tight

Tight short-term liquidity

52W Range Position

47%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

192.5 / 192.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

20.1

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹580 Cr	₹831 Cr	₹1,059 Cr	₹1,451 Cr	+35.8%
EBITDA	₹369 Cr	₹531 Cr	₹652 Cr	₹949 Cr	+37.0%
EBITDA Margin	63.6%	64.0%	61.5%	65.4%	—
PAT (Net Profit)	-₹198 Cr	-₹342 Cr	-₹140 Cr	-₹106 Cr	—
EPS	₹-9.43	₹-16.26	₹-6.65	₹-5.28	—
ROE	—	-261.4%	—	-20.7%	—
ROCE	-1.6%	-4.3%	4.3%	5.5%	—
Total Debt	₹2,926 Cr	₹3,049 Cr	₹4,088 Cr	₹5,207 Cr	+21.2%
Free Cash Flow	₹152 Cr	₹352 Cr	₹354 Cr	₹494 Cr	+48.1%

🟢 Revenue has grown at 35.8% a year over 3 years.

🟢 EBITDA has grown at 37.0% a year over 3 years.

🟢 EBITDA Margin has risen from 63.6% to 65.4% over 3 years (+1.8 pts).

🟢 ROE has risen from -261.4% to -20.7% over 3 years (+240.8 pts).

🟢 ROCE has risen from -1.6% to 5.5% over 3 years (+7.1 pts).

🔴 Total Debt has grown at 21.2% a year over 3 years.

🟢 Free Cash Flow has grown at 48.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹6,511 Cr

Total Liabilities

₹5,997 Cr

Cash & Equivalents

₹72 Cr

Operating Cash Flow

₹920 Cr

Capex

-₹427 Cr

Shareholding (proxy)

Institutional Holding

13.7%

Insider Holding

79.3%

Analyst Consensus

Recommendations

5 Buy · 1 Hold · 0 Sell

Target Price (Mean)

₹266.83

+49.1% vs CMP

Target Range

₹186 – ₹316

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

2 mixed4 general

IndiQube Spaces (NSEI:INDIQUBE) Stock Forecast & Analyst Predictions

Simply Wall Street, 11 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Indiqube Spaces Ltd | Stock Share Price Live

MarketSmith India, 24 May

INDIQUBE Forecast — Price Target — Prediction for 2027

TradingView, 26 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Why flexible office space providers are grabbing centre stage

Livemint, 12 Oct

Buy Indiqube Spaces; target of Rs 263: ICICI Securities

Moneycontrol.com, 17 Aug

Indiqube Spaces Ltd

Equitypandit, 27 Feb

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongGrowth

MiddlingBusiness Quality

WeakFinancial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 5 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑