Indiqube Spaces operates diversified commercial services within the industrials sector, generating ₹423 Cr quarterly revenue (Jun 2026) with 60%+ operating margins. Revenue has grown 37% YoY but the company remains unprofitable (₹17–37 Cr losses), with ROE of -20.66% signalling structural below-the-line drains. Market cap ₹3,816 Cr reflects investor skepticism on profitability sustainability.
Unprofitable all recent quarters (₹17–37 Cr losses) despite 60%+ OPM; verify below-the-line sources (finance costs, taxes, other).
ROE -20.66% and negative EPS eroding equity; refinancing risk if losses persist with D/E 0.56.
Stock down 9.98% YoY despite 37% revenue growth; market doubts path to profitability.
Negative cash generation with moderate leverage becomes dangerous if losses don't reverse; verify debt maturity and covenant headroom.
Generated analysis · source review pending
Revenue growing 37% YoY (₹309 Cr Jun 2025 → ₹423 Cr Jun 2026); verify if demand remains resilient in economic downturn.
60%+ stable operating margins indicate pricing power or cost discipline; if below-the-line drains close, profits emerge at current scale—verify loss sources.
Diversified commercial services portfolio may support geographic or segment expansion; verify current business mix and addressable market size.
Generated analysis · source review pending
Structured signal from quality, growth, valuation and momentum.
₹ crore, by fiscal year
% of revenue, by fiscal year
Comparable companies from the narrowest available industry classification.
Reported profit and loss, balance sheet, cash flow and growth history.
Annual operating, return, leverage and working-capital ratios.
Current futures and options contracts with compact option-chain pages.
Mutual-fund schemes that disclosed a holding in the company.
Annual reports, exchange filings, offer documents, ratings and earnings-call material.
Upcoming dates and the company’s corporate-action history.
Latest exchange announcements, filings and downloadable documents.
| Company | Mkt Cap | EV | Revenue | EBITDA | OPM | PAT | NPM | ROCE | ROE | WC Days |
|---|---|---|---|---|---|---|---|---|---|---|
| International Gemological Institute LimitedIGILIGIL | ₹13,482 Cr | ₹13,482 Cr | ₹1,363 Cr | ₹827 Cr | 60.9% | ₹610 Cr | 44.5% | 61.1% | 49.1% | 36 |
| Wework India Management LimitedWEWORKWEWORK | ₹8,931 Cr | ₹9,264 Cr | ₹2,589 Cr | ₹1,676 Cr | 64.5% | ₹84 Cr | 3.1% | 12.4% | 25% | -18 |
| Nesco LimitedNESCONESCO | ₹7,249 Cr | ₹7,249 Cr | ₹951 Cr | ₹482 Cr | 52.6% | ₹417 Cr | 44.3% | 17% | 14.7% | 1 |
| Indiabulls LimitedIBULLSLTDIBULLSLTD | ₹6,856 Cr | ₹7,314 Cr | ₹1,101 Cr | ₹417 Cr | 33.2% | ₹419 Cr | 41.5% | — | 8.9% | — |
| Inox Green Energy Services LimitedINOXGREENINOXGREEN | ₹6,384 Cr | ₹6,472 Cr | ₹280 Cr | ₹28 Cr | 8.2% | ₹121 Cr | 36.8% | 8.5% | 5.6% | 405 |
| Leap India LimitedLEAPINDLEAPIND | ₹6,036 Cr | ₹7,054 Cr | ₹730 Cr | ₹157 Cr | 21.5% | ₹62 Cr | 8.6% | 9.5% | 9.6% | -520 |
| Smartworks Coworking Spaces LimitedSMARTWORKSSMARTWORKS | ₹5,837 Cr | ₹6,044 Cr | ₹1,963 Cr | ₹1,260 Cr | 64.3% | ₹28 Cr | 0.6% | 7.5% | 2% | -102 |
| Elevate Campuses LimitedELEVATEELEVATE | ₹5,811 Cr | ₹9,931 Cr | ₹569 Cr | ₹405 Cr | 71.3% | ₹174 Cr | 30.6% | 9.3% | 21.1% | — |
| Nirlon LimitedNIRLONNIRLON | ₹5,467 Cr | ₹6,614 Cr | ₹317 Cr | ₹237 Cr | 79.1% | ₹127 Cr | 34.3% | 23.2% | 59.8% | -56 |
| Quess Corp LimitedQUESSQUESS | ₹5,023 Cr | ₹5,023 Cr | ₹15,835 Cr | ₹327 Cr | 2% | ₹253 Cr | 1.5% | 19.2% | 19.7% | 19 |
| Indiqube Spaces LimitedINDIQUBEINDIQUBE | ₹4,187 Cr | ₹4,477 Cr | ₹1,564 Cr | ₹952 Cr | 60.8% | ₹-93 Cr | -7.3% | 5.7% | -20.7% | -273 |
| Sanghvi Movers LimitedSANGHVIMOVSANGHVIMOV | ₹3,719 Cr | ₹4,393 Cr | ₹1,177 Cr | ₹426 Cr | 37.4% | ₹199 Cr | 17.2% | 18% | 15% | 77 |
Standalone figures
| Ratio | Mar 2026 |
|---|---|
| Margins | |
| Gross margin % | 93.4% |
| EBITDA margin % | 60.8% |
| EBIT margin % | 16.3% |
| PAT margin % | -7.3% |
| Working capital | |
| Receivable days | 28 |
| Inventory days | 3 |
| Payable days | 304 |
| NWC days | -273 |
| Leverage | |
| Current ratio | 0.62 |
| Debt to EBITDA | 0.33 |
| Debt to equity | 0.56 |
| Interest coverage | 0.7 |
| Asset turnover | 0.22 |
| Return ratios | |
| Return on assets % | -1.6% |
| Return on capital employed % | 5.7% |
| Return on equity % | -20.7% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.
Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.
Documents link to external sources (exchange filings, company investor pages).
Promoter holding down 0.49 percentage points since Jun 2025.
| Date | Client | Type | Venue | Side | Quantity | Price | Value |
|---|---|---|---|---|---|---|---|
| 28 Sept 2026 | WESTBRIDGE AIF I | Bulk | BSE | Sell | 12,75,600 | ₹195.95 | ₹25.00 Cr |
| 28 Sept 2026 | KONARK TRUST | Bulk | BSE | Buy | 12,13,500 | ₹195.95 | ₹23.78 Cr |
Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.
Current officeholders as filed with BSE. A person holding two offices is listed once per office.
2 schemes · 2 fund houses
| Shares | ||||||
|---|---|---|---|---|---|---|
| Small Cap FundNEW | ICICI Prudential Mutual Fund | 33.61 L | 64.47 | 0.66% | 1.586% | — |
| (Investment Manager for Motilal Oswal Mutual Fund) | Motilal Oswal Mutual Fund | 28.74 L | 55.13 | 1.75% | 1.356% | +1.54 L |
Announcement under Regulation 30 (LODR)-Newspaper Publication
Announcement under Regulation 30 (LODR)-Newspaper Publication
Compliances-Reg.24(A)-Annual Secretarial Compliance
Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Announcement under Regulation 30 (LODR)-Newspaper Publication
Announcement under Regulation 30 (LODR)-Change in Management
| Date | Category | Subject | Filing |
|---|---|---|---|
| 26 May 2026, 4:09 pm | Company Update Newspaper Publication | Announcement under Regulation 30 (LODR)-Newspaper Publication | |
| 26 May 2026, 4:03 pm | Company Update Newspaper Publication | Announcement under Regulation 30 (LODR)-Newspaper Publication |
| 26 May 2026, 11:48 am | Company Update Reg.24(A)-Annual Secretarial Compliance | Compliances-Reg.24(A)-Annual Secretarial Compliance |
| 25 May 2026, 8:06 pm | AGM/EGM Postal Ballot | Shareholder Meeting / Postal Ballot-Notice of Postal Ballot |
| 21 May 2026, 5:48 pm | Company Update Analyst / Investor Meet | Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome |
| 21 May 2026, 5:47 pm | Company Update Analyst / Investor Meet | Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome |
| 21 May 2026, 12:31 pm | Company Update Newspaper Publication | Announcement under Regulation 30 (LODR)-Newspaper Publication |
| 21 May 2026, 9:09 am | Company Update Change in Management | Announcement under Regulation 30 (LODR)-Change in Management |
| ₹ Cr | Mar 2026 |
|---|---|
| Revenue | 1,451 |
| COGS | 96 |
| Gross profit | 1,355 |
| 474 | |
| 881 | |
| OPM % | 60.8% |
| Depreciation | 645 |
| Interest | 448 |
| 77 | |
| Profit before tax | -136 |
| Tax | -29 |
| Tax % | -21.6% |
| PAT | -106 |
| PAT margin % | -7.3% |
| EPS (₹) | -5.3 |
| EPS adjusted (₹) | -5 |
| Annual report | Annual report for Mar 2026 |
| ₹ Cr | Mar 2026 |
|---|---|
| Equity capital | 21 |
| Reserves | 494 |
| 290 | |
| 5,707 | |
| Total equity & liabilities | 6,511 |
| 938 | |
| CWIP | 96 |
| Investments | 0 |
| 5,478 | |
| Total assets | 6,511 |
| ₹ Cr | Mar 2026 |
|---|---|
| 920 | |
| -737 | |
| -178 | |
| Net cash flow | 6 |
| Free cash flow | 507 |
| CFO / Operating profit % | 104.4% |