Indiqube Spaces Limited has filed the transcript of its Q4 FY26 earnings conference call, detailing a landmark financial year with record performance across key metrics. The company achieved its highest-ever revenue of INR 1,469 crores, representing a growth of 37% year-on-year. Profit after tax improved sharply by 145% to INR 125 crores, supported by a significant strengthening of profitability and consistent margin improvement.

Financial Performance

The company delivered robust operational efficiency during the fiscal year ended March 31, 2026. EBITDA crossed the INR 300 crore milestone, growing at 60% year-on-year. EBITDA margin expanded from 18% in FY25 to 21% in FY26, while PAT margin improved from 5% to 9% over the same period. Cash flow from operations also strengthened significantly, increasing 147% year-on-year to INR 304 crores.

Operational Highlights

FY26 was marked by continued operational discipline and steady expansion. IndiQube added close to 1.6 million square feet in rent-paying area and launched 15 new centers during the year. Steady state occupancy improved from 87% to 88%, reflecting strong utilization and sustained demand across mature centers. Value-added services (VAS) contribution to overall revenue increased to 15% compared to 12% in the previous year, reinforcing the role of VAS as a key growth lever.

Sustainability and Guidance

On the sustainability front, the company announced that its 4 MW solar plant in Latur, Maharashtra, is now operational. This complements the existing 20 MW solar farm in Yadgir, Karnataka, and the soon-to-be-operational 2.7 MW solar farm in Virudhunagar, Tamil Nadu. For the coming year, management guided for revenue growth in the range of 25% to 30% and EBITDA margins between 18% and 21%. The company plans to add approximately 1.5 million to 2 million square feet of rent-paying area annually.

Indiqube Spaces Limited has initiated a postal ballot process seeking shareholder approval to vary the utilisation of its Initial Public Offering (IPO) proceeds and revise the remuneration of its senior executives. The company proposes to reallocate ₹1,870 million from the capital expenditure earmarked for establishing new centers to four new objects, including funding security deposits, fit-outs in non-Indiqube properties, renewable power infrastructure, and strategic commercial real estate opportunities. The remote e-voting process for these special resolutions is scheduled from May 26 to June 24, 2026.

The company had raised ₹6,044.59 million through its IPO in the Financial Year 2025-26. As of May 11, 2026, ₹3,511.83 million of the proceeds remained unutilised. The Board proposes to reduce the allocation for funding capital expenditure towards new centers from ₹4,626.49 million to ₹2,756.49 million. The reallocated funds include ₹520 million for security deposits, ₹550 million for fit-outs and interiors, ₹160 million for renewable power infrastructure, and ₹640 million for capital deployment in strategic real estate assets.

The variation in the objects of the IPO proceeds requires approval by a majority of more than 90% of the shareholding. The company stated that if the resolution passes the statutory threshold for a special resolution but fails to secure the 90% supermajority, the variation will not be implemented, and the exit offer provisions under SEBI ICDR Regulations will not apply. The revised utilisation is expected to be completed by Fiscal 2028.

In addition to the capital reallocation, the postal ballot includes special resolutions for revising the remuneration of Mr. Rishi Das, Chairman, Executive Director and Chief Executive Officer, and Ms. Meghna Agarwal, Chief Operating Officer and Executive Director. The Board has approved a revision in their remuneration for a period of three years effective December 18, 2025. The proposed base compensation for both executives is ₹26,400,000 per annum, with a performance-linked incentive of up to 15% of the base compensation.

The company reported a net loss of ₹1,063.42 million for the financial year ended March 31, 2026, compared to a net loss of ₹1,396.17 million in the previous year. The loss is attributed to the application of Ind AS, requiring the recognition of depreciation on right-of-use assets and interest on lease liabilities. The notice confirms that none of the directors or key managerial personnel, other than the interested parties, are financially concerned with the resolutions beyond their shareholding.

Ms. Varsha V Shenoy of M/s. VVS and Associates has been appointed as the Scrutinizer for the postal ballot process. Shareholders whose names appear in the Register of Members or List of Beneficial Owners as on May 22, 2026, are eligible to vote. The results of the postal ballot will be declared on the company’s website and communicated to the stock exchanges following the conclusion of the voting period.

Summary of Proposed Variation in IPO Proceeds