Indiqube Spaces Limited , a prominent player in the commercial real estate sector, has announced plans to diversify its business portfolio by venturing into the solar energy sector. The company has issued a postal ballot notice to seek shareholder approval for amending its Memorandum of Association (MOA) to include solar energy-related activities.

Proposed Amendment

Indiqube Spaces aims to add a new object clause to its MOA, which would enable the company to engage in various aspects of the solar energy business. The proposed activities include:

• 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

Shareholders will have the opportunity to vote on this resolution through remote e-voting. The key dates for this process are:

Strategic Rationale

The Board of Directors approved this proposal on November 8, 2025, citing it as part of the company's business diversification strategy and future expansion plans. This move aligns with the growing focus on renewable energy sources and could potentially open up new revenue streams for Indiqube Spaces.

Implications for Shareholders

If approved, this amendment would significantly broaden the company's scope of operations. Shareholders are advised to carefully consider the potential impacts of this diversification on the company's business model and future prospects before casting their votes.

Market Context

The proposed expansion into solar energy comes at a time when India is pushing for increased adoption of renewable energy sources. The government has set ambitious targets for solar power generation, which could create substantial opportunities in this sector.

Shareholders of Indiqube Spaces Limited are encouraged to review the full postal ballot notice and exercise their voting rights on this important strategic decision. The outcome of this vote could mark a significant shift in the company's business focus and long-term strategy.

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.