India’s managed office industry cannot be built on demand from global capability centres (GCCs) alone, IndiQube co-founder Meghna Agarwal told FE, stating that an operator’s long-term strength lies in staying flexible across asset formats and micro-markets rather than betting on any single occupier segment.
“Startups were the flavour when IndiQube began in 2015, then edtech, then GCCs, and AI companies will be next. An operator cannot be built on a single asset class. The narrative around GCCs has been overplayed and hyped. We welcome GCC growth, but as an operator we need to be flexible, and remain resilient through any changes in demand,” Agarwal said, a day after the company reported its Q1FY27 results.
IndiQube’s strategy is to follow talent across micro-markets and serve both India and Bharat, she added. “An operator confined to large institutional campuses cannot serve micro-markets where large pockets of demand actually sits,” she said.
The pushback is notable as GCCs accounted for 53% of IndiQube’s revenue in the June quarter and around half of its occupied area. It also comes as listed rivals such as Smartworks and WeWork have leaned more heavily towards the segment.
IndiQube reported revenue of Rs 428 crore for the June quarter on an IGAAP-equivalent basis, up 37% year-on-year, with profit after tax of Rs 35 crore at an 8% margin against 6% a year earlier. Under Ind AS, which recognises lease liabilities and right-of-use depreciation in full, it posted a loss of Rs 24 crore, narrower than the Rs 37 crore loss a year earlier.
Ebitda margin was 20%, flat sequentially but down marginally from 21% a year earlier, which Agarwal attributed to new centres taking five to six months to break even.
Revenue from value-added services more than doubled to Rs 72 crore from Rs 34 crore, taking their share of operating revenue to 17% from 11%. That share will increase by a further 2-4 percentage points, Agarwal said, although core leasing is expected to continue contributing 75-80% of revenue.
Rent-paying area remained unchanged sequentially at 7.84 million sq ft, while occupancy improved to 86% from 85%. Headroom stood at 3.87 million sq ft, of which 2.77 million sq ft had been signed but was not yet operational. At the company’s current average fit-out cost of Rs 1,650 per sq ft, converting this pipeline would require capital expenditure of about Rs 450 crore, compared with cash and bank balances of Rs 343 crore at the end of the quarter.
Agarwal ruled out an external fundraise, saying the signed capacity can be funded through internal accruals. She guided for 30% revenue growth this year, with Ebitda margin at 19-21%, EBIT margin at 11-13% and PAT margin at 8-10%. Renewals after the average 35-month client lock-in period run at 90%, she said.
Shares of IndiQube closed at Rs 182.35 on the NSE on Thursday, down 0.78%, and 23% below the Rs 237 issue price at which the company listed in July 2025.
Agarwal expects the market to come around. A year into listing, investors are still working out whether to value the sector as a real estate trust or as a hospitality business, she said, adding that a few more quarters of results will settle it.