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 this 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.
Story so far
All notes on INDIQUBE →- Today · 3:15 PM IST Indiqube Spaces' FY26: revenue jumps 37%, but two guidance targets slip
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- 4d ago Indiqube revenue up 37%, loss narrows; proposes change in IPO fund use