Indiqube Spaces' FY26: revenue jumps 37%, but two guidance targets slip
Management missed its rent-paying area target (6.23 msf vs 7.6-7.67 msf) and capex guide (₹414 cr vs ₹350-360 cr). FY27 revenue growth guided at 25-30%.
— 2 earlier stories on Indiqube Spaces Ltd. →What's new
- Revenue up 37% to ₹1,469 cr, PAT up 145% to ₹125 cr in FY26.
- Rent-paying area miss: 6.23 msf delivered vs 7.6-7.67 msf target.
- Capex overrun: ₹414 cr spent against guided ₹350-360 cr.
Why it matters
Indiqube delivered strong top-line growth, but missing two quantified guidance targets raises questions about execution predictability. For a company that emphasises granular disclosures, the gap between guided and actual is notable. FY27 guidance assumes a step-up, but credibility of future targets may now depend on closing this gap.
What we're watching
- Whether FY27 area addition target of 1.5-2 msf is achieved.
- If EBITDA margins improve to the guided 18-21% range.
- Any further capex overruns in the new fiscal.
The full read
Indiqube Spaces reported a strong FY26 with revenue of ₹1,469 crore (up 37%) and PAT of ₹125 crore (up 145%). But the post-results concall confirmed two guidance misses: rent-paying area came in at 6.23 msf against a target of 7.6-7.67 msf, and capex hit ₹414 crore versus the ₹350-360 crore guided. The area miss suggests slower leasing or execution than expected, while the capex overrun adds to cost pressure. Management now guides for FY27 revenue growth of 25-30%, EBITDA margins of 18-21%, and area addition of 1.5-2 msf. For a company that trades on its disclosure quality, the gap between promise and outcome is the open question. The forward guidance becomes the next test.