IndiQube’s Q2 revenue rises 35% as net loss drops 80%

IndiQube reported Rs 472 crore in operating revenue for the quarter ended September 2026, up 35% from Rs 350 crore in Q2 FY26. Its net loss narrowed 80.3% to Rs 5.90 crore, or Rs 59 million, according to financial statements sourced from the National Stock Exchange (NSE).

The same statements showed sequential operating revenue of Rs 472 crore, up 11.6% from Rs 423 crore in Q1 FY27. Net loss narrowed 74.8% to Rs 5.90 crore from Rs 23.40 crore in the previous quarter. Operating revenue equaled Rs 4.72 billion.

In the first half of FY27, revenue from operations increased 35.7% to Rs 895 crore, compared with Rs 659.5 crore in the corresponding period of FY26. That equals Rs 8.95 billion, with the half-year growth rate nearly matching Q2’s 35% increase.

IndiQube recorded Rs 20 crore in other income during Q2 FY27. That lifted total income to Rs 492 crore, compared with Rs 367 crore in the year-ago quarter, the company said. Of that total, Rs 472 crore came from operations and Rs 20 crore from other income.

Founded in 2015, IndiQube provides managed workspace solutions to startups, enterprises and SMEs across major Indian cities. The Bengaluru-based company’s results show the top line accelerating while the bottom line remained negative.

What does this quarter change for managed-workspace investors?

For investors and workspace operators, the quarter offers a clearer signal on operating momentum. Revenue grew on both annual and sequential comparisons, while total expenses rose 23.5%, below the 35% annual increase in operating revenue. The 11.5-percentage-point spread accompanied a loss reduction of more than four-fifths.

That is a material improvement, not a return to profit. IndiQube still ended Q2 FY27 with a Rs 5.90 crore net loss, even as total income reached Rs 492 crore. The improvement still leaves its central challenge: scaling revenue faster than the cost base built around leases and financing.

The NSE-sourced statements showed depreciation on leases remained IndiQube’s largest cost component. The charge increased 25% year on year to Rs 195 crore in Q2 FY27. Finance costs stood at Rs 129 crore, making lease depreciation and financing the two largest disclosed cost lines.

• Employee benefit expenses declined marginally to Rs 24.5 crore.
• The cost of materials increased 11.5% to Rs 29 crore from Rs 26 crore in Q2 FY26.
• Total expenses rose 23.5% to Rs 500 crore, compared with Rs 405 crore in Q2 FY26.

The cost mix explains why the earnings outcome remains more restrained than the revenue headline. Lease depreciation grew 10 percentage points slower than revenue, and materials grew 23.5 points slower, while employee benefits declined. Finance costs lacked a year-on-year comparison in the reported figures, so their direction of travel cannot be inferred.

For practitioners, the useful signal is the spread between sales growth and cost growth, not either number alone. A larger revenue base can absorb more lease-related and financing costs, but Q2 FY27 still ended in the red. That makes the composition and trajectory of expenses more important than another headline sales gain.

Entrackr reported that IndiQube closed Wednesday’s trading session at Rs 179.15 per share. The price put the company’s market capitalization at around Rs 3,679 crore, or Rs 36.79 billion. The valuation marked a company with rising quarterly sales and a narrowing loss, but still short of breakeven.

The next test is whether IndiQube can sustain revenue growth above total expense growth while keeping lease depreciation and finance costs below the pace of sales. Another quarter on that pattern would strengthen the case for an approach to profitability; renewed cost acceleration would put that prospect back out of reach.