Indiqube Spaces Limited , a prominent player in the commercial real estate sector, has successfully obtained shareholder approval for its strategic diversification into the solar energy sector. The company's postal ballot process concluded with overwhelming support from shareholders for amending the Memorandum of Association (MOA).

Postal Ballot Results

The postal ballot results, announced on December 13, 2025, showed strong shareholder confidence in the company's expansion plans. Ms. Varsha V Shenoy (FCS: 9012, COP: 10499), the appointed scrutinizer from VVS and Associates, submitted the voting report confirming the resolution's passage.

Approved Business Expansion

The special resolution approved the amendment to include comprehensive solar energy activities in the company's business scope. The new object clause enables Indiqube Spaces to engage in:

• Generating, designing, developing, and manufacturing solar energy systems
• Producing, assembling, distributing, and servicing solar panels and hybrid solar solutions
• Installing and commissioning rooftop solar photovoltaic (PV) systems and solar thermal systems
• Providing turnkey solutions for residential, commercial, and industrial applications
• Offering EPC (Engineering, Procurement, and Construction) services for solar projects

Voting Process Timeline

The e-voting process was conducted through the National Securities Depository Limited (NSDL) platform, ensuring transparency and accessibility for all eligible shareholders.

Strategic Implications

The Board of Directors had approved this proposal as part of the company's business diversification strategy and future expansion plans. With the overwhelming shareholder approval of 99.99%, Indiqube Spaces can now proceed with its entry into the renewable energy sector.

This diversification aligns with India's ambitious renewable energy targets and positions the company to capitalize on the growing solar energy market. The approval significantly broadens Indiqube Spaces' operational scope beyond its traditional commercial real estate business.

Regulatory Compliance

The postal ballot was conducted in accordance with Section 110 read with Section 108 of the Companies Act, 2013, and various circulars issued by the Ministry of Corporate Affairs. The company ensured full compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, under Regulation 44.

Indiqube Spaces Limited , a leading tech-enabled workspace solutions provider in India, has reported robust financial results for the second quarter of fiscal year 2026, demonstrating significant growth and improved profitability.

Financial Highlights

• Revenue for Q2 FY26 stood at ₹354.00 crore, marking a 38% year-over-year increase from ₹256.00 crore in Q2 FY25.
• EBITDA grew by 74% to ₹75.00 crore, compared to ₹43.00 crore in the same quarter last year.
• Profit After Tax (PAT) surged to ₹28.00 crore, more than tripling from ₹8.00 crore in Q2 FY25.
• EBITDA margin improved to 21% from 17% in the corresponding quarter of the previous year.

Half-Yearly Performance

For the first half of FY26 (H1 FY26), Indiqube Spaces reported:

• Record revenue of ₹668.00 crore, up 33% from ₹503.00 crore in H1 FY25.
• 96% of the revenue was recurring, indicating a stable business model.
• Operating cash flows improved significantly to ₹151.00 crore, a 138% increase year-over-year.

Operational Achievements

• Area Under Management (AUM) increased by 1.3 million sq. ft. year-over-year to 9.14 million sq. ft.
• Seat capacity expanded by nearly 30,000 seats to 203,000 seats.
• The company entered three new cities: Indore, Kolkata, and Mohali, bringing its total presence to 16 cities pan-India.
• 22 new centers were added year-over-year, bringing the total to 125 properties.
• Portfolio occupancy reached 87%, up from 81% in Q2 FY25.

Key Business Wins

Indiqube Spaces secured significant deals in Q2 FY26, including:

• A 1.4 lakh sq. ft. workspace leasing in Bangalore for the world's largest asset manager.
• A 68,000 sq. ft. Design & Build project in Hyderabad for one of India's largest automakers.

Management Commentary

Rishi Das, Cofounder & CEO of Indiqube Spaces, commented on the results: "Our growth momentum continues to strengthen as we posted our highest-ever half yearly revenue of ₹668 Crores in H1 FY26. With 96% of this revenue being recurring, and operating cashflows improving to ₹151 Crores we have a strong foundation for future growth. Also, our PAT for Q2 FY26 has risen to ₹28 Crores, reflecting our consistent focus on building a profitable and resilient business."

Meghna Agarwal, Co-founder, added: "We are excited to be closing H1 FY26 with a healthy occupancy of 87% at a portfolio level. This coupled with a PAN India presence in 16 cities & addition of Indore this quarter, sets us up firmly for an exciting H2."

Financial Stability

The company maintains a CRISIL 'A+' (Stable) credit rating, reaffirming its financial strength.

Future Outlook

With its expanding footprint, strong occupancy rates, and improved financial performance, Indiqube Spaces is well-positioned for continued growth in the flexible workspace sector. The company's focus on tech-enabled solutions and its ability to attract major clients across various industries suggest a positive outlook for the coming quarters.

Investors and stakeholders can look forward to the company's continued expansion and potential for further market penetration in India's growing commercial real estate sector.