Transcript of Earnings call held on November 04, 2026

November 11, 2026 BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400051 BSE Scrip Code: 544454 NSE Scrip Symbol: INDIQUBE SUBJECT: SUBMISSION OF TRANSCRIPT OF THE EARNINGS CONFERENCE CALL HELD ON NOVEMBER 04, 2026 Dear Sir/Madam, This has reference to regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Transcript of the Earnings Conference Call held on Wednesday, November 04, 2026, on the financial results for the quarter and half year ended on September 30, 2026. Further, the transcript of the aforesaid Earnings Conference Call shall be made available on the website of the Company at the following link: https://indiqube.com/investor/financials/. This is for your information and records. For Indiqube Spaces Limited Bhasker Dubey (Company Secretary and Compliance Officer) Indiqube Spaces Limited (formerly known as Indiqube Spaces Private Limited, Innovent Spaces Private Limited) info@indiqube.com Registered and Corporate Office: www.indiqube.com Plot # 53, Careernet Campus, Kariyammanna Agrahara Road, Devarabisanahalli, +91 9900092210 Outer Ring Road, Bangalore, Karnataka, India, 560103 CIN - L45400KA2015PLC133523 “IndiQube Spaces Limited Q2 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. RISHI DAS – CHAIRMAN, EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER – INDIQUBE SPACES LIMITED MS. MEGHNA AGARWAL – EXECUTIVE DIRECTOR AND CHIEF OPERATING OFFICER – INDIQUBE SPACES LIMITED MR. PAWAN JAIN – CHIEF FINANCIAL OFFICER – INDIQUBE SPACES LIMITED MR. VIKAS AGRAWAL – HEAD-INVESTOR RELATIONS – INDIQUBE SPACES LIMITED MR. VAMSI CHATRATHI – ASSISTANT VICE PRESIDENT MARKETING– INDIQUBE SPACES LIMITED MODERATOR: MR. RAHUL KUNDNANI – NIRMAL BANG INSTITUTIONAL EQUITIES Note: this transcript has been edited for readability purposes and may contain errors. The Company takes no responsibility for such errors, although an effort has been made to ensure high level of accuracy. Page 1 of 17 IndiQube Spaces Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY27 Earnings Conference Call for IndiQube Spaces Limited hosted by Nirmal Bang Institutional Equities. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Kundnani from Nirmal Bang Institutional Equities. Thank you, and over to you, sir. Rahul Kundnani: Thank you, Alriac. Good afternoon, everyone. On behalf of Nirmal Bang Institutional Equities, I would like to welcome you all to Q2 FY27 Earnings Call of IndiQube Spaces Limited. With us, we have today from the management, Mr. Rishi Das, Chairman, ED and CEO; Ms. Meghna Agarwal, Co-Founder and COO; Mr. Pawan Jain, CFO; Mr. Vikas Agrawal, Head, Investor Relations; Mr. Vamsi Chatrathi, AVP Marketing. I will now hand over to the management for their opening remarks, after which we'll open the floor for Q&A. Over to you, sir. Rishi Das: Good afternoon, everyone, and thank you for joining us for IndiQube Spaces Limited Q2 FY27 Earnings Call. It is my pleasure to welcome our shareholders, analysts, investors and all the participants joining us today. Our earnings presentation has been uploaded on the stock exchange and on our website, and we trust you had an opportunity to go through it. As we are all aware, India is increasingly becoming the world's leading innovation and operations hub. The rapid growth of Global Capability Centers, as we call the GCCs in short, multinational corporations and Indian enterprises is changing the way businesses think about their workplaces. Every one of these enterprises need workspaces that can be made available to them quickly, that can scale across cities, offer a consistent experience and more importantly, does not require them to commit significant capital to real estate and infrastructure. This is a precise problem IndiQube was built to solve. Over the years, we have evolved from a managed workspace provider into an integrated enterprise workspace platform. Today, we manage approximately 10.86 million square feet across 138 centers in 17 cities with approximately 241,000 seats and a total of 884 clients. Our business model is built around the carefully aligned investment and recovery cycle. We typically take spaces from landlords, develop it into customized workplaces and secure long-term commitments from enterprise customers. Our average customer lock-in is approximately 35 months. We invest around INR1,650 per square foot in the fit-outs and our investment recovery period is approximately 36 months. A new center typically reaches operational breakeven at around 55% to 60% occupancy within 6 months of rent commencement, and it approaches steady state within 12 months. There is Page 2 of 17 IndiQube Spaces Limited November 04, 2026 another important aspect of our model that we want to highlight. Our landlord arrangements typically have long underlying tenures averaging around 15 years. However, our lock-in commitment is approximately on an average 38 months, after which we have the option to continue or exit subject to contractual terms. So, what happens, this structure gives us access to long-term supply while maintaining flexibility in our own commitments. Let me now turn to our financial performance. We have delivered another strong quarter, as you would have seen with our earnings presentation. In Q2 FY27, our revenue was approximately INR475 crores. This has grown 34% year-on-year. EBITDA as per IGAAP stood at INR105 crores, growing 40%, while PAT was INR57 crores and that grew by 63%. For the first half of the year, since we just completed H1, our revenue stood at INR904 crores, growing 35% and PAT was INR92 crores, growing 66% compared to the same period last financial year. We also paid income tax of INR22 crores in FY26 full year, and we have paid INR13 crores in the first half of FY27. Our VAS revenue has reached INR154 crores in H1. And this has grown very substantially, 74% year-on-year. And now this contributes around 17% of our operating revenue compared to last year, which was 13%, now 17% of our operating revenue is coming from value-added services. Our steady-state occupancy has also improved to 91% compared with 89% last year. This is an important demonstration of how portfolio maturity, improving occupancy and additional services are contributing to our growth. Looking ahead, we have a significant growth runway. We approximately currently have 3.8 million square feet of headroom, and this represents about 85,000 seats. Of this, for approximately 2.67 million square feet, we have the LOI signed. And this space is expected to become operational over the next 12 to 18 months. The balance 1.14 million square feet space is available in our operational buildings, and this can be offered for client occupancy on immediate or shorter notice. Our expansion is also guided by the location preference of enterprise customers and access to talent. We are continuing to deepen our presence in key micro markets of National Capital Region, NCR, Mumbai and Hyderabad in addition to already what is happening in Bangalore and Chennai. Approximately 80% of our centers are within 3 kilometers of metro station and 3.46 million square feet of our portfolio is green certified. With that, I will now hand over to my Co-Founder, Meghna Agarwal, who will take you through our strategy and key business insights for the quarter. Thank you. Meghna Agarwal: Thank you, Rishi. I think the numbers Rishi has shared demonstrate the scale we have built and the stren [Showing first 8,000 characters — download PDF for full document]