IndiQube, the Bengaluru-based managed workspace company co-founded by entrepreneur Meghna Agarwal, has sharply narrowed its losses. The latest quarterly results show a business moving steadily towards statutory profitability as demand for flexible offices in India stays strong.
The company reported a net loss of ₹6 crore for the second quarter of fiscal 2027 (July–September 2026), an 80% reduction from a year earlier, according to Inc42. Revenue grew 35% year on year. IndiQube also said its managed workspace portfolio had expanded to 10.86 million square feet in the first half of FY27, with occupancy at 91%, BW Disrupt reported.
For context, IndiQube reported a net loss of ₹29.9 crore in the second quarter of FY26. The fall to ₹6 crore is among the sharpest year-on-year improvements the company has reported since listing.
A woman-led growth story in commercial real estate
Meghna Agarwal co-founded IndiQube in 2015 with her husband, Rishi Das, who serves as chief executive. She is one of a relatively small number of women who have built and taken a company public in India's commercial real estate and workspace sector, a field historically dominated by men.
Under the founders' leadership, IndiQube grew from a provider of flexible office space for startups into an integrated managed-workspace platform. It now serves large enterprises and the global capability centres (GCCs) that multinational companies are setting up across Indian cities. The company listed on Indian stock exchanges on July 30, 2025.
Agarwal's journey is frequently cited in discussions of women entrepreneurs who have built capital-intensive, operationally complex businesses, rather than in the consumer and lifestyle categories where women-founded startups have historically been more visible. As IndiQube matures as a listed company, its trajectory is also a test of how women-co-founded businesses perform under the scrutiny of public markets.
Reading the numbers
IndiQube reports results under Indian Accounting Standards (Ind AS). Under these standards, accounting for long-term leases inflates depreciation and interest costs and can produce statutory losses even when the underlying business is profitable on a cash or operating basis. The company also publishes figures on an IGAAP-equivalent basis, which it says better reflects operating performance.
In the first quarter of FY27, the gap between the two lenses was stark. IndiQube reported a statutory Ind AS net loss of about ₹24 crore, yet IGAAP-equivalent profit after tax of ₹35 crore, up 91% year on year, on record quarterly revenue of ₹428 crore, up 37%. Management attributed part of the Ind AS loss to an estimated current tax expense of ₹8.14 crore arising from accounting adjustments.
The second-quarter statutory loss of ₹6 crore shows that the Ind AS numbers are now converging with the improving operating picture. If revenue keeps growing at 30–35% and occupancy stays high, the company could report statutory profits in the coming quarters, a milestone investors have been waiting for.
For the full FY26, IndiQube's revenue rose 37% to about ₹1,451 crore, while its statutory net loss narrowed by about 24% to ₹106.3 crore.
Why demand for managed offices is strong
IndiQube's growth is riding a structural shift in how companies use office space in India.
The biggest driver is the boom in global capability centres. Multinational corporations are rapidly expanding technology, engineering, analytics and back-office operations in Indian cities such as Bengaluru, Hyderabad, Pune, Chennai and Gurugram. Many prefer managed, ready-to-use workspaces that can be scaled up quickly, rather than leasing and fitting out traditional offices themselves.
Hybrid work patterns have reinforced the trend. Companies want flexibility to expand or contract their space without committing to long leases and large capital expenditure. Managed workspace operators like IndiQube lease buildings from landlords, design and fit them out, and then provide them to clients as a service, often bundled with facilities management, technology and amenities.
The 91% occupancy signal
High occupancy is the single most important metric in this business. Operators bear the fixed cost of leasing and fitting out buildings, so every unoccupied seat directly erodes profitability. At 91% occupancy across a 10.86 million sq ft portfolio, IndiQube is running at a high level of utilisation. That suggests strong demand for its centres and pricing power with clients.
The company's earlier disclosures had put overall occupancy at 86% in the first quarter, with mature centres at 90%. The improvement since then indicates that newer centres are filling up quickly.
Value-added services, from furniture and technology to food and facility management, are another growth lever. These services raise revenue per seat and deepen client relationships, making customers less likely to move elsewhere.
Competition and risks
IndiQube operates in a competitive market alongside listed rival Awfis, international operators such as WeWork India, and a host of regional players. Awfis also reported strong results on November 3, with second-quarter profit nearly doubling to ₹31 crore on 20% revenue growth, which shows the strength of demand across the sector.
The risks include over-expansion if demand slows, the long-term lease obligations operators carry, and the sensitivity of GCC hiring to global economic conditions. If multinationals cut back on India expansion, demand for managed space could soften. Interest rates and real estate costs also influence profitability.
## The listed-company test
IndiQube's results also matter because the company is still relatively new to public markets. Since its July 2025 listing, investors have had to read its numbers through two lenses: the statutory Ind AS figures and the company's IGAAP-equivalent metrics. Clear communication about the gap between them, and steady progress towards statutory profitability, will help build credibility with institutional investors who are wary of loss-making listed companies. Analysts will watch capital expenditure on new centres, the pace of portfolio expansion, and whether the company keeps the net cash position it reported earlier this year as it grows.
Why it matters
IndiQube's results reflect two stories at once. The first is about India's emergence as the world's back office and, increasingly, its innovation office, with global companies building large teams in Indian cities and needing high-quality space to house them. The second is about women founders building substantial, listed businesses in sectors where they have traditionally been under-represented.
For Meghna Agarwal and Rishi Das, the path ahead is clear: sustain growth, keep occupancy high and turn accounting losses into reported profits. On the evidence of the September quarter, IndiQube is closer to that goal than at any point since its listing.
